2004 Annual report on EL 23173 AuQuest Project Area period beginning 4 March 2003 to period ending 3 March 2004

Abstract

Renison Consolidated Mines NL has been developing an exploration strategy in the Northern Territory since 1999 targeting dislocations within regional structures that intersect known stratigraphical and structural features that host economic gold mineralisation within the Pine Creek Geosyncline. EL 23173 forms a part of a regional package of tenements (AuQuest Project) that have a northwest trend, which covers what the Company has called the Noonamah-Corroboree trend. Processing of Northern Territory Government supplied 400m spaced aeromagnetic and radiometric data has not highlighted any significant anomalies within the tenement area, however a small 200m line spacing aeromagnetic survey carried out by the Company to the north of the tenement has significantly enhanced the detail of the underlying geology and the subsequent interpretation of the prospectivity of that area. A more detailed magnetic survey is planned for EL 23173 as a more appropriate method of assessing the prospectivity of the tenement.