EL 29757 Flora-Daly Basin Final report for the period 13 May 2013 to 7 July 2015

Abstract

During the 2013 exploration year anomalous Rare Earth Element (REE) mineralisation was identified on the neighboring EL 26899 which coincided with previously identified target areas interpreted from a recently conducted airborne magnetic-radiometric survey. The results were considered low but still anomalous and follow-up work was recommended. Subsequently a contiguous area was applied for and granted on 13 May 2013 as EL 29757. A nine day field reconnaissance was conducted during 2014 with the objective of sampling areas of coincident U2-Th anomalies with Fe altered sandstone throughout the adjacent EL 26899, as well as sampling similar sandstone ridge targets in EL 29757. Access was generally limited by rugged terrain. Niton readings were taken at 17 locations, with rock chip samples taken from 16 of those locations. The rock chip samples were taken generally from ferruginous sandstone ridges which commonly showed high net values Total Rare Earth (Praseodymium, Neodymium, Cerium and Lanthanum) from portable Niton XRF of 1,000 to 2,000 plus ppm. Three initial samples was selected for assay at North Australian Laboratories (NAL) at Pine Creek NT. Inductively Coupled Plasma - Mass Spectrometry (ICP-MS) was used with 25 elements reported providing a comprehensive coverage of REEs. Results from the NAL assays for Total REEs were disappointingly low in comparison with the field readings, indicating the gross inaccuracy of the Niton XRF tool due to the high iron content of the samples. A repeat sample was also assayed at ALS Perth using Lithium Borate Fusion ICP-MS to cross check the NAL results. The ALS results were in general agreement with the NAL results. During the current year the Company conducted a review of data and made an evaluation of the potential of the tenement in the context of prevailing and foreseeable market conditions. Consequently the Company elected to surrender the tenement and tenure was cancelled on 7 July 2015.