Annual report for the period 11 October 2006 to 10 October 2007

Abstract

During the reporting period exploration activities within EL 25204 comprised a literature search of open file Company reports held at the NTGS, a site reconnaissance visit and reprocessing of public domain aeromagnetic survey data over the tenement area. The literature search indicates no record of iron exploration. However, haematitic siltstone was intersected during testing for uranium from 3-16m and 0-6m depth in holes BRAB26 and 27, respectively. Instead past activities were directed to uranium exploration and radiometric anomalies discovered were attributed to supergene enrichment at the watertable. The site visit indicated that iron mineralisation occurs as ferricrete and iron staining on a brecciated rock unit. The mineralisation is dominantly goethite with some haematite content. Re-processing of the airborne geophysical data clearly defines the iron ore prospective Wildman Siltstone in the 2nd horizontal derivative TMI treatment; and may be useful in framing ground exploration work. The U2/Th ratio identifies a 2 km long, NNW-trending anomalous uranium area located in Whites Formation sediments in the south western part of the tenement. It contains 4 sub-areas of higher values.