Year 1 Annual group report Barkly Project

Abstract

This Annual Group Report relates to all thirteen (13) permits and provides a summary of the activities carried out over the permits in the past 12 months, including any results produced by those activities. All thirteen (13) licences will be referred to as 'the Barkly Project', unless specific attributes of each individual licence are discussed then is such case the individual project name and number will be identified. Natural Resources Exploration (NRE) is exploring for phosphate, uranium and diamonds in the Northern Territory?s Barkly Sub-basin within the central Georgina Basin. The company holds exploration licences and has applied for others that collectively cover 2,291 square kilometres of the basin. A number of these tenements are near proven phosphate prospects at Highland Plains, Alexandria, Alroy and Buchanan Dam. NRE has carried out a detailed geological assessment of its Barkly Prospect, during the first year of grant. Available geological information, subsurface drill and borehole information and geophysical data including airborne magnetics, gravity and radiometrics has been collated for the area of interest and evaluated in the context of published models for the formation of phosphate in shallow marine shelf environments. NRE's exploration activities during this first term also included two (2) helicopter assisted reconnaissance programs, soil sampling, geological mapping and associated rock chip sampling, analysis of water bore cuttings on a regional scale as well as phosphate horizon mapping on a regional scale. The detailed geological assessment of the Barkly Prospect led to the modelling of the phosphate horizons of the region. These activities have assisted NRE in developing two (2) drilling programs, one limited drilling program and a further extensive program across the Barkly Project, assuming the success of the initial drilling program. NRE looks forward to making final amendments to its limited drilling program and conducting same in the second term of the Barkly Project NRE has met all work and expenditure commitments for the Barkly Project tenements except on one tenure, Robies Bore, EL 27659 where immediate targets have proven to be difficult to identify and to identify same would require additional exploration activities such as a further sampling program in the second year of grant.