EL 24040 Partial relinquishment report for the period 19 August 2004 to 7 May 2015

Abstract

The tenement was originally granted to Territory Resources Ltd as title holder; however, the transfer of title to Territory Iron occurred on the 18 June 2015. More recently, an application for the Partial Relinquishment of thirteen (13) graticular blocks from EL 24040 was applied for on the 6 April 2015 and approved on the 7 May 2015 and is the focus of this partial relinquishment report. Those graticular blocks retained (not relinquished) from EL 20404 have since been amalgamated with one graticular block from adjoining tenement EL 29015 to form a new tenement EL 30832 which was granted on the 13 July 2015. Activities undertaken by Territory Iron include have included; An aeromagnetic, radiometric and digital terrain survey by UTS Geophysics in 2006; Acquisition of a multispectral Hymapper Hyvista Aerial Survey data to identify spectral signatures of iron-bearing minerals; Desktop studies and evaluation of all available data to target the potential for iron mineralisation; Reconnaissance field visits and rock chip sampling; A ground gravity survey in 2011 by Haines Geophysical Survey; and An additional ground gravity survey and an airborne electromagnetic (EM) survey were undertaken over part of the relinquished ground in 2013. Field visits to the area determined that outcropping target areas were found to comprise ferruginised quartz veins and iron-rich sandstone and siltstone. Despite the geology and the structural setting of the area being similar to the Frances Creek mine area, the overall prospectivity appears lower. Territory Iron therefore concludes that the parts of the area holds little potential for iron mineralisation of economic value and has decided to partially relinquish graticular blocks from this tenement.