Annual report for EL 24142 Mt Ringwood

Abstract

This report is the fourth Annual Report of the exploration of EL 24142 for the period 4th October 2007 to 3rd October 2008. During the reporting period Australasia Gold has planned and executed an aircore drilling program that was designed to test the mineralisation anomalies found in the 2007 aircore drilling program. A total of 93 holes (2154m) were drilled and 1436 samples taken. Drilling results show elevated gold and arsenic values in areas that have previously been identified by 2007 aircore program as being potentially mineralised zones. The highest value obtained in this year's program was 0.3ppm Au in the western portions of Traverse 3. The eastern ends of each traverse do not contain any anomalous values.