EL 29046 Combined sixth annual and final report for the period 3 July 2017 to 2 July 2018

Abstract

EL 29046 has been granted to GRIGM Resources Pty Ltd by NT Department of Mines and Energy on 3 July 2012 for a period of six years. Several episodes of exploration have been carried out, and the entitlement had been relinquished on 18 May 2018. This report summarises work carried out during last 10 months from 3 July 2017 to 18 May 2018, as well as all the work carried out during the entire license time span from 3 July 2012 to 20 May 2018. The license area locates in the northeast part of Amadeus Basin in the southern part of Northern Territory. The basin overlies basement of the Musgrave Province to the south and the Warumpi and Aileron provinces (Arunta Region) to the north. It is overlain by the Permian-Triassic Pedirka and Mesozoic Eromanga basins in the southeast, and by the younger Palaeozoic Canning Basin to the west. Sedimentation began in the Neoproterozoic in the Amadeus Basin and continued until the Late Devonian/Early Carboniferous. Field investigation confirmed that the Cu-bearing greenish siltstone/shale extends steadily for about 12.5km. The mineralized strata strikes northeast (N55-70E) and dips 50-70northwest. Width of the strata varies, largely due to coverage, from 30 centimeters to over one meter. Analyze results of samples collected over the entire 12.5km outcrop show that lowest value is 0.016% and highest copper content reaches 4.24%, and averages at 1.55%. Samples have also been collected and analyzed for Au and Ag, as well as Te and Se. Au concentration varies from 0.002 to 0.026ppm, averages at 0.01ppm, and that of Ag varies from 0.099 to 0.349ppm, averages at 0.233ppm. Selenium content in the analysed samples varies from 0.13 to 4.24ppm, averages at 0.55ppm. Tellurium content of the analysed samples varies from 0.12 to 0.29ppm, averages at 0.23ppm. No obvious correlation between Au-Se, and Au-Te has been identified. As only limited samples have been used in Tellurium and Selenium analyses, the results obtained here is not conclusive. The copper mineralization identified in the area is stratiform style and extends steady along strike to about 12.5 kilometers. However, as the copper concentration is not high (approx 1.55%), and the mineralized strata is not thick (generally less than 1m), these plus that the area is far from all facilities, it may not be economically viable, under the current economic environment, to conduct drilling program and carry the project into next level. After a careful review, following failed attempts to raise funds for a drilling project, the managing board of GRIGM RESOURCES PTY LTD has come to the decision to relinquish EL 29046.