EL 28027 Third annual report for the period 23 November 2012 to 22 November 2013 and final report for the period 23 November 2010 to 6 January 2014

Abstract

This Combined Third Annual and Final Report covers the relevant period of tenure on the subject licence held by Australian Minera Resources Pty Ltd (AMR), and and Eupene Exploration Enterprises Pty Ltd (EEE) was the operator for the third year of tenure. The licence was originally granted to Imperial Granite and Minerals Pty Ltd (IGM) in November 2010 and was reported on by their consulting geologist Dr. Michael Green of Remote Area Geoscience. AMR purchased the licence from IGM in 2012. EL 28027 'Moonlight' is located approximately 270 km south of Katherine and approximately 78 km west of Daly Waters. It covers the central part of the Dunmarra Basin. In 1971, Tin Creek Mining Limited identified elevated vanadium grades within the iron-rich rises which occur in the area, the sample and drill sites from this exploration have been relocated and the vanadium results have been confirmed, however sampling showed that there was no direct correlation between vanadium grade and iron content of the samples. Nonetheless, the vanadium enrichment appears to be related to surficial weathering processes, where the vanadium is concentrated by chemical mobilisation and then precipitated. There is no evidence that vanadium-bearing rocks such as basic intrusives are present in the licence. The mode of occurrence of the vanadium-bearing material indicates that it is not a viable economic source of the metal. So it has been recommended by EEE that no further work be carried out and that the tenement be surrendered. EL 28027 was surrendered by AMR on 6 January 2014.