Annual exploration report on MLN 41 for the period ending 31 December 2008 Moline

Abstract

MLN 41 is located in the Mount Evelyn (1:250 000) sheet, about 5 km NW of the Moline Gold Field. it covers the North Evelyn base metal prospect. M. Teelow acquired the tenement in 2003, covering 8.9 hectares, and is surrounded by EL 22970 which is also managed by GBS Gold Australia Pty Ltd. The tenement is situated in the northern Part of Mount Evelyn 1: 250 000 sheet (Pine Creek Orogen), which is characterised by open to tight, upright N to NW-trending folds within the Palaeoproterozoic meta-sedimentary and volcanic rocks. MLN 41 and surroundings is host to gold and base metal mineralisation. Geological setting of the area shows that tenement and surroundings (EL 22970, GBS Gold Australia Manager) has significant potential for gold and base metal mineralisation. Presence of the Koolpin Formation and Allamber Springs Granite further point towards the presence of uranium mineralisation as found on the western side of the granite body. During the reporting period, a peripheral review of the Mt Evelyn base metal was undertaken in order to asses the potential of the area. On the basis of geological and structural setting, the tenement holds good potential for additional mineralisation. Other activities undertaken during the reporting period are given below: 1. Review of available data 2. Planning for the upcoming field season 3. Report Preparation 4. Regional data integration and validation MLN 41 is a small tenement standing alone and surrounded by EL 22970 (GBS Manager). It is possible to explore this tenement in conjunction with EL 22970. An anticipated program for the tenement includes ground truthing, soil sampling and RC drilling.