EL 23183 Junction Second annual report 8 October 2004 to 7 October 2005

Abstract

Exploration Licence 23183 Junction was applied for by Giants Reef Exploration Pty Ltd to search for Tennant Creek style ironstone-related gold-copper deposits. Giants Reef Exploration Pty Ltd is a wholly owned subsidiary of Centralian Minerals Limited (formerly Giants Reef Mining Limited). This report records the exploration work done on EL 23183 during the second year of tenure from the 8th October 2004 to the 7th October 2005. Exploration work carried out during the year included: Geophysical modelling and review of aeromagnetic anomalies; Reconnaissance mapping; Compilation and review of historic vacuum and surface geochemistry sample data over the Licence areas; Assessment of known prospects with shallow oxide gold resource potential; Planning and preparation for drilling programs. A drilling program was designed and planned to test the Cleo's Gift prospect within EL 23183, however this work was unable to proceed due to access restrictions by the Central Land Council. Drilling was undertaken in a number of mineral claims and leases within the EL and it was hoped that positive results from this work would extend these activities into the underlying EL. Prospects drilled during the year as part of these programs included Pigale, Olando West and Orlando. During the year Giants Reef also undertook an extensive pre-feasibility study to evaluate gold/copper mineral resources in the Company's Tennant Creek tenement holdings, and to examine the viability of constructing a copper recovery circuit as an addition to the present Warrego treatment plant's gravity/CIP gold recovery circuit. The strategy was to unlock gold associated with copper mineralisation and recover both gold and copper metal. As part of this study Giants Reef undertook a comprehensive review of the Gecko and Orlando deposits which are in mineral leases in the overlying EL 23183. This work also included some drilling at the Orlando deposit. This Copper study also included a review and evaluation of prospects within EL 23183 such as Explorer 26, Cleo's Gift and Pigale.