First annual report on EL 25747, 28 September 2008 to 28 September 2009

Abstract

EL 25747 was granted to Manasia Mining and Metals Limited, based in Sydney, NSW, on the 28 September 2007 for a period of 5 years. The licence has an area of 26km2 and is located 55km south of Darwin in the Northern Territory. This report details work completed on EL 25747 for the first year of tenure. The licence lies on the northern margin of the Rum Jungle and Waterhouse basement complexes, part of the Pine Creek Orogen. The granted tenement provides a limited opportunity for stratabound lead/zinc mineralisation and a speculative play for possible structurally controlled gold mineralisation. The geology of the licence comprises outcropping Proterozoic rocks completely overlain by Tertiary soils, sands, gravels and laterite. Quaternary alluvium is locally associated with creeks. Previous exploration has occurred intermittently over the licence area from 1958 to 1996. Explorers have included Uranez and CEGB looking for uranium mineralisation in the 1980's. The last phase of exploration was undertaken by Aztec Resources in the 1990's, which identified a significant base metal geochemical anomaly from RAB drilling, in the extreme south west of the current licence. This anomaly has been partially tested by one diamond drillhole which intersected low level pyrrhotite and sphalerite hosted in biotite schists. Recent exploration initiatives by the Northern Territory Geological Survey have included producing a set of regional geoscientific images suitable for re-interpretation of the subsurface geology. Work completed by Manasia has comprised the assembly of a GIS database, a review of past exploration work including digitising a small amount of historical data, a review of the new NTGS datasets within the general confines of EL 25747 and an assessment of the exploration potential for the licence. Data was mainly supplied by the NTGS either as digital datasets or as historical company reports from their library. Items of interest from the reappraisal include: The RAB/magnetic anomaly that lies just within the licence boundary. An unexplained N-S elongate magnetic anomaly in the western half of the licence. Recommended follow up work comprises of field checking, including some geochemical sampling, of the N-S magnetic anomaly and undertake ground geophysics to better delineate the target horizon over the RAB anomaly. Drilling is an option if the results from the geophysical/geochemical surveys are encouraging. In addition a more detailed review of the historical surface geochemical sampling is required to further assess any potential.