Annual and final report on EL 29002 for the period 16 May 2014 to 23 June 2015

Abstract

Appraisal of geological, geochemical and geophysical data indicates that EL 29002 has little mineral potential for gold and uranium mineralisation. Although, much of the project is covered by a thick recent alluvial cover, but TMI image of the project area has revealed some deep-seated structures along with subtle magnetic highs, which may be important exploration targets for gold mineralisation. However, overall project mineral potential is low to find any economic size gold deposit. Furthermore, under the difficult economic environment the exploration industry is facing, it is difficult to commit funds to undertake any drilling to retrieve bedrock samples for assaying. As a result of that EL 29002 was surrendered on 23 June 2015.