EL 8883 Bluebush and EL 10402 Amadeus Third combined annual report 20 March 2003 to 19 March 2004

Abstract

Exploration Licence 8883 Bluebush and Exploration Licence 10402 Amadeus are in the Bluebush Project Area, one of a number of project areas flanking the Tennant Creek mineral field The majority of the Bluebush Project Area is within EL 8882 and EL 8883, but adjacent smaller EL's 9309 and 10402 also cover a portion of the Bluebush regional gravity anomaly and are therefore included in the Project Area (see Figure 1). Targets are large scale deposits of copper, lead, zinc, gold, silver and other base metals. This report records the exploration work done on EL 8883 and EL 10402 during their third year of tenure, from the 20th March 2002 to the 19th March 2003. No on-ground exploration was conducted over EL 8882 and EL 8883 during the year. Giants Reef reviewed the geological targets and models for both exploration Licences to assess the likelihood of an immediate discovery. The review recognised a number of magnetic anomalies within EL 8883 and EL 10402 which are indicative of Tennant Creek style gold-copper occurrences. Because Giants Reef's primary interest is currently within the traditional Tennant Creek goldfield, and currently do not have the personnel to explore the Licence areas, a decision was made to joint venture the Licences. Giants Reef are currently actively pursuing a Partnership or Alliance for exploration over the Licence areas and surrounding tenure.