EL 23284 Corridor 1 First annual report 16 July 2003 to 15 July 2004

Abstract

This report records the exploration work completed on EL 23284 during its first year of tenure, from 14 July 2003 to 15 July 2004. Targets are shallow haematite-ironstone related gold deposits. During the first year a brief review of all current exploration information and opportunities within the licence area was completed. The location of the Chariot mine and TC8 gold mines to EL 23284 along the Chariot trend made this Exploration Licence a highly prospective target area due to its structural significance and probable complexity. Additionally the highly developed understanding of the local geology as a consequence of continued exploration on the Chariot resource, combined with the EL's location to existing mine infrastructure ranked this Licence area as a high priority exploration project area. The three magnetic anomalies (Analytic 1-3) are targets of interest and will be modelled to determine depth to body top during the next year. It appears that the magnetic anomalies are quite deep (>150m vertical) however detailed modelling is required to confirm this. A detailed gravity survey was conducted within EL 23284 as part of a broader, regional survey covering most of the Chariot Mineralised Corridor. Several low order bouguer gravity anomalies were identified within the Licence area. As part of the more regional exploration along the CMC the production of structural, geological and geochemical layers which can be interrogated within the Company's GIS database will continue during the next reporting period. The detailed gravity survey appears to have added a new dimension to Giants Reef's understanding of the non-outcropping geology and the distribution of non-magnetic ironstone bodies within the survey area. The fact that non-magnetic ironstones, hosting gold mineralisation are known to exist (Chariot and Malbec deposits), yet have not really been searched for previously in the Tennant Creek Goldfield, means that the potential for new discoveries is highly likely.