Combined third annual and final report for the period 26 October 2009 to 2 November 2012

Abstract

Phosphate exploration work on Soudan consisted of geophysical interpretive targeting, rock chip sampling, XRF analysis of water bore chip samples from 1 historic water bore hole, line clearing and reconnaissance reverse circulation (RC) drilling and rehabilitation. Modelling and interpretation from the geophysical study commissioned over Vale's Georgina Phosphate Exploration Project, previous drill hole data, distance from the Adelaide-Darwin railway, shelf morphology and 'Vale size' phosphate ore body geometries were all used when considering the exploration potential for Soudan. The distance from the Adelaide-Darwin railway is a crucial factor when considering the advancement of phosphate potential on this tenement. As a result, the decision was made to surrender the Soudan EL 27196.