EL 24253 Neutral Junction Project Fifth annual report for the period 7 May 2009 to 6 May 2010

Abstract

The Neutral Junction Project consists of a single exploration licence EL 24253, located 280 km north of Alice Springs. A joint-venture agreement was ratified during the reporting period, between Bowgan Minerals Limited and the previous joint-venture partners Mithril Resources Limited and MegaHindmarsh Pty Limited. Current operators of the Neutral Junction Project are Bowgan Minerals Limited. Work completed during this reporting period included; a review of previous geophysical, geochemical and geological data generated by joint-venture partners, conducting of reconnaissance field visits to assist with planning of exploration work and the completion of a preliminary geophysical (magnetometer) surveying program in a number of defined target areas on EL 24253. Two exploration models are currently being investigated by Bowgan Minerals Limited on EL 24253. The first, aims to explore for unconformity-related uranium at the contact between the Early Proterozoic basement rocks (Hatches Creek group) and the overlying sedimentary rocks of the Late Proterozoic Georgina basin sequence. The second, aims to explore for gold and base-metals in association with fault re-activations (Alice Springs orogeny) within the prominent NW-SE trending magnetic/structural trend that occurs within EL 24253. Potential for phosphate occurrence has also been identified in the south-eastern portion of EL 24253. Results of the geophysical surveying are currently being processed and interpreted. Based on the exploration completed to date, further exploration work involving more detailed geophysical surveying is proposed to be completed in a number of target areas within EL 24253 during the 2010-2011 reporting period.