Tenement summary report for the period 13 November 2009 to 13 November 2010 for EL 27305

Abstract

Universal Splendour Investments (USI) has taken up exploration license EL 27305 which is located around the Borroloola area in the Northern Territory. This tenement is part of a group of nine tenements collectively referred to as the Gulf project area. This tenement is prospective for manganese mineralisation, particularly Cretaceous deposits of the style seen at Groote Eylandt. To date the Gulf project has had a full background review, including an assessment of previous exploration, manganese mineralisation model, data compilation and a preliminary interpretation of the tenements. Accompanying the background review was a 10 day field visit which aimed to; assess the tenement access, map geology, rock-chip sample and plan future sites for follow-up in 2011. Most of the rock-chip samples were assayed for a suite of elements and several returned favourable results for manganese.