Tennant Creek Project Annual Report for the period 4 February 2012 to 3 February 2013 ELs 23738, 23818, 23819, 23828, 23846, 23873, 23890, 23895, 23918, 24158

Abstract

This combined report describes activities by Prosperity Resources (Tennant Creek) Pty Ltd related to ELs 23738, 23818, 23819, 23828, 23846, 23873, 23890, 23895, 23918, 24158 as part of its Tennant Creek Project between the 4th February 2012 and 3rd February 2013. The project area is located approximately 800 kilometres south of Darwin in the Tennant Creek Goldfield and lie close to the town of Tennant Creek. During the reporting period Prosperity Resources undertook a critical review and re-assessment of the Tennant Creek project licences. This was necessitated by tight budgetary constraints and the need to limit activities to meet these constraints. From this assessment planning was initiated to define specific geological and geophysical targets within the respective licences that merited additional testing. During the reporting period planning for further exploration work also included discussing permits and public consultation requirements for exploration access with relevant government departments. The Tennant Creek Gold Field appears fundamentally structurally controlled (D2 or later) within contact skarn-thermal metamorphic halo marginal to co deformational or later intrusive porphyritic intrusive dykes and related granite bodies. The more favourable target sites tend to be the more complex structural zones, where a variety of anomaly-types form in closely spaced clusters where there has been likely been higher rates of fluid flow. The presence of weathered and possibly hematitic ironstone or magnetite alteration (in areas of higher temperature and reduced fluids) are positive criteria. Prosperity's licences in the Tennant Creek region have a number of inadequately explored targets that require additional assessment. Mapping, soil and rock chip sampling supported by detailed ground magnetic surveying is proposed as the most cost effective of defining sites for drill testing.