Annual report EL 25713, EL 25258, EL 10140 Wingate

Abstract

EL10140, consisting of 154 sub-blocks, was granted to Corporate Developments on 14 February 2003 for a period of six years. Subsequently, Falconbridge obtained an option agreement over the tenement in order to undertake exploration work. Falconbridge's interest in the tenement was transferred to Discovery Nickel Limited under a Terms of Agreement dated 15 October 2003 that covered all of Falconbridge's tenements on the Litchfield Project. Discovery Nickel transferred the tenement back to Corporate in December 2005. EL10140 is approximately 494 km2. EL25258 was granted to Corporate Developments on 31st of May 2007 for a period of six years. The Exploration license area is approximately 3.5 km2 EL25713 was granted on the 5th of September, 2007 for a period of 6 years, and is approximately 270 km2. The combined area of these tenements is 767.5 km2, and encompasses the Wingate Mountains project that includes EL10140, EL25258 and EL25713. All of these tenements are held 100% by Corporate Developments Pty Ltd and are adjacent to each other. The Project area is in the Litchfield province of the Northern Territory. The region is known to host quartz vein tin and gold deposits. A lot of work has previously undertaken to understand the tin mineralisation in the area and the region is known for historical tin mines. Only a limited amount of work has been done on the gold mineralisation in the region, weather this was due to access and difficult terrain, the studies are now being done undertaken. The results of these studies have indicated differences in fluid temperatures for the different types of mineralisation with Tin occurring 277-520 deg, while gold occurs at 210-395 deg. The tin bearing pegmatitic quartz veins are hosted exclusively by granites while the gold bearing veins are hosted by contact metamorphosed greywacke of the Burrell Creek formation, which has a 1.5-2k radius from a granitic intrusion. This implies that the tin was related to the intrusion of granites and the gold was scavenged by fluids during contact metamorphism from the greywacke. Recent investigations into the Metamorphic units of the Litchfield Province have inferred a regional scale fluid incursion at around 1770-1750Ma which affected the Litchfield Province and may be related to gold mineralisation. The focus during 2007 to 2008 period has been to complete the airborne geophysical surveys. This objective has been achieved. The Wingate Mountain Projects project is being investigated for uranium. The airborne survey for the Wingate area was completed in conjunction with airborne surveys from 2 other companies. They were conducted by the UTS Airborne Geophysical Team. The air borne survey was completed at the end of December 2007 and is currently being assessed by a consultant geologist, Bill Fraser, of WJ Fraser and Associates Pty Ltd. The initial response from the consultant geologist indicates that he has not received the magnetic data however the radiometric data is promising and we are developing n exploration program to follow up the encouraging aspects of the data received.