Annual report SEL 10012 Mount Ringwood Poject for the period ending 27 November 2009

Abstract

SEL 10012 is located approximately 110 kilometres southeast of Darwin, and 35km east of Adelaide River on the McKinlay River (1:100 000) and Pine Creek (1:250 00) sheets. The tenement was granted on 28 November 2003 for a period of four years, with two further extensions thereafter. Crocodile Gold Australia acquired the tenement by purchasing all assets held by GBS Gold Australia (liquidated) I November 2009. SEL 10012 is situated within the Pine Creek Orogen which is a folded and metamorphosed sequence of Palaeoproterozoic pelitic and psammitic sediments, with interlayered cherty tuff units. These rocks have been intruded by the late-orogenic Palaeoproterozoic granites, causing wide spread contact/thermal aureole which contains most of the gold mineralisation in the Orogen. Much of the geology of the tenement is dominated by the Burrell Creek Formation, transected by the Pine Creek Shear Zone - an important structural feature for the localisation of gold mineralisation in the area. Owner of the tenement GBS Gold Australia remained under voluntary administration during most of the 2008-09 reporting period. The main activity has been to prepare assets for sale. For this purpose, a technical review, tenement ranking and valuation was undertaken. This exercise established the mineral potential of the tenement for gold and uranium. After meeting regulatory and statutory requirements Crocodile Gold Australia acquired all assets including SEL 10012 held by GBS Gold Australia (liquidated) on 9 November 2009. Gold mining and processing under new management re-commenced and first gold pour was achieved on 29 December 2009. Over the next reporting period, a dedicated exploration program will be carried out to assess the full potential of the area. Exploration activities will include geological mapping, infill soil sampling, costeaning and drilling.