Fourth group annual report from 16 March 2015 to 28 January 2016 and final group annual report from 16 April 2012 to 28 January 2016 for EL 23926, EL 23927, EL 29367 and EL 29368 GR253 Bonita Project

Abstract

The ABM Resources NL (ABM),Bonita project is located approximately 230 kilometres north-northwest of Alice in the north Arunta Region of the Aileron Province. The project comprises four granted Exploration Licences - EL 29367, EL 29368, EL 23926 and EL 23927. The tenements were granted to ABM, a publicly listed company, in March and April 2012. On 20th August 2012 the amalgamated technical reporting for Bonita was approved and the group reporting ID GR 253 assigned. ABM explored the Bonita project for the potential of gold mineralisation. All exploration details can be found in the appended previous group annual reports. Exploration included a low level airborne electromagnetic (AEM) survey covering the majority area of EL 23926 and EL 29368 in 2012 followed by two surface sampling programs totalling 1242 samples over parts of EL 23926 (468 samples) and EL 29368 (774 samples) in Sept, Oct 2012. The survey data was processed by Fugro and Fathom Geophysics Australia Pty Ltd. (Fathom) completed further processing and interpretation work. Fugro and ABM concluded that the AEM survey revealed a previously unidentified regional structure, as well as generally thick transported cover, deep weathering and two north-south trending palaeo channels towards the eastern parts of the tenement holdings. Fathom concluded that no quantifiable anomalies were recognised in their first-pass plate modelling due to the effects of the overburden, which must be removed from these data, before any effective plate modelling can be done. In November 2013, as part of their 2013 divestment policy, ABM reached an agreement with Clancy Exploration Ltd (ASX: CLY) (Clancy) whereby Clancy had the option to acquire 100% of ABM's interests in the North Arunta Regional Projects, of which the Bonita Project forms a part of. In 2014 Clancy commenced a substantial program of compilation and re-processing of potential field datasets covering an area which included the Bonita project. This work was undertaken by Fathom Geophysics. Public domain data and 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. In 2015 and 2016 up until the surrender date - no on ground exploration was completed. The ongoing joint venture negotiations as part of ABM's divestment policy failed to come to a joint venture agreement by the time ABM reviewed its overall tenure holding position in January 2016. In January 2016 an assessment of ABM's over all tenure situation resulted in the outright surrender of the whole area of each of the Bonita project tenements prior to the anniversary date.