EL 23461 Myra Project Annual exploration report for the year ending 24 July 2006, 4th year of exploration

Abstract

Exploration conducted of drilling five RAB holes in the eastern area of Two Rocks to determine the location of the interpreted fault juxtaposing Cahill Formation rocks and Mount Howship Gneiss. Drilling bracketed the location of the fault, and may be further tested by deep drilling in the future. One helicopter-supported diamond drill hole was planned for drilling, but could not be completed due to lack of water proximal to the drilling site. Research initiated during the previous reporting period has been finalised. Argon dating, conducted by of the Australian National University Research School of Earth Sciences (ANU RSES) in Canberra, of the intense muscovite alteration identified at Two Rocks has been dated with minimum 1807 plus or minus 7 Ma. Pontifex and Associates also conducted petrographic studies on these same muscovites. An application for Substitution Exploration Licence (SEL) 24922, was made on 8 September 2005 which incorporated EL 23461 (Myra) and EL's 2505, 2516, and 7029. EL 23461 still maintains a granted status under the DPIFM - Mines and Energy Department Titles Information System (TIS). SEL 24922 was expected to be granted during 2006, however complications and delays in the application process has held up the grant of title with a revised possible grant time in later part of 2006.