EL 22856 Saddles Extended Annual Report for the period 5 February 2011 to 4 February 2012

Abstract

Significant work was undertaken for the year ending 4th February 2012 within EL 22856 (Saddles Extended tenement) targeting Frances Creek style hydrothermal hematite mineralisation and comprised: 125 Air Core drill holes specifically targeting the hematite-goethite iron ore mineralisation at the Elizabeth-Marion prospect and the area to the north of Saddles Extended, for 8,614 metres; Twenty-four (24) Reverse Circulation drill holes adjacent to the hematite-goethite iron ore mineralisation of the Saddles Extended deposit, for 1,681 metres; Detailed geological mapping over the Elizabeth Marion, Saddles Extension and Koolpin Prospect regions by an independent geological consultant; Completion of detailed metallurgical test work on drill core from the previous year's PQ diamond drill programme over the Saddles Extended Deposit; Updating of associated Aboriginal Heritage work was conducted over the proposed work areas prior to ground disturbance; and compilation of a large MMP that included EL 22856, which incorporated exploratory drilling and geological reconnaissance works for 2011-12.