Annual report for EL 24931 Burrundi for the period 18 July 2010 to 17 July 2011

Abstract

During the year under review, an in-depth review of exploration data gathered so far, was undertaken. Based on the previous exploration program, a number of gold and uranium occurrences have been noted in and around the project area. These are generally confined to Koolpin Formation and Gerowie Tuff. Geological setting of the project appears to be prospective where the Koolpin, Formation, Gerowie Tuff and Mt Bonnie Formations have been folded into anticlinal structures and intruded by I-type granites. A technical review of the exploration data suggest that EL 24931 has potential for gold, uranium and base metal mineralisation which should be tested by dedicated exploration program. In the next reporting period, the project area should be flown by high resolution geophysical survey. An orientated geochemical survey program is recommended to find out any geochemical anomalies. If encouragement is received, then selected targets should be tested with RC drilling.