EL 23745 Vivid First annual report 29 June 2004 to 28 June 2005

Abstract

Exploration Licence 23745 Vivid were acquired by Giants Reef Exploration Pty Ltd to search for Tennant Creek style ironstone-related gold-copper deposits. This report records the exploration completed on EL 23745 during the first year of tenure. The Licence was granted to Giants Reef Exploration Pty Ltd on 29th June 2004, for a period of 6 years each. EL 23745 is subject to an Indigenous Land Use Agreement signed in September 2000 between the Native Title holders of the Tennant Creek region, represented by the Central Land Council, and Giants Reef. Work completed during the first year of tenure included a literature search and data compilation, reconnaissance, geophysical evaluation and a planned reverse circulation drilling program. A Traditional Owner clearance was also conducted for the proposed drilling which was subsequently approved to commence. The geophysical review for the Licence Area identified a low-order (0.3 m/gal) gravity anomaly offset and proximal to the more traditional magnetic ironstone target (Vivid - Explorer 166) which has been the focus of previous explorers. This gravity anomaly has had now previous exploration attention; it models at shallow depth and is quite likely to represent oxidised haematite-dominant buried ironstone not dissimilar to Malbec West and Chariot Deposits, located elsewhere in the Tennant Creek goldfield. Giants Reef believe that this untested gravity anomaly is a first rate exploration target to include in their oxide gold exploration program. The block also covers a residual magnetic anomaly located approximately 300m to the north of the Vivid ironstone, modelled at a depth of 235 metres vertical which remains unexplored at this point in time.