First annual report exploration on EL 28822, for the year 21 February 2012 to 20 February 2013, Part of the Dundee Glauconite Project

Abstract

Exploration Licences 28822 and 28823 equally held by Argold Holdings Pty. Ltd (Argold) and Austasia Resources Pty. Ltd (Austasia) are located in the Dundee area of the Top End of the Northern Territory. These two Exploration Licences (EL's) form the 'Dundee Glauconite Project'. A green clay-like substance fitting the description of the potassium bearing mineral, glauconite, was previously identified in the 2007 RAB drilling conducted by Uranex for determination of basement rock-types as part of their uranium exploration on adjacent ground. An examination was made of the open-file Company Reports (CR's) relating Uranex's work and also that of the several earlier generations of EL's covering these EL's and also to those on the adjacent ground. That examination established that although a lot of aerial magnetic work had been conducted, none was useful in predicting the location of glauconite. (Glauconite is a weakly paramagnetic substance rather than ferro-magnetic.) However a lot of percussion drilling had been conducted which confirmed the widespread distribution of the green clay. Exploration work in 2012 consisted in the examination of the CR's as mentioned above, and a field reconnaissance of access onto EL 28822, which established that, contrary to previous perceptions, there is a good network of well-established vehicular tracks to provide access for the RC drilling proposed for 2013.