Frances Creek South EL 24045 Annual report 19 August 2009 to 18 August 2010

Abstract

Territory Iron Limited (later Territory Resources Limited) applied for tenement EL 24045 on 23 September 2003. Following native title, landholder notification, and advertising, the tenement was granted on 19 August 2004 for a term of 6 years to 18 August 2010. Reductions for deferral were granted on 1 August 2006, 6 September 2007, and the 28 July 2008. On the 19 August 2009, 2 out of 5 blocks were dropped reducing the area of the tenement from 7.91 km2 to 6.93 km2. Work completed by Territory Resources Ltd over the partially relinquished area was reported in Hassall (2009). The blocks relinquished in the 1st Area Reduction formed a small part of the land area, covering the Allamber Springs Granite, and the Mundogie Formation footwall. None of the relinquished blocks had any significant potential for iron ore. The tenement has been the subject of significant regional and reconnaissance exploration since 2004 and this work has been reported in detailed Annual Reports by Vivian (2005; 2006; 2007), Hassall (2008) and Tomlinson (2009). Only limited exploration and development activities have been completed over the small remaining part of the EL 24045 tenement during the 2009-10 reporting year, with total expenditure being $2,848. Proposed work during the coming twelve months is to fully evaluate any remaining potential on the Wildman Sandstone Formation south of the historical Helene 10 open cut to the contact with the intrusive Allamber Springs Granite. As this area has never been drill tested to date, it is very likely to receive attention during the 2010-11 reporting period, so a decision can be made regarding retaining the ground. Total expenditure for the upcoming period will be approximately $10,000.