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1 1 KORAB RESOURCES LIMITED COMBINED ANNUAL REPORT EL 25136 and EL 25242 YEAR 2 Period Ending 11 September 2008 GREEN ALLIGATOR PROJECT BATCHELOR Northern Territory By John A Earthrowl MSc for KORAB RESOURCES LIMITED KORAB HOUSE LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, 6151, WESTERN AUSTRALIA PO BOX 195 SOUTH PERTH WA 6951 AUSTRALIA, Tel (08) 9474 6166 Fax (08) 9474 6266 www.korabresources.com.au

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Page 1: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

1

1

KORAB RESOURCES LIMITED

COMBINED

ANNUAL REPORT

EL 25136 and EL 25242

YEAR 2 Period Ending 11 September 2008

GREEN ALLIGATOR PROJECT

BATCHELOR

Northern Territory

By

John A Earthrowl MSc

for

KORAB RESOURCES LIMITED

KORAB HOUSE LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, 6151, WESTERN AUSTRALIA

PO BOX 195 SOUTH PERTH WA 6951 AUSTRALIA, Tel (08) 9474 6166 Fax (08) 9474 6266

www.korabresources.com.au

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TABLE OF CONTENTS

SUMMARY

1 INTRODUCTION

2 TENEMENT STATUS

3 LOCATION

4 GEOLOGY

5 PREVIOUS EXPLORATION

6 EXPLORATION PROGRAM AND TARGETS

7 METHODS

7.1 Reconnaissance Ground Traversing

7.2 Mapping

7.3 Rock Chip Sampling

7.4 Ground Radiometrics

8 WORK DONE AND RESULTS

8.1 EL 25136

8.1.1 Geology

8.1.2 Radiometrics

8.1.3 Assay Results

8.2 EL 25242

8.2.1 Geology

8.2.2 Radiometrics

8.2.3 Assay Results

9 CONCLUSIONS

10 RECOMMENDATIONS

11 EXPENDITURE STATEMENT

11.1 EL 25136

11.2 EL 25242

12 NEXT YEARS PROGRAM AND BUDGET

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LIST OF FIGURES

Fig 1 Location of ELs 25136 and 25242

Fig 2 ELs 25136, 25242 on Regional Geology Base map

Fig 3 EL 25136 Rock Chip Sample Locations

Fig 4 EL 25136 Ground Radiometric Readings

Fig 5 EL 25242 Rock Chip Sample Locations

Fig 6 EL 25242 Ground Radiometric Readings

APPENDICES

App 1A EL 25136 Spreadsheet: Rock Chip Samples

App 1B EL 25136 Spreadsheet : Radiometry

App 2A EL 25242 Spreadsheet : Rock Chip Samples

App 2B EL 25242 Spreadsheet : Radiometry

App 3 ELs 25136 / 25242 Assay Results of Rock Chip Samples

REFERENCES

Lally, J.H. (2002) Stratigraphy, structure and mineralization, Rum Jungle

Mineral Field, Northern Territory.

N.T.G.S. Record 2002-005

Mudrovska, I ( 2008) Korab Resources Ltd

Annual Report for EL 25136 and 25242

Unpublished / Closed File Report to DPIFM

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SUMMARY

Field work on both tenements has successfully tested their stratigraphy and

upgraded their mineral potential.

One stratigraphic unit, the Mt Deane Volcanic Member, has returned

anomalous base metal and gold values that warrant follow up.

1 INTRODUCTION

This document is the Second Combined Annual Report for Exploration

Licences 25136 and 25242 covering the period 12 September 2007 to 11

September 2008.

These two tenements comprise part of Korab Resources Ltd.’s Green

Alligator Project in the Batchelor area of the Northern Territory, Australia.

2 TENEMENT STATUS

Both ELs 25136 and 25242 were granted 100% to Korab Resources Ltd. on

12 September 2006. EL 25136 consists of 3 subblocks totaling 1.59 km².

El 25242 consists of 4 subblocks totaling 1.96 km².

In view of the late start to field work, due to unavailability of experienced

exploration personnel, a waiver of reduction for both tenements was lodged

on 11 September 2008.

The tenements are planned to be transferred to Korab’s wholly owned

subsidiary Uranium Australia Ltd as explained in last years Annual Report.

3 LOCATION

ELs 25136 and 25242 are located approximately 80 kms south of Darwin,

contiguous to the Stuart Highway, just south of the Batchelor turnoff.

EL 25136’s centroid is at approximately 13º 2´ S, 131º 7´ E (WGS 84

729800E, 8558800N).

EL 25242’s centroid is at approximately 13º 4´ S, 131º 6´ E (WGS 84

728200E, 8555400N).

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4 GEOLOGY

Both tenements fall within the Rum Jungle Uranium Field (RJUF) of the

Pine Creek Orogen and are underlain by the Early Proterozoic, Mount

Partridge and South Alligator stratgraphic Groups.

More specifically recent NTGS government mapping shows tenements to be

underlain by the following units as listed:

EL 25136 Ppw Wildman Siltstone

Ppa Acacia Gap Quartzite

Ppd Mount Deane Basic Volcanics

And EL 25242 Ppw Wildman Siltstone

Psg Gerowie Tuff

Psk Koolpin Formation

Mudrovska (2008) describes in considerable detail the distribution of various

metal prospects in the near vicinity of ELs 25136 and 25242.

