EL 30775 First annual report year to 20 August 2016

Abstract

Ripple Resources is a fully owned subsidiary of Armour Energy Ltd. Armour has been exploring the gas and oil resources of the McArthur Basin, and has made a significant gas discovery in the Glyde sub basin. Ripple has selected Exploration Licences within areas inside the Armour Energy permits, and has been cooperating with Armour in order to evaluate these EL's for their base metal potential. This cooperation has involved modifications and extensions to the Armour program so that it has greater relevance for base metal exploration. Additionally, the techniques and concepts used in hydrocarbon exploration overlap with leading edge base metal exploration. Base metal exploration within EL 30775 is less challenging because the main target Wollogorang formation lies at a shallow depth and the mineralised structures trend into the EL from the immediate east and south. Breccia hosted and stratiform mineralisation trends into the area from areas currently under exploration by competitors. A Frogtech basin wide analysis of the entire McArthur Basin was used by Ripple to confirm the fault bounded nature of the McArthur Group sub basins on the north eastern edge of the EL. The depths to target are within reason, but the McArthur Group stratigraphy under the Nathan Group is unknown. Those small areas of Nathan Group offer a potential for a blind target within and under the unconformity with the McArthur Group. The most obvious place for exploration is on the downthrown block adjacent to copper mineralised faults. Work has been postponed due to the death of Aubrey McLarendon, of American Energy Partners who undertook to fund ongoing Armour and Ripple work. Alternatives are being sought. Ongoing work is planned for the EL. The areas of potential are to be investigated with trials of leakage geochemistry.