Final surrender report on EL 24887 for the period 8 August 2006 to 19 November 2010

Abstract

The area was 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. Previous exploration work had located several discrete magnetic anomalies within the tenement, but none of these was tested at depth. The anomalies are mostly covered by Cambrian sediments, and previous surface sampling and shallow drilling has only tested the Cambrian, not the magnetic features beneath. Exploration resources in the region were concentrated on the Rover 1 mineralisation and the surrounding Rover field after wide high-grade gold and copper drill intersections similar to the Tennant Creek style of IOCG deposit were made, and a resource was defined for the Rover 1 deposit. The concentration of funds to the Rover Field and the intervention of the global financial crisis dictated that resources could not be allocated to the exploration of EL 24887, and no ground work was carried out on the tenement. Exploration activities completed during the reporting period include data compilation, target magnetic modelling and reporting. Partial surrenders were made to EL 24887 in 2009 and 2010, and the tenement was finally surrendered on 19 November 2010.