EL 9958 Running Bear, EL 10114 Mc Dougall Ranges, EL 10124 Speedway and EL 10313 Kodiak Second combined annual report 1 May 2004 to 30 April 2005

Abstract

This combined report records the exploration work done on EL's 9958, 10114, 10124 and 10313 during their second year of tenure, from the 1st May 2004 to the 30th April 2005. Targets are ironstone-related gold-copper deposits. EL's 9958, 10114, 10124 and 10313 comprise a significant proportion of Warramunga Formation which is the most significant host to Cu-Au mineralisation in the Tennant Creek Field. The tenements also include a number of outcropping magnetite-hematite ironstones, some of which have been mined for gold including Burnt Shirt (2,025.5 oz), Kathleen (1,154.2oz) and Leichart (891.8 oz). A group of Mineral claims within the EL's contains the Lonestar Prospect which has produced 5,665 oz of gold. A review of geological dataset over the EL's has highlighted 6 additional greenfield target areas as having favourable structural-geological-magnetic signatures, which warrant further investigation. Work proposed for year three will include geophysical modelling of significant magnetic anomalies, geochemical testing of the 6 greenfields targets and compilation of drilling data for all prospects within the EL's.