Annual report on MCN 3333 to 3339 year ending 31 December 2007

Abstract

The project area covering MCNs 3333-3339 surround MLN 1058 which containsToms Gully Mine, and encompass at least one prospect, the William Prospect. These MCNs were acquired by GBS Gold Australia Pty Ltd in July 2007 from Renison Consolidated Mines NL and Toms Gully Holdings Pty Ltd. These tenements were first applied for some twenty years ago and have been explored sporadically. The Project area is located within the northern portion of the Pine Creek Orogen. The Mineral Claims N3333-3336 mainly lie within the Wildman Siltstone, a sequence of tightly folded strata with an unconformable contact between the Wildman Siltstone and the Koolpin Formation. A small portion of the Koolpin Formation is also covered by the tenements. Towards south-east, Mount Bundey Granite intrudes the orogenic sequence. During the reporting period, exploration activity included literature review of previous work, planning for the upcoming field season, tenement administration and report preparation. Ongoing technical review of the project area will be completed next year which will lead to identify full potential of the area. It is expected that next year GBS Gold Australia will embark on ground exploration program in the area. As a result, the project area will undergo ground-truthing, soil/rock sampling, and if warranted, will lead to Air Core or RC drilling program.