EL 24040 Frances Creek North Annual report 19 August 2010 to 18 August 2011

Abstract

The activities on EL 24040 during the reporting year consisted of: Geophysical review: this tenement was part of a larger geophysical review that re-interpreted all the historical and recent geophysical survey data available in the Frances Creek region over Territory Resource Ltd's tenement holdings. Geophysical targets for iron mineralisation were identified within EL 24040; Geological reconnaissance activities. A number of field trip visits were made to this tenement to assess and review the geophysical and geological targets from the above review; Obtained quotation for the capture of detailed ortho-photography and DTM data for the entire Frances Creek Project area (including across EL 24040); Design of ground gravity survey. Territory Resources staff undertook the design of the proposed ground gravity survey in tenement EL 24040 (and adjacent EL 24715) within the reporting period. The survey consisted of 200m line spacings with 50m stations. A total of 77 lines with 1,636 stations were designed, with the majority (approximately 85 percent) within EL 24040. Territory Resources had planned to conduct the ground gravity survey within the reporting period. However, due to a prolonged wet season and contractor availability, the ground gravity survey started five days after the 2010 - 2011 reporting period ended (23rd August 2011). Preliminary results from the survey data capture are encouraging and will be reported in the 2011-2012 reporting period.