Partial relinquishment report, North Boxer EL 27817

Abstract

NRE's exploration activities during the term of the permit and in particular, of the relinquished area, consisted of office-based activities. An initial regional assessment of the areas within NRE's South Nicholson Project for base metal and other commodities was conducted during the initial term. The target areas were identified based on desktop research of regional geological and geophysical data, augmented with compilation and assessment of all previous exploration results. The aim of the work was to carry out a field assessment of the prospects in order to identify target characteristics and define the next phase of exploration. NRE has conducted an extensive review of historic exploration conducted over both the retained area and relinquished area. The South Nicholson Basin has been explored for phosphate, base metals, uranium gold and diamonds. NRE also engaged Terra Search Pty. Ltd. to attend the Northern Territory's Darwin Core Facility to analyse a number of cuttings available from historically drilled water bores within its project areas. Four (4) water bores are located within the relinquished area. NRE's geologists undertook analysis of the water bore cuttings using a hand-held XRF device. The detailed geological assessment of the South Nicholson Project has led NRE to the conclusion that the potential for mineralisation within the relinquished area is much lower than the remaining tenement area.