Relinquishment report the Mount Wells Gold Project EL 27567 period covering 16 April 2010 to 15 March 2016

Abstract

With the Mt Wells project (EL 27567) due for reduction, but the surrounding prospectivity relatively well known to the incoming management, a decision was made to retain areas of more cover and less outcrop. The company holds the retained area as more prospective than areas that are easily mapped. A conscious view to downgrade blocks intersected by the Adelaide-Darwin railway reserve was also applied, resulting in the relinquishment previously applied for. On the 15th March 2016, an application for renewal of the tenement was lodged, along with an application to reduce the tenement to 2 blocks, based upon more favorable geochemical and magnetic targets within Exploration Licence area. EL 27567 represents a green-fields exploration play for principally gold-base metal deposits and potentially uranium of varying genetic styles. The exploration concepts are based on specific geological criteria considered as important for controlling the localisation and upgrading of gold mineralisation hosted with structural controlled features.