MLN 726 and MLN 727 Annual report for year ending 31 December 2009

Abstract

The Bulman project is located near the Bulman Aboriginal community within Arnhem Land, approximately 320km north east of Katherine. This project consists of two exploration licences (EL 23814 and EL 25931) and two mineral leases (MLN 726 and MLN 727). This annual report covers work completed on MLN 726 and MLN 727. The mineral leases and associated exploration licences are being explored for carbonate-hosted stratabound Pb-Zn deposits (Mississippi Valley type Pb-Zn deposits). Previous geochemical surveys outlined a range of Pb/Zn anomalies, the levels of which levels suggested a very strong exploration potential. However, only localised mineralisation at shallow depth was encountered during the 2008 drilling program. Apart from rehabilitation on last year's drill sites, no further field work was carried out during 2009. A meeting in September 2009 resulted in the approval of the 2010 exploration program for the project. In regards to the mineral leases, the program will involve geological mapping, rock chip sampling and the use of XRF portable analyser. It will probably be carried out in the 2010 dry season.