Annual exploration report MCN 4293 to 4296 and MCN 4956 to 4958 for period ending 29 June 2008 Bridge Creek North Burnside Project NT

Abstract

The Bridge Creek North tenement group (MCN 4293 - MCN 4296 and MCN 4956 - MCN 4958) is located about 135 km south of Darwin, and are 35km SE of Adelaide River Township. A small gold deposit (Ios) is located on the northern side of the project area where it is hosted in the brecciated contact zone between the Gerowie Tuff and the Zamu dolerite. Mineralised horizon is confined to an axial zone of the NS-trending anticline which is northern continuation of the Howley Anticline. In the southern part of the project area the Koolpin Formation, Gerowie Tuff, interlayered with the Zamu Dolerite, are present. F3 fold in the form of anticlinal structure exerts strong structural control in the project area. Exploration carried out by Territory Goldfields NL during the 1990's shows the tenement group host gold mineralisation. The most prospective is the Ios prospect, with a reported resource of 723,438t @ 1.29g/t Au for approximately 30,000oz Au. It is anticipated that with further exploration the project area will provide additional resource as feed stock to the Union Reefs mill in the near future. During the reporting period review, data validation and ranking of the tenement continued which identified further gold potential in the area. This group of tenements has been ear-marked for development after the depletion of Mottram and Chinese Howley (south extension) deposits. Planning is underway to test the Bridge Creek North project for further gold mineralisation. In the year 2008-09, a possible campaign of sampling and RC drilling may be carried out.