5 PREVIOUS EXPLORATION

Both tenements have been covered by a number of exploration licences in

the past. In the 1970s and 1980s Uranerz Australia Ltd and Minad had a

joint venture in the area. Their target was uranium mineralization as known

at Whites / Dysons in the Embayment Area of the RJUF.

As the area of ELs 25136 and 25242 did not include either the Coomalie

Dolomite or Whites Formation, no detailed work was done on the ground as

they were the only stratigraphy targeted in that era.

More regional exploration by other companies has been described in

Mudrovska (2008).

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6 EXPLORATION PROGRAM AND TARGETS

The RJUF is prospective for the following commodities: uranium, copper,

cobalt, nickel, lead, silver, gold, phosphate, magnesium and

platinum/palladium.

With these tenements Korab Resources is testing relatively unexplored

ground and therefore will examine the tenements with an open mind.

In the case of uranium the exploration methods used will cover the

possibilities of Vein–Type uranium mineralization being present, as is

known south of Adelaide River township.

7 METHODS

With no known previous detailed exploration results from the area of ELs

25136 and 25242, Korab’s field work has consisted of regional traversing

for familiarisation with the stratigraphy and checking government mapping,

the collection of rock chip samples from all stratigraphic units and the

recording of detailed radiometrics across the various stratigraphic units.

7.1 RECONNAISSANCE GROUND TRAVERSING

On each EL ground traverse routes were chosen on the basis of access

and to cut across the stratigraphy. Manmade features such as tracks

and fence lines and natural features such as creek beds were chosen.

On each tenement it was possible to sample all mapped stratigraphic

units present.

7.2 MAPPING

As mentioned in Section 4 current government mapping has

delineated, by interpretation, certain stratigraphic units to be present

on each of the tenements. It is known that certain aspects of the

stratigraphy of the RJUF remain undefined and not well understood.

The stratigraphic nomenclature has been under continuous review

since the early 1970s.

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One stratigraphic unit that has been identified in various places and at

various levels in the stratigraphy is the Mout Deane Volcanic Member

of the Wildman Siltstone Formation in the Mount Partridge Group.

The Mt .Deane Volcanics are described as “Altered basic volcanics, in

places vesicular or brecciated” (Lally 2003). This unit is the only

known basic extrusive rock in the RJUF. The only other basic rock is

the intrusive Zamu Dolerite.

EL 25136 is shown to be underlain by a bed of Mt Deane Volcanics

extending the full length of the tenement. Older maps had shown

isolated, discontinuous outcrops.

EL 25242 has the Mt Deane Volcanics present to the northeast and to

the west but not within the tenement.

7.3 ROCK CHIP SAMPLING

Rock chip samples were collected on the reconnaissance traverses

whenever a different stratigraphic unit or gossanous material was

encountered.

Their locations were GPS recorded, the lithology described, a sample

number assigned and a 1-2 kg sample submitted for assay.

7.4 GROUND RADIOMETRICS

Total count scintillometer readings were taken at approximately 20

metre intervals along all traverses.

If on an EW or NS traverse, control was by maintaining the GPS

reading.On an irregular traverse along a creek or fenceline readings

were taken at approximately paced intervals of 20m.and the GPS

reading recorded.

Total count radiometrics were taken with an SAIG Exploranium GR -

110-G scintillometer. Readings were taken with the instrument on the

ground and after an averaged 10 second accumulation.

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7.5 ASSAYING

All rock samples were submitted to the Darwin based laboratory,

Northern Territory Environmental Laboratories (NTEL). Assay

methods and detection limits were chosen commensurate with the

grades expected.

Samples were routinely analysed for Cu, Co, Ni, Pb, Zn, U and Au.

8 WORK DONE AND RESULTS

8.1 EL 25136

The following field work was done on this tenement in Year 2 as

shown on Fig 3 and Fig 4 and listed in the appendices :

3.04 kms of foot traversing by geologist and field assistant

9 Rock samples collected (#s 110681 to 110689 )

152 Scintillometer readings taken

The traverse routes were chosen to cut across all the stratigraphic

units as shown to be present on the tenement by available modern

government mapping.

The northeastern traverse followed a power line paralleling the Stuart

Highway. The east-west traverse was chosen to go over the main hill

at right angles to strike on WGS84 8559900 Northing. The sinuous

traverse near the middle of the tenement followed an incised creek

course.

8.1.1 Geology

Geological observations on the traverse show the resistant Ppa

Acacia Gap Quartzite to be present as ridge forming but on the

1:100,000 NTGS map is plotted approximately 100m too far

west.

The Mt Deane Volcanics were found to be present west of

where mapped (Samples 110682/683) but also at a second level

west of the Acacia Gap Tongue Quartzite (Sample

110688/689).

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8.1.2 Radiometrics

Appendix 1B lists the radiometric readings from the traverses.

The three different traverses’ radiometrics can be summarised :

Total Readings Maximum Minimum Average

Power Line Traverse 64 238 c/s 101c/s 188 c/s

East -West Traverse 22 235 c/s 96 c/s 144 c/s

Creek Traverse 58 251 c/s 61 c/s 164 c/s

The low readings around 100 c/s correlate well with the

quartzite.

No significant anomalous radiometric readings were obtained

on this year’s traversing.

8.1.3 Assay Results

Assay results for EL 25136 are shown in Appendix 3.

Samples 110681 to 110689 were collected from the three

traverses and their location is shown on Fig 3.

