Final report for EL 23636 Yam Creek for the period 26 May 2003 to 25 May 2009

Abstract

Exploration Licence 23636 was acquired from Tanami Exploration NL (TENL) under the terms of a Heads of Agreement between Deep Yellow Limited (DYL) and TENL. TENL acquired the tenement to explore for prospective epigenetic gold-copper mineralisation within the Delny-Mt Sainthill retrograde shear zone. In 2003, exploration of EL 23636 by TENL consisted of a magnetic assessment and reconnaissance including rock chip sampling. Results of seven rock chip samples returned a maximum of 717ppb Au (HKK004) from a rock chip sample of gossan from the Delny-Mt Sainthill retrograde shear zone. The area was further assessed by TENL in early 2007 and a small geochemical program carried out in March 2007. A total of 29 lag samples and 6 rock chip samples were taken on EL23636. No significant results were returned. A maximum result of 17 ppb Au was received from a ferruginous fault zone attributed to be part of the Delny-Mount Sainthill Shearzone. Exploration by DYL was limited to a brief reconnaissance visit by the geologists to assess possible access routes. Exploration by DYL on the tenement was initially delayed pending the issue of an Aboriginal Areas Protection Authority Certificate in respect of the adjacent tenement, EL23637. When issued, in August 2008, the Authority Certificate indicated a Restricted Works Area over approximately half of the tenement area reducing the prospectivity of the project area. Given the financial climate in the second half of 2008, a decision was made to focus manpower on more prospective tenure within the Northern Territory. Exploration Licences 23636 and 23637 were due to expire in 2009 and a decision was made to not seek renewal of either Licence.