EL 30737 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 30737 is challenging because the main target Barney Creek formation lies under unconformities and cover sequences. 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 western side of the Kilgour fault, where the depths to target are probably not excessive. The north eastern arm of the EL is also believed to be prospective as the Barney Creek formation is mineralised nearby, and is within drilling depth, under the cover. 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. Drilling nearby on adjacent Ripple EL's will be useful in assessing EL 30737.