EL 24471 Explorer Project Annual report for the period 16 August 2012 to 15 August 2013 Year 8

Abstract

The reporting periods for 2011-2012 and 2012-2013 overlapped with a drilling program focused on the BIF Hill prospect that commenced in July and finished in August 2012, with four diamond cored holes totalling 1542.9 m. Some drilling data was reported in the 2011-2012 Annual Report (collar, survey, lithology, magnetic susceptibility, and incomplete assay data). This 2012-2013 Annual Report includes the full set of drill data, including that reported last year with the addition of the complete assay data, core recovery and core structure data. Wireline logging was carried out during the 2012-2013 reporting period and the files are also included with this report. BIF Hill is characterised by outcropping banded hematitic ironstone, with red and black layers interpreted to represent iron-mineralised claystone and siltstone respectively. Drilling intersected the ironstone at various depths, with upper portions being hematitic while becoming magnetic with depth. As well as the pre-drilling gravity and magnetic modelling as previously reported, magnetic remanence modelling (using the latest CSIRO modelling software) utilising magnetic susceptibility reading taken on the 2012 core was carried out in real-time while drilling was in progress. The modelling, surface exposure and drilling indicate an east-northeast trending syncline to be the dominant structural feature at BIF Hill. This work led to the drilling of the fourth hole at BIF Hill and suggested that only that hole (12BH004) targeted the core of the magnetic source. Outcrop suggested that the core source of magnetism possibly coincided with a steeply plunging fold hinge, a subsidiary parasitic fold on the larger syncline. The magnetite mineralisation prefers shallow dipping flexure zones relative to the overall steeper dipping stratigraphy. Dark grey to black magnetite has mineralised siltstone beds while red hematite has mineralised claystone beds. These iron zones are up to several metres thick and have a narrow (eg 10 cm) selvedge zone of sericite with disseminated pyrite. No sulphides were seen within the ironstones. There are broader zones up to several metres thick of very fine disseminated pyrite in chlorite altered siltstone/claystone. The most significant occurrence of sulphides was the rare occurrence of clots of chalcopyrite-bornite in white quartz or quartz-chlorite-potassium feldspar or red hematite(?) veins. Assays showed no significant gold values with rare elevated copper values, the latter associated with the afore mentioned sulphide clots in quartz veins (1655 ppm Cu) and with brecciated siltstone (3140 ppm Cu). The elevated copper result of 1655 ppm Cu is associated with elevated Ag, Bi, Co, Pb and Se. Albeit at low levels, there is a common association between Cu, As, Co and Bi. Antimony is also variably elevated. The highest gold value was 0.135 ppm Au recorded from a quartz vein within an interval of finely fractured strongly chlorite (+/- sericite) altered mudstone with minor disseminated pyrite and trace chalcopyrite. This sample was the last (deepest) from hole 12BH002 and could indicate that that hole was just coming into a gold horizon.