Currumburrama

Currumburrama (EL6784) is located 40km east of West Wyalong and covers a large basement magnetic complex that is inferred to be Ordovician arc based on magnetic and gravity data. The project was formerly a JV Option Project with Gold Fields, which has now been returned to Clancy. During the JV Option period, Gold Fields drilled 13 aircore holes for 1,561m (7 holes and 777m in 2010). Low-level, anomalous (>500ppm) copper and zinc results were returned but no definitive porphyry-style alteration or mineralisation was defined.

A subsequent review of the data by Clancy showed that the aircore drilling identified a composite spectral, geochemical and geophysical anomaly over approximately 2km2. The anomaly is defined by elevated Cu and Zn with zonation patterns in Sb, Bi, Cs, Li, Te and Tl in basement aircore assays and supported by spectral zonation defined by Terraspec logging of aircore chips. The geochemical/spectral anomaly is coincident with: (i) a magnetic low at a structural intersection that may be mapping magnetite destructive alteration; (ii) a gravity low that may represent a basement intrusive complex; and (iii) a paeleotopographic low defined by aircore refusal depth. Based on the outcome of the review, an airborne magnetic and radiometric survey was commissioned, which was in progress at the time of writing. The survey will assist target definition and further drilling is planned for 2011.