Final annual surrender report for EL 29346 for the period 23 October 2012 to 22 October 2015

Abstract

Primary Gold did not undertake any field work on EL 29346, the tenement was visited to assess access and logistics issues but no geological work was completed. Work completed by Primary Gold during their tenure was restricted to desktop studies and literature reviews of work completed by previous explorers and an assessment of the tenement in broader regional context. The desktop reviews completed by Primary Gold highlighted a number of low level gold in stream sediment anomalies identified by previous explorers. Anomalous results (+450pb) were weakly clustered around a number of drainages, most often in proximity to outcropping Wildman Siltstone. Reconnaissance mapping and hammer prospecting completed by previous workers failed to identify any significant mineralisation and it is interpreted that the low tenor results reflect background Au levels in the Wildman Siltstone elevated above the surrounding alluvium. Hammer prospecting located disperse, discontinuous quartz veining within the Wildman Siltstone which may also have contributed to the low levels anomalies. The northern part of EL 29346 is subject to seasonal inundation and as such traditional stream or soil geochemistry will be largely ineffective, a point noted by several previous explorers. From this perspective the tenement has not been fully tested however the regional open file geophysical data provides little further encouragement. These factors combined with seasonal access issues and the proximity to Kakadu and Mary River National Parks has resulted in Primary Gold revaluating the potential of EL 29346 to host economic mineralisation to a level below other prospects within the Mount Bundy Project and a decision was made to surrender the tenement.