2002 Annual Report
Posted on 30/06/2002
Address by the Chairman
It is my pleasure to present to you the Annual Report for the year to 30 June 2002.
During the year the Company maintained an active exploration effort both in Australia and in Namibia.
Exploration in Western Australia has focussed mainly on the Company’s Telfer project. At the Tim’s Dome prospect, a significant amount of structural mapping was conducted in order to better understand the controls of gold mineralisation in the area. This mapping was then followed up with a geophysical programme of induced polarisation, which highlighted significant cross-cutting structures not previously recognised. These structures showed potential to host gold mineralisation. Diamond drilling subsequently conducted over some of these structures has shown that they do carry gold mineralisation. A follow up drilling programme is currently under review.
At Perrinvale, a gold and basemetals exploration project west of Menzies, Western Australia, which is a joint venture with Heron Resources Ltd, a number of gold and basemetal anomalies have been generated which now require follow up work.
In Namibia, the Company has made significant progress on its diamond exploration project at Tsumkwe. Three kimberlites were discovered during the year. The Company believes that there is very good potential to discover further kimberlites in the area where a number of discrete kimberlitic indicator mineral anomalies have been delineated, all of which show the potential to have been sourced from separate localised kimberlites.
The success of the project to date, where the kimberlites being explored for can be masked by several metres of Kalahari sand, has been generated through the combined application of surface loam sampling, drilling to basement to sample for indicator minerals, geomorphological mapping and interpretation, aeromagnetic and ground gravity surveys.
The Company through revising its agreement with its joint venture partner, Kimberlite Resources Pty Ltd, now has a 90% equity in the Tsumkwe joint venture.
A further four exclusive prospecting licences consisting of an additional 2,876 square kilometres which border both the eastern and western areas of the project, were applied for and awarded in July 2002. Two of the licences to the southwest of the project form part of the joint venture. One licence to the northwest and another licence to the southeast of the joint venture area are owned 100% by the Company.
The Company believes that the acquisition of these additional licences now ensures that all of the kimberlitic indicator anomalies discovered within the project area, must now be sourced from kimberlites within the combined area held under licence.
I should like to thank my fellow directors, staff members and consultants, all of whom have worked so hard on our projects during the year in an effort to bring them to fruition.
N R FORRESTER
CHAIRMAN
During the year the Company maintained an active exploration effort both in Australia and in Namibia.
Exploration in Western Australia has focussed mainly on the Company’s Telfer project. At the Tim’s Dome prospect, a significant amount of structural mapping was conducted in order to better understand the controls of gold mineralisation in the area. This mapping was then followed up with a geophysical programme of induced polarisation, which highlighted significant cross-cutting structures not previously recognised. These structures showed potential to host gold mineralisation. Diamond drilling subsequently conducted over some of these structures has shown that they do carry gold mineralisation. A follow up drilling programme is currently under review.
At Perrinvale, a gold and basemetals exploration project west of Menzies, Western Australia, which is a joint venture with Heron Resources Ltd, a number of gold and basemetal anomalies have been generated which now require follow up work.
In Namibia, the Company has made significant progress on its diamond exploration project at Tsumkwe. Three kimberlites were discovered during the year. The Company believes that there is very good potential to discover further kimberlites in the area where a number of discrete kimberlitic indicator mineral anomalies have been delineated, all of which show the potential to have been sourced from separate localised kimberlites.
The success of the project to date, where the kimberlites being explored for can be masked by several metres of Kalahari sand, has been generated through the combined application of surface loam sampling, drilling to basement to sample for indicator minerals, geomorphological mapping and interpretation, aeromagnetic and ground gravity surveys.
The Company through revising its agreement with its joint venture partner, Kimberlite Resources Pty Ltd, now has a 90% equity in the Tsumkwe joint venture.
A further four exclusive prospecting licences consisting of an additional 2,876 square kilometres which border both the eastern and western areas of the project, were applied for and awarded in July 2002. Two of the licences to the southwest of the project form part of the joint venture. One licence to the northwest and another licence to the southeast of the joint venture area are owned 100% by the Company.
The Company believes that the acquisition of these additional licences now ensures that all of the kimberlitic indicator anomalies discovered within the project area, must now be sourced from kimberlites within the combined area held under licence.
I should like to thank my fellow directors, staff members and consultants, all of whom have worked so hard on our projects during the year in an effort to bring them to fruition.
N R FORRESTER
CHAIRMAN
