Annual report for EL 9518 Jervois, MCS 13-28, MLS 10, MLS 16, MLS 17, MLS 23, MLS 51-57, MLS 61, MLS 62 and MLS 90, year ending 2 October 2005

Abstract

The aim of this project is to explore and evaluate the potential for economic base and precious metal mineralisation. This report documents exploration activities and results achieved on Exploration Licence 9518 'Jervois' and to report these to the Department of Business, Industry and Resource Development, Northern Territory. Information from adjacent leases and claims is also included. EL 9518 is located 380 kilometres north east of Alice Springs on the Huckitta 1: 250 000 map sheet (SF53 -11), and surrounds the mineral leases which cover the gossanous outcrop of the Jervois Mine and its extensions. EL 9518 'Jervois' was granted to C. Savage on 1st October 1996 for a period of six years. Under compulsory partial surrender provisions, 50 percent of the tenement was relinquished on the 30th September 1998. The tenement was subsequently transferred to M. Ruane on the 19th July 1999, who applied for a deferment of relinquishment until 2nd October 2000, which was approved by the Department of Mines and Energy, Northern Territory. M. Ruane then entered into an option to acquire agreement with Britannia Gold NL. On 5th August 1999, M.I.M. Exploration Pty Ltd entered into a Joint Venture agreement with Britannia Gold NL, agreeing to act as manager and operator of the Jervois Project, which incorporates EL 9518 'Jervois'. M.I.M. Exploration withdrew from the joint venture in 2002. EL 9518 was transferred to Reward Minerals Limited which successfully raised $3 million through public subscription and listed on the ASX in April 2004. During this reporting year Reward Minerals completed a substantial drilling program focused on the known mineralisation within the smaller leases contained within EL 9518. Further infill drilling is recommended to enlarge and better define the sulphide resources recently investigated by drilling at Bellbird, Green Parrot, Reward and Marshall.