EL 10370 Barkly Third annual report 20 March 2003 to 19 March 2004

Abstract

Exploration Licence 10370 Barkly, located approximately 45 kilometres east northeast of Tennant Creek, was granted to Giants Reef Exploration Pty Ltd (Giants Reef) on 20 March 2001 for 6 years. At the end of the second year Giants Reef reduced the Licence area from 262 graticular blocks to 131 graticular blocks. The southern portion of the Licence was retained, as this region hosts the most potential to discover traditional Tennant Creek style gold-copper mineralisation within the Licence area. This report records the exploration work done on EL 10370 during its third year of tenure, from the 20th March 2003 to the19th March 2004. Both Tennant Creek-style orebodies and major base metals or base metals/precious metals deposits are considered as potential targets in EL 10370. Work carried out on EL 10370 focussed on the southern region of the tenement, which includes the western extension to both the Peko Line and Nobles Nob lines of mineralisation. The majority of work completed in the third year was centred on the south western corner of the EL 10370 which includes a series of small prospects and targets including the New Hope and Comstock mineralised structure. Reprocessing of high quality gravity and magnetic data, a re- appraisal of previous drilling and two field trips into this area has redefined targets and up-graded the potential of the area. As a result of work undertaken during year 3 Giants Reef Exploration Pty Ltd is in the process of planning geochemical and drilling programs to test the New Hope Comstock mineralised structure and undertake geochemical surveys over target areas in the remaining EL. Giants Reef is also currently pursuing a Partnership or Alliance for exploration over the remaining northern region of the Licence area.