Final report on EL 10311 Gibson Creek 20 March 2001 to 7 July 2008

Abstract

This Final Report records exploration work done on EL 10311 between 20 March 2001 and 07 July 2008. The discovery of the haematite-magnetite Chariot deposit in 1998 has shown the potential for variations on the classic magnetite ironstone hosted gold +/- copper deposits, where lower order magnetic anomalies, plus gravity methods can define new targets. Discoveries by Giants Reef of mineralisation such as at Malbec West, Marathon and Billy Boy further support this. Emmerson's review of the exploration work conducted over EL 10311, revealed that further exploration work and reassessments of previous exploration needed to be conducted in order to fully assess the potential for economic discoveries. Emmerson commenced its aggressive exploration programs in April 2008 which includes, a detailed ground gravity survey of the Tennant Creek Mineral field, including EL 10311, airborne geophysical surveys, and drill testing of targets. With newly captured geophysical data providing greater detail of the exploration potential of Emmerson's tenure which includes EL 10311, Emmerson consolidated EL 10311 into SEL 26594 to allow for the analysis and interpretation of this data, and provided with good results drill testing of targets identified. Therefore with reassessments of previous exploration work and the analysis and interpretation of newly captured data to be conducted during the remainder of 2008 and into 2009 all Emmerson Tenure, including EL 10311 remain 'prospective'. Automatic cancellation of EL 10311 occurred on 07 July 2008 upon the grant of Substitute Exploration Licence 26594.