BROKEN HILL - CURNAMONA CRATON, NSW/SA

Mundi Plains

JV with Teck Cominco on Mundi Plains and Junction Dam tenements.  Both tenements are considered to be prospective for large, Broken Hill style lead-zinc-silver deposits, Cloncurry style copper-gold deposits, and other deposit styles including MVT in the Adelaidean.  Teck Cominco has completed a detailed study of the lithogeochemical alteration trends at the Dome 5 prospect. This is a proprietary technique that indicates proximity to significant Broken Hill Type (BHT) lead-zinc-silver systems. The study confirms that the Dome 5 system is highly prospective for BHT deposits and is worthy of "aggressive testing". Teck Cominco Limited, has completed a five hole programme consisting of two holes targeting BHT style mineralisation (DF5 and DF8) and three targeting MVT style mineralisation in the Adelaidean cover sequence (DF4, DF6 and DF7) at the Dome 5 prospect in the Mundi Plains tenement located 55 kilometres northwest of Broken Hill, NSW. Teck has previously completed detailed gravity surveys and drilling over the Dome 5 prospect and the Yambarra, K16 and K17 prospects in the adjoining Junction Dam tenement in SA. Assay results show numerous high grade zinc-lead-silver values over narrow intervals in drilling at Dome 5. See December 2008 quarter report for full results. Follow-up drilling is anticipated.

A recently released SA Government geological interpretation has outlined the palaeochannel system within the Junction Dam tenement that hosts the Honeymoon uranium deposit to the west.  The Junction Dam tenement covers approximately 12 km of the palaeochannel, prospective for “sandstone-hosted” uranium mineralisation developed within reduced sediments sourced from the older Curnamona Craton rocks.  Good progress is being made in securing a new joint venture partner to explore the uranium potential within palaeochannels along strike from the Honeymoon uranium deposit.

Hillston

JV with Perilya.  Perilya completed further gridding and reconnaissance mapping.  A proposed drilling programme, includes four diamond drillholes totalling 1,200 metres targeting two IP targets and two discrete magnetic targets.

Hollis Tank

RC percussion hole completed on each of the Great Goulburn and Singha prospects to test geophysical/geochemical anomalies defined by PlatSearch. The Great Goulburn hole intersected an 18 metre wide magnetite and pyrite rich unit between 51 and 69 metres.  New JV partner sought.

Callabonna and Quinyambie, SA

JV with Red Metal. The Callabonna and Quinyambie tenements are located in the northwestern portion of the metal-rich Curnamona Province of South Australia. Red Metal Limited is targeting roll-front type uranium deposit sequences within the Frome Sub-Basin which contains the Beverley and Four Mile uranium deposits.  Red Metal commenced an extensive drill programme in late July aiming to test a range of exciting new uranium drill targets generated from a recent high resolution airborne electro-magnetic data (REPTEM) survey.  This survey outlined a number of distinctive and previously unrecognised faults which have been interpreted to play an important role in both the localisation of prospective Tertiary sand sequences and uranium mineralisation in the district.

Frome and Poverty Lake, SA

JV partner Newcrest has completed five core holes at three prospects targeting a series of discrete magnetic anomalies considered to be prospective for possible IOCG style copper-gold-uranium mineralisation. Two holes were drilled at Boundary prospect (BRD008 and BRD009), two at Brumby prospect (BRD012 and BRD13) and one at Anomaly A prospect (BRD014). Assay results received for drillholes BRD008, BRD009, BRD012 and BRD13 were all low. Twelve drillholes have now been completed in the Benagerie joint venture during the year.

Kalabity, SA

JV with Crossland Uranium.   Results from the Tabita Prospect show that four drill sites returned bottom hole samples of over 200ppm uranium, with a highest of 235ppm uranium. Fifteen sites returned bottom hole values of over 100ppm uranium. Further work is warranted to see if values increase at depth or laterally from the areas so far evaluated at Tabita.

