Annual report for EL 24362 Warrego West Project, 22 June 2005 to 22 June 2006

Abstract

EL 24362 was granted on 22 June 2005 to Meteoric. A joint Venture was formed in July 2004 with Image Resources NL and this tenement was included in the joint venture upon granting. Meteoric, who are the operator on this project, obtained clearances for exploration activities from Central Land Council in May 2006 and these activities are ready to start in the 2006 dry season. The Warrego West Project, an area of some 14 sq km consists of exploration licence EL24362 and is located some 50km NW of Tennant Creek in the Northern Territory. The Warrego West Project tenement is interpreted to cover the 11 km northern extension of the favourable stratigraphy, which hosts the 'Chook' gold anomaly identified and explored by Normandy Poseidon in the mid 90's. Meteoric Resources NL ('Meteoric') recognised that while the use of magnetics have in the past been the primary exploration tool used by explorers its use in conjunction with the use of gravimetric surveying is becoming increasingly important in identifying new exploration targets. Meteoric has carried out extensive interpretation of gravity and aeromagnetic surveys over this tenement and has used knowledge gained from the considerable amount of work carried out in recent times on the adjoining EL 23764 as well as the review and reinterpretation of the exploration database of previous explorers to identify targets for geochemical and geophysical exploration in the coming field season. Structural controls of mineralisation are considered to be important in the Tennant Creek area and it is noted in the Warrego West project area that pronounced structural corridors interpreted from aeromagnetics are evident trending N - S from the 'Chook' mineralised zone south of the tenement. These features together with others evident from the aeromagnetics identify a number of prospective targets. Previous exploration within the project area has been minimal however, results of the Meteoric gravity and magnetic surveys in the region provides encouragement for further exploration. Meteoric has conducted ground based magnetic and gravity surveys over the areas to the west of EL 24362 to define drilling targets and intends to do the same over this project area.