Frances Creek North EL 24040 Annual report 19 August 2009 to 18 August 2010

Abstract

A further detailed geophysical review was completed during the reporting period for all data available for the Frances Creek tenure. Targets for all tenure were ranked according to their spatial position relative to the present-day infrastructure and upon what data they have been generated from. This review covered the reportable tenement area (EL 24040) and defined a number of low priority targets with potential to host iron or base-metal mineralisation. Field checks of reported 'ironstone' occurrences confirmed outcrop mineralisation to comprise ferruginised quartz veining and iron mineralisation varying between weak ferruginisation to stronger, but patchy, haematite mineralisation in shale/sandstone units. Despite the geology and structural setting of this tenement being similar to that at Frances Creek the overall prospectivity appears lower; however, an exhaustive exploratory programme targeting buried or 'blind' hematite iron ore mineralisation has not been conducted within the ground.