EL 23578 South Mount Fitch Third annual report for the year ended 29 December 2006

Abstract

This tenement was applied for in early 2002 following the intersecting of major base metal mineralisation in drill holes near the Mt Fitch prospect which is located about 600 metres to the northeast. The primary purpose was, and still is, to cover potential very deep down dip extensions to that mineralisation. The area is considered prospective at depth for uranium, copper, lead, zinc, cobalt and nickel mineralisation, especially as the mineralisation intersected in the adjoining tenement (ERL125) appears to dip south-westward toward this tenement. During the first year of tenure acquisition of exploration data was undertaken, previous drill data was compiled and the prospectivity reviewed. In the second year this and surrounding data was entered into a GIS database. Compilation of regional data continued in 2006.