Walabanba Project Partial relinquishment report EL 26848, 4 March 2009 to 3 March 2018

Abstract

EL 26848 was granted to Toro Energy Limited (Toro) on 4 March 2009. TNG Ltd signed a Heads of Agreement (HOA) with Toro in April 2012. The agreement gave TNG the right to explore for all minerals except uranium within EL 26848. In April 2017 TNG Ltd demerged it's base metal assets to the new company Todd River Resources Limited (TRR) and EL 26848 is now owned and operated by TRR subsidiary Todd River Metals Pty Ltd. TNG took out the JV agreement with a view to exploration for primary base metal sulphides, nickel and magnetite hosted vanadium-titanium, as found in the Mount Peake Fe-V-Ti deposit to the east. EL 26848 was reduced in area from 45 blocks to 23 blocks prior to its ninth anniversary and this report details the exploration conducted with the relinquished area. In August 2012 a HELITEM survey was flown by Fugro Airborne Surveys Pty Ltd (Fugro) over several targets within the Walabanba project area. Two block areas were flown within the relinquished region of EL 26848, Block 1 and Block 5. Six targets were identified from the data (T1a, T1b, T1c, T5a, T5b and T5c). Ground inspection of targets and sampling was completed in 2012 and 2013. Fixed loop EM was carried out over targets 1c and 5b/c in April 2014. Drilling of six holes over T1c and T5b/c was completed in July/August 2017. 868 samples were sent for analysis and pXRF readings were taken on four of the six holes. DHEM was completed on each hole. Results were disappointing and as such these areas of the licence were relinquished at the ninth anniversary of the licence. Rehabilitation was completed on all holes in October 2017.