Combined annual report for the period 5 December 2010 to 4 December 2011, for EL 26018, EL 26019, EL 27035, and EL 27037

Abstract

No field work was completed on the tenement areas during 2011. This was primarily a result of corporate priorities and funding, and difficulties in sourcing suitable personnel and drilling contractors, as significant exploration targets were identified by previous field work. Desktop studies conducted during the period have confirmed that yttrium (Y) may prove to be a viable low-level stratigraphic indicator of phosphate prospectivity. Known deposits at Corella Bore (Qld.) and Highland Plains (NT) contain significant levels of yttrium and testing of phosphate anomalous drill cuttings from some of Mantle's drillholes has confirmed the presence of measurable yttrium values. Yttrium is an element that can be readily and reliably detected by Mantle's FPXRF.