CARPENTARIA EXPLORATION LIMITED - ASX: CAP

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Description

Carpentaria Exploration Limited's aim is to discover through exploration or acquisition a profitable mine to develop a cash flow to further grow the company. The company will do this by exploring economically, focusing on leveraging success through rapid turnover of quality projects in areas that are known to be mineralized in Eastern Australia and to acquire projects through using innovative concepts, continuous research, maintaining a good network, and monitoring of Government records.

Combaning, NSW, Gold/Nickel, 100% CAP

Regional SettingThis large tenement application is located 120 kilometres northwest of the Australian Capital City of Canberra. Combaning covers parts of the Temora and Springdale Goldfields in the Lachlan Fold Belt which have been significant past gold producers. The Gidginbung gold mine, which produced 677,000 ounces of gold from 1986 to 1996 (NSW Geol.Metmin database 2000), is approximately 12 kilometres northwest of Combaning. The Combaning tenement application covers Lachlan Fold sediments, volcanics, granitoids and ultramafic intrusions prospective for both gold and nickel.

Drill testing of the Merri Hill nickel and gold targets in 2008 returned lower order gold results and interesting nickel results in the oxide layer. At Merri Hill, a near surface zone of secondary nickel mineralization identified by prior air core drilling (eg.8m at 1.45% nickel from 20m in SMRA64) was drilled tested last quarter with 3 RC holes totalling 168 metres to obtain samples for metallurgical test work. Samples have been submitted for detailed petrography (microscope analysis) and metallurgical assessment. Results are pending.

Gold drill targets in the highly prospective western part of the tenement have been identified. In this area, the Macquarie Arc Volcanics host a number of prospects and old workings including Mother Shipton where historically, approximately 30,000oz of gold has been mined from hard rock and alluvial sources. A review of previous work has revealed that surface geochemistry and RAB drilling has identified epithermal style gold prospects within two north west striking andesitic sequences. At Mother Shipton, RAB drilling by previous explorers included best intersections of 2m at 6.80g/t Au from 38m and 2m at 3.95g/t Au from 4m. Mother Shipton has been reported to have produced 30,000 oz of gold in the past. Elsewhere in the tenement other prospects, east of the Macquarie Arc Volcanics are shown above and are generally quartz vein (orogenic) hosted gold systems which includes the historic Springdale Gold Fields which have had limited modern exploration.

Laings Lode, NSW, 100% CAP

Rock Chip Sampling at Laing’s Lode Successfully Identifies Targets due to results from a program of 262 rock chips taken from the 100% owned Laing’s Lode EL 6857 located approximately 30 km north of Broken Hill have returned high lead, zinc and silver results. The aim of the survey was to confirm the anomalous zinc and lead results reported by CRAE over the LL Prospect (formerly referred to as the Laing’s Lode Prospect) and also identify other targets in the tenement. See location figure 1 below.

Exploration work included reconnaissance sampling of quartz-gahnite and related rock type exposures over the Laing’s Lode EL. Highly anomalous geochemistry results including previously unknown elevated silver and lead concentrations were returned from this program. Examples include sample 2731: 14.1 g/t Ag; 2.89% Pb and 1.94% Zn, and sample 2732: 19 g/t Ag; 2.58% Pb and 0.98% Zn.

Quartz-gahnite is an unusual rock type that is intimately associated with the giant Broken Hill silver/ lead/ zinc (Ag, Pb, Zn) deposit and is a well-known proximity indicator to potential Broken Hill style massive sulfide mineralization in the district.

Euriowie, NSW, Tin/Titanium, 100% CAP

Carpentaria has a 100% interest on EL 6936, the tenement is located 50 kms northeast of Broken Hill and contains moderate to low grade metasediments predominately belonging to the Sundown and Paragon sub-Groups. The tenement covers anomalous zinc in stream sediments defined by previous explorers and it is considered that the area is prospective for low sulphide style lead zinc deposits like the zinc rich shale hosted stratiform deposit, Century Deposit, in NW Queensland. The tenement is also considered prospective for tin, tantalum and rare metals. It encloses the bulk of the Eurowie Pegmatite Tin (Sn) field.

Elevated lead and silver results were identified from a 0.75m traverse across outcrop containing a very narrow vein. Elsewhere elevated tin samples were obtained from samples in thick pegamatites land also high tantalum results were recorded.