Assay results from the nine samples can be summarized as

follows:

Element Range Maximum Sample No

Au 1-43 ppb 43 ppb 110682

Co 1-281 ppm 281 ppm 110682

Cu 5- 195 ppm 195 ppm 110683

Ni 10- 1730 ppm 1730 ppm 110682

Pb 2-20 ppm 20 ppm 110682

U less than DL

Zn 10-990 ppm 990 ppm 110682

As can be seen all maxima came from Sample Nos 110682 or

110683.

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Appendix 1A shows these samples to be Mt Deane Volcanics.

The most significant value is the 0.1730% Ni.

(As a result of these assays an additional 11 samples have been

collected in the vicinity of 110682. These were collected on 17

September 2008 after the tenements’ anniversary. They are

nevertheless recorded in App 1A and shown in Fig 3. Their

assays will be shown in next year’s Annual report.)

8.2 EL 25242

The following field work has been done on this tenement during this

year as shown on Figs 5 and 6 and listed in Appendix 2A and 2B:

3.62 kms of foot traversing by geologist and field assistant

22 Rock Samples collected (#s 110659 to 110680)

181 Scintillometer readings taken

8.2.1 Geology

The route of the foot traverse followed the fence line of the

railway corridor.

This conveniently transected all of the stratigraphic units

interpreted to be present on the tenement viz. from south to

north ….Psg Gerowie Tuff, Psk Koolpin Formation, Ppw

Wildman Siltstone, Ppa Acacia Gap Quartzite.

In the field a wide variety of rock types were encountered as per

App 2A, and on this first reconnaissance traverse the contacts

between the NTGS mapped stratigraphic units could not be

recognised.

One discrepancy however was the presence of Mt Deane

Volcanics, Ppd, at sample site 110669 suggesting that unit

continues into the EL from the north or west.

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8.2.2 Radiometrics

The rail corridor traverse comprised 181 readings with a

maximum of 376 c/s, a minimum of 123 c/s and an average of

251 c/s.

Grouping these data on the basis of NTGS interpreted geology

we get :

No.Readings Maxima Minima Average

Gerowie Tuff 62 309 c/s 217 c/s 258 c/s

Koolpin 36 319 176 268

Wildman Siltstone 57 323 123 229

(Another 26 readings were from the rail cutting detail. See map)

These data do not clearly show any marked difference in

radiometrics for the different units. This may be the case or

their groupings may be in error as stratigraphic units could not

be differentiated in the field.

One reading of 700 c/s from Sample 110679 (GPS 728355E,

8556218N) from the cutting wall was on an outcrop of

gossanous quartzite.

8.2.3 Assay Results

Appendix 3, sample numbers 110659 to 110680, are results of

analysis of the 22 rock samples collected from EL 25242.

These results can be summarized as follows:

Element Range Maxima Sample No.

Au 1-33 ppb 33 ppb 110666

Co 1-100 ppm 100 ppm 110669

Cu 5-255 ppm 255 ppm 110666

Ni 5-610 ppm 610 ppm 110668

Pb 4-130 ppm 130 ppm 110666

U 5-20 ppm 20 ppm 110679/80

Zn 10-1070 ppm 1070 ppm 110668

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Sample 110666 was of rubble of “iron rich

Sediments/Volcanics”…probably Koolpin. The highs of 255

Cu, 130 Pb are moderately anomalous. The gold of 33 ppb will

need following up.

Sample 110669 was of “deeply wthrd choc.brown , massive,

unlaminated basic volcanic – probably Mt Deane volcanics. 100

Co is moderately anomalous.

Sample 110668 was of “siltstone, ferruginous, laminated

“..probably Koolpin Formation. The 610Ni and 1070Zn are

both moderately anomalous.

Samples 110679 and 110680 were both of “Quartzite, pyritic,

carbonaceous” probably Acacia Gap Quartzite. This had given

a 700 c/s TC reading. The assay value of 20 ppm U does not

explain the 700 c/s.

This will need field checking.

9. CONCLUSIONS

The year’s field work has given a good regional overview of the mineral

potential of the two tenements.

The reconnaissance geological mapping has indicated most NTGS

interpreted geological units to be present albeit in places misplaced by up to

100m.

In the case of the Mt Deane Volcanic Member, its distribution is not yet well

defined and Korab’s traversing indicates this unit may well be present at

more than one stratigraphic level.

Radiometric traversing of TC (gamma) has shown no clear relationship with

different stratigraphic units as mapped.

Except for one reading of 700 c/s no obviously anomalous readings have

been recorded.

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Several anomalous assay values were obtained and will need following up,

such as:

On EL 25136 Samples 110682 and 110683 of Mt Deane Volcanics

have returned anomalous assay values in Ni, Co, Zn and gold.

There is no record of the Mt Deane Volcanics having been intersected

in drilling by either government or exploration companies in the past.

Sample 110668 from EL 25242 returned anomalous value in Ni and

Zn from a sample of Koolpin Formation.

The high radiometric reading of 700 c/s from the Acacia Gap

Quartzite which assayed 20 ppm U needs further followup.

10 RECOMMENDATIONS

Further work is warranted on both tenements.

Korab Resources request for a waiver of reduction was justified and

warranted in the light of the company not being able to find suitable field

geologists to do the work until late in this year.

The now recognized potential of the hitherto previously untested Mt Deane

Volcanic Member clearly needs follow up.

