Annual Report from 26 November 2011 to 25 November 2012

Abstract

During 2012 ELR 148 was to be part of a large regional airborne FALCON gravity survey. Unfortunately the survey was delayed until after the reporting period finished. This survey was completed in December 2012 and will be reported on during the next reporting period. Ground IP surveys were planned for the tenement but were unable to be completed as time constraints required higher priority IP lines to be carried out on adjoining tenements. A refined drill program of four (4) holes was also planned for the area but this was redirected to ELR 146 to assist with the metallurgical program carried out on ELR 146 during 2012. The Area 55 and Area 55 West prospects are the main areas of interest within ELR 148. The two prospects straddle these and other Compass Resources Pty Ltd held tenements ELR 125 and MLN 1161 to the north and north-west; work completed outside ELR 148 is reported in those respective annual reports. A number of mixed historical oxide RC samples from the Area 55 prospect were sent to China for potential testwork. These samples have been shipped but it is yet to be decided if they are a priority at this point. The prospectivity of ELR 148 is similar to that of other tenements within the Rum Jungle Mineral Field, with copper, lead, zinc, cobalt, nickel and uranium being the main minerals sought.