Annual exploration report on MLN 41 for period ending 31 December 2006 Moline

Abstract

MLN 41 is located on the Mount Evelyn (1:250 000) sheet, about 5 km NW of the Moline Gold Field. The MLN covers the North Evelyn base metal prospect and was granted to M Teelow. MLN 42 covers 8.9 hectares and is surrounded by EL 22970 which is also managed by GBS Gold. The tenement is located in northern part of Mount Evelyn 1: 250 000 sheet (Pine Creek Orogen), which is characterised by open to tight, upright N to NW-trending folds of lower Proterozoic meta-sedimentary and volcanic rocks. MLN 41 and surroundings is host to gold and base metal mineralisation. Geological setting of the area shows that tenement and surroundings (EL 22970, GBS Gold manager) has significant potential for gold and base metal mineralisation. Presence of the Koolpin Formation and Allamber Springs Granite further point towards the presence of uranium mineralisation as found on the western side of the granite body. During the reporting period, work completed over the MLN 41 consisted of review of available data, planning for the upcoming field season, report preparation and regional data integration and validation. During 2007, it is anticipated that tenement along with EL 22970 will undergo ground truthing, soil sampling and RAB drilling, if encouraging results are received.