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Announcements - 2007 |
| Article - Resource Stocks - November 2006 |
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Announcements - 2007 |
| Article - Resource Stocks - November 2006 |
Exploration Managers Presentation - AGM 2007
Please find enclosed the Exploration Managers Presentation at the Annual General Meeting.
For and on behalf of the directors of
Goldsearch Limited
J M E Percival
Director of Operations
Presentation (PDF File - 5.2MB)
Appendix 3B - Allotment of shares to underwriters
We refer to the announcement on 1 November 2007 wherein it was advised that 2,161,031 options had not been exercised prior to the time of their expiry time at 5pm on 31 October 2007 and that the entitlement under those options would be subscribed to by the underwriters.
The directors advise that they have since received applications from the underwriters and have today allotted 2,161,031 shares pursuant to those applications.
An Appendix 3B application for quotation of the new shares is enclosed.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B (PDF File - 1.6MB)
Outcome of annual general meeting
At the annual general meeting of members of Goldsearch Limited held at 11am today, the resolutions to adopt the remuneration report and to re-elect Mr J Landerer and Mr T V Willsteed as directors were each passed unanimously on a show of hands.
The resolution to increase the maximum annual aggregate for directors’ fees was also passed on a show of hands.
Particulars of proxies lodged for the meeting, as required by section 251AA(2) of the Corporations Act 2001 are attached.
For and on behalf of the directors of
Goldsearch Limited
J M E Percival
Director Operations
MOUNT WELLINGTON GOLD PROJECT EXPANDS
Enclosed for release to the market is confirmation of Goldsearch's acquisition of a new tenement within a highly prospective minerals region.
Yours faithfully
J M E Percival
Director Operations
For further information please contact:
John Percival
Director Operations, Goldsearch limited
Phone: (02) 9241 5999
MOUNT WELLINGTON GOLD PROJECT EXPANDS
Goldsearch acquires new tenement within highly prospective minerals region Goldsearch Limited (ASX: GSE) is pleased to announce that it has reached an agreement with Dr Ian Marlow to acquire a 100% interest of ELA5046 in Victoria, which will take the company's tenement holdings to 396km2 in the area.
ELA5046 covers a total area of 224km2 and is located immediately south of Goldsearch's 100% owned Mount Wellington Gold Project (EL4843 and ELA4835).
Mount Wellington is located 20 kilometres south-east of the town of Jamieson and 10km east of the Morning Star gold mine in the Woods Point / Walhalla region of eastern Victoria. Historical gold production from this region totals in excess of 5 million ounces of gold.
At Mount Wellington Goldsearch is exploring for gold and base metals in a belt of Cambrian calc-alkaline "greenstone" volcanic rocks. Limited previous exploration at Mount Wellington during the period 1980 to 1995 has identified a number of areas of gold and base metal mineralisation and extensive hydrothermal alteration. Key targets for future exploration have already been identified at the Hill 800, Rhyolite Hill and Long Ridge prospects (see Figure One).
Under the terms of the agreement, Goldsearch will acquire a 100% interest in ELA5046 by paying $35,000 in cash on signing. Upon the registration of the assignment of the tenement, Goldsearch will issue 500,000 ordinary shares in Goldsearch to Marlow and 400,000 options exercisable at any time before 30 June 2009 upon the payment of 7.5 cents for one new ordinary share in Goldsearch.
ELA5046 covers the Mikes Bluff prospect, which contains a large shear zone, up to 200m wide and approximately 6km long, and a major zone of siderite-pyrophyllite-dicktite alteration which has had limited RC drilling. This drilling intercepted elevated gold (up to 0.54g/t gold) and base metals (up to 0.34% copper, 1.13% zinc) over 1m sample intervals. Exploration geophysics has identified a significant coincident IP and CSAMT geophysical target at this prospect, which is yet to be effectively drill-tested.
Goldsearch plans to begin exploration of geophysical targets at Mount Wellington in the next Quarter.
