First annual report EL 22917 Eldorado for year ending 9 July 2003

Abstract

Exploration programs carried out by the Tanami Exploration NL on EL 22917 for the year ending 9 July 2003 comprised regional mapping, prospect scale mapping, soil sampling, stream sediment sampling and rockchip sampling. Several anomalous gold and basemetal values were returned by the programs, however, overall prospectivity of the tenement is considered moderate. The tenement area was incorporated into the Company's Alice Springs regional mapping program in March-April 2001. The program covered an area of 10,000 km? centred on the Florence Creek Shear Zone and associated structures. The mapping program and accompanying non-ground disturbing sampling programs were carried out prior to the grant of the tenement under the fossicking provisions of the Mining Act. The initial target identified in the region was Pt-Pd-Au mineralisation associated with the Florence Creek Shear Zone. In 2001 as an extension of the Company's exploration program on contiguous tenement EL 10078, a series of helicopter supported rockchip and soil sampling traverses were completed on the tenement (see Plate 3). A number of anomalous gold-copper values were returned from this program. Known mineral occurrences were also visited including the Oonagalabi area (not within EL 22917) and Selins base-metal deposits. Extensions of the Oonagalabi deposit were located on EL 22917 - the Silver City and Silverado deposit. In July 2002 (see Plate 4) the Riddoch Amphibolite was tested for Pt-Pd mineralisation by stream sediment sampling over approximately 30km of outcropping strike length in the Harts Range. A number of low level anomalies returned by the sampling were followed up in march-April 2003 with detailed stream sediment and sampling and rockchip traverses. In March-April 2003 (see Plate 5) strike extensions of the Oonagalabi Cu-Zn deposit, the Silver City and Silverado prospects, were mapped and rockchip sampled to test tenor, extent and distribution of mineralisation (see Plate 6). In addition the Oonagalabi Dome was covered by a stream sediment, mapping and rockchip sampling program targeting repetitions of the Oonagalabi stratigraphic horizon and mineralisation. Results of sampling did not lead directly to any new discoveries or development of drill targets. However several aspects of the 2003 sampling programs over the Riddoch Amphibolite and Oonagalabi areas have yet to be reviewed and follow-up is anticipated for Year 2.