Glasshouse Prohect, Final technical report for EL 26702 for the period 15 December 2008 to 22 March 2013

Abstract

Exploration by Australis Exploration Limited within the EL 26702 tenement includes: Geophysical Interpretation; Prospectivity assessments & valuation; and Site visit and soil sampling. Consultant Resource Potentials was contracted to carry out processing of all available geophysical data sets and provide targets for future exploration. The report concluded that the tenement has little potential for phosphate development. Wonarah Formation is likely to be present within EL 26702 but at depths not currently economical. Consultant Ravensgate were contracted to carry out a prospectivity analysis and valuation on the Australis Glasshouse Project. The report by Ravensgate concluded in the Ranken project (which EL 26702 is located) that there were a number of prospective target zones for phosphate mineralisation throughout the project area and were defined based on geology, geophysics and past exploration. Potential for base metals deposits and near surface uranium is considered to be low prospectivity. In October 2011 a site visit to the Glasshouse Project which includes EL 26702 was undertaken by personnel from Australis Exploration Limited. The aim of the visit was to assess the anomalies targets from the Ravensgate report. Soil readings were taken using a Niton Rad-eye scintillometer. A collection of scintillometer total count data at the anomaly sites of the Glasshouse project were taken. The 2011 XRF reconnaissance program resulted in identifying anomalous sites which were targeted in a follow up soil sampling program in 2012. At EL 26702 a total of 16 soil samples were collected and analysed. In light of the results from the follow up soil sampling and the reports from various consultants indicated that there is limited prospectivity for phosphate, base metals and uranium, a decision has been made to relinquish the tenement in full.