Goldsearch Limited
Figure One: Mount Wellington Project
Appendix 3Y notice - A G Harris
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr A G Harris arising from shares issued under 31 October 2007 Option Exercise.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 88K)
Appendix 3Y notice - J Landerer
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr J Landerer arising from shares issued under 31 October 2007 Option Exercise.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 24K)
Appendix 3Y notice - J M E Percival
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr J M E Percival arising from shares issued under 31 October 2007 Option Exercise.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 28K)
Appendix 3Y notice - R B Leece
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr R B Leece arising from shares issued under 31 October 2007 Option Exercise.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 36K)
Appendix 3Y notice - T V Willsteed
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr T V Willsteed arising from shares issued under 31 October 2007 Option Exercise.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 52K)
Quoted options expiring 31 October 2007
The directors of Goldsearch Limited are pleased to advise that the exercise of the 31 October 2007 option issue has been very successful with only 2,111,031 (2.4%) of the Company's quoted options not exercised prior to the expiry time of 5pm Sydney time on 31 October 2007. As advised on 30 August 2007, the exercise of these options was underwritten and accordingly the entitlement under the options not exercised will be subscribed by the underwriters.
A further announcement and Appendix 3B will be lodged when the applications and allotments have been finalised with the underwriters.
For and on behalf of the directors of
Goldsearch Limited
John M E Percival
Director Operations
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having today issued 19,389,149 ordinary fully paid shares in the Company pursuant to the exercise of 19,389,149 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
EAST MUSGRAVE JOINT VENTURE TENEMENTS GRANTED
A$630,000 exploration program approved
Goldsearch Limited (ASX: GSE) is pleased to announce the granting of two exploration licences within its East Musgrave Joint Venture.
East Musgrave covers more than 17,000 km2 of highly prospective tenements within the South Australian portion of the Musgrave Block. The Joint Venture consists of Independence Group holding a 51% interest, and Goldsearch with 49%. BHP Billiton can earn a 65% interest through funding exploration expenditure of A$25 million or delivering a bankable feasibility study within ten years. The Joint Venture is targeting sulphide nickel deposits in Giles Complex mafic-ultramafic rocks similar to the Nebo Babel magmatic system discovered by BHP Billiton (then WMC Resources) in 2000.
Goldsearch director Mr John Percival commented, "We are pleased to have our first Musgrave tenements now granted, as we can begin exploration activities in earnest. The region is among Australia's most under-explored, despite evidence for the presence of nickel, copper and other base metals throughout the block."
The Primary Industry and Resources, South Australia (PIRSA) granted the first two exploration licences (from a total of 13 tenement applications), being EL3954 and EL3955 respectively.
EL3955 covers the high priority Wanka Wanka target, where previous drilling of three diamond core holes by Kennecott in the 1970’s intercepted minor magmatic sulphide mineralisation in the 10km long, differentiated mafic-ultramafic Wanka Wanka dyke. Currently a petrological and whole rock geochemical study is being conducted on samples from portions of this core recently recovered from the PIRSA core library.
Re-logging of core from hole WW3 identified magmatic sulphides over three metres on the margin of the Wanka Wanka dyke. Re-assaying of this mineralisation returned elevated metal values up to 2.16m @ 0.25 g/t combined platinum, palladium and gold with elevated copper (322ppm) and nickel (1345ppm) from 173.5m. The presence of magmatic sulphides and these elevated assay results suggest the largely unexplored Wanka Wanka dyke represents a potentially fertile magmatic system. The dyke is therefore interpreted as having potential for concentrations of high grade nickel and platinum group element (PGE) bearing sulphides.
In anticipation of the granting of the tenements, the Joint Venture partners have agreed to initial exploration programs and exploration budgets. Currently BHP Billiton has approved, subject to relevant work program approvals, an initial budget of AUD$630,000. Work programs will comprise reconnaissance exploration, first pass regional geochemistry and gravity surveys along with detailed geochemistry and EM geophysical surveys over priority targets. These programs will be conducted by Independence Group as the managing partner.
