Year 1 Annual report Carrara Range EL 27652

Abstract

This Annual Report for EL 27652 provides a summary of the activities carried out over the permit in the past 12 months, including any results produced by those activities. Natural Resources Exploration's has carried out a detailed geological assessment of its Carrara Range Prospect, EL 27652, during the first year of grant. NRE's exploration activities during this first term also included grid based -80# soil sampling consisting of 710 samples, geological mapping and associated rock chip sampling (30 samples), as well as a ground magnetic survey covering the same soil gridded area of 1km x 3.7km at 50m line spacing, for a total of 76 N-S lines (1 to 1.2km long) and effectively 6 (3.7km long) E-W tie lines. The detailed geological assessment of the Carrara Range Prospect has led to the reinterpretation of outcropping ironstone and ferruginous siltstone previously identified as an older geological unit, the Murphy Metamorphics. It is believed from our interpretations that the unit is more widely spread than what previous explorers and government geologists had believed. NRE received elevated copper from its rock chip sampling that overlapped with an earlier TEM anomaly identified by Anglo American in 2003. NRE looks forward to conducting its upcoming EM Survey on the Carrara Range Prospect with the view that the results of the EM Survey will provide NRE with defined targets for a limited drilling program during the second year of grant. NRE has met all work and expenditure commitments for EL 27652 for the term of the licence.