Annual exploration report, Yam Creek Group, year ending 31 December 2004

Abstract

During the year the joint venture conducted a further internal review on the North Point and Princess Louise deposits. It was concluded that it may be possible to increase the mineable resources by capturing peripheral mineralisation into the model and by firming up other deposits in the immediate area through exploration drilling. Drilling at North Point was recommended to close off beneath the design pit and test along the southern strike extent. It was classed as a multiple, narrow veined system, dipping moderately west, poddy and with limited dip continuity. Grade control drilling was recommended to confirm the reserve within the central zone 9380mN to 9770mN. A high potential was identified for increasing the reserve along strike north and south. A parallel mineralised structure to the east of the design pit was also identified as requiring further drilling. Similar drilling recommendations were made for the Princess Louise deposit. Again some drilling below the design pit and more along strike to optimise the length of the west dipping resource. Due to recognition of poddy vein distributions a grade control density was recommended. A parallel structure in the hangingwall west of the pit was identified as needing further definition drilling.