Partial surrender report EL 22924 'Delny' for the period 23 December 2002 to 22 December 2008

Abstract

Tanami Exploration NL (TENL) identified the potential for Tanami-style gold, iron oxide copper-gold (IOCG) and Tennant Creek-style copper-gold mineralisation in the Alcoota district of the northern Arunta region in 1997 and acquired a significant tenement package to form the Alcoota Project. TENL is a wholly owned subsidiary of Tanami Gold NL (TGNL), a publicly listed company. The Alcoota Project lies approximately 180 kilometres northeast of Alice Springs in the Arunta region of the North Australian Craton. Access is provided via the Stuart, Plenty and Sandover Highways, roads and station tracks. In December 2008 three separate portions of EL 22924 were relinquished. This report describes exploration carried out on the surrendered portions of EL 22924. EL 22924 'Delny' formed part of the Alcoota Project and was granted to TENL on 23 December 2002. On 13 April 2007 EL 22924 was incorporated into a new joint venture arrangement between TENL and Mithril Resources Limited (Mithril). TENL's exploration focused on exploration for gold and consisted of a regional assessment of the Alcoota project including field reconnaissance and the collection of two rockchip samples in November 2003. The assessment was carried out by Dr. Jim Anderson and included a regional review of the geology, metallogeny, MODAT occurrences, previous exploration and aeromagnetics. No elevated gold values were returned. Mithril exploration focused on exploration for nickel. Mithril completed a review of historical exploration, geological prospecting plus reconnaissance and collected three rockchip and two stream sediment samples in April 2008. The best nickel assay value returned was 209ppm Ni from sample PFPH-035.