Annual exploration report for MCN 1055, year ending 25 November 2002

Abstract

MCN1055 is situated in the Pine Creek mining centre, 1600m south of the townsite. It comprises a small infill sliver of ground 35 m in width between MLN 13 to the north and MCN523 to the south. During the year the tenement was purchased from Silver Coin Mining and Prospecting by the Burnside Joint Venture. The ground is managed by Burnside Operations P/L as part of a larger parcel of tenements that cover the majority of the historic Pine Creek mining centre. During the year the company has conducted an extensive review of the Pine Creek field with emphasis on the drilling that was conducted in the vicinity of the Enterprise and other open pits west of town. The drilling database has been re established and a terrain model and geological framework for the central area has been computerised. Modelling of drill targets based on the stratigraphic and structural controls on gold mineralisation in the field has been completed. Work on MCN 1055 has been included in the above activity. The tenement has attracted a small proportion of the expenditure on the Pine Creek project and is calculated as $400 for the 2002 report year. In the year to November 2003 it is planned that drilling of targets on the Pine Creek project will commence. The tenement will receive a proportion of expenditure on the project and it is planned to apply for a Group Report Status for the whole Pine Creek tenement schedule. An expenditure of $800 is anticipated for the tenement comprising geological traversing and a geochemical and structural review.