EL 28825 Box Hole Final report reporting period 3 April 2012 to 12 April 2013

Abstract

This report covers the period of grant of the Retention Exploration Licence ELR 28825, from 3rd April 2012 to the surrender on 12th April 2013. The ELR 28825 tenement is located approximately 250kms east-northeast of Alice Springs in the Northern Territory. It is located on Arapunya Station, and access is via the Plenty Highway and station tracks. Kings workings are located approximately 7kms SE of Arapunya Station. The area held under ELR 28825 was the core area held previously by Intercept Minerals Ltd under EL 22537, which was terminated in July 2011 after 10 years of exploration. The early period was restricted to diamond exploration, but the base metal search was commenced by Uramet (renamed to Intercept Minerals later) in late 2006. This work was focussed around the Kings Workings - lead mineralisation worked briefly in 1960. Exploration work over the years 2007-2011 was extensive and focussed on the base metal potential of the Kings Mineralisation and its extensions. Despite coverage by several geophysical systems and follow up drilling, no priority targets had been defined by the time of termination of EL 22537. It was decided to maintain exploration access and rights to the core area of Kings by a Retention Exploration Licence. However after grant in April 2012, a thorough review of the project and all the data again resulted in a determination to delay further exploration activities. Financial constraints and a diminishing value and general interest in base metals, lead to a decision to seek a JV partner for the Project. This attempt to get a partner was unsuccessful. No New exploration data was acquired or generated in the course of the 2012-2013 period of grant. Despite the attraction of the extent of identified Lead-Zinc mineralisation in the area, the lack of defined targets and the difficulty inherent with MVT style mineralisation lead to the decision to surrender the tenement at the end of the first year. Reference to the work and results from this time will be briefly mentioned in this report, but are all available in detail in annual technical reports submitted to NT Department of Resources.