Annual Report on GR198-11 EL 10120 and EL 23509 for the period ending 26 February 2014

Abstract

Exploration Licenses (EL) 10120 and 23509 are located about 180 SE of Darwin and approximately 40 km NE of Pine Creek in the central part of the Pine Creek Orogen. These Licences were granted to Biddlecombe Pty Ltd and were purchased by Element 92 Pty Ltd under an agreement in 2010. The project area is located within central part of the Pine Creek Orogen which is a folded sequence of Palaeoproterozoic pelitic and psammitic sediments with interlayered cherty tuff units. Mafic sills of the Zamu Dolerite (~1.87Ga) intruded the lower sequence of the package. These rocks have been intruded by the late-orogenic Palaeoproterozoic granites, causing wide spread contact/thermal aureole metamorphism, which contains most of the gold mineralisation, uranium and base metals mineralisation in the Orogen. ELs 10120 and 23509 lie over an area of tightly folded meta-sedimentary rocks assigned to the Mt Bonnie Formation, Gerowie Tuff of the South Alligator Group and the Burrell Creek Formation of the Finniss River Group. The tenements cover the northern extent (the north plunging Yam Creek Anticline) of a doubly plunging antiform known as the Golden Dyke Dome. The major regional Hayes Creek Fault cuts the antiform at a NNE angle in the southern part of the EL 10120. During the reporting period, exploration activities included appraisal of previous data, ground-truthing, drilling and assaying. Selected parts of tenements were mapped. A total of 3 RC holes for 288 m were drilled within EL 10120. In addition, 72 drill chip samples were retrieved and assayed for gold and base metals mineralisation. Geological and geophysical data interpretation has highlighted mineral potential of the project area. It is expected that drilling campaign will continue to discover additional areas of gold and uranium mineralisation. Samples retrieved during drilling should be assayed for gold, base metals and uranium mineralisation.