Annual and final report for the period 17 August 2011 to 8 August 2016 GR293, EL 28413 and EL 28435

Abstract

In the first year exploration activity consisted of a thorough desktop review of all previous exploration and completion of an airborne magnetic and radiometric survey over the entirety of the licence areas. In the second year the airborne geophysical survey data was processed and interpreted, and generated 14 targets. Additionally 828 soil and 466 rock chip samples were collected as first pass exploration over the 14 targets. In the third year 3 diamond holes were drilled for an advance of 901.7m. In the fourth and fifth year no on-ground exploration of note was completed. The soil and rock chip sampling results were disappointing with no significant or anomalous copper, gold or uranium values returned. 63 samples of diamond core were assayed for gold, copper and uranium with disappointing maximum gold, copper and uranium values of 48ppb, 588ppm and 39ppm respectively. The downturn in the minerals industry commencing 2014 prevented the planned follow up exploration in the final 2 years of tenure. The two regional gravity highs, one named the Alexander gravity anomaly, remain to be drill tested, as do substantially most of the anomalies identified from the airborne geophysical survey. Disappointingly soil geochemistry and drill core returned no significant or anomalous copper, gold or uranium values which with the lack of the prospective Warramunga Formation, which hosts Tennant Creek Style Au-Cu mineralisation, downgrades the immediate prospectivity of the licence area.