Partial relinquishment report for the period 4 March 2010 to 3 March 2012

Abstract

EL 27580 is part of the Tennant Creek Project (ELs 27580, 27712, 27992). To meet the end of Year 2 50% relinquishment requirement, 54 blocks were relinquished from EL 27580, leaving the current retained area of 54 blocks. This Partial Relinquishment Report is for the period 4 March 2010 to 3 March 2012. The Tennant Creek Project is located approximately 28km ENE of Tennant Creek. It is a sub-project of Vale's Georgina Phosphate Exploration Project. Regional geology is dominated by the north trending Palaeoproterozoic Tennant Creek Inlier. Cambrian rocks occupy two sedimentary basins (Wiso and Georgina) to the west and east respectively of the Tennant Creek Inlier. Phosphate exploration work on EL 27580 comprised a flora and fauna desktop study report; in-house depth to basement gravity modelling; a regional geophysical basin modelling study by Mira Geoscience; 7 surface rock chip samples and analysis; 3 RC drill holes for a total 339m, 171 drill samples and 181 analyses. No priority phosphate targets were identified on the relinquished area.