EL 23947 Gosse 5 Third annual report on exploration activities for the period 14 May 2006 to 13 May 2007

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, two applications are the subject of ongoing negotiation with the Central Land Council, and two applications (ELA 23946 and ELA 23949) were refused Consent to Grant by the CLC (the five-year moratorium period for these ELAs commenced on 20th October, 2004). No field work has been undertaken on the tenement in the third year of tenure, but a program of active exploration, including drilling, is proposed for the fourth year.