GR121 Group Annual Mineral Exploration Report Borroloola Project EL 24401, EL 25591, EL 26555, EL 26587, EL 26908, EL 26909, EL 26953, SEL 26831, SEL 26833 SEL 26835, SEL 26836, SEL 26837 SEL 26938, SEL 26939, EL 28508, EL 28534, EL 28540, EL 28541, EL 28656, EL 28657, EL 28658, and EL 28659, 11 April 2011 to 10 April 2012

Abstract

This report is an annual report on mineral exploration during the reporting period 11th April 2011 to 10th April 2012 on 22 granted Exploration Licences of the Borroloola Project which make up the Reporting Group C121/09. Eight Exploration Licences EL 28508, EL 28534, EL 28540, EL 28541 EL 28656, EL 28657, EL 28658 and EL 28659 were granted. Two Exploration Licences EL 24401 and EL 26909 had tenure extension of two years approved. Partial surrenders of EL 26555, EL 26587 and EL26953 were approved, and waivers of reduction were accepted for EL 25591 and EL 26908. One Exploration Licence application, EL 29022, was submitted over ground released from moratorium, and a reduced area was offered. During the current reporting period Sandfire targeted xx prospect areas within its Northern Territory Borroloola Project tenements (Figure 4). These were the Rosie Prospect along the northern Emu Fault Zone for HYC-SEDEX-style lead-zinc hosted within the Barney Creek Formation, Tawallah T1 T 2, Lorella and South Lorella Prospects in the Lorella Pocket, and North Costello Range Prospect also for base metal SEDEX style deposits; Proof of Concept Targets for red-beds style of base metals mineralisation, Alice Prospect for replacement lead-zinc mineralisation, and Yiyintyi, a conceptual unconformity-related uranium target.