The Nelson Bay Iron Ore Project (ELs 41/2004 & 54/2008) covers the Nelson Bay Magnetite deposit with Inferred Mineral Resources reported to JORC guidelines. Drilling will look to enlarge the deposit and improve the quality of the resource, currently standing at 6.8Mt @ 38.2% magnetite at a 20% magnetite cut off. In addition exploration work will look follow up recent drilling of near surface iron oxide mineralisation in an attempt delineate direct shipping ore. Exploration of additional magnetic targets will also be undertaken.
The Mt Sorell tenement (EL 42/2008) hosts an untested base metal soil anomaly at the southern end of the world class Cambrian-aged Mount Read Volcanic base metal province, which hosts the Rosebery, Hellyer and Mount Lyell mines. The area also contains favourable stratigraphy and structural interaction to provide potential for Henty Mine-style gold mineralisation.