EL 24654, EL 28289, EL 28288 and EL 28290 Group Exploration Report 31 March 2012

Abstract

EL 24654 is a granted lease in its sixth year of tenure in the Redbank Copper operational area in the Northern Territory. EL's 28288, 28299, 28290 are granted tenements in their first year. Work undertaken during the period was directed by the company's exploration staff, and completed by specialist external consultants Company employees and contractors. Field work, although delayed by corporate restructuring, included ground reconnaissance and establishing better ground access for planned drilling campaigns that have been planned to allow reconnaissance RC drilling, and more detailed investigation of the base metal soil anomaly. The past ground geochemical results have shown numerous geochemical signatures, some with a more distinctive base metal character to the mineralisation when compared with the multi-element fingerprinting of Redbank breccia pipes. Significant responses include Cu, Pb, Zn, Ag Co, As, Mo. These results have required the Company to prioritise drill targets with the aid of a heliTEM survey over geochemical anomalies.