EL 23947 Gosse 5 First Annual Report on Exploration Activities for the period 14 February 2004 to 13 February 2005

Abstract

EL 23947 (Gosse 5) was granted to Gunson Resources Ltd (Gunson) on 14th February, 2004. Gunson is exploring EL 23947 for copper-gold mineralisation, but the work is based on a geological model where mineralisation is hosted by hematite, rather than by magnetite. This is a departure from the traditional style of exploration in the Tennant Creek area, which has focused strongly on magnetic anomalies. A group of five of applications was submitted originally. Of these, EL 23944 and EL 23947 have been granted, two applications are the subject of ongoing negotiation with the Central Land Council, and two applications (ELA 23946 and ELA 23949) were refused Consent to Grant by the CLC (the five-year moratorium period for these ELA's commenced on 20th October, 2004). Work completed on EL 23947 in this first year of tenure has included: geological assessment of potential for Cu-Au mineralisation, in conjunction with similar work completed on all tenements in the Tennant Creek Project area; and a reconnaissance gravity survey over the area of interest.