Final and Annual Report EL 10139 SW Pargee from 17 October 2002 to 3 January 2012

Abstract

Since 2011 EL 10139 'SW Pargee' formed part of ABM's Bonanza Project. Due to the grant of the new EL 28328 over the old EL 10139 the old exploration licence was automatically surrendered on the 3 January 2012. Over the first seven years of tenure exploration was completed by Barrick Gold of Australia Limited and TENL. Over the last two years of tenure exploration was completed by ABM. Work conducted in the first year by Barrick included compilation and interpretation of data, geological field mapping, rock chip sampling and limited vacuum drilling (102 holes). These programmes were designed to test areas of sparse historical exploration, previously identified low-level Au-As anomalism and interpreted litho-structural targets. No significant mineralisation or anomalism was identified. During the second year work by TENL consisted of an assessment of BGAL's work and further exploration potential in conjunction with TENL's Western Tanami Project, which includes the Coyote, Kookaburra and Sandpiper deposits. During the third year a detailed review of past exploration was completed together with an interpretation of geochemistry. BGAL exploration results showed only sporadic low-level gold-arsenic anomalism. A lag and rock chip sampling programme was planned covering the 'gaps' in previous sampling. A total of 25 rock chip samples and 55 lag samples were collected within the tenement area. Best value was 7ppb Au in PGK0022. During the fourth year a total of 8 lag samples were taken as part of the lag program testing the trend of the Nero prospect within the Coyote triangle in Western Australia. No significant results were received. An additional 10 rock chip samples were taken as follow-up work in the area. Work carried out during the fifth year was limited to office based studies and assessment following the results of the previous years lag sampling program. Exploration during the sixth year of tenure included a reconnaissance trip and surface sampling. A total of 5 rock chip samples were taken. No significant results were received. The best gold assay value returned was 4ppb from rock chip sample PGK 0041 taken of a 5m wide, 320 trending zone of metasediments with vein quartz. A re-interpretation of geological and aeromagnetic data was undertaken to assist targeting. Several drill targets were identified in areas which are undrilled, or in which drilling has been limited to shallow ineffective methods. A drilling program was designed and a work program was submitted to the CLC, which advised that a new on-ground anthropological / cultural clearance would be required. The CLC advised that it was unlikely that this could take place in 2008 due to other existing commitments. The planned drilling program was subsequently deferred. During the seventh year of tenure TENL focused all their financial commitments on the change from open pit to underground at its Coyote mine site and therefore did not carry out any on ground exploration. No on-ground exploration was conducted during the eighth of term due to the sale of EL 10139 from TGNL to ABM. In the last year of tenure ABM focused its exploration on other tenements of its Bonanza Project of which EL 10139 formed part of. Therefor no on-ground exploration was conducted during the last year of term. However ABM conducted a Deep Penetrating Geochemistry (DPG) techniques orientation study which covered the whole Bonanza Project and generated two low priority targets 'Fleet' and 'Grand Maverick'.