Hawsons Iron Project, NSW, Magnetite Iron, JV - Redan (Earning 75%) Burta (100%)

The Hawsons Iron Project area is located about 60km south of Broken Hill. It is relatively close to the major Australian E-W railway line and Adelaide - Broken Hill road as shown. A high tension power line runs about 30km east of the project. The city of Broken Hill is a mining town with a good mining culture, strong workforce, air, road and rail connections to Adelaide and Sydney.

The tenements cover an extensive airborne magnetic anomaly. The project area is covered by two exploration tenements (Figure 1). To the south, Burta (EL 7208) is 100%-owned by Carpentaria. The Redan tenement (EL 6979) to the north is a joint venture (JV) with Perilya Broken Hill Limited (ASX: PEM) where Carpentaria can earn a 51% interest initially with the expenditure of $825,000.

Glen Isla, NSW, Gold, Ramelius (CAP 25%)

This 100% owned tenement is located in the Lachlan Fold Belt , approximately 15 km NNE of the Peak Hill Gold Mine, about 50 km southwest of the major regional centre of Dubbo and near the township of Tomingley, (see Figure). In addition a further exploration tenement EL 6931 (100% owned), Tanners Creek, was acquired that covers the prospective gold bearing Dulladery Volcanics. The Glen Isla tenements lie within a north south belt of lode quartz, porphyry and epithermal gold deposits that extend from Forbes in the south through North Parkes (Goonumbla), Peak Hill and to Tomingley, where Alkane Resources Ltd. (Alkane) is currently undertaking a mining feasibility study on recently discovered gold resources adjacent to the Carpentaria tenement.

Diamond and RC drilling at the Glen Isla Prospect has confirmed the gold presence and has revealed a new trend with a recent result in RC08GIA37 of 9m @ 1.17 g/t from 3 m which is open to the north.

Hughenden, QLD, Thermal Coal, Guilford (CAP 20%)

Carpentaria has 15 EPC applications in the northern part of the Eromanga - Galilee Basins in Queensland (refer Figure) that covers 12,000 sq kms.

Mt Agate, QLD, Copper/Gold, ActivEx (CAP 25%)

Within the Mt Agate Tenement (EPM 14955 – 100% CAP) two high priority targets with potential for iron-oxide copper gold (IOCG) mineralization have been identified. These magnetic anomalies, QMH and Mt Shelia, have a source buried beneath shallow syn-mineral (host rock) cover and with surface indications of mineralization and are considered to be blind/buried magnetite bearing IOCG style mineralization analogous to Ernest Henry.

A secondary but very closely related target is massive sulfide magnetic skarns hosted by primary iron-rich or calcareous sedimentary units hosting base metals and possibly gold. A work program to further investigate these and other targets via mapping, sampling and surface geophysics has been formulated and will be implemented, with a view to drill testing, once access to the tenement is achieved later in the year.

Panama Hat, NSW, Gold, Carpentaria in Option Stage

Carpentaria has a farm in with Stellar Resources Ltd for their Panama Hat EL 6656 with an option to enter a JV on successful exploration to earn initially 51% of the project and increase to 91% of the project depending on Stellar’s participation. If Stellar does not participate in mining Carpentaria can purchase the Stellar’s free carried 9%.

The occurrence of a significant number of historical pits and shafts clearly indicate the prospectivity of the licence for gold hosted in quartz veins and ironstone units. Surface and costean rock samples have returned highly anomalous gold results at a number of prospects in this licence. Rock chip examples include:

Williams Prospect - maximum 54.25 g/t Au
Panama Hat Prospect - maximum 30.70 g/t Au
Jutland Tank Prospect - maximum 72.40 g/t Au
Willyong TankProspect - maximum 41.85 g/t Au
Huonville Fence Prospect - maximum 41.70 g/t Au
Mulculca Telephone Prospect - maximum 116.70 g/t Au

In order to confirm these previous high grade gold results and better identify the extent of gold noted by previous explorers in this poorly exposed area, a total of 42 grab and rock chip samples were taken from spoil and exposures in the vicinity of small pits and workings within EL 6556. The samples taken comprised either milky vein quartz or often gossanous ferruginous-quartz rocks within and around small isolated workings hosted by the very poorly exposed regional high metamorphic-grade quartzo-feldspathic gneiss of the Redan area.

Mine For

gold, copper, nickel, tin, titanium, tantalum, iron ore, thermal coal

Location of operation(s)

Queensland, New South Wales

Address

Level 6, 345 Ann St,
BRISBANE, QLD, AUSTRALIA

Phone

(61 7) 3220 2022

Email

Website

http://www.carpentariaex.com.au

Last Updated

5/5/2011