Final technical report for EL 26440 Laughlen, for the period 14 April 2008 to 15 March 2010

Abstract

Maximus Resources Limited (MXR) lodged an application for EL 26440 on 17 September 2007. Due to revised exploration strategies MXR later in 2007 actively sought a joint venture partner to manage exploration on EL 26440, EL 23592, EL 9529, EL 22759 and MCS 38. On 23 January 2008 an option/farm-in agreement was executed with Minotaur Exploration Limited (MEL) over these tenements. EL 26440 was granted on 14 April 2008 for a six year period. Work in the first year of tenure was limited to data review and participation in the Northern Territory Government's regional gravity program throughout the Arunta Province. The gravity results were interpreted by MEL geophysicists. The onset of the global economic downturn in late 2008 resulted in MEL reviewing its exploration projects and in turn deferring proposed ground EM surveys and drilling to follow up airborne EM and any gravity anomalies on EL 26440. MEL submitted a proposal under the NT Government's Bringing Forward Discovery program for joint funding of a proposed RC drilling program at the Johnnies Reward project on EL 23592. On 10 June 2009 the Department of Resources advised MEL that this application for funding had been unsuccessful. MEL then advised MXR that it was withdrawing from the option/farm-in agreement. MXR unsuccessfully sought a further joint venture party for the project and in turn surrendered EL 26440 on 15 March 2010.