Partial relinquishment report for EL 24468 Mount Goyder South

Abstract

A 50% relinquishment of EL 24468 was made on 24 November 2010 to reduce it from nominally 17 blocks to exactly 9 (nine). Areas in the east and west of the EL 24468 were deemed to be unprospective for the target commodities; namely iron, uranium, gold and base metal mineralisation; and have been relinquished. Surface sample locations and assays from the relinquished portions are provided. Drillhole MBRC018, drilled by Territory Resources as operator, went to 73 m. It intersected minor hematite between 41 and 48m, but this was not considered worthy of follow-up. Rum Jungle Uranium Ltd became operators and targeted drillhole MGRC047 on a geophysical anomaly. It was RC-drilled to 132m depth into a fold hinge of the Koolpin Formation and intersected graphitic black shale with minor pyrite which explained the anomaly. No economic mineralisation was encountered. Assays for both holes are provided. Rather than give disjointed cookie-cuts of the TEMPEST geophysical data acquired over the relinquished portions, Rum Jungle Resources Ltd has provided the complete dataset for public release. Note that more a recent VTEM survey covers only areas of continuing tenure and is not relevant to this report. Future work will probably focus in the north of the 9 (nine) blocks retained.