EL 30242 Mount Cornish Project Final report for the relinquishment of 29 blocks on 26 November 2016

Abstract

KGL Resources Ltd., acquired the Mount Cornish tenement (EL 30242) following the reprocessing of Poseidon Exploration Ltd's airborne EM data by International Geoscience. The tenement is held by Jinka Minerals Limited, a fully owned subsidiary of KGL Resources Ltd. International Geoscience identified a coincident magnetic-EM trend on Poseidon's Area 2 and KGL applied for the ground. Poseidon did their own follow up work that included soil/ lag traverses but from a review of their reports there were no anomalies identified. A preliminary field reconnaissance visit of the area suggests there is extensive cover. The mag/EM trend is covered with calcrete so surface sampling wouldn't have been effective. KGL Resources Ltd., a Brisbane based company, purchased Jinka Minerals in early 2011 from Reward Minerals Limited. Final Reporting of activities conducted on the relinquished area of 29 Blocks within Exploration Licence 30242 is reported by Kentor Minerals (NT) who is the authorised operator of the tenement. On 26 November 2016, as part of statutory requirements, 29 blocks from Exploration Licence 30242 were relinquished. 28 Blocks remain within the permit area. Activities undertaken by Kentor Minerals (NT) Pty. Ltd throughout the full period of tenure included: Field geological mapping; and Rock chips sampling. Results from the sampling program did not support the potential for the granitic units in the southern portion of the tenement to contain significant rare earth potential. Only desktop study's completed on relinquished blocks. All other work completed on retained blocks.