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THE MANAGING DIRECTOR’S REVIEW OF OPERATIONS & ACTIVITIESthan 26 years.Uasilau -Yauyau is a copper in soil anomaly [historical data] more than 9,000m long and 700mto 2,000m wide. The gold in soil anomaly is more than 2,000m long and 700m wide at the NWend, but much of the grid was not analysed for gold. It has limited drilling, with only 15 generallyshallow holes in the 1970's and a miniscule density of around 1 hole/sq km. An entire deep holereturned 304m of 0.12 % copper + 82 ppm molybdenum.The Pelepuna Skarn Prospect had continuous outcrops to 4m of 15.8% zinc and 5m of 128 g/tsilver. Seven short holes were drilled with results to 16.7m grading 6.88% zinc from near surface.The copper-gold porphyry deposit potential remains undrilled.Gavuvu Prospect has very limited trenching completed, but has yielded 10m of 150 g/t silver.In addition the Prospect has extensive low tenor gold in soils.The East New Britain EL covers 1,003 sq km and a 100km strike length of the Baining Structural Zoneand poorly explored intrusives (plus volcanics).The EL contains excellent potential (on the basis of historical exploration) for porphyrycopper and epithermal gold deposits, with multiple aeromagnetic signatures and/or othersigns of copper, gold and platinoid mineralisation.Most of the area has only had wide-spaced first pass exploration 25 to 30 years ago.The EL covers from the NW point of the Gazelle Peninsula to the SE, almost encompassingthe Sinivit epithermal gold Mine.Limited historic bulldozer trenching at Doilene Prospect has included 10.9m of 26.9 g/t gold(incl. 0.4m of 136.4 g/t gold and 1.0m of 147.8 g/t gold), 2m of 16.9 g/t gold and 4m of 9.84g/t gold, which all remain un-drilled. These skarns are likely to have been generated by amineralised porphyry.A large toxic element anomaly was shown at the Sikut Caldera, with the LK1 Breccia Prospectoutcrop sampling up to 2.5m of 9.6 g/t gold.Alluvial platinoids and gold occur in two adjacent tributaries north of Sinivit at Angbitki, withpan concentrates to 29.44 g/t gold, 22.7 g/t platinum and 0.45 g/t palladium and no followupin the 3 sq km target area.TASMANIAThe Tasmanian tenement portfolio is highly prospective for a diverse suite of metals, exploration is beingcarefully targeted and the probability of discovery is high.Tungsten, molybdenum and tin are a major new focus for the Company, as there is excellent potential forWorld Class and major polymetallic and precious metal deposits in the Moina Project area (StormontDeposit / Cethana EL / Narrawa Deposit /Dolcoath Granite).A major polymetallic mineralised district was demonstrated proximal to the Dolcoath Granite (the subcirculargreen low in the 1 st VD aeromagnetic image shown in Figure 10), with extensive (up to 6,000mlong and often open ended) tungsten - tin - molybdenum - copper - bismuth + gold - lead - zinc,yttrium - niobium soil anomalies (Figure 11).11
THE MANAGING DIRECTOR’S REVIEW OF OPERATIONS & ACTIVITIES A 40 km 2 3D-Induced Polarisationgeophysical survey is being undertakenover the entire Stormont area and thegeneral Moina Project further east togenerate World Class Intrusive RelatedGold and precious + base metal skarntargets for drilling in 2012. Line cuttingis progressing well for the 3D-IP andthe actual survey should commence inabout 2 weeks. The 3D -IP has been avery successful exploration tool at ourAndewa Project and other areas inPNG and the concepts are the same.A soil geochemical survey is alsoplanned to test areas covered by the IPsurvey (not already completed orcovered by basalt) and should becompleted by the end of the year.There is virtually no historic drilling inthese extensive soil zones (except atFrontier’s Narrawa Deposit).An application was lodged to acquire a500m wide sliver of ground south ofthe Cethana EL boundary toconsolidate the prospective area andenable Frontier to assess the soilanomalies' strike continuations to theSE.Drilling commenced on July 12 at theStormont Deposit (figure 12) for resourceinfill and expansion.Figure 9 Very high grade gold wasdemonstrated in the initial diamonddrill core assay results and include 4.5mgrading 37.4 g/t gold, 4m of 19.4 g/tgold and 2m of 13.4 g/t gold, each indifferent holes within significant andwider lower grade mineralisedenvelopes. These are excellent resultsand the first we have drilled in theregion in 3 years.There is a high correlation of goldmineralisation to high magneticsusceptibility at Stormont which is auseful exploration tool. Hole SFD 022was successfully drilled to test for nearsurface gold resource extensions to thesoutheast of the Inferred Resource andit, together with the ground magnetics,suggests a significant extension to theFigure 10Figure 1112
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