EL 23436 Sargents Third annual report for the year ended 29 December 2006

Abstract

This tenement is considered prospective for gold, platinum and palladium mineralisation. During the first year one short diamond drill hole was completed at the Sargents North Prospect. During the second year a planned drill hole was abandoned due to access difficulties following rain. In the last year two RC holes were completed at the Sargents prospect. The tenement covers both the Sargents and Sargents North Au, Pt, Pd prospects, originally located by Aztec Mining Company Ltd in the 1990's. The recent RC holes were both located at the Sargents prospect. Both passed through weathered and fresh altered carbonates belonging to the Coomalie Dolomite Formation. Anomalous gold values were recorded; platinum and palladium assays are pending.