Annual report of exploration ERL 125 Mt Fitch for the year ending 22 August 2003

Abstract

A proposal to undertake a regional airborne EM survey to be part of a follow-up programme of the Mount Fitch South prospect was abandoned when suitable joint venture funding could not be concluded. As part of this plan, the previous ground EM was modelled to determine the effectiveness of alternate methods. This work concluded that the fixed wing Tempest method would suitable. The report on this modelling is appended. All existing exploration and drill data was re-evaluated from the Mount Fitch area, to establish why previous intense uranium exploration programmes had failed to locate the Mount Fitch South mineralisation. It was concluded that intense leaching had occurred in the oxide zone of the mineralisation, and as such, only subtle geochemical anomalism occurs in RAB or aircore holes drilled in this zone. Three follow up drill holes were planned to further evaluate the Mount Fitch South prospect, however these were deferred to early in the 2004 field season. As part of this planning some grid rehabilitation was undertaken, and the location of the ground EM conductor was flagged. Existing drill data in the vicinity of the prospect was entered into a database to allow further investigation to be undertaken should new drill results prove positive.