Annual report on EL 24549 Allamber 1 for the period 23 September 2014 to 22 September 2015

Abstract

Exploration Licence 24549 is located about 30 km NE of Pine Creek, Northern Territory. Element 92 Pty Limited (a wholly owned subsidiary of Thundelarra Limited) purchased the Licence from Atom Energy Limited/Excelsior Gold Limited in 2012. EL 24549 was granted on 23/09/2005 and will expire on 09/05/2015. In August 2015, Element 92 Pty Ltd decided to voluntary relinquished 23 of the 41 blocks forming EL 24549. The project area is located within the central part of the Pine Creek Orogen (PCO) which is a tightly folded sequence of Palaeoproterozoic rocks, 10km to 14km in thickness, laid down on a rifted granitic Archaean basement during the interval approximately 2.2-1.87Ga. In the project area, rocks of Masson Formation, Mundogie Sandstone, Mount Bonnie Formation along with members of Cullen Batholith (Allamber Springs, Frances Creek, McCarthy's and Minglo granites) are exposed. During the Top End Orogeny (1870 - 1780 Ma), the sequence was tightly folded and pervasively altered with metamorphic grade averaging greenschist facies to phyllite. During the period under review, Element 92 undertook the reinterpretation of geological data and the drilling of six reverse circulation holes in two prospects (Hatrick and South Cliff). Drilling was targeting base metals mineralisation at Hatrick and uranium at Cliff South. The best intersect was 3m at 1.56% Cu from 204-207m at Hatrick downgrading its economic mineralisation potential. Uranium have been intersected at Cliff South but not in economic quantities. A review of existing geological, structural, lithostratigraphic, petrological and geochemical data was undertaken in order to define graphite targets for potential drilling in next reporting period.