Final report for EL 22729 'Magellan', 29 July 2003 to 28 April 2006

Abstract

This Final Report records exploration work done on EL 22729 between 29 July 2003 and 28 April 2006. A brief review of all current information, and exploration by NTC over the EL was conducted. The review identified one magnetic target within the reporting area EL 22729, being the Navigator 2 prosect. A literature review identified a previously explored prospect area called Magellan, held under EL 7151 by Western Mining Corporation. The presence of Warramunga Formation units, a major splay fault off the Navigator Fault, and a series of moderate magnetic anomalies and proximity to the Warrego deposit places the area covered by EL 22729, and now the newly granted SEL 24979, as a highly ranked target area in terms of its prospectivity potential. 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 22729 occurred on 28 April 2006 upon the grant of Substitute Exploration Licence 24979.