Sixth annual report from 30 August 2015 to 29 August 2016 and Final report from 30 August 2010 to 29 August 2016 for EL 27906 Lake McKay Project

Abstract

Exploration Licences 27906 'Terry's Find' is situated approximately 375 km northwest of Alice Springs (Figure 1). ABM Resources NL (ABM) explored the tenement for the potential of gold mineralisation. To further exploration of the Lake MacKay Project ABM entered into negotiations with various other quality exploration companies. On the 20th August 2013, ABM signed an exploration agreement, as a result of these negotiations, with the Independence Group NL., Perth (Independence) for ABM's Lake MacKay Project which included EL 27906. Over the 6 years of term exploration was completed by ABM and IGO. Exploration activities included desktop studies and surface sampling. ABM reviewed the historic exploration and desktop studies defined a number of large target areas. Independence collected a total of 810 surface samples including 789 soil and 21 rock chip samples. Independence undertook systematic soil sampling over the tenement at a nominal 800m x 800m grid spacing. In the following zooming in process on prospective areas, which had returned elevated assay results, sampling was completed on 200m x 200m, 100m x 100m and 40m x 20m nominal grid spacing. One of these nominal 200m x 200m spaced grids covered an area located south west of Terry's Find and centred on sample A413094 which returned a value of 0.9ppb gold - representing the best overall result as well. The follow up sample A416440 at this location returned a sample assay value of 0.86ppb Au confirming the previous result. In mid-2016 ABM reviewed and evaluated the exploration potential of the Lake MacKay project including EL 27906 and concluded to relinquish the tenement in favour of the more prospective EL 24915.