Combined first annual report for EL 27714, EL 27715, EL 27716, EL 27717, EL 27718, EL 27719 and EL 27720 Ooratippra project for the reporting period 16 July 2010 to 15 July 2011

Abstract

EL 27714, EL 27715, EL 27716, EL 27717, EL 27718, EL 27719 and EL 27720 comprise part of the Ooratippra Project area. The Ooratippra Project, held by Acacia Minerals Pty Limited, covers approximately 2,500 square kilometres straddling the Sandover Highway approximately 300 kilometres northeast of Alice Springs. Acacia Minerals, which holds the tenements, is a wholly owned subsidiary of Equator Resources Limited (previously named NT Resources Limited). Equator Resources recognises the similarities between the Ooratippra regional co-incident magnetic and gravity anomalies and the Olympic Dam style iron oxide copper gold ('IOCG') deposit geophysical signature. A 2,485 station, 1000 metre spaced grid ground-based gravity survey was completed in September 2010 and final interpretive report compilation was completed in early 2011. The survey was designed to better constrain the regional gravity anomaly, and facilitate modeling depth to basement, enhance basin and basement structures, and outline the residual gravity anomaly for a targeted diamond core drilling programme planned to drill to basement below the Georgina Basin sediments for IOCG-style mineralisation.