Wellington North JV

(NSW, Gold Fields 82%, Clancy 18%)
Wellington North consists of five exploration licences (EL6178, EL6328, EL6662, EL7200 and EL7440) and covers approximately 30km of strike length of the Molong Volcanic Belt immediately north of Wellington. An infill and extension ground gravity survey was completed and follow-up mapping and rock chip sampling on targets defined by the geophysical surveys undertaken. Several significant results have been received from the rock chip sampling:
• GWR00028: 11.95g/t Au, 2.2% Cu, 34.2ppm Ag, 0.3% Zn & 0.2% Pb
• GWR00015: 1.25g/t Au & 1.3% Cu
• GWR00016: 1.53g/t Au & 0.6% Cu
• GWR00017: 1.36g/t Au & 1.4% Cu

Sample GWR00028 is a silicified sulphide breccia and samples GWR00015-017 are three mullock samples from historic workings. Field Portable Xray Fluorescence (FPXRF) soil surveys were conducted at the Boda and Girraween prospects.

A significant +600ppm copper anomaly at the Boda prospect was followed up with an RC/diamond hole (BGRCD001, 396.1m). The hole intersected chalcopyrite and bornite mineralisation in a potassic altered basalt and andesite. The style of alteration and mineralisation and the lack of a causative intrusion suggests that the core of a porphyry system could be nearby. Further work is planned. Significant intercepts from BGRCD001 include:
• 4m @ 0.12% Cu & 0.02g/t Au from 48m
• 7m @ 0.40% Cu & 0.83 g/t Au from 248m; incl.
o 1m @ 1.4% Cu & 4.03g/t Au from 248m
• 8m @ 0.17% Cu & 0.45 g/t Au from 264m; incl.
o 2m @ 0.40% Cu & 0.74g/t Au from 264m
• 35m @ 0.10% Cu, 55ppm Mo & 0.07g/t Au from 311m

Preparations are underway for a 3D IP survey over the Girraween target which is scheduled to commence in mid January 2011. The IP survey aims to locate chargeable pyrite halos to porphyry systems in the area.