An additional 10 samples have already been collected from the environs of

the discovery 0.173% Ni site. Additional geology mapping to delineate this

unit in both tenements is highly recommended. In addition to nickel, the Mt

Deane Volcanics show cobalt, copper and gold anomalism. The indicated

basic petrology of the Mt Deane unit would also suggest potential for

platinum, palladium and rhodium.

Specific recommendations for EL 23516 are as follows :

Further east-west traversing of the narrow EL to establish the position

and any continuity of the Mt Deane volcanics.

Further north-south traversing to follow the Mt Deane volcanics and

to locate that unit’s maximum thickness for drilling.

Get good structural information on the Mt Deane Volcanics in order

to locate the optimum site for a drill hole to intersect a thick part of

the unit below the water table.

Further sampling of the Mt Deane Volcanics to define the distribution

of metals vertically and laterally.

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Further test other stratigraphy with rock sampling and radiometrics.

Investigate availability of indirect mapping techniques that would

assist with the above (Hymap? etc)

Specific recommendations for EL 25242 are as follows:

Trace the Mt Deane Volcanics from the northeast and west where

already mapped by NTGS, into EL 25242.

As per EL 25136 re Mt Deane Volcanic Member.

Further test other stratigraphy with sampling and radiometrics.

11. EXPENDITURE STATEMENT

(Yet to be supplied by Korab Perth office )

12. NEXT YEARS PROGRAM

The Year 3 program for each tenement is based on the recommendations as

specified above.

It is estimated the expenditure on EL 25136 will be $5,200.00

It is estimated the expenditure on EL 25242 will be $5,300.00

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Figure 1: Location of ELs 25136 and 25242

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Figure 2: Geological setting of the Batchelor and Green Alligator projects showing

location of ELs 25136 and 25242

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Figure 3: EL 25136 Rock Chip Sample Locations

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Figure 4: EL 24136 Radiometrics

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Figure 5: EL 25242 Rock Chip Sample Locations

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Figure 6: EL 25242 Radiometrics on Geology Base

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Appendix 1A

Ten

emen

tUT

M

WG

S 8

4

WG

S 8

4

Sam

ple

Sam

ple

S

amp

le L

ITH

OL

OG

Y

Z

on

e E

AS

T

NO

RT

H

Nu

mb

er T

yp

e

Date

EL

25

13

6 5

2 L

7

300

02

85

60

40

0 W

F 1

10

68

1

Ou

tcrop

, com

po

site 11/0

8/2

008

Q

tzite,dark

grey

,py

ritic,carbo

nn

aceou

s,Acacia G

ap T

ong

ue M

ember

EL

25

13

6 5

2 L

7

301

16

85

60

26

8 W

F 1

10

68

2

Ou

tcrop

, com

po

site 11

/08

/200

8

Deep

ly w

thrd

basic v

olcan

ic.Mt D

eane V

olc.

EL

25

13

6 5

2 L

7

300

85

85

60

03

6 W

F 1

10

68

3

Ou

tcrop

, com

po

site 11/0

8/2

008

D

eeply

wth

rd,flo

w b

and

ed v

esicular b

asalt.Mt D

eane V

olcs

EL

25

13

6 5

2 L

7

300

43

85

59

80

1 W

F 1

10

68

4

Ou

tcrop

, com

po

site 11

/08

/200

8

Qtzite g

rey an

d S

chist,sericitic.

EL

25

13

6 5

2 L

7

298

44

85

59

90

4 W

F 1

10

68

5

Ou

tcrop

, com

po

site 11/0

8/2

008

Q

tzite,grey

,py

ritic.Av

cacia Gap

To

ngu

e Mem

ber

EL

25

13

6 5

2 L

7

296

70

85

59

90

0 W

F 1

10

68

6

Su

bo

utcro

p,co

mp

osie 1

1/0

8/2

00

8

Qtzite,g

rey,p

yritic..

EL

25

13

6 5

2 L

7

296

92

85

58

97

6 W

F 1

10

68

7

Ou

tcrop

, com

po

site 11/0

8/2

008

Q

tzite,grey

,py

ritic

EL

25

13

6 5

2 L

7

296

25

85

58

62

0 W

F 1

10

68

8

Ru

bble,co

mp

osite 1

1/0

8/2

008

W

thrd

dark

bro

wn

vo

lcanic.in

terbed

s Qtzite. M

t Dean

e Vo

lc.

EL

25

13

6 5

2 L

7

295

43

85

58

34

0 W

F 1

10

68

9

Ru

bble,co

mp

osite 1

1/0

8/2

008

M

t Dean

e Vo

lc Mem

ber.

EL

25

13

6 5

2 L

7

301

19

85

60

25

4 W

F 1

10

69

0

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,B

otto

m

EL

25

13

6 5

2 L

7

301

06

85

60

25

4 W

F 1

10

69

1

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,M

idd

le

EL

25

13

6 5

2 L

7

300

79

85

60

25

8 W

F 1

10

69

2

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,T

op

EL

25

13

6 5

2 L

7

300

77

85

60

20

6 W

F 1

10

69

3

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,T

op

EL

25

13

6 5

2 L

7

300

92

85

60

20

0 W

F 1

10

69

4

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,M

idd

le

EL

25

13

6 5

2 L

7

300

98

85

60

19

8 W

F 1

10

69

5

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,B

otto

m

EL

25

13

6 5

2 L

7

300

83

85

60

10

6 W

F 1

10

69

6

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,B

otto

m

EL

25

13

6 5

2 L

7

300

80

85

60

10

2 W

F 1

10

69

7

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,M

idd

le

EL

25

13

6 5

2 L

7

300

77

85

60

10

6 W

F 1

10

69

8

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,M

Idd

le

EL

25

13

6 5

2 L

7

300

75

85

60

11

2 W

F 1

10

69

9

Ou

tcrop

,com

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site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,M

