EL 30080 Relinquishment report 2016

Abstract

Ripple Resources is a fully owned subsidiary of Armour Energy Ltd. Armour has been exploring the gas and oil resources of the McArthur Basin, and has made a significant gas discovery in the Glyde sub basin. Ripple has selected Exploration Licences within areas inside the Armour Energy permits, and has been cooperating with Armour in order to evaluate these EL's for their base metal potential. This cooperation has involved modifications and extensions to the Armour program so that it has greater relevance for base metal exploration. Ripple and Armour are taking a basin - wide approach, using expensive large scale geophysical geochemical and geological studies in order to select the optimal targets for expensive deep drilling. Future work will become more separated. Base metal exploration within these Licences is challenging because of the rugged topography and cover geology. Breccia hosted and stratiform mineralisation trends into the area from outcropping areas, the most notable being the Bald Hills - HYC trend and Western Emu fault. The imputed depths of mineralisation are believed to range from about 200m - 1000m, much of which is below the limit of airborne EM penetration. Previous exploration by Amoco Minerals (and Petroleum) and by BHP RTZ and MIM relied on airborne EM and surface geochemistry as target generating techniques. The black soil and Mesozoic cover, and the depth to targets make these techniques unreliable in this EL. The adjacent Teena drilling by Rox has demonstrated that the hidden subsurface Barney Creek structures need to be drilled at their lowest points. No field work was conducted within the surrendered sub blocks. Drilling is needed to understand the geology and prospectivity within the licence area. A basin wide Frogtech study was conducted, and targets were selected. No targets lay within the surrendered areas. The Barney Creek formation targets at Watershed and Leila Yard have been retained.