Third Annual Report for EL 28521 for the period 28 October 2013 to 27 October 2014

Abstract

Results from a regional stream sediment (SSED) sampling program last year revealed gold anomalism in the Osborne Ranges. A small follow up rock chip sampling program completed in September 2013 confirmed the gold anomalism seen in the SSED sampling. Geophysics and geology also supported the need for drilling between Comet Cu Prospect and Prospect D. An Aircore and RC drill program commenced on 6th December, 2013. Drilling had two specific aims: Testing basement beneath alluvium and clays along strike from known prospects adjacent to EL 25821 using the Aircore technique; and Testing rocks of the Osborne Range following up from anomalous Au results in stream and rock samples - using the Reverse Circulation technique. Holes were designed using regional magnetics, gravity and results of sampling during July to September, 2013. A total of 2048 metres were drilled - 1619m Aircore in 27 holes and 429m RC in 14 holes. 431 samples of one metre intervals were submitted to Genalysis Intertek in Alice Springs for assay. Drilling results were received in 2 batches in February and May of 2014. The Taylor Creek Traverse showed promising anomalism along the whole drill traverse. Drill traverses on the Osborne Range were cut short due to weather with only 14 holes completed. Results confirmed the presence of a silicification front from a local intruded granitic body. And it seemed that the Au is likely shedding from more elevated areas than what was drilled. A program of additional work on various targets in the area is recommended as well as the acquisition of additional available ground in the vicinity along the geologically favourable trends.