SILVER CITY MINING

Apollyon Valley, Aragon, Big Aller, Copper King, Chloe, Corona, Eldee Creek, Euriowie, Iron Bar, Mt Robe, Mulyungarie, Mundi Mundi, Nightrider, Road Warrior, Stephens-Centennial, Woowoolahra, Yanco Glen, Zetta and Ziggys

Apollyon Valley - This project is focussed on a long narrow belt of Sundown Group and Paragon Group rocks sandwiched between two shears of regional importance: the Apollyon Valley Shear and the Mt Franks Shear. The main potential here is for narrow but rich silver-lead veins additional to those previously mined, and for Mt Isa type base metal mineralisation in the Paragon Group.

Aragon - A review of the extensive Niton geochemical database and the synthesis of this with geology and magnetic data on these exploration licence applications areas have commenced. Additional Niton data capture is planned for the Brunihill, Champion, Purnamoota prospects.

Big Aller – This tenement extends across Thackaringa Group and Broken Hill Group rocks with potential for disseminated copper-gold and more massive lead-zinc mineralisation.

Copper King - The project area covers highly prospective Broken Hill Group sub-divisions including Parnell Formation, Freyers Metasediments and Hores Gneiss as well as the less prominent Thackaringa and Sundown Groups.

Chloe - Recent rock chip sampling in the outcrop areas by MEPL (Dickson) encountered two moderately anomalous zinc values (1090 and 1350ppm).  One rock-chip sample of a thin migmatite band gave 72ppm uranium.  The anomalous zinc values are close to a discrete magnetic anomaly that may represent a worthwhile drilling target.  Slightly more than 50% of this anomaly lies within EL 6542.

Corona - This tenement covers an extensive strike length of Adelaidean age rocks which unconformably overlie and are in faulted contact with Early Proterozoic age rocks of the Euriowie Block. The Adelaidean sequence includes the Corona Dolomite which is a target horizon for MVT style mineralisation.

Eldee Creek - The northern portion of the Eldee Creek tenement covers the hinge of the Mt Robe Synform where upper Broken Hill Group rocks were intruded by thick, sub seafloor, dolerite sills, now amphibolites. A scattering of small lead, zinc, copper, tungsten and/or gold deposits is associated with these amphibolites. The challenge here is to find a deposit of mineable size. Niton geochemistry and follow-up conventional soil sampling has detected a 1.3 km long zone of raised As, Pb, Zn and Au values between the historic Silver King West and Jersey Lily mines, both in EL 5002.

Euriowie - RC percussion diamond drilling has been completed with assays confirming the continuity of mineralisation with broad intervals of low-grade copper mineralisation intersected in all three deeper drillholes. Previous RC percussion holes intersected up to 24m @ 0.35% Cu and the deeper drilling intersected up to 17m at 0.25% copper (including a maximum value of 1.11% copper over the interval 292-293m).

Iron Bar - New tenement covering a gravity anomaly of a similar character and configuration to that over the Broken Hill line of lode.  RAB drilling over the gravity/magnetic feature planned.

Mt Robe - The Mt Robe EL covers two separate areas, east and west of the Apollyon Valley Schist Zone, prospective for BHT and IOCG mineralisation respectively. The eastern area contains Broken Hill Group rocks with known Broken Hill type mineralisation at the Wolseley prospect and to its west. The main feature of interest west of the Apollyon Valley Schist Zone is the Iron Duke prospect, situated in the Sundown Group, but related to ~1600 Ma (Hiltaba age) Umberumberka type granites.

Mulyungarie and Mundi Mundi - Two holes to test gravity-magnetic anomalies discovered a large quartz-haematite-magnetite body with potential to host IOCG style mineralisation.  Assays show anomalous gold in both holes up to one metre at 4.5 g/t.  A programme of further drilling is planned.

Nightrider - New tenement surrounding the Dome 5 prospect area and potentially prospective for MVT style mineralisation.  A helicopter supported gravity survey over the southern half of the Nightrider tenement, north of Dome 5, is being undertaken in conjunction with a wider spaced programme run by the Department of Industry & Investment. 

