Annual exploration report for MCN's 4293, 4294, 4295, 4296, 4956, 4957 and 4958 for period ending 29 June 2007 Bridge Creek North Burnside Project NT

Abstract

The Bridge Creek North tenement group (MCN 4293 to MCN 4296 and MCN 4956 to MCN 4958) is situated north of the Howley Anticline, about 135 km south of Darwin. The tenements are along strike from the Bridge Creek prospect to the south, and are 35km SE of Adelaide River Township. A small gold deposit (Ios) is located on the northern side of the project area where it is hosted in the brecciated contact zone between the Gerowie Tuff and Zamu dolerite. Mineralised horizon is confined to an axial zone of the NS-trending anticline which is northern continuation of the Howley Anticline. In the southern part of the project area the Koolpin Formation, Gerowie Tuff, interlayered with the Zamu Dolerite, are present. F3 fold in the form of anticlinal structure exerts strong structural control in the project area. Exploration carried out by Territory Goldfields NL during the 1990's shows the tenement group host gold mineralisation. The most prospective is the Ios prospect, with a reported resource of 723,438t at 1.29g/t Au for approximately 30,000oz Au. It is anticipated that with further exploration the project area will provide additional resource as feed stock to the Union Reefs mill in the near future. During the reporting period, data validation and in-depth technical review were undertaken which identified further gold potential of the area. The main exploration activities were technical review, data validation, and reconnaissance visit and report preparation.