Idd

le

EL

25

13

6 5

2 L

7

300

71

85

60

11

2 W

F 1

10

70

0

Ou

tcrop

,com

po

site 17/0

9/2

008

V

ery,w

eathered

Mt D

eane V

olcan

ic Mem

ber,T

op

Page 22: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

22

22

Appendix 1B

Creek Bed Traverse 12-Aug-08

730044 8558996 170

730027 8558998 186

730008 8558996 181

729987 8558998 174

729973 8558998 156

729956 8558992 143

729938 8558984 126

729928 8558992 151

729907 8558992 116

729889 8558992 105

729873 8558989 73

729867 8558986 86

729855 8558990 75

729817 8558964 61 Qtzite O/C

729812 8558974 109

729806 8558978 147

729786 8558982 246

729765 8558982 236

729750 8558980 251

729734 8558976 239

729722 8558964 220

729708 8558954 229

729704 8558936 214

729704 8558916 219

729697 8558900 232

729683 8558988 222

729669 8558882 215

729665 8558862 212

729658 8558844 193

729651 8558826 194

729651 8558806 193

729652 8558794 199

729650 8558776 186

729646 8558752 204

729643 8558734 190

729640 8558714 192

729636 8558696 197

729632 8558682 201

729633 8558662 187

729630 8558642 175

729627 8558624 188

729618 8558608 134

729612 8558590 114

729610 8558576 140

729607 8558560 126

729603 8558544 121

Page 23: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

23

23

729600 8558528 118

729596 8558510 141

729595 8558494 142

729587 8558478 143

729577 8558464 119

729575 8558446 125

729568 8558426 127

729561 8558410 153

729555 8558394 112

729549 8558376 131

729545 8558362 147

729542 8558326 170 End of Creek traverse.

East West Traverse on 8559900N

730050 8559900 135

730030 8559900 141

730010 8559900 125

729990 8559900 158

729970 8559900 136

729950 8559900 137

729930 8559900 235

729910 8559900 124

729890 8559900 97

729870 8559900 115

729850 8559900 96

729830 8559900 129

729810 8559900 136

729790 8559900 129

729770 8559900 152

729750 8559900 137

729730 8559900 110

729710 8559900 129

729690 8559900 141

729670 8559900 169

729650 8559900 225

729630 8559900 212 End of EW Traverse

Creek Bed Traverse 12-Aug-08

730044 8558996 170

730027 8558998 186

730008 8558996 181

729987 8558998 174

729973 8558998 156

729956 8558992 143

729938 8558984 126

729928 8558992 151

Page 24: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

24

24

729907 8558992 116

729889 8558992 105

729873 8558989 73

729867 8558986 86

729855 8558990 75

729817 8558964 61 Qtzite O/C

729812 8558974 109

729806 8558978 147

729786 8558982 246

729765 8558982 236

729750 8558980 251

729734 8558976 239

729722 8558964 220

729708 8558954 229

729704 8558936 214

729704 8558916 219

729697 8558900 232

729683 8558988 222

729669 8558882 215

729665 8558862 212

729658 8558844 193

729651 8558826 194

729651 8558806 193

729652 8558794 199

729650 8558776 186

729646 8558752 204

729643 8558734 190

729640 8558714 192

729636 8558696 197

729632 8558682 201

729633 8558662 187

729630 8558642 175

729627 8558624 188

729618 8558608 134

729612 8558590 114

729610 8558576 140

729607 8558560 126

729603 8558544 121

729600 8558528 118

729596 8558510 141

729595 8558494 142

729587 8558478 143

729577 8558464 119

729575 8558446 125

729568 8558426 127

729561 8558410 153

729555 8558394 112

729549 8558376 131

729545 8558362 147

729542 8558326 170 End of Creek traverse.

Page 25: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

25

25

Appendix 2A

SA

MP

LE

S

Te

nem

ent

UT

M

WG

S 8

4

WG

S 8

4

Sam

ple

S

am

ple

S

am

ple

d

Sam

ple

LIT

HO

LO

GY

S

TR

UC

TU

RE

Z

one

EA

ST

N

OR

TH

N

um

be

r T

ype

By

Date

EL 2

5242

52 L

728198

8554886

W

F 1

10659

Outc

rop, c

om

posite

JA

E

7/0

8/2

008

B

reccia

, cata

cla

stic

, with

Fe

irridescent m

atrix

EL 2

5242

52 L

728365

8556218

W

F 1

10660

Outc

rop, c

om

posite

JA

E

7/0

8/2

008

C

hert/S

iltsto

ne, s

ulp

hid

e s

tain

ed.

EL 2

5242

52 L

728154

8554700

W

F 1

10661

Rubble

JA

E

9/0

8/2

008

S

hale

,hem

atite

-seric

ite

EL 2

5242

52 L

728166

8554750

W

F 1

10662

Outc

rop,c

uttin

g

JA

E

9/0

8/2

008

C

hert,d

k g

rey,S

iltst.lt b

row

n,in

terb

eds

Strik

e 0

50 M

,Dip

85 E

EL 2

5242

52 L

728170

8554800

W

F 1

10663

Outc

rop,c

uttin

g

JA

E

9/0

8/2

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C

hert,la

min

ate

d,g

rey-g

reen.V

olc

? G

ero

wie

Tu

ff

EL 2

5242

52 L

728176

8554850

W

F 1

10664

Outc

rop,c

uttin

g

JA

E

9/0

8/2

008

S

iltst./S

hale

, seric

itic,F

e s

tain

ed,b

uff c

lrd.

