EL 9472 Gilbert Eighth annual report 13 May 2003 to 12 May 2004

Abstract

Exploration Licence 9472 Gilbert, is located approximately 32km northwest of Tennant Creek township. Targets are ironstone-hosted gold-copper-bismuth deposits. This report details exploration undertaken by Giants Reef Mining Limited (on behalf of Santexco Pty Ltd) on Exploration Licence 9472 Gilbert, for the period from the 13 May 2003 to the 12 May 2004. It is clear that the remaining block EL 9472 is situated in an area of favorable structural complexity along the Navigator Fault zone, roughly midway between the Warrego and White Devil mines. The nearby Cabernet prospect, held by Santexco under MLC 120 to MLC 123, is additional evidence of the prospectivity of this one-block Exploration Licence. An internal review of the Giants Reef tenement portfolio and a classification of exploration opportunities in September 2002 assessed the future exploration potential of EL 9472. The Exploration Licence was rated as a moderate to low priority exploration target, located in a structurally prospective area and was recommended for a gravity survey and detailed geophysical analysis. Other than a reconnaissance trip, no exploration was conducted over EL 9472 during the eighth tenure year.