Annual report EL 23824 Millers for the period 9 February 2006 to 8 February 2007

Abstract

Territory Iron is manager of EL 23824, under the terms of a joint venture with titleholder Softwood Holdings Pty Ltd. This joint venture deals with the rights of Territory Iron in respect of iron and manganese. Australasia Gold has a similar joint venture with the titleholder in relation to gold, and conducts an independent program of exploration. Softwoods retains the rights to other commodities. Australasia Gold is an ASX listed Company. This report complements the one lodged by Territory Iron in respect to its own activities on EL 23824 during the period 9 February 2006 - 8 February 2007. Australasia has completed a detailed airborne magnetics-radiometrics survey over the part of the EL which represents its principal target area, ongoing reconnaissance and an orientation geochemical survey. The survey was conducted by UTS using a fixed wing aircraft. East-west flight lines were spaced at 50m and sensor maintained at 25m above the land surface. An in-depth orientation geochemical survey has been undertaken to test the applicability of CRC-LEME's biogeochemical survey techniques (which have been demonstrably effective in the semiarid Tanami region), in the tropical and blacksoil environment of the Pine Creek region (Dr S. Hill & associates, University of Adelaide). Four orientation lines including one within EL 23824 were sampled and samples of dried vegetation and termite mound material were submitted for assay. The results of this work will potentially have application throughout the Pine Creek and other regions of the tropical northern Australia. Reconnaissance of the EL was undertaken to introduce new staff personnel to the project. Reconnaissance includes review of historical exploration records and field reconnaissance to optimise site selection for the biogeochemical orientation survey. Results of the biogeochemical orientation survey had not been received as at the date of reporting.