Strik

e 0

87 M

, Dip

85 S

EL 2

5242

52 L

728184

8554900

W

F 1

10665

Outc

rop,c

uttin

g

JA

E

9/0

8/2

008

S

hale

/Silts

t.lam

inate

d,h

ighly

conto

rted

S

trike 0

40 M

,Dip

40 E

EL 2

5242

52 L

728190

8554950

W

F 1

10666

Rubble

,com

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JA

E

9/0

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Iro

n ric

h S

edim

ents

/Volc

anic

s. U

ndif.?

?

EL 2

5242

52 L

728196

8555000

W

F 1

10667

Rubble

, cuttin

g

JA

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9/0

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S

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ith q

tz v

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ing.B

uff c

olrd

S

trike 1

00 M

, Dip

30 S

EL 2

5242

52 L

728270

8555525

W

F 1

10668

Outc

rop,c

uttin

g

JA

E

9/0

8/2

008

S

iltst.fe

rrug.la

min

ate

d

Strik

e 0

58 M

,Dip

60 S

EL 2

5242

52 L

728280

8555575

W

F 1

10669

Outc

rop,c

uttin

g

JA

E

9/0

8/2

008

D

eeply

wth

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hoc b

row

n m

assiv

e,u

nla

m.B

asic

Volc

s.M

t Deane V

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Join

ts 1

60 M

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60 W

EL 2

5242

52 L

728280

8556525

W

F 1

10670

Outc

rop,c

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JA

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S

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ream

-yello

w.G

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Tu

ff?

Strik

e 0

40 M

,Dip

64 S

EL 2

5242

52 L

728354

8556150

W

F 1

10671

Suboutc

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JA

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Late

ritised S

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,deeply

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EL 2

5242

52 L

728362

8556200

W

F 1

10672

Outc

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In

terb

edded P

hyllite

,narrio

w Q

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.Very

fold

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Strik

e 0

20 M

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EL 2

5242

52 L

728361

8556250

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F 1

10673

Outc

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JA

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9/0

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.Gossanous w

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S

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10 M

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EL 2

5242

52 L

728361

8556300

W

F 1

10674

Outc

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9/0

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In

terb

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nd p

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chert?

S

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,Dip

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EL 2

5242

52 L

728384

8556350

W

F 1

10675

Outc

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In

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edded P

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,seric

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Qtz

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Strik

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EL 2

5242

52 L

728402

8556400

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F 1

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Outc

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9/0

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V

aria

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,seric

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EL 2

5242

52 L

728397

8556450

W

F 1

10677

Outc

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g

JA

E

9/0

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Q

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,dark

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Gap T

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ber?

EL 2

5242

52 L

728406

8556500

W

F 1

10678

Outc

rop,c

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g

JA

E

9/0

8/2

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Q

tzite

,dark

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?

Strik

e 0

30 M

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EL 2

5242

52 L

728350

8556220

W

F 1

10679

Outc

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ide

JA

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9/0

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Q

tzite

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EL 2

5242

52 L

728368

8556214

W

F 1

10680

Outc

rop,c

u.E

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JA

E

9/0

8/2

008

Q

tzite

.pyritic

,carb

onnaceous.S

am

e u

nit a

s 1

10679.

