Annual report EL 26054, 5 September 2010 to 4 September 2011

Abstract

In the latter part of October 2010 EL 26054 was purchased by Fertoz Pty Ltd from the previous titleholders FSL World Holdings Pty Ltd. The exploration licence consists of 326 graticular blocks, (1,076 km2) located in the Barkly Region of the Northern Territory. The new titleholders consider the licence area to be favourable for the discovery of phosphate deposits of a similar nature to that to the north of the EL (Alroy, 14Mt at 20% P2O5, and Alexandria 15Mt at 10% P2O5), and to the south of the EL, (Wonarah and Arruwurra 1258Mt at 12% P2O5). Previous exploration (IMC and Rio), has demonstrated the presence of phosphorite within the licence. The exploration during the current year was to have consisted of a RC drilling program but due to delays in the approval process this was not undertaken during the 3rd year of tenure.