Quarterly and monthly reports on EL 155 and AP 2705, 1970 to 1973

Abstract

The companies exploration effort in the Hart's Range Area for the quarter ending 07/02/1973 consisted entirely of the continuation of the regional exploration program (EL Nos; 110, 154, 155, 183, 283 and 346) which was commenced earlier when the area was held under AP 2450. As advised in the last quarterly report the regional programme is a combined colour aerial photography 1:23,500 interpretation/geological mapping survey and rock geochemical survey. With the commencement of the geological mapping traverses were required, traverses which were then carried out. The preliminary geological map compilation is now completed and geological/geochemical interpretation has commenced. The JV foreshadowed in the last quarterly report has progressed as far towards completion as is possible under the cirumstances. In brief, the exploration and mining agreement between Amoco Minerals Australia Company calls for exploration expenditure by Amoco of 3.5 million dollars over 5 years and re-imbursement of expenditure to Russgar over the same period amounting to $300,000. In return Amoco aquires the right to a 75% interest in the prospect. The signed and stamped agreement is not as yet to hand, but is expected in the near future. In the meantime, we enclose a copy of the final agreement for your perusal. As you are aware, the agreement is to be approved by your department and the Federal Committee for Foreign Take-overs. The immediate forward exploration programme includes geological re-appraisal, regrading of access roads and diamond drilling of not less than 2 holes and a total footage of not less than 1,150 feet. We enclose the final report entitled 'Oonagalabi Copper, Zinc, Gold Prospect' for your file.