Partial relinquishment report for EL 24724 Patanella Phosphate Project

Abstract

Rum Jungle Resources refers to work on contiguous ELs 24724 and 24716 as the Patanella Phosphate Project which contains the prospect of the same name on the latter EL. An Exploration Target of around 50 to 100 Mt at 10% to 17% P2O5 at a cut off grade of 5% P2O5, and 20 to 50 Mt at 15% to 20% P2O5 at a cut off of 10% P2O5 has been independently estimated at Patanella Prospect. Soil sampling indicates that phosphate is also present on EL 24724. As part of an overall partial reduction of the Patanella titles, a single block is being voluntarily relinquished from EL 24724, reducing it to 15 blocks. The block is mapped as faulted economic basement for phosphate. A helicopter flyover of the project did not indicate any prospectivity for phosphate or any other commodity in this block. No on-ground work was conducted on the area being relinquished and there is no expectation of rock phosphate being present in the area relinquished.