EL 26562 Renner Springs Project, Annual report for EL 26562 for the period 2 September 2011 to 1 September 2012

Abstract

Exploration activity on EL 26562 has again been delayed, pending outcomes from higher priority exploration undertaken on the adjacent EL 28041, which focussed on a 20.75 line km Gradient Array IP survey on the Renner North Prospect, completed in June 2012. Subsequent drill testing of the anomalies outlined in that IP program, which extend to close proximity with the EL 26562 boundary, has been delayed until the 2013 exploration drill program due to budget constraints. The area of EL 26562 licence had been significantly reduced by the end of year four (-92 percent), down from the original grant of 73 blocks to the remaining 6 blocks located immediately northwest of the area of interest on EL 28041.