Final annual and surrender report EL 30447, EL 30448 and EL 30449, 27 April 2015 to 31 March 2016

Abstract

Exploration Licences 30447, 30448 and 30449 were granted on 27th April 2015. The rationale for selection of these areas was based on interpretation of regional geophysical data that identified the likelihood of the Palaeoproterozoic Warramunga Province extending further to the east than currently recognised. The principal exploration target style for the Exploration Licences was for Iron Oxide Copper Gold (IOCG) deposits similar to the Tennant Creek copper-gold district. At the time of application in 2014, the parent company of ACH Exploration Pty Ltd, ACH Global Pty Ltd, had yet to secure any other mineral resource based assets or transactions and had sufficient funds to support ACH Exploration's exploration portfolio. By the time of grant of the tenure in question in April 2015, ACH Global had identified, negotiated and secured the right to farm in to the Foster/Jan nickel mines at Kambalda in Western Australia, the only two remaining significant historic WMC nickel mines that had not been the subject of a transaction since WMC withdrew from the mining of the Kambalda deposits in 2001. Accordingly the board of ACH Global directed that available funds be retained to underwrite that farm-in deal. Consequently the tenements were offered for joint venture to a range of medium to large size international and Australian resource companies who had demonstrated a potential interest in exploring this style of target as well as private syndicates. Unfortunately, due to the ongoing general negative sentiment prevailing throughout 2015 and the early part of 2016, ACH Exploration was unable to attract the necessary backing and made a decision to surrender the tenure to allow competing parties access to the ground and targets should they desire.