Relinquishment report for AN 455 Coxco Valley period ending 21 August 2011

Abstract

AN455 is situated within the highly prospective Proterozoic McArthur Basin, just to the south of the world class McArthur River (HYC) zinc-lead-silver deposit. The applications for AN 455 was submitted by Mount Isa Mines Ltd in mid 1996 over ground previously held and explored by the Carpentaria Exploration Company (1960s-70s, 1991) and Mount Isa Mines Exploration (1991-1993). The application for AN 455 in 1996 was driven by statutory relinquishment requirements on the previous Mount Isa Mines Exploration tenement AN 366. After a A 10 year delay, AN 455 was unexpectedly granted on 21st August, 2006. Expenditure commitments for AN 455 were not met in 2007 and 2008 due to critical McArthur River Mining technical staff shortages during the main expansion phases of the McArthur River Mine from the previous underground operation to the current open pit operation. Ongoing technical staff shortages, exacerbated by the current economic downturn, have worsened the situation in 2009. This report compiles and summarises work done on AN 455 and their precursor tenements (from the limited available data), reviews potential on the leases and makes recommendations for relinquishment and further investigations.