First annual report on EL 25374, year ending 12 December 2007 and second year MMP Plan, year ending 12 December 2008

Abstract

After acquiring EL 25374, Truscott Mining carried out a review of remote sensing data and commenced researching the Open File Data of the Northern Territory Geological Survey. In all 30 Company Reports (CRs) were acquired in numbers ranging from 19730188 to 19980615. The primary target mineral is gold, along with the usual suite of Tennant Creek minerals (Cu, Ag, Bi, etc) if in economic concentrations. The licence area was selected as a conceptual target. However, the potential of the underlying Warramunga Formation has already been recognised by other exploration companies who have taken up tenements with Palaeozoic cover and have announced proposed drilling programs. Similar targets have recently been drilled in the Wiso Basin, southwest of Tennant Creek, and significant base metal/gold intercepts have been recorded in basement Warramunga rocks. Research to date has continued to confirm the validity of the target area. Aeromagnetic and gravity surveys area may be necessary to improve understanding of deep seated structures which can then be evaluated by reconnaissance drilling.