EL 28153 Final report 1 March 2011 to 7 February 2017

Abstract

EL 28153 was located on the northern margin of the Barkly Tablelands, on the Mount Drummond 1:250,000 map sheet (SE5312). The area experiences a sub-tropical climate with the wet season occurring from November to April every year. During this time the area can be difficult to traverse by vehicle as access roads may be flooded. In the dry season the area is accessible by 4WD vehicle via pastoral tracks. POZ Minerals Limited acquired the tenement by application on 08 June 2010 due to the presence of historical iron occurrences in the region and perceived favourable local geology. EL 28153 formed part of the Company's Highland Plains group geological report GR-096/09. EL 28153 was field checked in July 2011 and first-pass reconnaissance mapping carried out, which identified outcropping Plain Creek and Brumby Formation. No samples were collected. This was reported in the 2012 Annual Report. In 2013 the Company entered into a Joint Venture Option Agreement with Jimpec Resources, covering the Manganese and Iron rights for tenements including EL 28153. Immediately after the JVOA was signed Jimpec commissioned an iron mineralisation assessment for the Nicholson/Highland Plains tenements. The report identified areas of potential iron mineralisation and investigated their possible iron endowment. Targets BC9 and BC10 in part overlap EL 28153. The tenements were managed by Jimpec in 2014-2015. During this time Jimpec concentrated on introducing investors to the iron potential of the tenements, including leading a field trip to the Sticky Fly and Fearless Fly prospects. No on-ground exploration was conducted on EL 28153. The tenement was dropped on 7th February 2017 as POZ believes the tenement's distance from the Highland Plains phosphate deposit renders phosphate deposits on this ground uneconomic for development at this time.