Annual technical report EL 27747 for year two Acacia Project Area Adelaide River Propect for the period 12 August 2011 to 11 August 2012

Abstract

Exploration on EL 27747 was limited during the year due to the sale of the Frazer Project by Equator Resources Limited to TUC Resources Limited. Equator Resources had been committed to exploring this project with significant expenditure from airborne geophysics, diamond, RAB and RC in 2010. However due to a change in company strategy Equator decided to sell the Frazer Project (including this tenement), to TUC Resources. TUC are actively and successfully exploring similar targets in the Rum Jungle-Pine Creek region. The project review and sale process took much of 2011 (year 2 for this tenement) resulting in no on ground exploration being undertaken on the tenement. The sale was completed in February 2012 and the tenement transfer was completed before the second anniversary of this tenement. The exploration review of the Frazers Project, before the sale, highlighted the low level of historical exploration on this tenement and the potential for base metal, uranium and REE mineralisation.