The Buckaroo Project

 

The Buckaroo Project is situated about 65 km northwest of the town of Nyngan and 80 km east of Cobar in central New South Wales. The Project is located in a zone that has yielded economic resource discoveries for other listed entities and is located close to existing infrastructure in a district noted for its mining activity.

The Buckaroo Project has a limited exploration history providing the opportunity for a greenfields discovery. It incorporates EL 6624 which extends over more than 20 km of strike length in the highly prospective Girilambone Group Sediments which host the high grade Girilambone and Tritton copper deposits and covers an area of approximately 468 square km and EL 6887 which covers an area of approximately 141 square km and is centred approximately 12 kilometers south-south east of the town of Coolabah.

Recent exploration activity has centered on soil sampling with phase 1 resulting in assays being received for 1,374 auger soil samples collected on a broad 400m by 50m grid. The sampling was designed to follow-up areas of anomalous rockchip sampling undertaken in conjunction with regional mapping carried out in early-2007.

The area sampled covers approximately 25 square kilometers and is the first large "systematic" surface geochemical survey of its type completed in the area.

Two large zones of gold anomalism have been identified. The two main anomalies are in the north (A) and south-east (B) of the sampled area. Anomaly A (as shown in figure 1) currently exists as 43 samples averaging 0.17 grams per tonne (g/t) with a maximum of 0.61 g/t gold over an area approximately 1.35km east-west, 0.55 km north-south and open to the west.

Anomaly B (as shown in figure 1) consists of 54 samples averaging 0.09 g/t with a maximum of 0.31 g/t gold over an area approximately 1.05km east-west, 0.80km north-south and is open to the north-east.

Phase 2 follow-up "infill" sampling of the anomalous areas was undertaken in March 08 and was designed to define the full extent of the anomalies and further delineate drill targets. This infill program has now been completed and the Company expects the results from this sampling by early May 08.