Final report (relinquished area) EL 24151 Mount Bundy project

Abstract

During in the first year of tenure 1 August 2007 to 1 August 2008, work on the relinquished part of EL 24151 was conducted by GBS Gold Australia. Work included a desktop study and compilation of geological and geochemical data not only covering the relinquished section but for the entire tenement. JV partner Rum jungle conducted high resolution aeromagnetic and radiometric surveys over the Mt Bundy region part of which covered the relinquished part of EL24151. Field reconnaissance mapping was conducted and remote sensing data also obtained. Data from the high resolution aeromagnetic and radiometric surveys were processed during the 2008 to 2009 exploration year. Analysis of the data highlighted the presence of two intense magnetic lineaments in the south western part of EL 24151 (relinquished area). A number of radioactive anomalies were also identified which related to folding within the Koolpin Formation. A literature review was also conducted and further reconnaissance mapping also completed. During most of 2009 to 2010, GBS Gold Australia remained under voluntary administration. An appraisal, ranking and valuation of EL 24151 was undertaken in order to prepare asset for sale. On 6 November 2009 Crocodile Gold Australia acquired all assets including EL 24151. Crocodile Gold completed a desktop review, and a review and compilation of geochemical and geophysical data and also conducted some reconnaissance mapping. There was no further exploration conducted over the relinquished area of EL 24151 from August 2010 to 2011.