Fifth annual report for the period 14 May 2008 to 13 May 2009 EL 23947 Gosse 5

Abstract

Exploration Licence 23947 (Gosse 5) was granted to Gunson Resources Ltd ('Gunson') on 14th 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 (ELAs 23946, 23948 and 23949) were refused Consent to Grant by the CLC. The five-year moratorium period for these ELAs commenced on 20th October 2004 (ELs 23946 and 23949) and 5 March 2007 (EL 23948) respectively. The final application, EL 23945, was refused on 8th September 2008. A comprehensive gravity survey over the entire tenement has been completed during this fifth year of tenure. This work has defined a promising residual gravity anomaly, and planning for drill testing of this feature is in progress.