EL 23993 Abner Extended McArthur River Region NT annual report on exploration activities year three of tenure period ending 6 May 2007

Abstract

During the past year of tenure, exploration undertaken within EL 23993 comprised the acquisition of detailed helicopter-borne EM data over an area of approximately 68 km2 within the tenement at a line spacing of 80 metres (approx 850 line kilometres). Additionally, a total of 10 indicator mineral samples (comprising 7 gravel samples and 3 loam samples) and 19 soil samples were collected. Track work was also undertaken to enable the passage of drillrigs from the Abner Range Plateau to the 'North Valley'. Further sampling and target testing within EL 23993 is anticipated during 2007, predominantly comprising follow up sampling of targets generated from the airborne EM survey. Aircore drilling of a number of targets is likely within the 'North Valley' now that ground access suitable for drillrigs has been achieved. At the conclusion of year 3 of tenure, 12 blocks were relinquished from EL 23993. Application for partial waiver was lodged with DPIFM with respect to another 31 blocks which were required to be surrendered in accordance with statutory 50% reductions at year 3 conclusion.