Annual combined report GR204-11 on EL 25868 and EL 27365 for the year ending 11 January 2015

Abstract

During the year under review, exploration activities included geological mapping, ground-truthing, drilling and data interpretation. Downhole magnetic data of previously drilled TAL090RC was obtained and interpreted by Southern Geoscience. The data have been processed and modelled to locate off-hole magnetic bodies. To constrain the mineral potential of the project area, an appraisal of the available geological, geochemical and geophysical data was also undertaken, which provided insights on the prospectivity of the tenements. A technical review of geological, geochemical and geophysical data indicates that project area has significant potential for base metals, gold and uranium mineralisation. The magnetic modelling of TAL090RC shows that this has been drilled down-dip of the magnetic unit, scraping the bottom edge of the magnetic body in the end of the hole. If the magnetic body intersected in this drillhole is of any significance, it would be recommended to drill a second hole towards the NNE to test the full width of the magnetic unit.