EL 23517 Annual and final report for the period ending 3 April 2014

Abstract

During the final year of tenure (ending 3rd April 2014) the Titleholders carried out a review of alluvial and hardrock gold potential relating to the auriferous quartz stockworks hosted by Wildman Siltstone as exemplified by Compass's drilling at Main Ridge Prospect. A preliminary evaluation of the drilling at Main Ridge Prospect suggested a possible resource of approximately one million tonnes at a grade of about 0.8 grams per tonne Au. Interpretation of aerial photography and satellite imagery of ground to the northeast of Main Ridge indicates that there are several kilometres of Wildman Siltstone, folded about tight north northwest-plunging isoclinal anticlines, which could be expected to have gold mineralisation similar to Main Ridge. No record of recent exploration of these areas has been found. Negotiations were held with a number of parties who had indicated interest in exploring for gold in the area of EL 23517. However none of these followed up with serious proposals and accordingly the Tenement was surrendered on 3rd April 2014.