Highland Rocks Project EL 29829 Annual technical report for the period 18 November 2015 to 17 November 2016

Abstract

This report discusses exploration activities on EL 29829, located c. 530 km north-west of Alice Springs, Northern Territory, for the first year of tenure, covering the period 18th November 2015 to 17th November 2016. Exploration License EL 29829 was granted to Tychean Resources Ltd (Tychean; formerly ERO Mining Ltd) on 18th November 2015 for a period of 6 years. During 2014 Ramelius Resources Ltd entered into a Farm-in Agreement with Tychean Resources Limited, comprising the Tanami Joint Venture, which includes EL 29829. Ramelius are operators of the project and can earn an 85% Joint Venture Interest in the tenement package by sole funding $500,000 over 3 years. The target commodity of EL 29829 is gold. The tenement contains several prospective targets in Tanami Group basement rocks. Work carried out on the license during the reporting period included geological mapping, surface geochemical sampling, vacuum and Aircore drilling over selected target areas. Vacuum drilling comprised 35 holes for 151.5m and Aircore drilling comprised 167 holes for 5,780m. Surface sampling and Aircore drilling identified anomalous results that warrant follow-up work. During the next 12 months planned exploration activities include follow-up sampling and Aircore drilling of these anomalies in addition to sampling of new targets identified from geophysical interpretation.