Partial relinquishment report for EL 8766 Rawlins West for the period 10 October 2005 to 9 October 2008 Lander River JV

Abstract

This report is the partial relinquishment report for EL 8766 - Rawlins West - and as such describes all exploration activity on the relinquished part of licence from the 10th of October 2006 to the 9th of October 2008. The tenement is part of an area covered by the Lander River Joint Venture (LRJV) between Newmont Tanami Pty Ltd (Newmont) who are managers of the Joint Venture and Yuendumu Mining Company NL (YMC). The tenement is located approximately 350km NNW of Alice Springs and is being explored for economic gold mineralisation. The first two years of exploration comprised largely reconnaissance work such as wide spaced RAB holes along access tracks, regolith mapping, surface sampling, gravity and aerial magnetic surveys. The focus of this work has been the TAN16 Target in the northwest identified during the Tanami Regional Framework study. More detailed exploration was conducted around Waldrons Hill following up on historical rock chip results and old diggings. The tenement was included in Newmont's Tanami Regional Framework study which highlighted the prospectivity of the area. A detailed helicopter borne gravity survey was conducted in late 2006 and a 100m line spacing airmag survey was completed over portions of the area in July 2007. Extensive reconnaissance surface sampling has been conducted over much of the tenement. The new geophysics field data has been used in a new geological interpretation of the area and remote sensing data has been used for regolith mapping. Surface sampling returned only modest gold results in the area being relinquished. A peak value of 2ppb Au in lag was returned from quartzite rich material in the south. An isolated result of 2.7ppb Au was returned from BLEG A sampling in the south. The large intrusive bodies are felt to be unprospective for gold and the southern portion of the tenement is well outside the interpreted structural corridor, that controls mineralisation in the area. The increasing depth of cover precludes much exploration in the northern area to be relinquished.