Second annual report year ended 21 August 1988, EL 4993 Laterite

Abstract

Carpentaria Gold Pty Ltd negotiated a farm-in agreement with The Australia Land Company Pty Ltd on EL 4993. The aim is to locate gold ore to feed the mill now being constructed at Tom's Gully Gold Mine. Streams sediment sampling at approximate 200m intervals delineated five areas with gold values in excess of 0.06 grams per tonne. This work has yet to be followed up. Reconnaissance rock chip sampling showed three samples to have gold grades over 1gram per tonne. These became the 'Expectant', 'Anticline-29' and Itsaboy' Prospects. The expectant prospect is a quartz vein orientated parallel to the hosting Mount Bonnie Formation. Rock chipping peaked at 5.2 grams per tonne Au. Follow up costeaning (totalling 130m) and percussion drilling (totalling 143m) gave the following peak gold values 1.85 grams per tonne x 30cm and 0.16 grams per tonne x 100cm respectively. The Anticline 29 Prospect was located by a reconnaissance rock chip value of 23.2 grams per tonne. The gold is hosted by poorly developed saddle reefs in the Mount Bonnie Formation. Costeaning (179m total) and percussion drilling (72m total) failed to locate any gold mineralization over 1g/t. Itsaboy is a series of quartz pods forming a saddle reef in an anticline of the Mont Bonnie Formation. An initial rock chip sample gave 44 grams per tonne Au. Follow up costeaning (75m total) and percussion drilling (235m total) located the following results over 1grams per tonne Au: Costean 1: 2.55 grams per tonne x 60cm. Costean 1: 3.05 grams per tonne x 50cm. IABP 2: 8 to 9m 3.13 grams per tonne x 100cm. None of these prospects require any further work. Thirteen claims were pegged on EL 4993 so that the stream sediment anomalies and additional reconnaissance rock chip anomalies can be followed up.