Frances Creek North EL 24040 annual report for the period 19 August 2006 to 18 August 2007

Abstract

Activities undertaken within EL 24040 during the reporting period comprised: - Re-processing of the high resolution airborne magnetic and radiometric survey undertaken over the tenement area in May 2006; - identification and prioritisation of magnetic features; - Reconnaisance ground follow-up work of iron outcrop and geophysical features.

Fifteen magnetic/radiometric features and iron outcrops were identified and nine were investigated by field inspections. All radiometric anomalies investigated were found to be hydromorpic, located on the flats and edges of present day creeks as ferricrete (hardpans) formed by cemented grits and gravels. They were probably formed by the seepage and deposition of U-rich water from adjacent upslope areas. Outcrop mineralisation was found to comprise ferruginised quartz veining and iron mineralisation varying between weakly ferruginisation to stronger, but patchy, haematite mineralisation in shale/sandstone. Nowhere was evidence seen to support the occurrence, or possibility of the occurrence, of large tonnages of ore grade iron: these iron outcrops have no economic iron ore potential.