Partial relinquishment report EL 30817 to 22 October 2018

Abstract

Ripple Resources is a fully owned subsidiary of Armour Energy Ltd. Armour has been exploring the gas and oil resources of the McArthur Basin, and has made a significant gas discovery in the Glyde sub basin. Ripple has taken up selected Exploration Licences within the Victoria River area, on the basis of the known association between petroleum and zinc - lead mineralisation within the Mount Isa and McArthur Basins. The association is intimate in the case of the unmetamorphosed Century SEDEX deposit, as well as a number of the coarser grained breccia hosted deposits. Previous exploration work and NT government drilling has demonstrated regional scale petroleum and base metal generation in dolomites of the Skull Creek formation exposed within the licence area. At this point the known mineralisation is coarse grained and infills coarse vugs in the dolomites. This Mississippi Valley and shear hosted style is associated with the larger Sedex style at McArthur River and Century. It is hoped that such an association will be found at Victoria River. The principal targeting methods will initially be gravity, geochemistry, IP geophysics and geological mapping. The work during the past two years has been limited to a compilation of the previous data. A number of broad target areas have been selected on the basis of strong geochemistry and underlying or adjacent gravity highs. The pattern of gravity highs and geochemical peaks indicate that blind bodies of dense structurally controlled sulphide - dolomite introduction occur around the domes. The program of mapping and detailed sampling supported by IP geophysics has been postponed from year 2 to year 3 as cash flows from new projects elsewhere provide funding. In September 2018, 4 sub-blocks were offered for relinquishment. Eight sub-blocks remain for the third year.