Fourth annual report on Alice Springs Project EL 24817

Abstract

The Alice Springs Project consists of one granted EL 24817 covering 770.5 square kilometres approximately 155 kilometres north east of Alice Springs in the Northern Territory. The tenement area is situated approximately 80 road kilometres along the Plenty Highway in the poly-metallic Harts Range Mineral Field. This report describes the results of literature research and target generation based on re- interpretation of magnetic/radiometric data carried out during the first year of the Licence. The Alice Springs tenement is in an area where low level historical mining has occurred and where there are analogous regional examples of uranium, base and precious metals mineralisation. During the fourth year of tenure Genesis commissioned its geologists to examine the old mine workings and other prospects within the tenement EL 24817 with a view to evaluate the outcropping mineralisation. Fourteen (14) rock chip samples were taken within the tenement. The samples have indicated excellent first pass results for the Alice Springs Project. Based on these results, Genesis intends to prioritise these prospects based on their mineral potential and will be aggressively implementing further work programs during 2010. Key points from the reconnaissance sampling include: Copper mineralisation in the north-western part of the tenement appears to be mainly structurally controlled with copper assays up to 40% Cu; Within the Camp Hill area the mineralisation is hosted within quartz veins with copper assays up to 15.85% Cu and iron values up to 67.7% Fe within the shear zones; In the Diana prospects areas the mineralisation is hosted within shear zones between schists and possible narrow lenticular iron formations. This mineralisation may be partly strata-bound with c iron grades peaking at 68% Fe; and The Corner Post and Diamond T prospects are hosted within sheared felsic gneisses in the Cadney Fault corridor with copper assays up to 4.86% Cu and 1.43% Bi.