EL 24009 Partial relinquishment report for period ended 7 August 2016

Abstract

EL 24009 was acquired to investigate aeromagnetic anomalies south-east of Tennant Creek within the Palaeoproterozoic basement rocks. The area is considered prospective for copper, gold and base metal mineralisation associated with Iron Oxide Copper Gold (IOCG) mineralising systems within the Proterozoic Warrumunga Formation. Within the relinquished area, a heliborne magnetic/radiometric survey was conducted by Aerosystems Pty Ltd (South Australia) in October 2014 over two small areas (see Figure 5). The survey better defined the known aeromagnetic anomaly within the tenement. A Sacred Site Clearance Certificate was obtained from the Central Land Council after heritage inspections of the proposed work sites. A program of geochemical soil and rock chip sampling was completed in June 2015 over three areas of magnetic interest (Figure 5). No anomalous soil geochemistry was detected. Red Metal conducted a review of results and the relinquished portion of EL 24009 was interpreted to have lower exploration potential.