EL 23944 Barkly Annual and final report on exploration activities for the period 6 February 2011 to 31 August 2012

Abstract

EL 23944 (Barkly) was granted to Gunson Resources Ltd (Gunson) on 6th February, 2004. Gunson explored EL 23944 for copper-gold mineralisation, based on a geological model where mineralisation is hosted by hematite, rather than by magnetite. This is a departure from the traditional style of exploration in the Tennant Creek area, which has focused strongly on isolated 'bulls eye' magnetic anomalies. No field work was undertaken on EL 23944 in the last year of its tenure because the previously planned drilling program, which was to be carried out in conjunction with drilling on EL 23947, was postponed due to rig availability and then access problems due to the summer 2011 - 2012 wet season. When EL 23947 was cancelled by the NT Department of Resources in May 2012, the attached letter was sent to the Director of Titles on 28 May, confirming the Company?s decision to relinquish EL 23944.