Final report on EL 9988 No. 1 Bore 4 October 2004 to 28 April 2006

Abstract

This Final Report records exploration work done on EL 9988 between 04 October 2004 and 28 April 2006. The work completed has indicated the potential for the discovery of shallow concealed oxide (i.e. hematite) gold deposits. Geophysical modelling of magnetic data in the future will be aimed at modelling deeper primary targets for drill testing. The size of the ironstone, and consequent target size may have previously been underestimated, and depths to target overestimated. This is interpreted to be due to higher haematite content. Further refinement of the target geological and geophysical models is planned preparatory to drilling. The discovery of the haematite-magnetite Chariot deposit in 1998 has shown the potential for variations on the classic magnetite ironstone hosted gold +/- copper deposits, where lower order magnetic anomalies, plus gravity methods can define new targets. Discoveries by Giants Reef of mineralisation such as at Malbec West, Marathon and Billy Boy further support this. Automatic cancellation of EL 9988 occurred on 28 April 2006 upon the grant of Substitute Exploration Licence 24980.