Page 26: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

26

26

Appendix 2B

RADIOMETRICS

Railway Traverse 11-08-08

Tenement UTM WGS 84 WGS 84 Scintillometer xx=Highs Comments

Zone EAST NORTH Reading LL=Lows

On Ground

10 sec

Average

counts/sec

EL 25242 52 L 727787 8553600 281

EL 25242 52 L 727795 8553618 232

EL 25242 52 L 727803 8553636 288

EL 25242 52 L 727812 8553658 283

EL 25242 52 L 727818 8553674 272

EL 25242 52 L 727822 8553690 275

EL 25242 52 L 727830 8553710 267

EL 25242 52 L 727836 855373 266

EL 25242 52 L 72784 8553750 270

EL 25242 52 L 727850 8553766 259

EL 25242 52 L 727859 8553784 255

EL 25242 52 L 727863 8553802 251

EL 25242 52 L 727871 8553818 260

EL 25242 52 L 727880 8553836 243

EL 25242 52 L 727886 8553854 272

EL 25242 52 L 727893 8553874 270

EL 25242 52 L 727900 8553892 270

EL 25242 52 L 727906 8553910 265

EL 25242 52 L 727912 8553926 262

EL 25242 52 L 727918 8553946 237

EL 25242 52 L 727924 8553964 245

EL 25242 52 L 727930 8553982 232

EL 25242 52 L 727936 8554004 264

EL 25242 52 L 727944 8554014 217

EL 25242 52 L 727950 8554036 230

EL 25242 52 L 727956 8554056 226

EL 25242 52 L 727963 8554072 236

EL 25242 52 L 727968 8554094 230

EL 25242 52 L 727977 8554110 232

EL 25242 52 L 727982 8554128 232

EL 25242 52 L 727986 8554146 236

EL 25242 52 L 727992 8554164 231

EL 25242 52 L 727998 8554182 238

EL 25242 52 L 728003 8554200 264

EL 25242 52 L 728009 8554218 250

EL 25242 52 L 728015 8554234 259

EL 25242 52 L 728026 8554252 241

EL 25242 52 L 728032 8554268 278

EL 25242 52 L 728038 8554286 305 xx

Page 27: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

27

27

EL 25242 52 L 728044 8554302 294

EL 25242 52 L 728050 8554320 309 xx

EL 25242 52 L 728056 8554338 242

EL 25242 52 L 728062 8554356 245

EL 25242 52 L 728068 8554372 277

EL 25242 52 L 728074 8554390 285

EL 25242 52 L 728080 8554410 243

EL 25242 52 L 728028 8554428 285

EL 25242 52 L 728094 8554446 273

EL 25242 52 L 728100 8554464 263

EL 25242 52 L 728106 8554480 232

EL 25242 52 L 728114 8554498 225

EL 25242 52 L 728120 8554514 235

EL 25242 52 L 728126 8554528 276

EL 25242 52 L 728130 8554548 274

EL 25242 52 L 728135 8554566 244

EL 25242 52 L 728139 8554584 243

EL 25242 52 L 728143 8554604 246

EL 25242 52 L 728146 8554624 256

EL 25242 52 L 728150 8554642 271 x

EL 25242 52 L 728156 8554660 285 x

EL 25242 52 L 728159 8554678 296 x

EL 25242 52 L 728166 8554698 303 xx

217

EL 25242 52 L 728170 8554714 308 xx Needs

EL 25242 52 L 728173 8554730 298 x field

EL 25242 52 L 728176 8554748 281 x checking

EL 25242 52 L 728178 8554766 319 xx

EL 25242 52 L 728180 8554784 261 x

EL 25242 52 L 728183 8554804 305 xx

EL 25242 52 L 728186 8554824 310 xx

EL 25242 52 L 728188 8554844 255 x

EL 25242 52 L 728191 8554864 181 LL

EL 25242 52 L 728195 8554884 176 LL

EL 25242 52 L 728198 8554904 226 x

EL 25242 52 L 728200 8554920 209 x

EL 25242 52 L 728202 8554936 255 x

EL 25242 52 L 728203 8554954 314 xx

EL 25242 52 L 728203 8554974 317 xx

EL 25242 52 L 728203 8554992 309 xx

EL 25242 52 L 728210 8555012 261

EL 25242 52 L 728211 8555028 236

EL 25242 52 L 728214 8555044 243

EL 25242 52 L 728219 8555064 260

EL 25242 52 L 728221 8555084 259

EL 25242 52 L 728224 8555104 272

EL 25242 52 L 728225 8555122 288

EL 25242 52 L 728229 8555138 244

EL 25242 52 L 728232 8555158 257

EL 25242 52 L 728235 8555178 271

Page 28: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

28

28

EL 25242 52 L 728238 8555196 237

EL 25242 52 L 728241 8555216 240

EL 25242 52 L 728243 8555236 234

EL 25242 52 L 728246 8555254 276

EL 25242 52 L 728247 8555272 281

EL 25242 52 L 728251 8555290 306 xx

EL 25242 52 L 728252 8555310 292

EL 25242 52 L 728255 8555330 294

EL 25242 52 L 728257 8555348 319 xx

EL 25242 52 L 728260 8555366 270

176

EL 25242 52 L 728265 8555386 240

EL 25242 52 L 728266 8555404 244

EL 25242 52 L 728269 8555422 239

EL 25242 52 L 728271 8555440 228

EL 25242 52 L 728273 8555458 220

EL 25242 52 L 728274 8555478 212

EL 25242 52 L 728277 8555498 211

EL 25242 52 L 728281 8555518 208

EL 25242 52 L 728281 8555538 186 LL

EL 25242 52 L 728282 8555556 145 LL

EL 25242 52 L 728284 8555574 123 LL

EL 25242 52 L 728289 855592 131 LL

EL 25242 52 L 728290 8555612 153 LL

EL 25242 52 L 728292 8555630 162 LL

EL 25242 52 L 728295 8555648 190 LL

EL 25242 52 L 728298 8555666 195 LL

EL 25242 52 L 728303 8555684 199 LL

EL 25242 52 L 728307 8555700 225

EL 25242 52 L 728312 8555716 239

