Mount Bundy EL 23791 4th Year 1st Area Reduction Partial relinquishment report

Abstract

The relinquished blocks were underlain by areas with low or no aero-magnetic response. The anticipated setting for iron ore deposits in the Mount Bundy-Mount Goyder area is that of magnetically responsive skarn magnetite deposits within granitic and syenitic intrusives. A number of blocks were also dropped because they were underlain by granted 3rd party mining tenure. As such, areas with no or poor magnetic response were deemed to be low prospectivity, or were partial blocks of limited value, and so were dropped as part of compulsory relinquishment. Approximately half the relinquished blocks were Tenement blocks around the margin of the Mount Goyder Syenite were retained since the margin of the intrusive is highly prospective for Iron Ore Copper Gold style mineralisation. Activities undertaken by Territory Iron and latterly Territory Resources Limited included: A review of historical data on the property generated since the 1950s, retrieved from the Northern Territory Geological Survey Library in Darwin. Publicly available aeromagnetic data was reviewed by external geophysical contractors to identify potential aeromagnetic targets. A high resolution, low altitude airborne magnetic and radiometric survey was flown at a line spacing of 80 metres and a height of 25 metres over the entire tenement area. The data was processed, and preliminary aeromagnetic targets were identified; 2 holes were drilled on one anomaly identified by previous work. No iron mineralisation was intercepted in the drill hole samples, although sulphides were identified and assayed for a range of elements. The presence of pyrrhotite and pyrite gave associated anomalous copper, cobalt, and molybdenum values.