Annual report for EL 23791 Mt Bundey for the period 21 January 2005 to 20 January 2006

Abstract

This report details exploration activities conducted by Territory Iron Limited within the EL 23791 (Mt Bundey) area during the Year 3 ending 20th January 2006. Exploration activities during the reporting year comprised: acquisition of 2,547 line kilometres of high resolution, low altitude (80m line x 25m height) airborne magnetic and radiometric survey flown in late September over the entire tenement area; processing of the data and; preliminary GIS compilation of the data and identification of magnetic features of interest. Nine magnetic anomalies (A to I) were identified within the tenement on the intrusive-metasediment contact between the Mt Goyder Syenite and Mt Bundey Granite with Wildman Siltstone. Due to delays by the contractors in flying the survey until late in the field season, field work planned for the reporting period was deferred until the 2006 field season.