Annual technical report Year 3 EL 29608 11 March 2015 to 10 March 2016

Abstract

Exploration Licence 29608 (the licence) is located approximately 75km South-South-East of Borroloola and has an area of 586 square kilometres. The area comprises of the Georgina Basin which is known to host various commodities, which include phosphate, lead-zinc deposits, diamonds, base metals, manganese and hydrocarbons. Exploration consisted of helicopter reconnaissance, surface sampling and office studies. No coordinates of the samples were taken and no assaying of the samples was carried out. Oceanic acknowledged that work conducted has not been substantial since grant of the licence and will not be substantial in the near future. Therefore, Oceanic voluntarily reduced the licence by 50% in March 2016. This will allow Oceanic to focus on the more prospective ground for the future years