Tenth annual report EL 8602 Black Cat, MacFarlane Project from 10 July 2009 to 9 July 2010

Abstract

EL 8602 was granted to Otter Gold NL (OGNL) on 24 July 2000. In 2002 OGNL was taken over by Normandy NFM / Newmont, which had the tenement registered by Australian Tenement Holdings Pty Ltd (ATH), a holy owned subsidiary of Newmont. EL 8602 was explored by ATH as part of its Mac Farlane Project. EL 8602 is considered to be prospective for at least two types of gold mineralisation the Tanami style (structurally controlled vein hosted mineralisation) and the Twin Bonanza style (intrusive related gold mineralisation). In December 2009, ABM Resources NL (ABM) purchased EL 8602 from ATH. ABM explores the tenement for the potential of gold mineralisation. EL 8602 is located at the Western Australia - Northern Territory boundary in the Tanami Desert region, approximately 620km North West of Alice Spring. In 2010 ABM commissioned Fathom Geophysics Pty Ltd to reprocess aeromagnetic data covering all their Northern Territory tenements. The reprocessing included EL 8602 but did not focus on EL 8602. Three different methods of processing were applied, the Tanami Structure Detection, the Tanami Remanent Magnetization Analysis and the Tanami Radial Symmetry Processing. The Figures 3, 4, 5 show the results of the reprocessing for EL 8602. ABM reviewed and evaluated the exploration potential of the area but no on-ground exploration was conducted during the tenth year of term due to the sale of EL 8602 from ATH to ABM.