GR216 EL 27420 and EL 27416 Waterloo annual report for the year ended 12 May 2011

Abstract

The Waterloo Project is located approximately 400km SW of Katherine in the Northern Territory. The region is dominated by the Cambrian-age Antrim Plateau Volcanics which are part of the Kalkarindji Flood Basalt Province. The Kalkarindji Volcanic Group is considered to be analogous to the Nadezhdinsky series (Norilsk basalts) which host the world?s largest Ni-Cu-PGE deposits at Norilsk in Russia. Exploration activities conducted by Proto Resources & Investments Ltd (Proto) and their JV partners are based on the possibility of the Antrim Plateau Volcanics (as part of the Kalkarindji Volcanic Group) hosting economic 'Norilsk-style' Ni-Cu-PGE mineralisation. Work during the reporting period has included: Regional re-imaging of available data; QUT review of the region including field visit-rockchipping; and preparation and planning for Gravity survey.