Road Warrior - Two tenements with potential for MVT and Mt Isa style lead-zinc-silver deposits. A regional ground based gravity survey has been undertaken on the Road Warrior tenements to assist in defining the geology under cover.

Stephens-Centennial - Soil sampling utilising Niton portable XRF technology and compilation of the data continues with many drill ready targets identified.

Woowoolahra - The project covers the Mount Woowoolahra Inlier, which includes poorly exposed rocks interpreted to be Upper Willyama Supergroup units of probable Paragon Group.  Rocks are prospective for stratiform to stratabound base metals and uranium as well as hydrothermal quartz veined and/or granite related (possibly IOCG style) base metal, uranium and REE (rare earth elements) deposits.

Yanco Glen - The project area covers a 5 km x 1 km wide NW striking belt of highly prospective Broken Hill Group sub-divisions including Allendale Metasediments, Parnell Formation and Freyers Metasediments.  These are locally overlain by subordinate, apparently barren, Sundown Group metasediments. Structurally the prospective zones sit in tightly re-folded near isoclinal F1 (?) and F2 folds on the eastern limb of a larger more open sinistral F3 drag fold and are close to the hinge of an attenuated partly sheared out regional F3 antiform termed the Allendale Fold.

Zetta - There is extensive outcrop of mainly Adelaidean sedimentary sequence in the eastern part of this tenement. On the western part of Zetta, where there is complete soil cover, high resolution aeromagnetic data provides valuable structural and stratigraphic information. There are no previous drill holes and no detailed mapping has been conducted over the Adelaidean.

Ziggys – This tenement has excellent potential for a large Broken Hill Style deposit in Broken Hill Group metasediments and good potential for Cu, Au, Co mineralisation in the underlying/adjacent Thackaringa Group rocks. Sparse unmapped outcrops of complexly deformed siliceous and cherty pyritic gossans occur on a low rise surrounded by deep cover rocks and soils.

THOMSON FOLD BELT, NSW

Monolon, Yantabangee, Tongo, Klondyke, Mt Pleasant, Kango, Tringadee, Pirillie, Laurel, Glendara, Mulga, Calllindary and Cathedral

PlatSearch NL and Minotaur Exploration Ltd have agreed to combine all JV tenements and their 100% owned tenements within the Thomson Fold Belt, NSW into a new entity, Thomson Resources Ltd and to seek new funding to help fast track exploration into the region.  PlatSearch will maintain a significant ownership level in the new company.

Joint venture partner Minotaur Exploration Ltd is conducting an extensive exploration programme over 10 PlatSearch tenements in the Thomson Fold Belt in accordance with seven joint venture agreements.  Minotaur can earn an initial 51% interest in each joint venture by spending $1 million on each, with the option to earn 80% in a joint venture by taking a property to mine feasibility study.  The principal targets of the joint ventures are Endeavor (formerly Elura) style lead-zinc-silver or Cobar-style copper-gold mineralisation.

COBAR & MAIN LINE EASTERN IRON PROJECT AREAS NSW

EASTERN IRON PROJECTS
Bimbella, Camembert, Cobar East, Coolabah West, Euabalong, Flamingo, Gorgonzola, Gromit, Hutch JV, McGraw, Oakvale, Preston, Quartermaine, Shaun, Techno, Tottington, Wallace and Wendoline

JV with Eastern Iron Limited comprising 15 large tenements in central western NSW covering areas prospective for channel iron ore as well as a range of other commodities. Eastern Iron has completed 553 aircore drillholes (8,494 m drilled) at 29 prospects.

Eastern Iron’s exploration targets are large tonnage, easily extractable maghemite deposits in shallow palaeochannels close to public-access rail and road.  Preliminary test work conducted by Eastern Iron has shown that gravels grading 15 - 20% iron in the ground can be upgraded to a concentrate of around 50% iron by a single pass through a low cost magnetic separator. Bulk tonnage iron ore resource targets have been identified at Belah Tank, Oakvale, Shearlegs and Amphitheatre prospects.

