GR258 Group exploration report for the period 14 August 2012 to 13 August 2013

Abstract

Universal Splendour Investments (USI) have taken up exploration licenses 29257, 29262, 29265, 29268, 29269, 29275, 29293, 29626 and 29654 collectively referred to as the Carpentaria South Project. The area is considered prospective for both manganese and copper mineralisation. One manganese prospect has been identified on USI's tenements: Lucky Horse was discovered in 2012. The manganese grade is variable but large amounts of massive pyrolusite are common within the prospect. Very few samples were collected as massive manganese is easily recognisable in hand specimen. The main focus of the field program for 2012 was to map the outcropping geology and locate extensions of manganese mineralisation. The manganese mineralisation was deposited along the unconformity between the Echo Sandstone and Karns Dolomite. The Paleao-topography of the Echo Sandstone appears to be the main controlling factor for the mineralisation. The mineralisation is approximately flat lying and the total thickness is unknown at this stage. The flat lying nature of this sedimentary manganese prospect may lead to the potential for a very extensive deposit, similar to Groote Eylandt but significantly older. The interpreted extent of mineralisation for the prospect have been calculated at 2.45km2. The project area is also prospective for copper mineralisation. Three EM anomalies have been identified in the centre of EL 29275 and one area of Gold Creek Volcanics to the north east of EL 29275 have been identified and these areas are of high importance and are recommended for further work. Additional mapping is recommended for the region to identify additional outcropping mineralisation