Annual report for EL 25881 and EL 26145 Explorer Project for the period 12 October 2008 to 11 October 2009

Abstract

This report details exploration undertaken during the twelve month reporting period between 12th October 2008 and 11th October 2009. The Explorer Group of tenements comprises two adjoining Exploration Licenses including EL 25881 and EL 26145. Truscott Mining Corporation Ltd (TRM) controls 100% of the leases and as such is tenement managers. Exploration carried out on the tenements in the year ended 10th October 2009 included: - Compile Geophysical Data Sets - Rock Chip Sampling. The tenements cover a total area of 76 Blocks (235.38km2) and are located approximately 60km north of Newry, a settlement on the Victoria Highway that links Kununurra in Western Australia to Katherine in the Northern Territory. Truscott Mining still sees the Explorer Group of tenements as having the potential to host a significant deposit of uranium mineralization. A review of remotely sourced geophysical data sets identified two areas of interest within the Explorer Group of tenements. Two areas gave elevated responses for Uranium, Thorium and Potassium. The anomaly located within EL 25881 corresponds directly to a window within the Laingang Formation and directly onto the Goobaieri Formation. The window of Goobaieri Formations may be close to the basement. The anomaly in EL 26145 corresponds to a major regional fold closure and possible decollement type feature with the NE trending fault separates the Laingang rocks from the basement. The presence of Whitewater Volcanic units which are Lower Proterozoic ages may be a source of uranium or alternatively a host for remobilised uranium mineralisation. Each anomalous area was tested and evaluated by a single line traverse of rock chip sampling. The sampling returned evaluated values for Uranium, Rare Earth Elements (REEs) and base metals. The better results included: - 13.2ppmU, 55.1ppmTh, 1.30%K, 245ppmCe, 119ppmLa, 53.5ppmY. 19.4ppmCu, 14.9ppmPb 12ppmZn in EL25881 - 7.8ppmU 30.5ppmTh, 3.69%K, 96.7ppmCe, 52.6ppmLa and 29.7ppmY 5.3ppmCu, 14.1ppmPb, 20ppmZn in EL26145 It is recommended that the initial sampling be followed up with detailed rock chip sampling to determine the source of the elevated geochemical values and geophysical radiometric anomalism.