Partial surrender report on EL 24887 for the period ending 7 August 2010

Abstract

EL 24887, located approximately 80km southeast of the town of Tennant Creek, was granted to Castile Resources Pty Ltd (Castile) on 8 August 2006. The area is considered prospective for copper, gold and base metals mineralisation associated with Iron Oxide Copper Gold (IOCG) mineralising systems within the Proterozoic Warramunga Formation. Phosphate deposits in the marginal zones of the Cambrian Georgina Basin are regarded as being a secondary exploration target for the region. EL 24887 ended its fourth year of tenure on 7 August 2010, and became due for the statutory 50% surrender. 65 sub-blocks were surrendered, and 66 sub-blocks were retained for exploration. Exploration activities completed during the first four year period included data compilation, target magnetic modelling and reporting. Previous exploration work located several low-order magnetic anomalies within the relinquished portions of the tenement, but none was considered of high priority.