Annual exploration report EL 24058 Yam Creek East year ending 9 August 2010

Abstract

EL 24058 is located about 150 km SE of Darwin, NT and 20 km ESE of Burnside's Brocks Creek mine office. It lies just east of the Yam Creek-North Point mining centre. The tenement was granted on 10 August 2004, expiring on 9 August 2010. It comprises one graticular block that comprises approximately 3.33 km2. On 6 November 2009, Crocodile Gold Australia acquired the tenement after purchasing assets owned by GBS Gold Australia (liquidated). EL 24058 comprises a portion of South Alligator Group sediments that lie on the north western flank of the Burrundie Dome, a regional anticlinal structure. The Margaret Syncline containing Mt Bonnie Formation rocks lies to the west and separates the older Burrundie Dome from the Yam Creek sequence. During the year under review, Crocodile Gold Australia took over control of the tenement and commenced in-depth of the review of the project area. The tenement has very prospective geology and may contain significant gold or base metal resources similar to that of adjacent gold deposits such as North Point or Iron Blow deposits. Other activities include reconnaissance visits, tenement management and report writing. In 2010-11 reporting year, project area will be explored for gold and base metals mineralisation. For this purpose, area identified during this review will undergo soil/rock chip sampling along with geological mapping. In addition, project area will be flown by high resolution geophysical survey. If encouraging results received, some RAB/RC drilling may also take place.