MCC 262-264 and MCC 275-282 Mint Group Final report January 1988 to December 2002

Abstract

Mineral Claims C262 - C264 and C275 - C282 are collectively known as the Mint group, and form part of a Joint Venture between Newmont Wiluna Gold Pty Ltd (Newmont) and Giants Reef Mining Limited (Giants Reef) over numerous tenements in the Tennant Creek goldfield known as the Top End Joint Venture. The Top End Joint Venture was established by the Agreement on 1 January 1994 with Giants Reef as operators with the right to earn equity in the tenements by funding exploration. Giants Reef continued to sole fund exploration expenditure and Newmont Wiluna effectively diluted their interest by not contributing. At the conclusion of the Joint Venture in January 2003, Giants Reef had earned 60% interest in the tenements covered by the agreement. Targets were Tennant Creek-style magnetite ironstone associated gold and copper ore bodies This report details the exploration work carried out on Mineral Claims C262 - C264 and C275 - C282, during their fifteen years of tenure, from 29 January 1998 to their expiry on the 31 December 2002. Activities over the fifteen year tenure of Mineral Claims C262 - C264 and C275 - C282 included literature reviews, data evaluation, lag sampling, geological mapping and rock chip sampling, gridding, geophysical surveys analysis and interpretation, RC and diamond drilling, metal detecting, and project and tenement reviews. The undertaken exploration activities over the Mineral Claim over the fifteen year tenure have produced some significant geochemical intersections and identified a number of magnetic anomalies. Giants Reef's assessment of the Mint area concluded that the geochemical and geophysical anomalies warrant further follow up work, however have a low priority at present. On December 31st 2002 the Mineral Claims C262 - C264 and C275 - C282 ended their third term of tenure and were not further renewed, under the obligations of termination of the Top End Joint Venture. On expiry the Mineral Claims C262 - C264 and C275 - C282 were subsumed by Giants Reefs wholly-owned Exploration Licence 10113 Ivory. Giants Reef intend to undertake a thorough assessment of the expired Mint area, and follow up the anomalous geophysical and geochemical zones under the Exploration Licence 10113.