Annual report on EL 24142 Mount Ringwood Project, 4 October 2006 to 3 October 2007

Abstract

This report is the third Annual Report of the exploration of EL24142 for the period 4th October 2006 to 3rd October 2007. During the reporting period, Australasia Gold, in collaboration with researchers from the University of Adelaide, completed an orientation biogeochemical sampling traverse. The biogeochemical program was conducted over black soil plains which were thought to cover possible strike extent of know mineralisation (John's Hill). This program involved sampling plant species and termite mounds at select locations along a traverse of approximately 600 metres long. Results indicate this method of sampling may give anomalous results in certain elements that reflect mineralisation buried beneath the black soil plains. Further analysis of the results received thus far is required to determine the effectiveness of this exploration method. Re-interpretation of regional geophysical datasets had delineated breaks in regional magnetic features that were regarded as areas of interest for exploration. A program of four aircore traverses was designed to test these targets beneath black soil plains. A total of 84 holes, for 1504 metres, were drilled. Assay results have revealed gold and arsenic anomalism associated with quartz veining that warrants further investigation.