Annual report on EL 23454 Suplejack to 11 November 2005

Abstract

Suplejack Pty Ltd acquired EL 23454 from the previous holders of the tenement in October 2004. This report covers work done in the period 12 November 2004 to 11 November 2005. The tenement is located in the Tanami Desert, approximately 650 km northwest of Alice Springs. Access is by the Tanami Road and the Tanami-Lajumanu road to Suplejack Downs station. Access to the tenement is affected by the monsoonal climate with road access restricted during and after the wet season. The tenement is wholly contained within Suplejack Downs station. Previous explorers on the tenement area have been MJ Kidd and various partnerships and JV's between Kidd and P Messenger, Dominion Gold, Acacia Resources and AngloGold. In excess of $5 million had been spent by previous explorers, which resulted in identification of a small resource at Tregony, delineation of a major zone of gold occurrences and identification of a series of untested targets with potential for structurally controlled gold deposits similar to the Groundrush deposit. A substantial regional database also exists for the tenements, which has been used to assist in reinterpretation of potential on the tenement. Geology is partly equivalent in age with host sequences for the gold deposits at Tanami. Major D5 age structures are thought to control the majority of gold deposits in the Tanami region and major structures of the same age control gold mineralisation within and adjacent to the tenement. Current work carried out by Suplejack has been ongoing review of previous data, identification of major mineralised structures not targeted by previous exploration, sampling of a number of soil grids, drilling of 3740 metres of RC holes on both known targets and new prospects and aerial photography over the entire group of tenements. Results of the work carried out have been identification of major gold anomalies at PHD and Five Mile and recognition that the gold anomalous zone at PHD is a broad zone of shearing containing chlorite and arsenopyrite. A revised interpretation of structural control on mineralisation in the Suplejack region has been proposed that will be tested in the 2006 field season. Several soil grids require further extensions to develop the prospects to drill ready status. A substantial amount of data interpretation of soils and drilling results will be carried out as results become available prior to next field season.