Final surrender report for EL25374 for the period ending 14 November 2008

Abstract

No work was undertaken by Truscott over EL 25374 during the reporting period 13 December 2007 to 18th November 2008.The licence area was selected as a conceptual target. However, the potential of the underlying Warramunga Formation has already been recognised by other exploration companies who have taken up tenements with Palaeozoic cover and have announced proposed drilling programs. Similar targets have recently been drilled in the Wiso Basin, southwest of Tennant Creek, and significant base metal/gold intercepts have been recorded in basement Warramunga rocks. Research to date has continued to confirm the validity of the target area. Aeromagnetic and gravity surveys area may be necessary to improve understanding of deep seated structures which can then be evaluated by reconnaissance drilling. However due to a change in company focus and priorities it was decided that EL 25374 be surrended.