Final annual report for ML 30203 from 6 January 2015 to 5 February 2016

Abstract

MCN 5097 was original applied for to be part of a group comprising the Bynoe tantalite project which is held by Softwood Plantations/Corporate Developments Pty Ltd (now Australia New Zealand Resources Corporation Pty Ltd ( ANZ Res?)). Associated company Outback Metals Ltd also owns tenements prospective for tin and tantalite mineralisation in the area. In 2001, Julia Corporation Ltd farmed into the current project areas held under MCN or MLN title by Corporate Developments/Softwood Plantations ( including this one) expending $556,752.00 before withdrawing in 2002. Applications have been made over time to the Department of Lands to freehold Term Crown Leases at Leviathin Creek owned by Corporate Developments (now ANZ Res?) to enable the establishment of a process plant to treat the ore from various deposits, but no approval has been received. The area is also subject to a native title claim and the claim has not yet been resolved. During 2010 2011 a field visit was made to the area, for general reconnaissance purposes. During 2012 following the commencement of the Mineral Titles Act new provisions applied to mineral titles which are defined as non-compliant existing interests under the Act. Mineral Claim Northern 5097 was identified as being non-compliant existing interest. As a result of this, the decision to convert Mineral Claim Northern 5097 to Mineral Lease 30203. This took effect as of 6th January, 2014. As this area is still of interest to ANZ Resources it was decided to accept. However, the value of this Bynoe tenement and the size of Bynoe Tenements as a whole as present does not warrant development as a stand alone operation. During this report period this tenement was relinquished due to diminished economic potential.