Mount Peake Project Second Annual Report 13 August 2010 to 12 August 2011 EL 27069

Abstract

EL 27069 was granted to Enigma Mining Limited (Enigma) on the 13 August 2009. Enigma is a wholly owned subsidiary of TNG Ltd. The licence forms part of TNG's 'Mount Peake' Project area together with EL 23074, EL 23271, EL 27070, EL 27706, EL 27787, EL 27941 EL28491 and MLA 28341 and covers a total area of 245.9km2. A single RC drill hole (11G34RC001) was completed at the G34 Prospect in July 2011. The aim of the programme was to test the occurrence of a moderately-strong, mid-late time GEOTEM anomaly identified from geophysical review in 2010. During a reconnaissance programme a surface grab sample of magnetic material from a large magnetic anomaly located 3km east of the Mount Peake deposit was collected and assayed using the Company's portable NITON XRF1 analyzer. Results from the NITON recorded anomalously high readings of 22% for titanium, 0.4% for vanadium and 56% for iron. Samples have been collected for confirmation by laboratory XRF analysis.