Heath Hellewell
Exploration Manager
Goldsearch Limited
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having today issued 4,043,958 ordinary fully paid shares in the Company pursuant to the exercise of 4,043,958 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Re: Annual report and notice of annual general meeting
Enclosed for release to the market is the 2007 annual report of Goldsearch Limited together with notice of annual general meeting, proxy form and annual report election notice which is being mailed to shareholders.
We advise that the 2007 annual general meeting of the members of the Company will be held in the Sir James Fairfax Room at the Radisson Plaza Hotel, 27 O’Connell Street, Sydney on Thursday 22 November 2007 at 11am
For and on behalf of the directors of Goldsearch Limited
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Dear shareholder
Enclosed with this letter are the following important documents for your attention:
I look forward to meeting with you at the annual general meeting on 22 November 2007.
Yours sincerely
John Landerer CBE AM
Chairman
All Documents (PDF File - 2.9MB)
Annual Report (PDF File - 2.3MB)
Notice of AGM (PDF File - 508K)
Proxy Form (PDF File - 392K)
Annual Report Election Notice (PDF File - 268K)
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having today issued 4,563,468 ordinary fully paid shares in the Company pursuant to the exercise of 4,563,468 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 25,000 ordinary fully paid shares in the Company pursuant to the exercise of 25,000 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Re: Notice to holders of quoted options expiring 31 October 2007
Enclosed for release to the market is a copy of the Option Expiry Notice and covering letter which will be mailed today to the holders of the Company’s quoted options (ASX code GSEO) which expire on 31 October 2007.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Re: Amended annual financial report
We advise that the annual financial report document for Goldsearch Limited which was lodged late yesterday was inadvertently assembled using an earlier version of the financial statements and notes and accordingly did not reflect the final audited figures.
Accordingly we now enclose an amended document to replace the document lodged yesterday and apologise for any inconvenience caused.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 13,847,276 ordinary fully paid shares in the Company pursuant to the exercise of 13,847,276 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Re: Underwriting of exercise of quoted options expiring 31 October 2007
The directors of Goldsearch Limited are pleased to advise that they have arranged the underwriting of the exercise of all of the Company's quoted 5 cent options which expire on 31 October 2007.
The underwriting has been arranged with a panel of six professional investors from Australia and New Zealand, most of whom are existing optionholders who agreed, as part of the underwriting arrangements, to the early exercise of some or all of their options.
The agreed fee for the underwriting is $87,071 being 2% of the $4,353,563 application monies to be raised from the exercise of the 87,071,274 outstanding options at the time the underwriting was offered.
Since the underwriting was offered a total of 9,355,450 options have been exercised, mostly by participants in the underwriting panel.
The exercise of the remaining 77,715,824 options will raise $3,885,791 additional working capital. This will provide assured funding for the Company's planned exploration programs on the Mary Kathleen uranium ,copper, gold prospects in Queensland; the Mount Wellington gold, copper prospect and the Sandy Creek gold prospect in Victoria; and continuing work on the Musgrave Block nickel and base metal joint venture prospects in South Australia which are managed by Independence Group NL.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Re: St Arnaud EL 4669 joint venture - Rex Minerals [Victoria) Ltd
The directors of Goldsearch Limited are pleased to announce that they have accepted an offer from Rex Minerals (Victoria) Limited ('REX') a wholly owned subsidiary of Rex Minerals Limited ('RML') to acquire the Company’s remaining interest in the St Arnaud tenement EL 4669, Victoria.
The consideration is the issue to Goldsearch Limited of 500,000 fully paid RML shares together with 500,000 options, each having the right to purchase a share in RML on or before 30 June 2011, by the payment of 30 cents per option.
