2005 Annual Report - Millennium Minerals Limited

8
REVIEW OF OPERATIONS
Table 3: Scope and Summary of Results of Scout Drilling
Prospect Rotary Air Blast Reverse Circulation Results: Holes with Intercepts
No. Holes Metres No. Holes Metres >0.5 gmm* >5 gmm*
Angela 173 10055 5% 1%
Five Mile Creek 165 7376 13% 2%
Linq 162 7685 10 1000 46% 12%
Mundella 50 2100 24% 6%
Shearers 80 4718 29% 10%
Golden Eagle 142 6720 37% 7%
Harrier 27 1068 48% 37%
Falcon 54 2302 12 1252 61% 33%
Biljim South 13 553 31% 15%
Barton North 103 6075 19% 6%
Barton South 35 1991 6% 3%
Federation 4 284 50% 0%
Mountain Maid 12 439 33% 8%
Sunday 27 1070 11% 0%
1030 51599 26 2536
* Note: A 0.25 g/t Au lower cut-off grade is used to calculate the gram-metre values of scout drill hole intercepts.
Following the start-up of the surface sampling programs, the focus of the scout drilling shifted in October 2005, from
systematic drilling along broad traverses, to more targeted drilling of gold anomalies delineated by soil and rock-chip
sampling over geological targets. The benefits of this change of exploration style can be clearly seen in Table 3, where the
drilling success rate is measured by the proportion of holes that intercepted gold mineralisation. The two prospects in
which drilling was directed at soil and rock chip anomalies are Falcon and Harrier, and in both cases more than 30% of the
holes intersected significant zones of gold mineralisation. Both prospects have been quickly advanced, in a matter of less
than two months from the original mapping traverses, to a stage where resource development drilling can commence.
Stand-out RAB drill hole intercepts from these prospects include 16 metres grading 5.78 g/t Au at Falcon and 12 metres
grading 5.09 g/t Au at Harrier (ASX announcements released on 22nd and 29th December 2005).
The company intends to continue exploration using the methods adopted in late 2005, whereby scout drilling is directed
at selected surface sampling anomalies within prospective target areas that are delineated by structural mapping. This
approach will ensure that maximum benefit is derived from exploration expenditure, and should enable the company to
quickly evaluate the resource potential of its large, highly prospective landholding.
The information in this report that relates to Mineral Resources was compiled by Peter Woodman, who is a Member of the Australasian Institute of Mining
and Metallurgy. Peter Woodman is a full time employee of Wedgetail Exploration NL. Mr. Woodman has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity which he is undertaking to be qualified as a Competent Person as defined by the
2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Peter Woodman consents to the inclusion
in the report of the matters based on his information in the form and context in which it appears.
A n n u a l R e p o r t 2 0 0 5