Drilling was conducted in the Hutch joint venture area in the last quarter with broad zones of thick, iron-bearing palaeochannel sediments intersected.  Interpretation of the Hutch joint venture drilling and assay results suggests that the channels are much deeper than the average depth of other channels tested to date.  Although the average grade is lower in the areas drilled than other prospects, many kilometres of channel remain to be tested and the assays are seen as encouraging.

NEW ENGLAND OROGEN, NSW

Kempsey Porphyry Project

West of Kempsey, PlatSearch has two exploration licences covering an area of extensive previous exploration by BHP, Shell Minerals (Billiton) and CRA. This drilling-intensive previous work focused on tin prospectivity. PlatSearch believes that the existing “Renison style, replacement” tin mineralisation is related to an intrusive-related gold or porphyry copper-gold system. Compilation of the large amount of previous work is continuing and further opportunities are being assessed.  Mapping and rock chip sampling has commenced within gold and tin target areas at Kempsey.  The work continues to highlight the good prospectivity of the area and will be used to help frame the next exploration programme.

GAWLER CRATON, SA

Mirikata

Following the completion of four deep core holes, Newcrest withdrew from the JV.  PlatSearch is currently reviewing all results to define further drill targets.  A new JV partner is being sought.

Coondambo

JV with Marathon. Following up on previous calcrete and soil sampling, Marathon conducted a detailed ground magnetic survey to locate structures with potential to host Athabasca type uranium mineralization. .

Wynbring

PlatSearch NL has identified a possible iron ore opportunity on Wynbring and has carried out ground magnetic and gravity surveys to define targets for drilling. There is also potential for heavy minerals, nickel and uranium. Banded ironstone formation (BIF) with anomalous gold (approximately 1 g/t in rock-chip samples) outcrops at the Defender prospect, located some 110 km west of Tarcoola and 600 km by rail from Whyalla. Surface sampling by a previous copper-gold explorer shows iron values generally in the range 45-55% and up to 70%. Limited previous drilling has intersected significant intervals (18-20 m thick) and averaging approximately 37% iron. Three other magnetic anomaly targets, the Protector, Sentinel and Guardian prospects, are being surveyed in the current geophysical programme. The Wynbring licence is located within the Eucla Basin which is an important exploration focus for heavy mineral sands (HMS) hosting several recently discovered high grade HMS deposits.

MT ISA BLOCK, QLD

Horse Creek Project

JV partner Red Metal has completed a vertical drillhole to 560 m depth on a strong gravity and magnetic anomaly target. The drillhole entered basement at 440 m and then intersected a large ironstone system with magnetite and abundant pyrite.

Lilleyvale

Each of the four holes drilled to date by PlatSearch’s JV partners has intersected intensely skarn altered rocks with wide intervals of weakly to moderately anomalous copper and gold. The Lilleyvale prospect is a large system extending over a 2 x 3 km area and cannot be considered as adequately tested by the drilling to date. Other worthwhile drill targets exist within the prospect area and PlatSearch is confident of introducing another partner to fund further drilling.

LACHLAN FOLD BELT, NSW

Dunmore and Tomingley, NSW

At Tomingley a wide spaced grid was drilled to test a target zone defined by a major northwest trending break in the regional gravity and magnetic datasets.  Best results of 446ppm copper (TOL25) and 0.36g/t gold (TOL17).  At Dunmore aircore drilling at newly defined magnetic target DO2 returned best results of 4m at 1,230ppm copper and 0.22g/t gold from the top of the hole in D02-03.  At target DO8 a circular magnetic high a maximum value of 475ppm copper was intersected (D08-01) at a depth of 64 metres.  A number of significant intersection were returned from drilling designed to test extensions of the TRE prospect.