The purchase is conditional on the following, that within six months of the agreement approval of the Minister to the transfer of EL 4669 is obtained and RML is admitted to the official list of ASX Limited, also that Goldsearch will provide all relevant information to REX within 30 days following the signing of the agreement.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 28,850 ordinary fully paid shares in the Company pursuant to the exercise of 28,850 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 750,000 ordinary fully paid shares in the Company pursuant to the exercise of 750,000 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 2,768,100 ordinary fully paid shares in the Company pursuant to the exercise of 2,768,100 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Form 603 - Notice of initial substantial shareholder
Attached for release to the market is a Form 603 - Notice of initial substantial shareholder which has been received by the Company.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
The directors of Goldsearch advise that Exploration Deeds have now been executed with the Anangu Pitjantjatjara Yankunytjatjara ("APY") for exploration licence applications ELA198/96 and ELA343/96 and they expect the tenements to be granted shortly. Once the tenements are granted, exploration activities can commence in a timely manner as much of the initial work program clearance requirement was completed during the negotiation process.
These applications are two high-priority tenements in the East Musgrave Joint Venture between Goldsearch Limited, BHP Billiton Limited and Independence Group NL. Under the three way Joint Venture Agreement, which is subject to final approval by APY, BHP Billiton may earn a 65% interest in thirteen tenement applications covering approximately 16,000 square kilometres from Goldsearch and Independence by funding exploration expenditure up to a value of $25 million or by delivering a bankable feasibility study within 10 years. Goldsearch and Independence Group have certain "claw back" rights to mineral deposits which contain less than 80,000 tons of nickel metal.
The tenements are located in the Musgrave region of South Australia within the APY freehold aboriginal lands. As previously advised, the region is considered highly prospective for a number of ore body styles with the priority exploration target being nickel, copper and platinum group element mineralisation similar to that discovered by BHP Billiton (then WMC Resources Limited) at the Nebo-Babel Project across the border in the Western Australian portion of the Musgrave Block.
Limited exploration by previous explorers in the 1970's defined minor nickel and copper sulphide mineralisation in three holes drilled at the Wanka Wanka Hill prospect on ELA343/96. Aside from this work the tenement areas are essentially un-explored using modern mineral exploration techniques.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 5,800,000 ordinary fully paid shares in the Company pursuant to the exercise of 5,800,000 existing quoted options expiring 31 October 2007.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted and unquoted options
The directors of Goldsearch Limited advise having issued 806,250 ordinary fully paid shares in the Company pursuant to the exercise of 6,250 quoted options and 800,000 unquoted options.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 1,000 ordinary fully paid shares in the Company pursuant to the exercise of 1,000 existing quoted options.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Goldsearch Limited - Sandy Creek drilling commences
Sandy Creek (Victoria)
Sandy Creek is located 15 kilometres south of Tallangatta in north-east Victoria. An initial diamond drilling program consisting of 4 holes to between 100 and 150 metres is now under way. The program is planned to test the depth potential of high-grade gold mineralisation previously mined from the Odell’s Mine at Sandy Creek.
Recent, selective small scale mining of Odell's by previous tenement owners is reported to have produced 400 tonnes of ore grading 300 grams per tonne gold. The mineralisation occurs in sheared and hydrothermally altered pegmatites. The pegmatites are intruded into Early Ordovician age metasediments of the Omeo Metamorphics. In the Sandy Creek area the metasediments are interpreted to represent a preserved roof pendant of older rocks within the younger regionally significant Silurian age granitic rocks of the Yabba adamellite.
In addition to the historical mine at Odell’s, the Sandy Creek field consists of approximately 20 other areas of historical mine workings. Historical production from a number of small mines in the Sandy Creek area in the late 1800's and early 1900’s is estimated to be 72,000 tonnes @ 50 grams per tonne gold.
Goldsearch believes that the tenement is prospective for the discovery of further small tonnage, very highgrade gold deposits.
Heath Hellewell
Exploration Manager
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 1,250 ordinary fully paid shares in the Company pursuant to the exercise of 1,250 existing quoted options.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice - J ME Percival
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr J M E Percival arising from on-market purchases by an associated entity.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 80K)
Goldsearch Limited - Exploration Update
Goldsearch is pleased to announce recent developments with respect to its exploration activities in Queensland and Victoria.
