Group annual and final report for Tennant Creek Gold Project for the period ended November 2008

Abstract

Tenements EL25350, EL25877, EL25878, EL25879, EL25950, EL25951, EL26010, EL26011 & EL26022 (the 'Tenements') occur within the Tennant Creek area of the Northern Territory on the Tennant Creek (SE5314) 1:250,000 map sheet. Agricola Resources Pty Ltd acquired the tenements through application. The permits were applied for as part of a Northern Territory gold exploration program. From June to October 2008 Agricola and its' shareholders were the defendants in Supreme Court of Western Australia litigation which made it impossible to either commit or raise funds for exploration. Beyond the perusal of open file reports, the acquisition of geophysical data from previous geophysical surveys and the assessment of publicly available geological data, no studies were commissioned and no field visits or operations were carried out. The permits were surrendered at the end of the first year. Expenditure for the project was 14 days of geological time, primarily spent acquiring and reviewing historical geophysical data, open file company exploration data and publicly published geological data ($14,000) plus $1,000 in tenement administration expenses (not including rental costs). The above geology map, taken from the paper included in the Australian Institute of Mining and Metallurgy publication 'Geology of the Mineral Deposits of Australia and Papua New Guinea', 1990 - 'Tennant Creek Inlier - Regional Geology and Mineralisation' (P. Le Messurier et. al.), shows the distribution of the Black Eye Member (Pwe) of the Warramunga Group. The Black Eye Member is the host unit for the potentially gold-bearing iron stones for which the Tennant Creek field is famous. The provided geology map is a semi-transparent regional aeromagnetic data set. Also included are the historic drill holes digitised by the NTGS up until 2008 and the known historic gold occurrences extracted from a Geoscience Australia data set. Future exploration for 'Tennant Creek Style' gold deposits will rely on the integration of these data sets to design detailed, targeted, magnetic surveys to generate targets for deep (>100-200 m) exploration drilling.