EL 28517 Coulter Creek Annual exploration report for period ending 8 September 2012

Abstract

Exploration on this tenement was postponed whilst the company re-organised its exploration strategy and land holdings in 2011-2012. This re-organising is progressing successfully, although taking longer than expected, and includes the acquisition of a large gold project in far north Queensland from Republic Gold. Review of the exploration potential of the tenement during the year showed the following: Exploration potential on this tenement is high. Structural and stratigraphic settings are excellent with Lower Proterozoic Basement (Burrell Creek Formation) cut by the Giants Reef Fault (a major mineralising structure) very close to the uranium prospective Mid Proterozoic unconformity. Uranium and base-metal mineralisation close to and along strike of the tenement shows that mineralising fluids have been active in this area. Alluvial cover, over most of the tenement, is thin and would have restricted earlier attempts to locate mineralisation.