Mt Shoobridge Project NT ERL 88 annual report for the period 19 September 2007 to 18 September 2008

Abstract

Exploration conducted on ERL 88 during the reporting period included ongoing literature reviews, data compilation and generation of a digital database. The project area contains the sediments of the Lower Proterozoic Burrell Creek Formation and underlying South Alligator Group Mt Bonnie Formation. The Middle Proterozoic Shoobridge Granite lies within EL 22186 (immediately to the west of ERL 88). Ferruginous sandstones of the Cretaceous Petrel formation unconformably overlie the lower Proterozic sediments forming extensive plateau areas. The area is structurally complex, displaying tight folding along north-west trending anticlinal axes (340o). The north-northwest trending Mt. Shoobridge Fault cuts through the tenement, and has acted as a conduit for the emplacement of vein gold mineralisation as well as tin/tantalite bearing pegmatite dykes. BHP's mapping of costeans in the area indicates overturned isoclinal folding, the axial plane dipping steeply to the east, the fault dipping likewise. The Old Company (Mount Shoobridge) Mine is located on the Shoobridge Fault within ERL 88. The main lode consists of a steeply dipping quartzmuscovite pegmatite (0.5 to 5m in width), trending NNW, and containing cassiterite shoots over an interval of about 100m. Historic (pre 1900) workings yielded 145t of SnO2 concentrate (unrecorded grade). A tailings sample has yielded results of 1.48% Sn and 252ppm Ta. The area also hosts several small gold deposits that lie along the Shoobridge fault. Rock types within the tenement are predominantly sequences of quartz mica schist, siltstone, greywacke, narrow banded iron formation and feldsparmuscovite - quartz pegmatite. Exploration activities on this licence focused on the continuation of a comprehensive data review and compilation of a digital database. A significant lead anomaly has been identified at the Mount Shoobridge Prospect. Field mapping by United Uranium geologists in 1963 identified low grade Pb mineralisation (cerrusite, anglesite with minor galena) in two shallow workings. Shallow RC drilling (38 holes) intersected patchy mineralisation in all 38 drill holes, and delineated significant lead mineralisation over a strike length of 1900 ft (579 m), and up to 30ft (9 m) wide. The compilation of a digital database containing all historic drilling data is currently ongoing. A preliminary resources calculation may eventually be carried out using this data. Further drilling may also be warranted depending on the results, particularly at the northern and southern extension of the prospect area where transported soil cover may mask significant mineralisation. Further ground reconnaissance and sampling in order to outline tantalum, tin base-metal and uranium anomalies is planned for the 2009 field season.