EL 27906 Terrys Find Partial relinquishment report for the period 30 August 2010 to 29 August 2014

Abstract

EL 27906 forms part of ABM's Lake MacKay project. ABM reviewed and evaluated the exploration potential of the Lake MacKay project before it focussed on the development of its higher ranking Old Pirate High-Grade Gold Project. To further exploration of the Lake MacKay project ABM entered into negotiations with various other quality exploration companies. On the 20th August 2013, ABM signed an exploration agreement, as a result of these negotiations, with the Independence Group NL Perth (Independence) for ABM's Lake Mackay Project which includes EL 27906. In September and October 2013 a first pass soil sampling program over the whole tenement at a nominal 800m x 800m grid spacing and a infill follow up soil sampling nominal 200m x 200m in areas which had returned elevated assay results generated a total of 113 soil samples from the relinquished area. The best sample (sample ID A413094) located on graticular block SF522071G returned a value of 0.90ppb gold. In 2014 a review of the EL 27906 data, particularly the poor surface sampling results as well as the lack of prospective geophysical features on TMI imagery in the west and southern parts of the tenement led to a 19 block reduction. The 20 blocks retained cover an area which had returned elevated surface sampling results around the Terry's Find Prospect.