Group annual report for EL 22554, EL 22555, EL 30153 and EL 30155 GR353 Walkeley Project from the 3 January 2014 to 2 January 2015

Abstract

EL 22554, EL 22555, EL 30153 and EL 30155 form ABM Resources NL (ABM), 'Walkeley' project which is located approximately 370 kilometres northwest of Alice in the Arunta Region (Figure 1). The tenements were granted to ABM, a publicly listed company, on the 3 Jan 2014. On the 21st November 2014 the amalgamated technical reporting for the 'Walkeley' project was approved and the group reporting ID GR 353 assigned. ABM applied for the Walkeley project tenements as the area shows complex magnetic features along strike of the Reynolds Range trend towards the East, and extensions of the Trans Tanami structures towards the west. Furthermore is the nearby Callie deposit located on one of these Trans Tanami structures which extend into the Walkeley area. The project area has had very limited exploration exposure and is highly prospective for Callie-style mineralisation. ABM explores the project for the potential of gold mineralisation. As ABM focused on bringing the high-grade Old Pirate Gold Deposit at its Bonanza project into production through staged development, which commenced in June 2013 with trial mining and processing, it started to implement its divestment policy including the Walkeley project tenements. In November 2013, as part of ABM's 2013 divestment policy and its commitment to regional exploration programs, ABM reached an agreement with Clancy Exploration Ltd (ASX: CLY) ('Clancy') whereby Clancy will have the option to acquire 100% of ABM's interests in the North Arunta Regional Projects, which GR 353 tenements form a part of. Clancy commenced a substantial program of compilation and re-processing of potential field datasets covering an Area of Influence (AOI) in the Tanami - North Arunta region, which included the Walkeley project. This work was undertaken by Fathom Geophysics. Public domain data and 7 closed file ABM surveys of Total Magnetic Intensity (TMI) data was processed using the differential Reduced to the Pole method to produce a selection of images for a later stage interpretation. By 2nd August 2014 Clancy had not completed the proposed transaction under the negotiated terms, and renegotiations were initiated. At the end of the reporting period, the renegotiations and investigations of alternative arrangements had not been finalised. No recommendation can be made. No on ground exploration was conducted.