Westminster Project Annual Report for the period 1 February 2007 to 31 January 2008 MLC 511

Abstract

This report details exploration undertaken during the twelve month reporting period between 1 February 2007 and 31 January 2008. The report group comprises the mining lease MLC 511. Truscott Mining Corporation Ltd (TRM) controls 100% of MLC511and as such are tenement managers. MLC 511 covers an area of 9 hectares and is located approximately 4 km west of Tennant Creek in the Northern Territory. Exploration carried out on the tenements in the year ended 31st January 2008 included: Data Compilation and assessment; 1:2000 Geological Mapping; Rock Chip Sampling; Detailed Ground Magnetic Survey; Detailed Ground Gravity Survey; and Auger Soil Sampling Survey. Since acquiring MLC511 earlier in 2007, Truscott has commenced rehabilitation by removing some of the accumulated rubbish - these clean-up activities will be progressively continued. Within MLC 511 three 'Lode Formations' were initially discovered, the Jackson, Phyllis and Nobles lodes. Prior to 1934 the Jackson lode was costeaned and a vertical shaft sunk in 'massive hematite' reportedly striking 'very rich' ore. Subsequent prospecting on the Phyllis and Nobles lodes resulted in a series of small workings. The overall production from these lodes is reported as 1,225.6 ounces of gold from 1,004 tonnes, for an average grade of 44g/t Au. The main mine on the MLC area was Wheal Doria, with a production to 1951 of 2,040 tons for 1,865 ounces (an average grade of 28.4g/t Au). Between 1953 and 1955, six diamond holes were drilled beneath these workings under an option agreement and intersected high grade gold mineralisation (DDH1: 7m at 40.4g/t Au from 71m below surface) resulting in the deepening of the shaft from 33m to 71m. The last of these holes was drilled in 1955 to investigate deeper mineralisation and intersected only traces of gold, resulting in relinquishment of the option. Geopeko drilled four diamond drillholes on the Explorer 45 target, just outside the eastern boundary of MLC 511, between 1967 and 1979. Significant gold was intersected in ironstone and altered shear zone hosts, with a best intersection of 3m downhole at 10.5g/t Au in DDH5. This intercept was recorded less than 35m from Truscott's ground, and has not been followed up. In 1970, another company drilled a percussion hole to test for oxide copper between previous holes DDH1 & 3 and intersected 4m at 2.7g/t Au in the Phyllis lode, but no significant secondary copper. In 1990, the lease owner drilled an additional hole in the same zone which intersected up to 5% secondary copper and weak gold mineralisation. In 1992, 8 RC holes for 1,103m were drilled by Perilya Mines NL under an option agreement, on six separate lines across the lease. The traverses were at 40m spacing east-west, starting 40m east of Wheal Doria and finishing 40m west of the Jackson lode ironstone workings. Gold mineralisation was intersected with the best intercepts being: TCRC2 - 3m at 5.18g/t Au from 69m; TCRC6 - 4m at 1.59g/t Au from 16m; and TCRC8 - 3m at 2.06g/t Au from 105m. Continuity of two major lode formations was interpreted, and further drilling was recommended. Also in 1992, a very shallow vacuum drilling geochemistry programme of 28 holes was completed for 253m in the southwest of the lease, mainly over interpreted westerly extensions of the Jackson lode. The position of the lode was confirmed, up to 10m wide, but no significant gold values were recorded in the near surface oxidised material. In 1996, Perilya drilled another 5 RC holes for 723m. Three of the holes intersected significant widths of alteration and magnetite lode material including 6m at 9.97g/t Au from 162m down hole in TCRC13, the easternmost lode intercept on the lease and 50m below the previous TCRC8 intercept. Hole TCRC9 was drilled vertically in the footwall at Wheal Doria without significant results, and TCRC12 did not reach the lode/shear previously intersected in TCRC7. It should be noted that there appear to be major variations between planned/nominal hole positions and actual achieved locations from the limited reliable survey data, which would affect detailed interpretations. Three deeper RC holes with diamond tails were proposed but this work was not commenced and the option lapsed. No further work has been reported on MLC 511 for the period from 1996 to early 2007, at which time Truscott purchased the lease. Truscott?s research into historical exploration work completed over the area is continuing, and a detailed digital GIS database is in preparation.