Year 2 amalgamated annual report, EL 27629 and EL 27642 Utopia, for the period 8 April 2011 to 7 April 2012

Abstract

Two Exploration Licences EL 27629 and EL 27642, were granted to Oneva Exploration Pty Ltd on 8th April 2010 for 6 years. Oneva's objective is to sample prospective formations across the Georgina Basin and Arunta Region for tantalite, gold, bismuth, niobium, tin and tungsten, the latter discovered further southeast at Mt Ida locality in 1977 by Otter Exploration. Phase-1 orientation sampling yielded 112 off Ionic soil samples from nine targeted areas. The assay data indicates primary gold at three of these areas and anomalous base metals with highly elevated (anomalous) REE across the remaining areas, particularly to the south-west at Area 6. Phase-2 follow-up gridlines were carefully established and 163 Ionic soil samples collected from the same three gold anomalies Areas 1, 8, and 9 only. Assays indicate further anomalous and contiguous gold from a primary source across two of these superimposed grids. Assay data from the third superimposed Area 9 grid indicates a zone of cohesive base metal anomalism, extending easterly from primary gold (on western boundary) detected in orientation sampling. A total of 26 soil samples registered primary gold response. As a result, 11 off drill targets are proposed pending further infill sampling and geological evaluation.