Annual exploration report Red Queen/Chessman Group, Maud Creek Project MCN 4346, MCN 4347 and MCN 4348 year ending 31 December 2003

Abstract

The Red Queen/Chessmen Prospect is located within the Maud Creek Project area 17.5km NE of Katherine NT. It comprises three contiguous mineral claims surrounded by SEL 9927. The Maud Creek project is owned by Harmony Gold Operations Limited. The most direct access from Katherine is via 'Katherine' Gorge Road to the old Maud Creek homestead at about 16km, thence south east along a firebreak track 1.5km. The prospect has been explored since 1974 when gold-mineralised Tollis Formation volcanics in an interpreted graben structure was identified. Several companies conducted trenching, geochemical surveys and percussion drilling over gold-anomalous structural targets. While low to medium grade gold mineralisation is present, results suggest its setting is more complex and structurally less coherent when compared to the Maud Creek deposit (Main Zone). As a consequence it has been ranked as a strategic target of lesser priority. During 2002 Harmony commissioned a photogeological interpretation of the Maud Creek Project area and continued diamond and RC drilling of extensions to the Main Zone gold deposit. In 2003 work was focused on the Main Zone gold deposit and the Chessman-Red Queen prospect was not subject to field exploration during the year.