EL 25372 Tennant Creek Project, Annual report, reporting period 21 February 2011 to 20 February 2012

Abstract

Exploration for the year ending 20 February 2012 included continuation of negotiations for a heritage agreement over the tenement, reprocessing of detailed helicopter borne aeromagnetic survey over the tenement (in light of recent drilling results by Emmerson Resources and potentially a new style of mineralisation within the Tennant Creek region), review of historic data and report writing. No on-ground field work was completed as the company has agreed with the Central Land Council not to undertake ground disturbing activities until a heritage agreement is finalised. Previous exploration has been sporadic, and has not covered all of the tenement area. It has, however, demonstrated the presence of distinct magnetic and geochemical anomalies within the tenement area which have not been tested by detailed surveys. Future work will assess the potential for classical Tennant Creek style magnetic ore bodies as well for a new style of mineralisation away from typical magnetic targets as recently demonstrated by Emmerson Resources. Proposed work activities being assessed include ground IP and helicopter borne EM surveys.