Annual report for EL 23655 for the twelve month period to 16 June 2004

Abstract

EL 23655 was applied for on 29 July, 2002 to explore for gold along the crustal-scale, WNW structural corridor separating granite-gneiss terraines in the east from P4 meta-volcano sedimentary rocks in the west. The area was regarded as having good potential for large, structurally-controlled orogenic gold deposits. The prospectivity of the licence area was recognised following a review of public domain geo-scientific data sets provided by the NT Geological Survey. Work conducted during the first year of tenure comprised a literature review, data compilation of previous exploration of the licence area and preliminary negotiations with the Central Land Council and Aboriginal Owners. As a result of the literature review it was determined that initial reconnaissance geochemical prospecting had been completed over much of the tenement resulting in the identification of several prospects with significant gold mineralisation. As several prospects requiring immediate follow-up drilling were identified, no further preliminary reconnaissance work was thought necessary. Select Resources then decided to seek a joint venture partner to conduct drilling programmes at key prospects as well as regional exploration over the remainder of the licence area. No further ground-work was completed during the first year of tenure. At the time of writing Select is in advanced negotiations with a potential farmin partner. It is anticipated that an agreement will be finalised within the next month paving the way for final agreement with the CLC and Traditional owners and allowing drilling programmes to be conducted on the identified prospects during the 2004 field season.