Frances Creek North EL 24040 Annual report for the period 19 August 2007 to 18 August 2008

Abstract

Activities undertaken within EL 24040 during the reporting period comprised: a Hyvista Hymapper spectral scanner survey; iron ore outcrop identified by the Northern Territory Geological Service and the Hyvista multispectral scanner was examined and chip sampled where appropriate; a full literature search was conducted over the wet season to identify prospective areas. However, exploration was heavily focused on establishing the resource base at Frances Creek, so detailed ground work was deferred until 2008 - 2009. Outcrop mineralisation was found to comprise ferruginised quartz veining and iron mineralisation varying between weakly ferruginisation to stronger, but patchy, haematite mineralisation in shale/sandstone. Despite the geology and structural setting of this tenement being similar to that at Frances Creek the overall prospectivity appears lower. Detailed ground mapping is required to progress target generation. Further work is warranted, particularly around the old tin workings to further assess the tenement for base metals. Total expenditure for the year was $17,000. Expected work during the 2008 - 2009 reporting period will involve further ground truthing over iron and base metal mineralisation, with mapping, geophysical interpretation, and drilling.