Bridging report EL 24018 Burnside project - Hayes Creek East 10 August 2010 to 15 January 2011

Abstract

EL 24018 is a significant tenement within Crocodile Gold's portfolio and is located about 140 km SE of Darwin, Northern Territory. It was granted on 10 August 2004 and expires on 9 August 2012. The tenement comprises seven sub-blocks that cover approximately 2,331 hectares (23.37km2). The EL was originally granted to subsidiaries of GBS Gold Australia (Territory Goldfields NL and Buffalo Creek Mines NL in equal shares). GBS Gold Australia went into voluntary administration on 15 September 2008. Crocodile Gold Australia acquired EL 24018 and other assets held by GBS Gold Australia (liquidated) on 6 November 2009. The tenement largely covers a tract of the McMinns Bluff Granite that has been unconformably overlain by Mesoproterozoic Tolmer Group sandstone, conglomeratic sandstone and subordinate dolomite. The more resistant Tolmer Group has formed an arcuate escarpment that faces north on the south side of the valley. Cretaceous sandstone overlie the granite to the east. To the north, rocks of the South Alligator and Finniss River groups are also present. An important feature is the presence of Hayes Creek Fault which transacts the area from NE to SW. During the reporting period, Thundelarra Resources conducted reconnaissance mapping, SEM analysis and completed 614m of RC drilling. During the next reporting period, Crocodile Gold will undertake regional mapping and conduct review of all geophysical and geochemical data for EL 24018.Thundelarra Resources plans to drill another three RC hole over the Golden Eye prospect.