Second annual report 9 October 2004 to 8 October 2005 EL 10312 Hopeful

Abstract

EL 10312 Hopeful was acquired by Giants Reef Exploration Pty Ltd (Giants Reef) to search for Tennant Creek style iron oxide copper-gold deposits. Exploration work carried out during the year included: Compilation and detailed review of all available historical exploration data; Reconnaissance field trips, including the inspection of all previously explored targets and examination of Palaeoproterzoic outcrops; Preliminary structural interpretation of geophysics and likely controls on mineralisation. The work completed has indicated the potential for the discovery of shallow concealed oxide (i.e. hematite) gold deposits. Further work is planned to obtain more detailed magnetic targets and therefore better define geochemical anomalies for reconnaissance drilling.