Browns Range Project EL 25207 Annual report for period ending 12 February 2014 to 11 February 2015

Abstract

EL 25207 was granted to Palace Resources Ltd in 2007 and comprised 488 sub-blocks. It targeted uranium within the lower Proterozoic Tanami Group in proximity with the unconformity with the flat-lying mid-Proterozoic Gardiner Sandstone, in an area north of the Tanami-Granites Gold Fields, based on an East Alligator Valley deposit model. Since grant the Licence area has been appropriately reduced and at the end of the reporting period comprises 54 sub-blocks covering only the exposed Tanami Group basement. As interest in uranium has waned in recent years, the exploration focus has changed to Tanami-style gold and base-metals and the mid-Proterozoic cover is no longer prospective. The change of focus towards gold attracted Excalibur Mining Corporation Ltd to earn an interest in the Licence through joint venture. Having achieved a 90% interest, Excalibur has exhausted greenfields exploration funds and is currently raising working capital through a rights issue. Apart from desktop evaluation in-house, Excalibur has not carried out any drilling programs and will not resume exploration programs until further capital is raised.