4th Annual exploration report for EL 22232 Au Quest Project year ending 02 September 2007

Abstract

EL 22232 is situated about 80 km SE of Darwin and 10 km NW of the Toms Gully Mine along the Arnhem Highway. The tenement was granted to Renison Consolidated Mines NL on 3rd September 2003 and expires on 2nd September 2009. GBS Gold Australia Pty Ltd acquired the tenement on 25 July 2007. EL 22232 is located within the Pine Creek Orogen, a tightly folded sequence of Palaeoproterozoic rocks, 10km to 14km in thickness, laid down on a rifted granitic Archaean basement during the interval ~2.2-1.87Ga. The sequence is dominated by pelitic and psammitic (continental shelf shallow marine) sediments with minor inter-layered tuff units. The Cullen intrusive event introduced a suite of fractionated calc-alkaline granitic batholiths into the sequence in the period ~1.85-1.78Ga. Work during the period September 3rd 2006 to September 2nd 2007 was minimal due to the acquisition of tenement package held by Renison Consolidated Mines Pty Ltd by GBS Gold Australia Pty Ltd. GBS Gold Australia is committed to pursue effective exploration program and re-commence the mining operation at Toms Gully. In this regards an exploration and mining strategy is being established.