Partial surrender report for EL 25183, EL 25184 and EL 25185 Ammaroo Project, for the period ending 18 April 2010

Abstract

The Ammaroo Project tenements EL 25183, EL 25184 and EL 25185 were granted to Territory Phosphate Pty Ltd on 19 April 2007, and acquired by Aragon Resources Ltd on 1 September 2008. The Georgina Basin is the largest intracratonic basin on the North Australian Craton. The Basin includes rocks of Neoproterozoic to Devonian age, with Cambrian platform carbonate rocks dominating basin fill. The southern Georgina Basin includes a thick sequence of Cambrian-Ordovician sediments, deposited within the Dulcie Trough and the adjoining Elkedra Shelf structural elements of the Basin. Work completed by the NTGS, including the analysis of waterbore cuttings and legacy drillcore, identified an extensive area of phosphate mineralization within the southern Georgina Basin, in shelf-facies marine carbonate and clastic sediments of the Middle Cambrian Arthur Creek Formation. The Ammaroo Project tenements cover approximately 100 kilometres of strike of this prospective stratigraphy. No work was undertaken within the surrendered portion of the tenements during the reporting period. The surrendered portion of the tenements is underlain by sediments considered unlikely to host significant phosphate mineralisation.