EL 24253 Neutral Junction Project Sixth Annual report for the period 7 April 2010 to 6 April 2011

Abstract

The Neutral Junction Project consists of a single exploration licence EL 24253, located 280 km north of Alice Springs. Exploration on EL 24253 is operated under a joint-venture agreement, between Bowgan Minerals Limited, Mega Hindmarsh Pty Limited and the original tenement manager Mithril Resources Limited. Bowgan Minerals Limited are the current operators of the Neutral Junction Project. Work completed during this reporting period included; the completion of 95.6 line kilometres of geophysical (magnetometer) surveys on-ground in 3 defined target areas, completion of flora and regolith mapping concurrently during surveying and completion of a review of geophysical and geological data generated during the previous reporting period. A heavy rain event in the Barrow Creek area on the 19 December caused cancellation of the field program four days before the scheduled date for field work conclusion at the Neutral Junction Project. Heavy rainfall in the Barrow Creek area also forced the cancellation of a proposed field visit during March 2011. Two exploration models are currently being investigated by Bowgan Minerals Limited on EL 24253. The first, aims to explore for unconformity-related uranium at the contact between the Early Proterozoic basement rocks and the overlying sedimentary rocks of the Late Proterozoic Georgina basin sequence. The second, aims to explore for gold and base-metals in association with fault re-activations (Alice Springs orogeny) within the prominent NW-SE trending magnetic/structural trend that occurs within EL 24253. Geophysical survey data from the 2010 program is currently being processed and interpreted. Based on the exploration completed to date, further exploration work involving more detailed geophysical surveying is proposed to be completed within 4 target areas within EL 24253 during the 2011-2012 reporting period. An application for an extension to EL 24253 (post anniversary No.6) was lodged during the reporting period, with approval currently pending.