Annual report for EL 24819 for the period ending 29 July 2009

Abstract

This annual report covers EL 24819 located on the east coast of Melville Island. During the reporting period review and reconnaissance was completed over the tenement. The ELs are located on Melville and Bathurst Islands which form the Tiwi Islands in the Northern Territory. During the reporting year the original tenement holder Matilda Minerals was placed into Administration (September 2008) and little work was completed by them. Matilda Zircon purchased the assets of Matilda Minerals in July 2009 and since then has completed due diligence and review of previous work throughout the tenements. It is recommended that tenement EL 24819 be dropped as the work completed has considerably reduced the potential of the tenement to contain resources of mineral sands. A complete systematic review of all resources and areas of interest was completed by Matilda Zircon over all the tenement holdings on the Tiwi Islands. This systematically reclassified all the mineral sands resources and prospects within a large number of tenements. The results returned for this EL have been low and suggest the likelihood of the tenement to host economic mineral sand deposits is low. No further work is recommended.