Partial relinquishment report on EL 28272 Karinga Lakes Potash 14 April 2011 to 11 March 2016

Abstract

EL 28272 is one of seven contiguous granted ELs in Rum Jungle Resources' Karinga Lakes Potash Brine Project. EL 28272 was originally part of a 50%/50% joint venture, but has been 100% owned by Rum Jungle Resources since 2014. The Karinga Lakes project has advanced beyond exploration with a JORC 2012 brine potash resource of 8.4 million tonnes K2SO4 including over 70% in the Measured and Indicated category. A Scoping Study has been completed. The project awaits further approvals and funding. A voluntary partial relinquishment of 34 blocks from EL 28272 reduces it to 19 blocks. No on-ground work was conducted on the area being relinquished and these blocks are considered the least prospective area of EL 28272. The relinquishment also includes a narrow strip of land on Angus Downs Station. Although the station is a NT Perpetual Pastoral Lease, it is also an Indigenous Protected Area under Commonwealth legislation granted on 10 June 2009 as part of the Australian Government's Caring for our Country scheme. The retained portion of EL 28272 may contain brines contiguous with the established JORC brine to the south.