Charley Creek EL 25657 Partial relinquishment report for the period 30 August 2007 to 29 August 2017

Abstract

EL 25657 was granted to Alistair Mackie on 30th August 2007. The licence was transferred to Western Desert Resources Base Metals Pty Ltd, (WDRBM) a wholly owned subsidiary of Western Desert Resources Ltd (in Liquidation) on the 17th June 2008. WDRBM then entered into a short-lived joint venture with NuPower Resources Ltd. In July 2010, Crossland Nickel Pty Ltd entered into a Farm-In arrangement with WDRBM to joint venture the licence. Crossland Nickel is a wholly owned subsidiary of Crossland Strategic Metals Limited (Crossland), who is the Operator of the licence. In late 2015, the new joint venture of Crossland Nickel Pty Ltd and Essential Mining Resources Pty Ltd (EMR) purchased an 80% share in the licence. WDBRM still retains it's 20% share. In August 2017, Crossland relinquished 72 sub-blocks. EL 25657 comprises part of Crossland's Charley Creek project. The project area is considered prospective for Rare Earths Elements (REE), Uranium and other metals, although the focus is now exclusively centred on the Rare Earths potential. The decision to relinquish the area, which is the subject of this report, is that it is almost entirely 'hard rock' and therefore of no economic importance to the company. The remaining portion of the subject licence is considered an integral part of the potential REE resource.