Fourth annual report on exploration activities for the period 14 May 2007 to 13 May 2008 EL 23947 Gosse 5

Abstract

Exploration Licence 23947 (Gosse 5) was granted to Gunson Resources Ltd ('Gunson') on 14th May, 2004. Gunson is exploring EL 23947 for copper-gold mineralisation, based on a geological model where mineralisation is hosted by hematite, rather than by magnetite. This is a departure from the traditional style of exploration in the Tennant Creek area, which has focussed strongly on magnetic anomalies. A group of six of applications was submitted originally. Of these, EL 23944 and EL 23947 have been granted, one application is the subject of ongoing negotiation with the Central Land Council, and three applications (ELA's 23946, 23948 and 23949) were refused Consent to Grant by the CLC. The five-year moratorium period for these ELAs commenced on 20th October 2004 (EL's 23946 and 23949) and 5 March 2007 (EL 23948) respectively. No field work has been undertaken on the tenement in the fourth year of tenure, but a program of active exploration, including drilling, is proposed for the fifth year.