Annual report on EL 24167 Suplejack to 19 October 2007

Abstract

Suplejack Pty Ltd acquired EL 24167 on the 11 April 2005 from the previous applicants for the tenement. The tenement was granted on 19th October 2005. The tenement is located in the Tanami Desert, approximately 650 km northwest of Alice Springs. Access is by the Tanami Road and the Tanami-Lajumanu road to Suplejack Downs station. Access to the tenement is affected by the monsoonal climate with road access restricted during and after the wet season. The tenement is wholly contained within Suplejack Downs station. Previous explorers on the tenement area have been MJ Kidd and various partnerships and JV's between Kidd and P Messenger, Dominion Gold, Acacia Resources and AngloGold. In excess of $5 million had been spent by previous explorers on the original tenement areas which included the area now held as EL 24167, which resulted in identification of a small resource at Tregony, delineation of a major zone of gold occurrences and identification of a series of untested targets with potential for structurally controlled gold deposits similar to the Groundrush deposit. A substantial regional database also exists for the tenements, which has been used to assist in reinterpretation of potential on the tenement. Geology is partly equivalent in age with host sequences for the gold deposits at Tanami. Major D5 age structures are thought to control the majority of gold deposits in the Tanami region and major structures of the same age control gold mineralisation within and adjacent to the tenement. Previous work carried out by Suplejack on EL 24167 has been ongoing review of previous data, identification of major mineralised structures not targeted by previous exploration, initial sampling of a number of soil grids, and aerial photography over the tenement. Results of the work carried out have been identification of multi element gold anomalies along the Old 8 Mile Fault within the tenement and to the south where significant gold mineralisation was intersected in drilling on EL 23454. Current work has been the continuation of the process of obtaining heritage clearance over the tenement following withdrawal of verbal permission to carry out exploration over the area. A heritage survey is thought to have been completed however no report or invoice has yet been received for this work.