ML 25087 Annual report for the period 24 April 2008 to 23 April 2009

Abstract

This report details exploration activities for iron mineralisation conducted by Territory Resources Ltd. within ML 25087 (Frances Creek) during the year ended 23rd April 2009. ML 25087 overlies the south-eastern corner of the Thelma Rosemary deposit, and as such work was carried out during the reporting period to support ongoing extractive processing on the deposit. 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. The dominant stratigraphic unit on the tenement is the Wildman Formation; however this has been demonstrated to be unmineralised. Drilling consisted of 21 reverse circulation holes for 1,102 metres. The tenement was also geologically mapped to assist with drill hole targeting.