PROJECTS

ROOPENA
(Abelle JV: PEN Earning up to 90%)

The Roopena project area is located within the Olympic copper/gold province and is considered one of the last under-explored areas within the province where a lack of significant overburden allows fast and cost effective surface exploration techniques, such as calcrete sampling. Interpretation of aeromagnetic and gravity data in this region indicates that a number of important structurally controlled magnetic and gravity highs are present in close proximity to interpreted Hiltaba aged intrusives - essential rock units in the genesis of the Olympic Dam and Prominent Hill deposits.

The Roopena project has immediate drill targets, while further geochemistry and compilation of previous data and reprocessing of existing geophysics will highlight additional priority drill targets. A recent assessment of aeromagnetics and gravity at Roopena has highlighted six high order targets with geophysical signatures comparable to large IOCG systems. Further follow up is also considered necessary at many of the prospects identified by previous exploration, including the Spencer prospect (1 metre at 11g/t gold) and the Mallee Rise prospect (1 metre at 7.8% copper).

A programme of calcrete sampling has been completed over the southern third of the project area covering approximately 250 sq km. Samples where collected on a staggered 800m x 400m pattern. Preliminary results returned have highlighted a number of gold and copper anomalies with results up to 12ppb gold and 812ppm copper. These results are highly anomalous for this region and will require follow up sampling prior to drill testing.

A detailed gravity survey has recently been completed over four areas highlighted in the geological and geophysical review of theproject. Two of these targets have been enhanced as high priority drill targets and may possibly represent hematite breccia bodies with similarities to IOCG type deposits. A drilling programme is planned to commence during 2004.