EL 25242 52 L 728314 8555734 254

EL 25242 52 L 728315 8555752 265

EL 25242 52 L 728318 8555772 223

EL 25242 52 L 728320 8555792 240

EL 25242 52 L 728323 8555810 228

EL 25242 52 L 728326 8555830 228

EL 25242 52 L 728328 8555850 251

EL 25242 52 L 728331 8555868 223

EL 25242 52 L 728334 8555886 211

EL 25242 52 L 728337 8555906 217

EL 25242 52 L 728339 8555926 229

EL 25242 52 L 728340 8555944 247

EL 25242 52 L 728344 8555962 229

EL 25242 52 L 728347 8555980 235

EL 25242 52 L 728348 8556000 232

EL 25242 52 L 728351 8556020 231

EL 25242 52 L 728355 8556038 246

EL 25242 52 L 728356 8556058 247

EL 25242 52 L 728359 8556078 239

EL 25242 52 L 728361 8556098 237

Page 29: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

29

29

EL 25242 52 L 728358 8556118 252

EL 25242 52 L 728349 8556134 229

EL 25242 52 L 728353 8556154 232

EL 25242 52 L 728359 8556172 261

EL 25242 52 L 728362 8556190 268

EL 25242 52 L 728365 8556208 292

EL 25242 52 L 728369 8556228 313 xx

EL 25242 52 L 728370 8556246 323 xx

EL 25242 52 L 728371 8556266 303 xx

EL 25242 52 L 728376 8556286 308 xx

EL 25242 52 L 728378 8556304 252

EL 25242 52 L 728382 8556322 261

EL 25242 52 L 728382 8556340 276

EL 25242 52 L 728384 8556360 210

EL 25242 52 L 728387 8556380 231

EL 25242 52 L 728393 8556394 209

EL 25242 52 L 728402 8556406 222

EL 25242 52 L 728393 8556428 173 LL

123

EL 25242 52 L 728401 8556440 244

EL 25242 52 L 728395 8556456 196 LL

EL 25242 52 L 728398 8556472 214

EL 25242 52 L 728400 8556492 223

EL 25242 52 L 728404 8556500 247

EL 25242 52 L 728394 8556500 193 LL

EL 25242 52 L 728392 8556482 222

EL 25242 52 L 728391 8556462 250

EL 25242 52 L 728386 8556444 243

EL 25242 52 L 728384 8556424 184 LL

EL 25242 52 L 728375 8556410 123 LL

EL 25242 52 L 728374 8556396 210

EL 25242 52 L 728377 8556378 226

EL 25242 52 L 728375 8556360 236

EL 25242 52 L 728376 8556342 239

EL 25242 52 L 728379 8556324 259

EL 25242 52 L 728367 8556306 252

EL 25242 52 L 728366 8556292 335 xxx

EL 25242 52 L 728365 8556276 312 xx

EL 25242 52 L 728361 8556258 376 xxxx

EL 25242 52 L 728359 8556238 329 xx

EL 25242 52 L 728356 8556220 330 xx

EL 25242 52 L 728354 8556204 312 xx

EL 25242 52 L 728350 8556184 270

EL 25242 52 L 728347 8556168 299

EL 25242 52 L 728347 8556148 302 xx

249.5054348

EL 25242 52 L 728355 8556218 700 In cutting wall

46158.50543

Page 30: KORAB RESOURCES LIMITED COMBINED ANNUAL …...assays will be shown in next year’s Annual report.) 8.2 EL 25242 The following field work has been done on this tenement during this

30

30

Appendix 3

IDENT Job no Project code Au Au_R Au_R Co Cu Ni Pb U Zn

UNITS ppb ppb ppb ppm ppm ppm ppm ppm ppm

SCHEME FA25_MS FA25_MS FA25_MS G421M G421M G421M G421M G421M G421M

110659 EL11570 110659-110689 1 -- -- <1 30 <5 14 <5 10

110660 EL11570 110659-110689 <1 -- -- <1 <5 15 12 <5 30

110661 EL11570 110659-110689 2 -- -- 7 45 30 40 10 20

110662 EL11570 110659-110689 <1 -- -- 2 10 10 6 <5 20

110663 EL11570 110659-110689 2 -- -- 34 145 80 10 10 230

110664 EL11570 110659-110689 6 -- -- 2 40 10 28 10 10

110665 EL11570 110659-110689 10 12 -- 2 55 20 38 5 20

110666 EL11570 110659-110689 32 33 -- 12 255 50 130 10 20

110667 EL11570 110659-110689 4 -- -- 16 190 95 32 5 120

110668 EL11570 110659-110689 3 -- -- 60 60 610 42 10 1070

110669 EL11570 110659-110689 <1 -- -- 100 120 385 20 <5 450

110670 EL11570 110659-110689 2 -- -- 18 20 115 26 <5 350

110671 EL11570 110659-110689 <1 -- -- 3 10 25 24 <5 60

110672 EL11570 110659-110689 <1 -- -- 3 20 25 16 <5 60

110673 EL11570 110659-110689 4 -- -- 1 <5 15 22 <5 30

110674 EL11570 110659-110689 <1 -- -- 2 15 25 14 <5 30

110675 EL11570 110659-110689 3 -- -- 2 10 15 4 <5 10

110676 EL11570 110659-110689 2 -- -- <1 25 10 16 <5 10

110677 EL11570 110659-110689 <1 -- -- 1 <5 5 4 <5 10

110678 EL11570 110659-110689 <1 -- -- <1 10 5 6 <5 <10

110679 EL11570 110659-110689 3 -- -- <1 5 10 52 20 120

110680 EL11570 110659-110689 3 -- -- <1 <5 5 56 20 60

110681 EL11570 110659-110689 <1 -- -- 2 <5 10 4 <5 <10

110682 EL11570 110659-110689 13 43 19 281 125 1730 20 <5 990

110683 EL11570 110659-110689 23 21 -- 100 195 925 8 <5 660

110684 EL11570 110659-110689 <1 -- -- 4 35 25 10 <5 20

110685 EL11570 110659-110689 <1 -- -- 1 <5 15 2 <5 <10

110686 EL11570 110659-110689 <1 -- -- 2 15 10 4 <5 <10

110687 EL11570 110659-110689 <1 -- -- <1 35 15 2 <5 <10

110688 EL11570 110659-110689 <1 -- -- 47 105 395 4 <5 130

110689 EL11570 110659-110689 <1 -- -- 55 125 390 10 <5 80