Highland Rocks Project EL 27511 Annual technical report for the period 18 November 2015 to 17 November 2016

Abstract

This report discusses exploration activities on EL 27511, 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 27511 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 27511 is gold. The tenement contains several prospective targets in Tanami Group basement rocks. Work carried out on the license during the reporting period included reconnaissance geological mapping, surface geochemical sampling and vacuum drilling over selected target areas. Vacuum drilling comprised 26 holes for 208m. Low level gold anomalism identified by the geochemical sampling warrants follow-up work. During the next 12 months planned exploration activities include interpretation of existing geophysical data. Programs of geological mapping and sampling (surface and shallow vacuum or Air Core drilling depending on the depth of transported cover) will be carried out to test target areas identified from this work.