Harts Range Garnet Project group annual report Year ending 1 November 2007 EL 25098, EL 24360, EL 25099, EL 24378 and EL 24641

Abstract

Olympia Resources Ltd has concentrated this year on two aspects of exploration and development on the Harts Range Project tenements covered by this report. The first has been the directed to concluding the marketing and hydrogeological studies related to the Aturga abrasive deposit. The second has been to undertake reconnaissance assessment of the tenements for their uranium potential. The main thrust of the years work associated with the Aturga abrasive deposit was the definition of the Spinifex Borefield. Fifteen water bores were drilled on EL 24360 in the continuing studies on a potential source of water in the Ambalindum Sandstone. Pump testing of these bore was completed by Rockwater, as well as recovery measured after airlifting on two bores. The results of the pump tests on the bores and numerical modelling of extraction indicate that a borefield located 4 to 6km north of the Plenty Highway should supply process water at 1210 cubic metres/day (14 litres/second) for more than five years for Olympia Resources' Harts Range Project (Rockwater, 2007). The latter half the year was spent on a Uranium exploration program where a total of 165 selected sites were inspected by helicopter. These sites were identified from previous studies which used the Northern Territory Geological Society airborne radiometric database. The helicopter reconnaissance identified one specific uranium anomaly, over weathered bedrock near Denara Bore, as substantial. It also upgraded the uranium prospectivity of the broad alluvial targets underlying the Marshall and Plenty Rivers systems. It confirmed prospectivity for other areas of basement rock and indicated technique modifications required for future exploration (Roberts, 2007). Reports associated with these studies will be submitted to the N.T. Geological Survey.