Mary Kathleen Project (Queensland)
Elaine Dorothy historical drilling and uranium results
Recently Goldsearch Limited was able to locate a number of key historical reports which detail previous drilling programs and results at the Elaine Dorothy prospect by previous explorers. The programs which consisted of both percussion and diamond drilling were completed in two phases. The first phase was undertaken by Mineral Ventures NL in 1955. The second phase was undertaken in 1978-1979 by Mary Kathleen Uranium Ltd, the operators of the former Mary Kathleen Uranium Mine.
The Elaine Dorothy prospect is located approximately 6 kilometres south of the Mary Kathleen Uranium Mine which has produced a total of 8,882 tonnes of uranium between 1958 and 1963 and a second phase between 1975 and 1982(see attached regional targets plan).
Goldsearch has been able to compile all of this data and confirm the position of a number of the holes by field inspection in order to accurately position all holes relative to the four holes (MKRC01-04) drilled by Goldsearch in December 2006.
The previous results are considered encouraging as they define a continuous zone of U3O8 mineralisation over a strike length of approximately 500 metres. Better results include 2.3 metres @ 0.262% U3O8 from 26 metres in hole ED2, 9.5 metres @ 0.036% U3O8 from 13.5 metres in hole ED4 and 2 metres @ 0.134% U3O8 from 100 metres in hole ED11.
This zone is open to the north-west (see attached plan) and down dip/plunge (see attached section) and Goldsearch believes further drilling is required to fully evaluate the potential of this zone as only a limited amount of drilling appears to have been completed to date, particularly towards the north-western end of the system. Goldsearch currently expects to complete two drilling programs within the Mary Kathleen project area over the coming months as well as ongoing exploration at a number of regional exploration targets.
Elaine Dorothy - Drill hole location data
Elaine Dorothy - Drilling results
* Note U3O8 values are in some cases calculated values based on an element to oxide conversion factor of 1.179.
Sandy Creek (Victoria)
Drilling about to commence
A reverse circulation and diamond drilling program consisting of 4 holes to between 100 to 150 metres is planned to test the depth potential of high grade gold mineralisation previously mined from the Odell’s Mine at Sandy Creek. The program was recently scheduled to commence in mid-March however, due to a number of unforeseen delays, is now expected to commence within the next week. For further details refer to the Company’s ASX announcement dated 15 March 2007.
Mount Wellington (Victoria)
Exploration about to commence
Approval to re-establish cleared vehicle access to the Rhyolite Hill Target area has been received and Goldsearch will commence clearing existing access tracks so that geophysical and geological mapping programs can commence with the aim of defining drill targets. For further details refer to the Company’s ASX announcement dated 15 March 2007.
Heath Hellewell
Exploration Manager
Goldsearch Limited
11 April 2007
Statement This update report was prepared by the Company’s Exploration Manager Mr Heath Hellewell who has 15 years of relevant experience and qualifies as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Re: East Musgrave joint venture - Independence Group NL
Further to the announcement on 16 February 2007, the directors of Goldsearch advise that they have received notification from Independence Group NL that, on 16 March 2007, a total of 200,000 fully paid ordinary (IGO) shares were allotted to Goldsearch Limited as the agreed consideration to complete the initial earning phase in the tenements in the East Musgrave Project.
The equity interest in the East Musgrave Project tenements is now Independence Group 51% and Goldsearch 49%.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice - J ME Percival
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr J M E Percival arising from on-market purchases by an associated entity.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 48K)
Appendix 3Y notice - J ME Percival
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr J M E Percival arising from on-market purchases by an associated entity.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 48K)
Appendix 3Y notice - J Landerer
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr J Landerer CBE AM arising from on-market purchases by an associated entity.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 52K)
Update on forthcoming exploration activities
Following is an update on the scheduled exploration activities over key Goldsearch Limited project areas during the coming months.
Queensland - Mary Kathleen (uranium, rare earth elements, copper, gold)
Restricted access due to extremely wet weather in February associated with tropical cyclone Nelson has delayed exploration programs at the Mary Kathleen project. It is anticipated that field programs will now recommence in late March with a view to further defining drill targets.
