Final report on EL 23454 Suplejack for the period to 17 July 2008

Abstract

Suplejack Pty Ltd acquired EL 23454 from the previous holders of the tenement in October 2004. This report covers all work done in tenement since the acquisition grant date 12 November 2004 to 18 July 2008. EL 23454 was automatically cancelled (section 31A.) on 18 July 2008 upon the grant of Substitute Exploration Licence 26484. SEL 26484 covers areas previously under EL 23454, EL 23492, EL 24167 and EL 25208. The tenement is located in the Tanami Desert, approximately 650 km northwest of Alice Springs. Access is by the Tanami Road and the Tanami-Lajumanu road to Suplejack Downs station. Access to the tenement is affected by the monsoonal climate with road access restricted during and after the wet season. The tenement is wholly contained within Suplejack Downs station. Previous explorers on the tenement area have been MJ Kidd and various partnerships and JV's between Kidd and P Messenger, Dominion Gold, Acacia Resources and AngloGold. In excess of $5 million had been spent by previous explorers, which resulted in identification of a small resource at Tregony, delineation of a major zone of gold occurrences and identification of a series of untested targets with potential for structurally controlled gold deposits similar to the Groundrush deposit. A substantial regional database also exists for the tenements, which has been used to assist in reinterpretation of potential on the tenement. Geology is partly equivalent in age with host sequences for the gold deposits at Tanami. Major D5 age structures are thought to control the majority of gold deposits in the Tanami region and major structures of the same age control gold mineralisation within and adjacent to the tenement. Work carried out by Suplejack has been ongoing review of previous data, identification of major mineralised structures not targeted by previous exploration and sampling of six soil grids. In addition clearance of parts of the tenement was sought and work carried out by the Aboriginal Areas Protection Authority. Results of the work carried in the past are reported in the respective annual reports. Results of 2008 have been recently received and have now been completed. Gold anomalies contoured from recent soil sampling results tend to have a NW trend, oblique to the Suplejack Shear trending North-South. It is anticipated that some grids will require further extensions to develop the prospects to drill ready status.