Roper HM Project EL 24986 second annual report for period 4 August 2007 to 4 August 2008

Abstract

Exploration Licence 24986 was granted to Mr. Geoff Fanning on the 04th August 2007. Exploration & Resource Development Pty Ltd, (ERD) a Darwin based resource sector company, was the designated Project Manager. In late 2008 Exploration & Resource Development Pty Ltd was sold to Maxwealth International Invest Ltd and EL 24986 was subsequently transferred from Geoff Fanning to Exploration & Resource Development Pty Ltd in early 2008. The tenement covers approximately 136 sq km or 41 sub blocks and abut and complement an existing large tenure holding of EL's 23048 and EL 24655 to form a collective but non contiguous Roper Project Area. EL22478 also forms part of the resource even though it is physically remote from EL24986. Group reporting status was previously approved by the Department of Business, Industry & Resource Development (DBIRD). ERD will seek to incorporate all tenements into a new 'Roper HM Project' before August 2008. The Project Area overlies Roper Group stratigraphy in the Bauhinia Shelf tectonic element of the western McArthur Basin and envelopes extensively mapped, eroded, ilmenite-bearing source rocks with considerable potential for large tonnage 'insitu', eluvial, colluvial and downstream detrital heavy mineral (HM) accumulations. Titaniferous dolerite sills intrude Adelaidean Roper Group sediments at a number of exposed stratigraphic horizons. The dolerites have been subject to prolonged weathering and erosion during the Tertiary and Recent epochs through to modern day wet season cycles. The Roper River Ilmenite and Magnetite Deposits were first explored by ERD in early 2000 with full scale exploration commencing in 2001. Since then over 6000 holes have been drilled and over 20000 samples processed with 6 bulk samples collected for 27 cubic m each to test extraction and mining methodology. Year 1 exploration activities incorporated office studies and helicopter supported field reconnaissance, with further analysis of recent airborne photography utilising the current databases of ERD and DPIFM to discriminate potential mineral wealth incorporated in the predominant dolerite sills. Year 2 exploration activities incorporated minor office studies with 3 helicopter supported field reconnaissance trips to adjust the figures from year 1 analysis. ERD was sold to Maxwealth International Invest Ltd in late 2007 and immediately underwent a complete company restructure in late 2007/early 2008 to allow the new owner to fully identify and modify the business plan of the organisation. Marketing was commenced to obtain development partners and seek new technologies to look at not only mining of the resources held by ERD but also the further beneficiation techniques currently available or coming on stream such as the CSIRO Light Metals Project.