Subject to relevant approvals, drilling programs are now currently scheduled to commence in May. A second program is also currently being scheduled for July. The forthcoming programs will include surface geophysical and scintillometer sampling and will focus on both the Elaine Dorothy and MacGregor target areas, as well as a number of new regional targets.
At Elaine Dorothy, work will follow up previously announced encouraging drill results of up to 0.047% uranium oxide (U3O8) and 1.07% rare earth oxides and will also extend to the Elaine 2 and Elaine 3 targets. At the Elaine 2 and Elaine 3 targets, minor occurrences of outcropping uranium mineralisation have previously been recognised with no previous drilling being undertaken. These targets are located approximately 500 metres and 1 kilometre from Elaine Dorothy and 7 kilometres from the Mary Kathleen Uranium mine (Figure Two).
At MacGregor, programs will follow up wide zones of elevated uranium mineralisation intercepted in previous drilling and an area of outcropping copper mineralisation not previously drill tested.
Figure Two - Elaine Dorothy target area - Regional Geology.
Queensland - Duck Creek (copper, gold)
In February 2007, Goldsearch Limited entered into a joint venture agreement with North Queensland Mines Pty Ltd (NQMPL) over the Duck Creek Project. NQMPL is in the process of an IPO and application for ASX listing. Under the terms of the agreement, NQMPL can earn a 70% interest in EPM13336 and a 75% interest in application for EPM15718, leaving Goldsearch with a residual interest of 25% in both tenements. The remaining 5% interest in EPM13336 is held by a private syndicate.
The principal terms of the joint venture are as follows;
Victoria - Sandy Creek (gold)
A reverse circulation and diamond drilling program, consisting of 4 holes to between 100 to 150 metres, is planned to test the depth potential of high grade gold mineralisation previously mined from the Odell’s Mine at Sandy Creek. The program is scheduled to commence in late March. The program was originally planned for the previous quarter but work was delayed over the summer months due to the extreme bush fire conditions in Victoria.
Recent selective small-scale mining of Odell’s by previous tenement owners is reported to have produced 400 tonnes of ore grading 300 grams per tonne gold. The mineralisation occurs in sheared and hydrothermally altered pegmatites. The pegmatites are intruded into Early Ordovician age metasediments of the Omeo Metamorphics. In the Sandy Creek area the metasediments are interpreted to represent a preserved roof pendant of older rocks within the younger regionally significant Silurian age granitic rocks of the Yabba adamellite.
Victoria - Mount Wellington (gold, silver, copper, lead, zinc)
Final work program approvals are being acquired for initial exploration programs at the Mount Wellington project. Once all the relevant approvals are in place, it is anticipated that an induced polarisation geophysical survey will commence over two target areas at Rhyolite Hill. The targets are based on mapped hydrothermal alteration systems, geochemical anomalies and encouraging drilling results from previous explorers, including best intercepts of 13.5 metres at 1.01 grams per tonne gold (from 5.1 metres) and 32.5 metres at 45 grams per tonne silver (from 69.5 metres). Peak assay values from previous drilling within the target area is 8.38 grams per tonne gold, 0.56% copper, 0.31% lead, 1.6% zinc and 147 grams per tonne silver.
Follow up drilling to test geophysical targets is currently scheduled to be completed in April.
South Australia - East Musgrave Joint Venture (nickel)
The joint venture partners currently have approval from the Anangu Pinjatjantjara Yankunytjatjara, Executive Council to negotiate with the relevant traditional owners in relation to four priority exploration licence applications. These negotiations are ongoing.
A preliminary planning meeting, attended by representatives of Independence Group NL, BHP Billiton Limited and Goldsearch Limited was recently held. The aim of this meeting was to discuss proposed nickel sulphide exploration targets, programs and strategies for the joint venture.
