Second combined annual report, EL 10077 Whippet East, EL 10101 Binary, EL 22165 Copernicus, EL 22583 Morning Star, EL 22589 Whippet Hill and EL 22590 Stuart Highway 25 September 2002 to 24 September 2003

Abstract

Exploration Licences 10077 Whippet Hill, 10101 Binary, 22165 Copernicus, 22583 Morning Star, 22589 Whippet Hill and EL 22590 Stuart Highway, were acquired by Giants Reef Exploration Pty Ltd (Giants Reef) to search for Tennant Creek style ironstone-related gold-copper deposits. This combined report records the exploration work done on EL's 10077, 10101, 22165, 22583, 22589, and 22590 during their second year of tenure from the 25th September 2002 to the 24th September 2003. All six Licences were granted to Giants Reef Exploration Pty Ltd on 20th October 2001, for a period of 6 years each. The EL's are subject to an Indigenous Land Use Agreement signed in September 2000 between the Native Title holders of the Tennant Creek region, represented by the Central Land Council, and Giants Reef. The combined Licence area is considered by Giants Reef as having the potential to host shallow, high grade oxide gold within haematite-magnetite ironstone. At present little work has been conducted over the EL's by Giants Reef, and a thorough assessment of the Licence areas will be made in the next tenure year to identify target areas with the view to reducing the size of the EL's, and retaining only the areas of definite interest. In September 2003, Giants Reef advertised for a Project Geologist to join the exploration team. This person will be responsible for the exploration of a number of tenements including Exploration Licences 10077, 10101, 22165, 22583, 22589, and 22590. Additionally, the geology of the Licence areas will be assessed to decide whether a close spaced, high resolution gravity survey is warranted over the area. By the end of the second year of tenure of the EL's, no further analysis, target generation or on-ground exploration was carried out over the EL's, due to Giants Reef's commitments being focussed elsewhere in the Tennant Creek goldfield.