Annual report on MCN 1052, 5092 and 5093 Bynoe Northern Territory 31 December 2006 to 31 December 2007

Abstract

These titles are part of the Bynoe tin field. Four potentially economic tantalum prospects have been identified in the Bynoe region; Centaur, Northern Reward and Angers. None currently possess JORC resources. MCN 1052 is situated near then known prospects. The Labelle Prospect is 40km southwest of the Leviathan group and comprises two parallel mineralised pegmatite dykes 350 metres long by up to 20 metres wide delineated from costeaning (535 metres) and RC drilling (2,883metres). Mineralisation consists of fine to very coarse grained tantalite- columbite, cassiterite and specimens of up to 39kg have been recovered from previous exploration and mining in the area. These minerals are present in varied proportions from one body to the next and are also unevenly distributed throughout most of the pegmatites themselves. MCN's 5092 & 5093 are situated in the Labelle region. John Crago carried out exploration on behalf of Corporate, including sampling and panning of exposed costeans and the trail pit to correlate published figures against his field estimates. In addition, during the course of pegging a proposed additional Mineral Claim to the South of MCN's 5092 and 5093, John Crago discovered mineralisation in the creek within the MCN (along strike to the south of the main Labelle ore body) that he believed could be an extension of the known ore body. During 2007 a proposal was made by 'Outback Metals Ltd' to acquire 'Corporate Developments Pty Ltd'. MCN's 1052, 5092 and 5093 are part of a package of tenements being sold to Outback Metals. In anticipation of this transaction being completed a decision was made to suspend all activities until the transaction was finalised. Since the above mentioned transaction was proposed all associated work in this site has been associated with the business side of the transaction including acquiring an Independent Geologist Report which was carried out by Al Maynard and Associates Consulting Geologists. A review of the tenements held by Corporate Developments Pty Ltd was also carried out by Hetherington Exploration and Mining Title services. These consultations included an audit of the potential of the Bynoe region and recommendations for further exploration. These recommendations included outlining the potential for additional tantalum resources and a proposed exploration program, however the tenements held in the Bynoe area are small in land size and Outback Metals should endeavour to tie up the surrounding area for further exploration.