Annual report for EL 24255 for the period 13 October 2011 to 12 October 2012 Tennant Creek Project

Abstract

Sipa conducted an aeromagnetic survey with 50m line spacing and 4.8 line km on EL 24255. Whilst the survey was planned for July 2011, it was delayed by mustering activity on Phillip Creek Station. The survey finally commenced on 22 September 2011 in the previous reporting period and was completed, processed and interpreted in this reporting period. Importantly, the magnetic survey has identified a number of magnetic anomalies. Some of these anomalies may be stratigraphic, but a number also appear to relate to structures. There is also at least one anomaly which appears to be of the classic 'bulls eye' Tennant Creek style which hosts the majority of copper-gold mineralisation in the field. The magnetic anomalies warrant surface soil and or auger and white ant hill sampling. If these surface geochemical surveys identify anomalies RAB drill testing is warranted.