ML 25152 Annual report for the period 24 April 2008 to 23 April 2009

Abstract

ML 25152 overlies the main Frances Creek dam, and represents an essential infrastructure lease, supporting production the Frances Creek Iron Ore Mine. It is located along the south-western margin of the mine mining lease, ML 24727. The tenement is located 220km south of Darwin, and 23km north of Pine Creek. The lithology is comprised of Palaeoproterozoic sedimentary rocks that have been folded and metamorphosed to green schist facies. Mineralisation is restricted to a narrow brecciated zone that runs above and sub-parallel to the Lower Wildman Formation footwall. Work included: Scout mapping over the Wildman Formation to identify outcropping iron stone mineralisation; Drilling 3 reverse circulation holes for a total of 222 metres on the Helene 11 deposit, with assaying for iron ore suite elements, and also for base metals on one hole that showed potential for VMS-style base metal mineralisation. Anomalous Zinc values were identified in karsted calcareous sediments; Assaying karsted carbonate-rich sediments intercepted in drill holes for VMS-style mineralisation. Anomalous zinc values were recorded.