EL 25903 Annual Report for the period 14 November 2012 to 13 November 2013

Abstract

This report details exploration activity conducted by Woodleigh Nominees Pty Ltd (Woodleigh) and Territory Iron Pty Ltd (TIPL) within tenement EL 25903 during the year ending 13 November 2013. During the reporting period, the following work was undertaken: One field trip of approximately 450 km was completed to collect additional samples (for gold) from the Misses Mine shaft and surrounds. A day was spent crushing, grinding and gravity concentrating the ore. This exercise gave a recovery of approx. 3.1 grams per tonne Au. The tailings from this exercise were not tested further as 3 grams per tonne was to be used as the benchmark grade and anything additional was to be regarded as a bonus. A day was spent researching the use of gravity concentration techniques in various other hardrock operations in Australia and around the world. Woodleigh Nominees PL recommends to conduct a drill program in the next reporting period consisting of one drill hole below the level of the 'Misses Mine' to test the depth to 30-40 metres. TIPL completed detailed research into the prospectivity of iron and manganese within the Mundogie Sandstone, and undertook a series of reconnaissance traverses through the area in October 2013. The area consists of 90 percent alluvium-colluvium bounded by Mundogie Sandstone to the West and South East. No iron or manganese mineralisation was identified. After an internal review of the data and fieldwork, it was recommended to relinquish the iron and manganese exploration rights within EL 25903. TIPL officially terminated its Exploration rights to tenement EL 25903 (and other tenure held by Woodleigh) on 25 November 2013 and holds no further interest in the tenement.