EL 26087 Final surrender report 19 March 2008 to 18 March 2014

Abstract

A review of historical data and a regional exploration program identified an anomalous base metal area within EL 26087, located 150km east of Katherine in the Northern Territory. Ground geological investigations and sampling over an area of approximately 1.5 by 1km, returned anomalous Zn-Pb assays with maximum values of 1779ppm Zn and 509ppm Pb. Original rock types of dolomitic siltstones commonly show visible galena, pyrite, and also contain bituminous and oil bearing vugs. Rock chip geochemistry, hydrocarbons, combined with regional and local geological settings, indicate a possibility exists for the presence of Mississippi Valley Type Pb-Zn mineralisation. Funding constraints and the focus of the Company's resources to progressing the mining operation at the Merlin Diamond Mine on ML 1154 resulted in no field activity being undertaken on EL 26087 during the 2013-2014 reporting period. After a review of data for EL 26087, it was decided to surrender the Licence