Harts Range Aturga Garnet Project Annual report year ending 11 November 2009 ML 23868

Abstract

The Harts Range Aturga Garnet Project is largely situated within ML 23868, owned 100% by Olympia Resources (who in July 2009 changed their name to Matilda Zircon). Work over the last 5 years (by Olympia / Matilda Zircon) has been directed at establishing a mineable garnet rich resource suitable for the extraction of garnet products to be used in the abrasives industry as a sandblasting medium. The deposit (and mining lease) straddles the Plenty Highway and is located approximately 180 kilometres east north east of Alice Sprimgs. In 2008-2009 Olympia has undertaken exploration on these tenements including: collecting bulk samples from the Aturga Floodplain Deposit; Collection of Dune Material; Completing a detailed mineralogy study of the deposits; Completing a detailed metallurgical flow sheet; and Review of resources with reference to the mineralogy. A thorough review of both the resource estimates and the mineralogy was finalised early in the 2009 calander year and is reported and presented as Appendix One and Appendix Two. Metallurgical studies designed to investigate the optimum processing path and likely products to be produced was concluded during the reporting period with the final metallurgical report presented in Appendix Three. This report summarises and compiles past work on the tenement and provides as Appendices final copies of the recently completed resource, mineralogy and metallurgical reports. The company is currently engaged in confidential discussions with another party to sell the garnet project to a new operator.