Annual report EL 24942 for the period 23 August 2006 to 22 August 2007 Borroloola Project McArthur Basin NT

Abstract

This report details work conducted on exploration licence 24942 during the period 23 August 2006 to 22 August 2007 (Year 1). During this period the title was transferred from Finching Pty Ltd (Finching) to Sandfire Resources NL (Sandfire). Finching conducted no work during Year 1 of this title. Sandfire considers the title area to be prospective for base metals and diamonds. Access to EL 24942 by vehicle is very poor. Much open-filed data has been reviewed and in some cases reprocessed. Specifically, open-filed Airborne Electro-magnetic (AEM) data and Airborne Magnetic data were reprocessed. Comprehensive review and compilation of open-filed geochemical data continues. In June 2007 most of EL 24942 was re-flown with an AEM survey using the TEMPEST system. Targets produced are still being assessed for follow-up. Brief helicopter reconnaissance was conducted, during which one rock-chip sample was collected. This sample was assayed and produced no anomalous values.