Relinquishment (final surrender) report for AN 25438 Mount Bundy, 30 April 2010

Abstract

This report details the work completed on AN 25438 from its award to Territory Resources Limited on 5 March 2007 until the tenement expired on 4 March 2010 when it was relinquished and the ground returned to Mr Terry Baldwin, the underlying landowner. All historical information was reviewed, and where appropriate loaded into a database of historical drill holes, for use in target generation. This data comprised of 12 open hole percussion holes for 196.6 metres, 15 conventional diamond holes for 598.3 metres; Contemporary drilling comprised of 32 reverse circulation holes for 1,965 metres drilled in 2 drilling campaigns. A heritage survey prior to the second drilling campaign yielded a small site to the south-east of the drilling area that was avoided and left undisturbed. Assaying 876 selected samples out of 1,965 from contemporary drilling programs. The work's conclusion was the remnant mineralisation below the previous pit floor was too high in sulphur to be exploitable, at 500kt the magnetite resource was too small to be exploitable, and the close proximity of human habitation (approximately 100 metres) made stakeholder issues a significant impediment to reasonable resource development. Total expenditure by Territory Resources over the 3 year term amounted to $ 173,071.85.