Fourth annual and final surrender report for EL 25528 Mount Bundey

Abstract

EL 25528 was acquired from Wasabi Energy and became part of Rum Jungle Resources' Top End Mount Bundey (also spelt Bundy) project. At various times this project contained over twenty titles; either 100% Rum Jungle, or in various percentage ownerships, or operatorships, or with various rights to target commodities, or with various royalty arrangements. Rum Jungle Resources explored EL 25528 mainly for its uranium, gold, iron ore, and base metal potential. EL 25528 was located immediately north and northeast of Crocodile Gold Australia Pty Ltd's, Tom's Gully Gold Mine and Crocodile Gold had the gold rights to EL 25528. Rum Jungle undertook extensive exploration with emphasis on empirical geophysical targeting and structural analysis. An airborne geophysical survey (magnetics and radiometrics) was flown over the tenement by UTS Geophysics. Approximately 108 line km were flown at 200 m line spacing. Anomalies were checked on the ground with an Exploranium GR-110 Scintillometer and a handheld XRF and sampled only if needed. A 90 line km airborne TEMPEST survey was flown at 333 m line spacing by Fugro Airborne as part of a larger survey over the entire Pine Creek Orogen. The survey was flown between October and December 2008, however processed data was not received until early July 2009. The TEMPEST survey satisfactorily mapped the black graphitic siltstone within the Wildman Siltstone Formation and this was targeted with twelve RAB holes for 385 m. The best assay results were 2 m at 1260 ppm Pb in hole MBRA018 and 3 m at 2610 ppm Zn in hole MBRA017. No anomalous uranium was detected. Heli-VTEM was flown at 200 m line spacing in the far south east corner of EL 25528 for 11 line km by Geotech Airborne in May 2008. Only one small point-source anomaly was located. No field work could be conducted on the tenement in 2010 due to the extended wet season and lack of access on boggy black soil flood plains. Instead, a major desktop review was undertaken of EL 25528 and other ELs in the Top End / Mount Bundey Project. The geophysical data was modelled in conjunction with structural analysis looking at all possible target commodities including gold. This work failed to generate any new leads. The only untested point-source anomaly in EL 25528 was considered less prospective than other targets and the EL was surrendered.