The Hooley Well Project consists of a single granted exploration licence covering 43km2 approximately 200km northwest of Meekatharra, Western Australia which is currently subject to a joint venture with Red River Resources Limited (ASX: RVR, “Red River”). Under the terms of the JV, Red River is the manager of the project while it earns up to 50% equity by spending $500,000 on exploration over 4 years.

During the previous quarter, a Heritage Survey was completed on Innuendy Station in the Murchison district with the Wadjarri traditional owners and subsequently received. The Heritage Survey findings clear the way for Red River to proceed with proposed drilling. Planning and logistics for an initial single deep RC hole to test the Hooley Well anomaly was initiated with drilling expected to take place in the December 2010 quarter.

Figure 1 – Outline of IP chargeability anomaly with location of 4 proposed RC drill holes