BABBLER PROJECT (TMS 100%)

The Babbler EL30701 lies directly south of the Barkly EL28620 (Figure 1), covering a magnetic corridor over 6km long interpreted to be intersected by northwest trending faults (see Figure 5 below).

The Babbler prospect was first identified in 1973 by Australian Development Ltd on behalf of Nobelex. Interpretation of aeromagnetic data identified two magnetic anomalies (R29 and R31) that were considered to be prospective for Tennant Creek style copper-gold mineralisation.  Anomaly R29 corresponds to the Babbler prospect (Figure 6).

Previous ground magnetic surveys and geological mapping at Babbler were followed by RAB drilling that located a belt of pyritic and chlorite altered volcanics. A RAB hole located 100m west of the magnetic anomaly intersected highly anomalous gold, interpreted to be at a possible faulted contact between sedimentary and volcanic rocks.  Subsequent diamond drilling to test the magnetic anomaly and outcropping pyritic volcanics intersected several zones of gold mineralisation with anomalous copper.

The Warramunga Formation that hosts the Bluebird Copper-Gold deposit is interpreted to continue under younger cover sequences throughout the Babbler Project.

The Company has completed detailed magnetics and gravity programs and, following modelling and interpretation of the results, will drill-test key targets within the underlying Warramunga Formation for high-grade copper-gold deposits.