Year 2 Annual and final, 8 July 2011 to 19 June 2013, Mars Bore EL 28401

Abstract

To delineate prospective areas for phosphate and base metal mineralisation and define the next phase of exploration, Natural Resources Exploration ('NRE') has carried out extensive field activities and office-based studies on EL 28401, known to NRE as its 'Mars Bore' Prospect. NRE's exploration rationale and objectives for its Mars Bore Prospect considered the evaluation of potential phosphate and base metal mineralisation. Investigations were intended to locate any outcropping of mineralisation and any indicators of any sub-surface mineralisation within the tenement. NRE carried out a detailed geological assessment of EL 28401 including extensive desktop based studies and evaluation of potential mineralisation prior to NRE conducting a helicopter reconnaissance program to evaluate the tenement, introduce themselves to landowners, conduct geological mapping and sampling on the tenement. NRE's extensive desktop studies included research, review and compilation of the data in the Northern Territory Geological Services' ('NTGS') open file reports, air photo imagery and examination and interpretation of the latest geological maps. NRE also conducted a site visit to the Alice Spring Core Library for the purposes of testing available water bore cuttings within Mars Bore Prospect area. Based on the assessment of the activities conducted NRE believes that this tenure holds low mineral prospectivity and no further exploration is warranted at this time.