Heath Hellewell
Exploration Manager
Goldsearch Limited
15 March 2007
Re: East Musgrave Project - completion of joint venture agreement
The directors of Goldsearch Limited are pleased to announce that the agreement for a proposed joint venture over the East Musgrave Project (the Project) between the Company, BHP Billiton Minerals Pty Limited (BHP Billiton) and Independence Group NL (IGO) which was announced on 1 December 2006 has now been finalised and signed by all parties.
IGO is currently earning a 51% interest in the Project and will complete the earning of that initial interest by issuing 200,000 fully paid ordinary IGO shares to Goldsearch.
Under the terms of the new joint venture agreement, BHP Billiton can earn a 65% interest in the Project by spending A$25 million or by delivering a bankable feasibility study within 10 years.
Upon BHP Billiton earning its interest, equity in the Project will be BHP Billiton 65%, IGO 17.85% and Goldsearch 17.15%
For further details of the agreement please refer to the Company’s 1 December 2006 announcement which can be viewed on the Company’s web site www.goldsearch.com.au
A meeting of the Anangu Pitjantjatjara, the local traditional owners, and Goldsearch Limited - Independence Group NL, to discuss access agreements to the Pitjantjatjara Lands (Musgrave Block), took place in Central Australia on 4 December 2006 and a further meeting on the matter has been scheduled for 20 February 2007.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
For further information please contact:
John Percival - Director Operations, Goldsearch Limited - Phone: (02) 9241 5999
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 5,000 ordinary fully paid shares in the Company pursuant to the exercise of 5,000 existing quoted options.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Mary Kathleen Project first-pass drilling results
The Mary Kathleen Project is a joint venture between Goldsearch Limited and Central West Gold NL. Goldsearch is currently earning a 75% interest in the project.
Encouraging assay results have been received for first-pass, reverse circulation drilling of two target areas completed at the Mary Kathleen Project in late December 2006. A total of five close spaced holes were drilled at the Elaine Dorothy target located 6 kilometres south and along strike from the former Mary Kathleen Uranium Mine. Two holes were drilled at the MacGregor target located 20 kilometres south-west from the Mary Kathleen Uranium Mine.
Mary Kathleen Project drill hole location data
Based on preliminary on-site scintillometer readings of drill samples, those which returned an eU (estimated uranium content) of greater than 0.005% (50ppm) were sent to ALS laboratories in Brisbane for analysis. Samples were assayed for a multi element suite of 27 elements by the ICP-AES method, uranium was also determined by the XRF method. This was a broad, first-pass assaying exercise to determine elemental relationships and mineralisation styles and it is anticipated that, based on the results, further assaying of the samples is required for elements not included in the standard multi-element suite including gold (Au), thorium (Th) and a number of specific rare earth elements (REE).
Elaine Dorothy
At Elaine Dorothy, the close-spaced drilling was designed to test surface indications of Mary Kathleen-style uranium mineralisation at a depth of between 50 and 100 metres below surface. The drilling intercepted two individual zones of uranium and rare earth element (cerium (Ce) and lanthanum (La)) mineralisation. The mineralisation is hosted by the Corella Formation, an altered meta-carbonate sequence with minor metamorphosed mafic volcanic rocks.
The mineralisation style and host sequence is consistent with the nearby Mary Kathleen Uranium Mine and, as at Mary Kathleen, the higher grade mineralisation appears to be associated with the presence of the mafic volcanic rocks within the sequence. Of the five holes drilled at Elaine Dorothy only one hole, MKRC04 appears to have intercepted the mafic volcanic rocks down hole. This hole was the eastern-most hole drilled at the prospect and further surface mapping and sampling is expected to commence in the next few weeks to better understand the distribution of the mafic volcanics in the target area. Additional drilling will be undertaken to further evaluate the target once surface exploration is completed and relevant approvals can be put in place. Additional assaying is also required to better determine total rare earth element concentrations.
Elaine Dorothy Target drilling results
* U3O8, Ce2O3 and La2O3 values are calculated values based on element to oxide conversion factors of 1.179 for uranium, 1.171 for cerium and 1.173 for lanthanum.
