Gidyea EL 27821 Partial relinquishment report

Abstract

The licence was originally granted to Imperial Granite and Minerals Pty Ltd (IGM) in August 2010, Australian Minera Resources Pty Ltd (AMR) purchased the licence from IGM in 2012. EL 27821 'Gidyea' contains geology from the southern margin of the Warramunga Province and the north eastern margin of the Davenport Province, the contact between these strikes NE-SW through the tenement. Georgina Basin sediments onlap the Palaeoproterozoic basement in the northern most part of the tenement, with possible sightings in areas to the south. Historic work in the area suggests it is highly prospective for gold associated with ferruginous siltstones, and intrusive-related quartz veining and copper-cobalt within a mafic intrusive. There is also a potential for surficial iron enrichment. The main focus of historical exploration has been the Gidyea copper-cobalt-gold prospect. There has been much confusion as to whether the Gidyea Cu-Au-Co Prospect refers to the area in the Gidyea Gabbro where EG-DDH001 was drilled. It would appear that drilling the Gidyea Gabbro was based on interpreting the magnetic anomaly as a Tennant Creek-style ironstone, despite immediate outcrops of gabbro. Work completed by IGM and AMR within the relinquished areas including a reconnaissance field investigation, SSED and rock chip sampling, follow up sampling in 2013, and a detailed airborne magnetic and radiometric survey in 2014 as well as related interpretations. Based on the exploration data and information obtained up to now, AMR's geologist has reviewed the potential of the tenement, and recommended to relinquish these blocks which don't have obvious anomalies, compare to the obtained blocks, those relinquished part is not worth to spend more money to certify the potential, and the company's strategy is to use limited funds with a cost effective way, so the blocks with less prospective were relinquished (details can be found in the report below). When this report is prepared, some annual reports were taken for reference, AMR hereby also confirm that we consent to all annual reports containing relevant information on the relinquished area to be released by the government.