Exploration licence 23400 Mount Peake Project annual exploration report for the period 25 November 2007 to 24 November 2008

Abstract

Between the 25th and 28th September 2008 an airborne aeromagnetic and radiometric survey was flown by Fugro Airborne Surveys (Fugro) over the Mount Peake area. The survey comprised three areas, two of which are located within Exploration Licence 23400. The survey was flown using a Cresco 750 aircraft, owned and operated by Fugro. Aeromagnetic data was collected using a Scintrex CS-2 Caesium Vapour Total Field Magnetometer and a Billingsley TFM100-1E 3-axis Vector Magnetometer. Radiometric data was collected using an Exploranium GR820 256 channel Gamma-ray spectrometer and an 8 NaI(TI) crystals 33.56L downward looking gamma-ray detector. The survey was flown at a nominal height of 50m along North-South traverse lines at 400m spacing. Processing of the aeromagnetic and radiometric data was conducted by Fugro and supplied to Quantum Resources Limited. Results from the survey are located in the hardcopy of the company report. Quantum Resources Limited are currently reviewing the survey data for the purposes of target generation.