Annual exploration report on MLN 41 for the period ending 31 December 2009 Moline

Abstract

MLN 41 is a small tenement which is located about 5 km NW of the Moline Gold Field. The MLN was applied for to cover North Evelyn base metal prospect and was granted in 1969 for 21 years. It covers 8.9 hectares, and is surrounded by EL 22970. M. Teelow is the tenement owner and GBS Gold Australia (liquidated) acquired the rights to explore MLN 41 and other tenements also held by M. Teelow until it went into voluntary administration on 15 September 2008. The tenement is situated in the northern Part of Mount Evelyn 1: 250 000 sheet (Pine Creek Orogen), which is characterised by open to tight, upright N to NW-trending folds within the Palaeoproterozoic meta-sedimentary and volcanic rocks. MLN 41 and surroundings is host to gold and base metal mineralisation. Geological setting of the area shows that tenement and surroundings (EL 22970, GBS Gold Australia Manager) has significant potential for gold and base metal mineralisation. Presence of the Koolpin Formation and Allamber Springs Granite further point towards the presence of uranium mineralisation as found on the western side of the granite body. During the year under review, the tenement remained under care and maintenance. The main activity was undertaken (under the instruction of several administrators) which included a review, tenement ranking and evaluation. MLN 41 is a small tenement standing alone and surrounded by EL 22970. It is possible to explore this tenement in conjunction with EL 22970. An anticipated program for the tenement includes ground truthing, soil sampling and RC drilling.