EL 26036 Annual report for period ending 24 February 2009

Abstract

This report summarises gold exploration activities undertaken by St Barbara Limited (SBM) on the Tenant Creek Project EL 26036 during its first year of tenure between 25th February 2008 and 24th February 2009. EL 26036 has an approximate area of 269km2 and is centred 145km east-southeast of Tennant Creek in the Northern Territory. The tenement contains an iron oxide coppergold (IOCG) target defined by external consultants to SBM. The target occurs within concealed eastward extensions of the prospective Tennant Creek Inlier. The inlier hosts several high grade Au-rich deposits (including Juno, Geko, Warrego, Nobles Nob, Peko and White Devil), which have produced over five million ounces of gold and over 440,000 tonnes of copper in the last 60 years, ranking it within the top ten Australian goldfields. Exploration comprised open file data review and compilation, depth to basement geophysical modelling, a 352 station gravity survey, data processing and incorporation into GIS, 3D inversion and geophysical modelling and interpretation. Depth to basement modelling revealed 1 target area (TC101) however it appears to overlie magnetic basement of considerable depth, greater than the 250m limit typically used as a cut-off in other SBM 'Big Gold' projects. Although the gravity data shows a number of discrete anomalies to warrant further exploration, depth to basement is deemed too great for SBM to expend exploration drilling funds on EL 26036 during the current global economic climate.