AN 515 Final report incorporating year 5 annual report, 26 September 2005 to 22 April 2010

Abstract

During this term the tenement was owned by various companies as explained in this document. Korab Resources Limited was the only company that carried out any substantial new exploration on the ground, mainly for phosphate but also base metals and uranium. The Geolsec Phosphate prospect found during this era falls within the boundaries of AN 515. The Geolsec prospect has a reserve estimate of 1,016,000 t with a minimum grade of 10% P2O5 (Pritchard and Cook, 1965). Field evidence in Years 3 and 4 downgraded the tenement's prospectivity for uranium and base metals but increased the prospectivity for rock phosphate. In addition several occurrences of high grade iron ore were found as boulders. Korab continues to hold this view hence the company's decision to convert the AN to a Mining Lease (ML 27362) in the name of its fully owned subsidiary Geolsec Phosphate Operations Pty Ltd.