Relinquishment report for the period 20th July 2004 to 19th July 2007, EL 24081 Taylor Creek

Abstract

Exploration Licence 24081 'Taylor Creek' is located approximately 160 km south of Tennant Creek in the Northern Territory. The licence was initially granted to Anglo American Exploration (Australia) Pty Ltd and then transferred to Continental Nickel NL (Continental; a fully owned subsidiary of Goldstream Mining NL) on 9th September 2004. Continental reduced EL24081 from 212 sub-blocks (674.1km2) to 106 subblocks (339.5km2) on 19th July 2006 as per the licence conditions. On the 17th July 2007 the area was further reduced to 53 sub-blocks (169.8km2). This partial relinquishment report details exploration activities conducted on the July 2007 surrendered sub-blocks during their tenure. Exploration carried out on the relinquished portions of EL 24081 by Continental comprised geological reconnaissance and data / literature reviews in order to assess the nickel potential of the licence. It was determined that further geophysical and geochemical surveys would be required to identify prospective lithologies within the area. Continental recognised that the magnetic highs in the SE corner of EL24081 appear to be slightly discordant to the local metasediments. This magnetic anomaly will need to be tested by drilling or ground EM survey.