EL 30077 Gonzo part of Barney Creek Project Area 2 Final report 9 May 2014 to 19 April 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. Additionally the techniques and concepts used in hydrocarbon exploration overlap with leading edge base metal exploration. Base metal exploration within these Licences is challenging because of the 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. Ripple has conducted a compilation of previous exploration inside and around EL 30077. There are fault trends with sporadic copper anomalism trending into the EL, with an interesting structural target along the western boundary, where the prospective Wollogorang formation is interpreted to be in fault contact with basic volcanics. Ripple has had its funding dramatically reduced by the recent death of Aubrey McLarendon, owner of AEP Australia. AEP Australia had undertaken to inject large amounts of cash into the Armour Energy group. Ripple has decided to reduce its exploration portfolio to match its reduced funding. EL 30077 has no compelling targets and was surrendered in late April 2016.