Annual report on MCN 4145, MCN 4146, MCN 4149, MCN 4150, MCN 4151, MCN 4152, MCN 4218, MCN 4219, MCN 4220, MCN 4221, MCN 4222, MCN 4223, MCN 4224, MCN 4225, MCN 4343, MCN 4344, MCN 4345, MCN 4346, MCN 4347, MCN 4348 and MLN 1978 Maud Creek Project for period ending 31 December 2010

Abstract

The Maud Creek Project is situated 18km east of the town of Katherine NT and 275km south east of Darwin. It also includes Red Queen/Chessman group of tenements. Ownership of the tenements has changed several times with Terra Gold Mining acquiring the tenements in 2005. GBS Gold International acquired Terra Gold Mining Ltd on 7th November 2005. GBS Gold Australia went into voluntary administration on 15 September 2009 and all assets including Maud Creek Group of tenements were placed under care and maintenance. After meeting statuary and regulatory requirements, Crocodile Gold Australia Pty Ltd secured the control of all assets including Maud Creek Group of tenement in November 2009. Within the Maud Creek project area, the oldest exposed rocks are the Palaeoproterozoic Tollis Formation, which comprise tuffs, greywacke, mudstone, laminated quartz arenites and thin banded ironstone. Thick sills of Maud Dolerite have intruded the Tollis Formation. The Maud Dolerite forms irregular bodies up to 200 m wide, and the western margin is strongly sheared and quartz-veined, with well-documented gold and copper mineralisation. Unconformably, overlying the Tollis Formation is the volcanics and sandstones of the Edith River Group. The Kombolgie Formation Unconformably overlies both of the above units, and characteristically crops out as tablelands and mesas. The Cambrian Antrim Plateau Volcanics cover much of the Proterozoic rocks to the south and west of the Maud Creek area. Gold is fine-grained and is associated with pyrite, chalcopyrite and secondary copper mineralisation. At the Red Queen/Chessmen prospect gold occurs within mafic fragmental volcanic rocks as well as black chert and arenaceous sediments characterised by pyritic mafic fragmental rocks, possibly part of the Dorothy Creek Volcanic Member. Maud Creek has a reported resource of 935,000oz contained Au. Exploration and mining focused on the Cosmo/Howley and Union Reef deposits and therefore no exploration was conducted over the Maud Creek mining tenements during the reporting period. Planned exploration and expenditure for the Maud Creek project is detailed in the bridging report for the January to June 2011 reporting period.