The initial batch of independently analysed petrological samples from TD004 were summarised as follows. An iron oxide-copper-gold (IOCG) environment is considered appropriate to account for the calcic and potassic alteration in the initial alteration stage, presence of significant amounts of Fe-oxide minerals (early magnetite, late hematite) in both alteration stages, and tendency for Cu (+/- trace Zn, Pb) to be concentrated in the later alteration stage with hematite. Mason Geoscience Pty. Ltd., 25 January 2008 – Petrographic Descriptions for Twenty Drill Core Rock Samples, Lake Torrens – Andamooka Island Project, South Australia. Basement sulphide mineralisation was evident in all three drill holes (Appendix 1). Plate 1 shows mixed pyrite/chalcopyrite mineralisation between 534.1m and 536.2m in drillhole TD004. The Joint Venture is very encouraged by the geological units intercepted in Phase One of the program. The quality of the exploration targets remain world class and the results received to date have strengthened the Joint Venture’s commitment to continued exploration. The drilling contractor, Boart Longyear, has completed the 3,000m Phase One contract and the drilling rig temporarily left the site after completion of TD006. The preferred contractor for Phase Two is also Boart Longyear. Phase Two An additional gravity survey, selectively infilling the gravity station grid to 250 by 250m, has commenced. Supplementary gravity data will further refine the geophysical models for the targeting of Phase Two drilling. A Structural Geologist has been engaged to further interpret drill core and assist in identifying the orientation and nature structures potentially controlling mineralising events in a local and regional context. Drilling will recommence on receipt and interpretation of outstanding results, revision of the geophysical model and the grant of further statutory approvals.
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