Combined final and second annual report GR426 EL 30498, EL 30499, EL 30500 and EL 30808 Lake Duggan Project, 13 May 2015 to 23 March 2017

Abstract

This is the Final and Second Annual Report for Grouped Tenement GR426 (GR426) which comprises of EL 30498, EL 30499, EL 30500 and EL 30808 and was granted to Geotech Minerals Pty Ltd at various dates in 2015. This group of tenements is referred to as the Lake Duggan Project. This report covers from the reporting period from the 13th May 2015 to the 12th May 2017. These four exploration licenses within the Lake Duggan Project area cover the northwestern faulted boundary of the Palaeoproterozoic McArthur (Birrindudu) Basin approximately 35 km south to southwest of Katherine. This area of the McArthur Basin has had very limited mineral exploration in the past and no minerals wells have been drilled within the exploration license areas to date. The most recent exploration in the region has been by petroleum exploration companies, with 2d seismic, full-tensor gravity gradiometry data and a stratigraphic well being drilled in EL 30498. No on ground exploration activities were carried out during the reporting year. However, a regional review of the open file data, including magnetics, gravity and seismic and well data has been undertaken to help evaluate the base and precious metal and rare mineralization potential across the exploration area. The Manbulloo-S1 well core was logged and assayed to evaluate the mineralization potential along the faulted boundary of the greater McArthur Basin. Based on Geotech Minerals' detailed integration and interpretation of the available gravity, magnetic, seismic, surface geology and Manbulloo-S1 well core, and assay results, the base and precious metal potential along the Mallapunyah Fault trend in this area is considered to be low to moderately low and high risk. Based on the lack of prospectivity, Geotech Minerals Pty Ltd determined that the GR426 grouped tenements do not warrant further exploration and the grouped tenements were surrendered accordingly.