Surrender report for EL 24638 Dulcie Range Project, 23 December 2005 to 20 November 2008

Abstract

The Dulcie Range Project tenement EL 24638 covered an area of 425 square kilometres and was situated approximately 225 km east-northeast of Alice Springs. The tenement lied 35 km west of the Jervois Mineral Field on the Huckittta 1:250,000 map sheet. This report outlines exploration on the tenement for the period of 23 December 2005 to 20 November 2008. Exploration consisted of data reviews of previous exploration and regional geophysical datasets. The tenement and surrounding areas are considered to be prospective for a range of mineralisation styles. Possible styles of mineralisation worthy of further consideration are discussed in this report and include Iron Oxide Copper-Gold(-Uranium) (IOCG-U), fault-hosted copper-gold - base metals, and other base metal and precious metal styles. The tenement showed strong outcrop, dominantly ultramafic material, with layers of basaltic rock. Historical exploration has been poorly recorded, and includes some exploration in the 1970s for nickel. Best available historical results indicate a maximum nickel of up to 700 ppm in soils Rock-chip sampling targeted major faults and produced results of up to 42 ppm As, 2 ppb Au, 7.7 Bi, 3 ppm W, 47.2% Fe2O3, 42.46% FeO, 2 ppb Pt, 35 ppm Co, 0.66% Mn, 14.3% MgO, 30 ppm Cr, 40 ppm Cu, 56 ppm Pb, 50 ppm Zn, 25 ppm Th and 6.3 ppm U. The maximum gold, arsenic, bismuth, tungsten, uranium and iron results were obtained from the same sample (R101512). It was concluded that the potential for mineralisation was reasonable, but the tenement was surrendered due to its lower priority compared to other tenements the company held.