Roper River Iron Ore Project EL 26412 Third Annual report for period 14 April 2010 to 13 April 2011

Abstract

EL 26412 forms part of Sherwin Iron's Roper River Iron Ore Project in the Northern Territory. EL 26412 was granted on 14 April 2008 to Exploration and Resource Development Pty Ltd, a Darwin based company, for a period of six years. On 5 February 2009 ERD changed its name to Australian Ilmenite Resources Pty Ltd. The license area of 500 sub-blocks was originally applied for to target uranium anomalies as well as the iron ore potential in the southerly portion of the EL and the assessment of the diamond prospectivity of the area. Batavia Mining Limited entered into an agreement in early 2010 to acquire the Roper River Iron Ore Project, which included EL 26412. Upon acquisition of the project late in 2010 BTV was renamed Sherwin Iron Ltd. This report details all exploration activity carried out over the tenement by Sherwin Iron Ltd for the 2010/2011 reporting period. A detailed database review was conducted from all previous exploration and government geological reports covering the general tenement area. This was designed to help assess the stratigraphy, both at surface and under cover, to locate prospective Sherwin Formation, which hosts the oolitic ironstone units elsewhere in the Roper Iron Ore Project Area. Acquisition of aerial photography and ALOS imagery was used for exploration planning and project development purposes. Iron ore exploration in the current reporting period has also included a small helicopter based geological survey and sampling program to assess the oolitic character and likely grade of mapped Sherwin ironstone exposed in the southern part of the EL. A review of all available magnetic and radiometrics data has been initiated with our geophysical consultant, Southern Geoscience Ltd. This has attempted to establish a radiometrics signature of the Sherwin Iron Formation as defined in government mapping. This may be used as a mapping validation to identify other areas either at surface or under shallow cover with potential to host iron ore.