Relinquishment report for EL 26007 Mary River, for the two years ending 27 November 2009

Abstract

This EL of 7 graticular sub blocks (22.5 sq Kms) was granted on November 28 2007 for a period of six years. It is located east of Pine Creek, on the SW boundary of the Mt Evelyn 1:250,000 sheet (SD 5305). The EL was granted to Greg and Sandra Wood (Gold Prospectors of Pine Creek), then on sold Ausmon Resources Ltd, a Sydney based explorer which listed in February, 2008. In September 2009 Ausmon undertook exploration (mapping and sampling) of the EL, and, in October 2009 applied for renewal with area reduction to 4 graticular sub blocks (about 12.5 sq Kms). The 3 relinquished blocks were 1369 U, 1369 Z, and 1370 L (see MAP WOO011 in attached Report). The tenement is located centrally in the Pine Creek Orogen, on the eastern flanks of the Cullen Batholith. This is a multiphase batholith, with components dated between 1840 and 1780 Ma. The batholith's post-orogenic components are associared with vein and stockwork mineralisation including Sn, W, Au, Ag, Pb, Zn, Cd, Cu, Bi, U, and Mo. For example about 6 Km west of the EL is the Cleos U prospect, and to the south and southeast are the Evelyn Pb-Ag-Zn and Moline Au prospects. Mapping and sampling by Ausmon detected 5 main rock types as mapped by the DPI. Granitic rocks predominate and include Pgca1 and 2 (Minglo Granite, and Blundells Monzanite). An elongate north trending patch of Pgcz (Blundells Dolerite) is evident near the central-western edge of the EL, and areas of Pfb (hornsfels) and Pso (folded tuffs and cherts) occur in the northern part, near the Mary River flood zone. Mapping by Ausmon also confirmed earlier mapped DPI lithological boundaries. Forty (40) grab samples were collected from the 3 relinquished blocks in 2009 and analysed for 8 elements (Cu, Pb, Zn, Sn, W, Ag, Au and U). All were noted to be un- anomalous for all elements. Six samples collected in 2008, all outside the relinquished areas, were also noted to be un-anomalous for Au. Exploration expenditure on the relinquished areas in Year 1 (2008) and Year 2 (2009) together totaled $14,805. Area retention focused on the 4 blocks making up the northern part of the EL which has potential for vein and stockwork mineralisation along granite/ country rock contact zones, and for alluvial gold in river and stream sediments. During the current EL year it is proposed to spend funds on mapping, prospecting and sampling. The relinquished southern blocks of the EL consists almost entirely of monotonous, un-mineralised granitic rocks.