Final report on blocks relinquishmend from EL 10416

Abstract

Exploration work undertaken on the 3 blocks relinquished was primarily aimed at identifying target areas with potential commercial resources of Amethyst or other saleable gemstones. It was intended that work during this period would focus on the marking out and application for Mining Leases. This was postponed due to the ongoing effects ofthe GFC on the world gemstone market, and its subsequent effect on our ability to fund ongoing exploration and mining campaigns. The blocks relinquished did show some potential for Amethyst, but were considered less prospective than the blocks retained. Several areas identified had Amethyst and Clear Quartz exposed on the surface, but the source was unable to be identified. This material is thought to have weathered and accumulated from the amygdaloidal basalt as small broken geodes or nodules, rather than being deposited from a major vent or fault. This area is frequently prospected by rockhounds during the dry winter months, and has yielded some good specimens over many years. Despite this fact, we considered the area was not suited to commercial operations due to small volumes and the lack of a defined source. Considerable time was spent traversing ground to make sure of its suitability or otherwise, before a decision was made to relinquish it.