EL 29837 Catfish Hole First annual report year to 26 August 2014

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 29837 is challenging because of the rugged topography and cover geology. Breccia hosted and stratiform mineralisation trends into the area from outcropping areas to the north west, the most notable being the Coxco trend and the Myrtle sub basin. The imputed depths of mineralisation are believed to be mostly about 500m - 1000m, below the limit of airborne EM penetration. Ripple has participated with Armour in two major activities within EL 29837. A Falcon airborne gravity and magnetics survey has been flown, imaged and interpreted. One gravity anomaly adjacent to the Emu fault was diamond drilled to 1275m in hole LP3. The hole was subsequently logged with downhole geophysics including IP. This hole intersected 75m of semi massive pyrite infill and replacements hosted by the Cooley breccia member of the Barney Creek formation. This is considered significant because it demonstrates that the Falcon survey has generated drill targets due to sulphides, and also it demonstrates that a significant hydrothermal sulphide system has mineralised the Barney Creek Formation in the area. The Caranbirini member of the Lynott formation is considered to be a secondary base metal target because of its abundance of laminated pyrite, its occasional zinc lead anomalism and numerous occurrences of infill mineralisation occur up to its base. It is considered that several other gravity features could be due to sulphide accumulations, but there remains a difficulty in ranking them prior to drilling. The depth to target needs to be better estimated, and the likelihood of base metals rather than pyrite is also a factor to consider. Ongoing work is planned for the EL. This includes further modelling of the Falcon gravity data, and trials of leakage geochemistry over selected gravity features. The purpose of this next stage is to rank prospective gravity features for future drilling.