Annual and final report, year ending 31 December 2015 MLN 726 and MLN 727 Bulman Project

Abstract

The Bulman project is located near the Bulman Aboriginal community within Arnhem Land, approximately 320km north east of Katherine. This project consists of two exploration licences (EL 23814 and EL 25931) and two mineral leases (MLN 726 and 727). This annual report covers work completed on MLN 726 and MLN 727 which were granted on 13th June 1955 and expire on 31st December 2016. The mineral leases and associated exploration licences are being explored for carbonate-hosted stratabound Pb-Zn deposits (Mississippi Valley type Pb-Zn deposits). Previous geochemical surveys outlined a range of Pb/Zn anomalies, the levels of which suggested a very strong exploration potential. However, only localised mineralisation at shallow depth was encountered during the 2008 drilling program. No exploration was completed in the reporting year to 31 December 2015 on the mining leases due to a decision by the Traditional Owners to deny work permission. Bulman Resources Limited has decided to relinquish these mineral leases together with the surrounding exploration licences 23814 and 25931.