EL 25931 Annual and final 2015 year ending 3 June 2015 EL 25931 Bulman Project

Abstract

No exploration activities were completed in 2014-2015. Exploration activities conducted by BRS throughout the tenure of EL 23814 have included a variety of exploration methods including: an airborne magnetic and radiometric survey was conducted in 2007; and soil and rock sampling with portable XRF analyses in the years ending 2009, 2011 and 2013. Low level anomalous zinc and lead within a fault breccia at the base of the Limmen Sandstone bluff was identified from the soil and rock sampling. However, the extent of this anomalism is limited and is located near to a communications tower and on the edge of the tenement. These factors severely downgrade the potential of the tenement to include a substantial lead - zinc or gold deposit. The decision has been made by Bulman Resources to surrender EL 25931 due to several factors: The EL is considered to have limited potential to host Zn-Pb mineralisation despite the possibility of a small tonnage deposit of alluvial titanium in the central portion of the EL; The high cost of conducting exploration activities at the remote and poorly accessible Bulman Project, particularly when drilling is involved; and The parent company Admiralty Resources conducted a reappraisal of the project and has elected to focus on offshore projects.