EL 23284 Corridor 1 Second annual report 16 July 2004 to 15 July 2005

Abstract

This report records the exploration work completed on EL 23284 during its second year of tenure, from 14 July 2004 to 15 July 2005. Targets are shallow haematite-ironstone related gold deposits. Several granted Mineral Claims and Leases are located within Exploration Licence 23284. These are located on the southern boundary of the Licence area and extend east and west. Exploration activities within these tenements are subject to individual tenement reports and will not be reported in this Annual Report. Exploration conducted on the remaining area outside of the Mineral Claims and Leases in Exploration Licence 23284 is reported. During the first year a brief review of all current exploration information and opportunities within the Licence area was completed. The location of the Chariot mine and TC8 gold mines to EL 23284 along the Chariot trend made this Exploration Licence a highly prospective target area due to its structural significance and probable complexity. Additionally the highly developed understanding of the local geology as a consequence of continued exploration on the Chariot resource, combined with the EL's location to existing mine infrastructure ranked this Licence area as a high priority exploration project area. The detailed gravity survey conducted within EL 23284 as part of a broader, regional survey covering most of the Chariot Mineralised Corridor has identified several low-order residual bouguer gravity anomalies which require detailed modelling prior to further exploration. The projected surface positions for two analytic signal magnetic anomalies (Analytic 1-2) were visited during the year. No outcrop was identified at either site and the causative bodies remain unexplained. It appears that the magnetic anomalies are quite deep (>150m vertical) however detailed modelling is required to confirm this. The fact that non-magnetic ironstones, hosting gold mineralisation are known to exist (Chariot and Malbec West deposits), yet have not really been searched for previously in the Tennant Creek Goldfield, means that the potential for new discoveries is highly likely.