Sixth annual report on exploration activities for the period 14 May 2009 to 13 May 2010 EL 23947 Gosse 5

Abstract

EL 23947 (Gosse 5) was granted to Gunson Resources Ltd (Gunson) on 14 May 2004. Gunson is exploring EL 23947 for copper-gold mineralisation, based on a geological model where mineralisation is hosted by hematite, rather than by magnetite. This is a departure from the traditional style of exploration in the Tennant Creek area, which has focussed strongly on magnetic anomalies. A group of six of applications was submitted originally. Of these, EL 23944 and EL 23947 have been granted and three applications (ELA 23946, ELA 23948 and ELA 23949) were refused Consent to Grant by the CLC. The five-year moratorium period for these ELAs commenced on 20 October 2004 (EL 23946 and EL 23949) and 5 March 2007 (EL 23948) respectively. The final application, EL 23945, was refused on 8 September 2008. Drill testing of the residual gravity anomaly identified in the fifth year of the tenement was the major work carried out in the reporting year. Exploration expenditure incurred during Year 6 of EL 23947 amounted to $88,637.