Annual exploration report for EL 22232 Au Quest Project year ending 2 September 2008

Abstract

EL 22232 is situated about 80 km SE of Darwin and 10 km NW of the Toms Gully Mine along the Arnhem Highway. The tenement was granted to Renison Consolidated Mines NL on 3rd September 2003 and expires on 2nd September 2009. GBS Gold Australia Pty Ltd acquired the tenement on 25 July 2007. EL 22232 is located within the Pine Creek Orogen, a tightly folded sequence of Palaeoproterozoic rocks, 10km to 14km in thickness, laid down on a rifted granitic Archaean basement during the interval ~2.2-1.87Ga. The sequence is dominated by pelitic and psammitic (continental shelf shallow marine) sediments with minor inter-layered tuff units. The Cullen intrusive event introduced a suite of fractionated calc-alkaline granitic batholiths into the sequence in the period ~1.85-1.78Ga During the reporting year, a peripheral review of the project area was undertaken together with airborne magnetic and radiometric survey was carried out. The data are in the processing and interpretation stage. Main activities during the reporting year include are reconnaissance visit, planning for up-coming field season, geophysical survey and report writing and tenement management activities. The proposed work programme for the EL 22232 would include in-depth technical review of the project which will be supported by the new acquired geophysical data. It is expected this review will lead to the identification of new targets which might be drill-tested.