PROJECTS

PARTRIDGE RANGE
(Abelle JV: PEN Earning up to 90%)

A recent diamond drilling program at the Mariner Prospect intersected strongly mineralised breccias associated with a 6km east-west trending structural splay off the regionally important Bulgunnia Fault Zone. A gravity survey is underway, targeting denser haematite bodies along this 6km zone. It is envisaged that this will be followed by additional drilling.

Three scout diamond drill holes (MRDH001 to MRDH003) have been completed at the Mariner prospect for a total of 813 metres and 336 samples. Drill hole MRDH002 intersected a number of zones of sulphide mineralisation. The mineralised zones are hosted within a wider sequence of brecciated quartzite, mafic and haematite-magnetite ironstone breccias intersected between 70 metres and 141 metres down hole. Results from MRDH002 returned a best result of 7 metres at 0.1% copper and 3.7 g/t silver from 117.5 metres.

Although results returned from the Companies initial drilling programme at Mariner were of a low tenure, the Company is extremely encouraged by the mineralised breccia system it has discovered and believes that significant economic copper gold mineralisation may still be located within the larger Mariner system. The programmes currently being instigated are working towards achieving this goal.