Ewan Edward Project Annual report for the period 10 February 2010 to 9 February 2011

Abstract

The tenement group is in the Tennant Creek Mineral field and is prospective for epigenetic structurally controlled ironstone related gold copper mineralization. TRM continued to explore for gold and copper within the Ewan Edward Project Group of Tenements Exploration activities completed in the year ended 9 February 2011 and include: 1:500 mapping at Lyall (SEL 27731); 1:20 000 mapping at EL 25577 and EL 26221; RC drilling at Lyall (SEL 27731); and rehabilitation of old drill sites (SEL 27731). Exploration activities undertaken during 2010 - 2011 within the Ewan Edward Project Group continued to highlight the potential for the area to host significant ore grade gold and copper mineralization. The area is still relatively under explored. The work carried out focused on developing a structural model for the area. Mapping within EL 25577 and EL 26221 located several ironstone pods that had not been previously identified. A ground gravity survey is recommended with a first phase program of shallow RAB drilling to define potentially mineralized zones. One RC hole (10LYRC066) was drilled at Lyall Prospect (SEL 27731) for 260m. The hole targeted hidden ironstone mineralisation associated with coincident gravity and magnetic geophysical anomalies located on the flank of an interpreted anticline fold. 10LYRC066 intersected weakly mineralized ironstones between 85m - 90m and 248m to 251m. The ironstone returned elevated values for Cu (greater than 100ppmCu) and Bi (greater than 5ppmBi). The ironstone mineralization remains open. Coincident gravity and magnetic geophysical targets (TRT1 - TRT9) remain to be tested. A review of geophysical data and geological modeling has highlighted the potential for TRT2, TRT3 and TRT4 to be associated with potential ore grade gold mineralization. These targets have been identified these targets to be tested in the next exploration field season. Geological modeling in combination with existing magnetic geophysical data has identified targets within EL 26221 that require testing. A focused ground gravity geophysical survey is recommended to better define the geophysical target. RC drilling is proposed to test the geological geophysical target during the next exploration field season.