Mount Shoobridge Project EL 29549 Final and annual technical report for the period 7 August 2015 to 6 August 2016

Abstract

This report is the Annual and Final Report for EL 29549 - the Mt Shoobridge Project. The Annual Report covers the period 7th August 2015 to 6th August 2016. The cessation of the EL 29549 was the 8th August 2016. The Mt Shoobridge initially comprised five tenements - EL 23105, EL 22186, EL 24528, EL 25181 and ERL 88. In 2012 these five tenements were amalgamated into one exploration licence EL 29549. The project area also included three small legacy tenements MCN 60, MLN 296 and MLN 544. Altura Exploration Pty Ltd (formerly Haddington Resources before the change in name in November 2009) have undertaken a wide ranging number of exploration studies that have included geological mapping, surface geochemistry, geophysics, airborne magnetic and electromagnetic surveys and reverse circulation and diamond drilling. All these studies and the data collected have been detailed in the Annual Reports since work commenced in 2006. The exploration studies that commenced in 2005 were planned to locate economic occurrences of tin, tantalum and lithium but in subsequent years were broadened to include base metals, copper, uranium and gold. The Shoobridge pegmatites were established to have relatively low values for rare earth metals and therefore were not considered to be viable exploration targets. A wide variety of studies within the Shoobridge project have been completed combining geological mapping, ground and airborne geophysics, surface geochemistry and drilling. As noted many of these prospect areas were drill tested however no economically significant mineral resources have yet been located. The only resource that presently exists within EL 29549 is the Shoobridge gold resource which is estimated to be about 460,000 tonnes at about 1.7 g/t Au. Even at current 2016 gold prices this resource is marginal. Altura surrendered EL 29549 on the 8th August 2016 as the company wished to focus on the development of its lithium project in the Pilbara region of Western Australia.