MCC 342 Annual report True Blue period 26 November 2007 to 25 November 2008

Abstract

No work was carried out on MCC 342 during the reporting period. Tribute Developments Pty Ltd is currently seeking interested parties to farm-in to the True Blue lease MCC 342. Lease MCC 342 (True Blue) is located 9 kilometres northeast of the Tennant Creek town site in the Northern Territory. The lease surrounds MLC 619. Both leases comprise the Company's True Blue project. The True Blue Mine is located on an east-west trending ridge of discontinuous quartz-hematite outcrop. This ironstone is underlain by fine grained hematitic sediments which show bedding and cleavage and dip generally north. Quartz filled fractures and minor quartz reefs probably representing faulting, are present in the lease area. Reportedly, gold mineralisation is limited to a bed of brecciated ferruginous sandstone where the unit is intersected by northeast-southwest fractures. Geological mapping, sampling, ground magnetometer surveys and a drill program were carried out by Australian Development NL in the 1960s. The best intersection was 1.22m at 3 g/t Au in drill hole SWDH 500 at a depth of 10.36m. Mullock dump sampling by National Gold at True Blue returned one value of 5.3 g/t Au. In December 1987, the Adelaide Petroleum and Sabminco Joint Venture completed three holes into a zone of ironstone workings and interpreted NE-SW fracturing. All three RC holes intersected hematitic shales/siltstones with SATB 1 drilling 18 metres of specular hematite. Evidence for faulting was not observed in the drill cuttings however; quartz/specular hematite veining in all three holes suggests that fracturing has occurred over several narrow intervals drilled. Fire assays of composited two metre samples returned the highest value from drill hole SATB1 of 0.08 g/t Au between 11 and 12m in hematitic siltstone near an ironstone contact.