Final report on EL 8786 First Light 8 March 1999 to 7 March 2009

Abstract

This Final Report records exploration work done on EL 8786 between 8 March 1999 and 7 March 2009. The discovery of the haematite-magnetite Chariot deposit in 1998 has shown the potential for variations on the classic magnetite ironstone hosted gold +/- copper deposits, where lower order magnetic anomalies, plus gravity methods can define new targets. Discoveries by Giants Reef of mineralisation such as at Malbec West, Marathon and Billy Boy further support this. Emmerson commenced its aggressive exploration programs in April 2008 which included, a detailed ground gravity survey of the Tennant Creek Mineral field and an airborne magnetics surveys. With this newly captured geophysical data providing greater detail of the exploration potential of Emmerson's tenure which includes EL 8786. Emmerson consolidated EL 8786 into SEL 25890 to allow for the analysis and interpretation of this data, and provided with good results drill testing of targets identified. The first pass analysis, interpretation and modelling of this newly captured data has identified numerous greenfields and brownfields targets within Emmerson Tennant Creek tenements. The more detailed analysis, interpretation and modelling will occur during 2009 and 2010 and will include the area covered by EL 8786 under SEL 25890. Drill testing of targets already identified and further development of the geoscientific models will occur during the 2009 field season, given encouraging results these new models will be applied across SEL 25890 to generate targets for drill testing and any areas requiring further more detailed geophysical surveys. Therefore with reassessments of previous exploration work and the analysis and interpretation of newly captured data to be conducted during the remainder of 2009 and into 2010 all Emmerson Tenure, including EL 8786 (now SEL 25890) remain 'prospective'. Automatic cancellation of EL 8786 occurred on 7 March 2009 upon the 10th anniversary date.