Annual exploration report EL 24405 for the period ending 5 May 2007 Yam Creek West Burnside Project NT

Abstract

EL24405 is located to the west of the Princess Louise line of mineralisation, in an area of poorly sub-cropping Burrell Creek Formation sediments. The tenement was granted to Buffalo Creek Mines Pty Ltd (50%) and Territory Goldfields NL (50%) which was part of the Burnside JV. In April 2006, GBS Gold Australia Pty Ltd acquired 100% of the Burnside JV. Work done during Year 2 of tenure included a review of work by previous explorers, plus data acquisition (into MapInfo) and initial review of prospectivity of the tenement. This work indicated that the area may contain NW-trending structures, as noted on the TMI. Earlier workers interpreted an arcuate (folded) syncline within the tenement. The work also indicated that most of the tenement is covered by colluvium, and surface geochemical sampling would probably be unsuccessful. Planned work for Year 3 includes soil and rock chip sampling areas within the central portions of the tenement and RC and aircore drilling anomalous zones delineated by Dominion and Northern Gold in previous years.