EL 30098 Borroloola Project 2017 Annual and Final mineral exploration report 12 November 2015 to 12 October 2017

Abstract

This annual and final report covers mineral exploration by Sandfire Resources NL (Sandfire) on EL 30098, within the Borroloola Project, for the period between the grant date, 12 November 2015, and the date of relinquishment, 12 October 2017 (the 'reporting period'). EL 30098 is a Sandfire-held and operated tenement of the Borroloola Project which has 28 other tenements within joint ventures with Pacifico Minerals Ltd and MMG Ltd. The tenement is located entirely on unallocated crown land within the Limen National Park and is subject to the Billengarrah Native Title Claim (DC2000/029). The tenement sits within the Batten Fault Zone of the Proterozoic McArthur Basin and has been explored for base metals and diamonds since the 1950's with evidence of historic works in the region dating back to the 1880's. Sandfire believes the tenement is prospective for base metals, primarily of tectonically remobilised or hydrothermal types. Exploration activities undertaken during the life of the tenement have included data capture, compilation and synthesis from reported historical exploration. This process highlighted several lithological units of initial interest, but which were subsequently downgraded without follow-up. The tenement was voluntarily relinquished on 12 October 2017 short of its granted tenure of six years.