EL 9958 Running Bear, EL 10114 McDougall Ranges, EL 10124 Speedway, EL 10313 Kodiak, First combined annual report 1 May 2003 to 31 May 2004

Abstract

This combined report records the exploration work done on EL's 9958, 10114, 10124 and 10313 during their first year of tenure, from the 1st May 2003 to the 31st May 2004. Targets are ironstone-related gold-copper deposits. Exploration Licences 9958, 10114, 10124 and 10313 are a contiguous group of Licences spanning the Stuart Highway north of Tennant Creek. The Licences are all predominately underlain by Warramunga Formation sediments and are all prospective for typical Tennant Creek style ironstone hosted gold copper mineralisation. Exploration Licences 9958 and 10114 display a broad magnetic high extending through the Licence areas which is indicative of an ironstone ridge. This magnetic high requires a geophysical assessment to identify potential target areas which will be undertaken in the second tenure year. Exploration Licence 10124 has a number of target areas, primarily the Burnt Shirt prospects which is over a magnetic high, however a good deal of historical exploration has been conducted within the vicinity. A field trip to the Irish Emblem mine in the northwest of the Licence area mapped the geology and noted the structural significance. Exploration Licence 10313 is in a prospective area for structurally controlled mineralisation being crossed by both the Mary Lane Shear and the Quartz Hill fault. Giants Reef view this area as a potential location where mineralising fluids may have created mineralised orebodies. Detailed structural mapping and geophysical assessment of the area is required in order to understand the structural significance and aid in the identification of drill targets.