Annual report for the period 9 June 2006 to 8 June 2007 EL 385 Walker River

Abstract

Exploration Licence (EL) 385 was applied for in 1972 by CRA Exploration Pty Limited (CRAE). Partial consent of the application area resulted in the granting of two separate licences (ELs 385 & 24304) in June 2004. The tenements are located approximately 180 km south-west of Nhulunbuy, and 80 km north of Numbulwar in south east Arnhem Land and consequently are processed under the Aboriginal Land Rights Act 1975 (ALRA). EL 24304 was relinquished in full on the 4th May 2006. EL 385 has undergone two relinquishments and is now 34% of the original granted area. The tenements are considered prospective for base metal mineralisation, similar to that at McArthur River (HYC) in the McArthur Basin. Subsidiary targets are diamonds. The tenements contain McArthur Group equivalent sediments adjacent to the eastern margin of the Walker Trough. McArthur Group sediments are host to the McArthur River (HYC) lead-zinc deposit located approximately 300 km to the south. Exploration completed during the current reporting period was restricted to assessing previous data, planning work and undertaking work programme meetings. A review of the data from the 2004 programme has resulted in some anomalous silver assays in rocks being recognised. Follow-up close spaced soil sampling is being planned.