Annual and final report EL 24403 Mount Douglas 9 September 2005 to 18 July 2013

Abstract

During the time from the grant of Title to September 2010 (which included the liquidation of Terra Gold and GBS Gold) work was restricted to general technical reviews of records of past explorers, field reconnaissance, valuations and reporting. In 2010 exploration work was taken over by Element 92 Pty Ltd under a new option agreement. Detailed low level aerial magnetic and radiometric surveys were executed over southern portions of EL 24403 and adjacent parts of EL's 23532 and 25119. In September 2011, 56 blocks in the northwest corner of EL 24403 were surrendered after appraisals of old exploration data and field reconnaissance failed to provide any indications of significant mineral potential. In the retained area, during 2011-2012, the aerial geophysical surveys were extended to cover the southern areas of EL 24403. The survey was designed to improve the Company's understanding of the structures controlling uranium and gold mineralisation and to identify potential exploration targets associated with these structural controls. Remote sensing data were used to prepare new geological and geomorphological interpretations of the tenement area. No significant work is reported for the year ending June 2013. During the period from June 2013 to the surrender of the Tenement on 18 July 2013, work was limited to review and revaluation of all exploration data.