Based on the positive results from the first-pass drilling at Elaine Dorothy, surface sampling will also commence at the Elaine 2 and Elaine 3 uranium prospects with the aim of defining drilling targets. These prospects are located 500 metres and 1 kilometre along strike from the Elaine Dorothy prospect. At these prospects, limited work by previous explorers has also recognised minor occurrences of uranium mineralisation at surface.
MacGregor
At the MacGregor target two wide-spaced holes were drilled to test a broad 1800 metre long by 300 metre wide, coherent scintillometer anomaly associated with a thick carbonaceous shale unit of the White Blow Formation. This carbonaceous shale is exposed along the eastern limb of a small synclinal fold structure. The location of the two first-pass holes was limited to the central and northern part of the anomaly due to rugged topography at the southern, fold closure end of the structure.
Both drill holes intercepted carbonaceous shale to final depth at 100 metres, based on scintillometer sampling, both holes intercepted elevated eU values over essentially the entire depth of drilling. Subsequent limited assaying of highest eU readings returned peak assays over one metre from MacGregor of 52ppm uranium (U), 24ppm molybdenum (Mo) and 462ppm vanadium (V).
MacGregor Target drilling results
*eU is the estimated uranium values based on scintillometer sampling, the eU3O8 value is a calculated value based on element to oxide conversion factor of 1.179 for uranium. Limited assay determined uranium values are consistent with eU values.
The very wide zones of low grade uranium mineralisation intercepted by the first-pass drilling at MacGregor is encouraging and suggests the area may represent a potential stratabound hydrothermal alteration system. An apparent zoning towards higher uranium values at the southern end of the target has also been recognised along with minor occurrences of copper mineralisation identified during surface sampling at the southern end of the target which is yet to be drill tested.
This type of system could potentially be correlated to the U,REE system at the Mary Kathleen Mine or the recent Cu, Au, Mo, U, REE system discovered by Kings Minerals at Kalman 16 kilometres south of MacGregor. Such systems also have a potential genetic relationship to the Fe-oxide Cu, Au, U systems in the Mount Isa province, including Ernest Henry and Osborne among others.
Goldsearch is currently working towards establishing vehicle access to the southern end of the MacGregor target in order to allow further evaluation and drilling.
Regional targets
Based on the encouraging results from Elaine Dorothy and MacGregor first-pass exploration will commence at a number of other regional targets over the coming months.
Heath Hellewell
Exploration Manager
STATEMENT
This report has been compiled by Mr Heath Hellewell, who is the Company’s Exploration Manager. Heath Hellewell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Heath Hellewell consents to release of the report in the form and context in which it appears.
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 100,000 ordinary fully paid shares in the Company pursuant to the exercise of 100,000 existing quoted options.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3B - exercise of quoted options
The directors of Goldsearch Limited advise having issued 4,428,400 ordinary fully paid shares in the Company pursuant to the exercise of 4,428,400 existing quoted options.
An appendix 3B application for quotation of the new shares is attached.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice - J M E Percival
Enclosed for release to the market is an appendix 3Y notice advising of changes in the relevant interest in Company securities held by director Mr J M E Percival arising from on-market transactions by associated entities.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notice (PDF File - 80K)
Appendix 3Y notices
Enclosed are appendix 3Y notices incorporating the issue of options to directors under the Company’s Employee and Directors Share Option Plan. Issue of the options was approved by shareholders at the annual general meeting held on 30 November 2006 and was announced to ASX on 7 December 2006.
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
Appendix 3Y notices (PDF File - 96K)
Comment on recent trading in Company securities
The directors of Goldsearch Limited have noted the significant increase in the market price and turnover of the Company's securities both before and after the response to the ASX price query which was released on 29 December 2006.
The directors wish to caution investors and shareholders and re-affirm the statements in the 29 December 2006 announcement and make the following further comments:
For and on behalf of the directors of
Goldsearch Limited
P S Hewson
Secretary
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