Annual report EL 23824 Millers for the period 9 February 2004 to 8 Febraruy 2005

Abstract

Current exploration of EL 23824 is focussed on both iron and gold mineralisation. Gold exploration is being conducted by Australasia Gold Ltd, while iron exploration is being carried out by Territory Iron. Work by Territory Iron comprised retrieval of all relevant technical reports from NTGS archives; transcriptions of the hardcopy drill hole data into electronic format, and its conversion into metric measurement system; drilling of 3 RAB holes for a total of 92 metres at Millers prospect; and resource modelling and estimation at Millers. Results indicate approximately 420,000 tonnes of inferred resource at an average grade of 60.8% Fe in the Northern area of Millers prospect. This mineralisation appears to have developed from the surficial enrichment of ferruginous shale that forms a NNW-trending fold limb of about 300 m extent that dips at between steeply to the west. The drilling by Territory Iron confirms the existent of a significant tonnage of medium grade iron mineralisation at Millers extending down dip along the ironstone bed typically to 20-30 m from surface. More drilling will be required to determine whether this mineralisation continue to depth.