Annual Group Report EL's 10367, 10368, 10382, 22206, 22232, 23172, 23173, 23174, 23178, 24150, 24151, 24288, 24682, 23200 and 25348 Mount Bundy Project for period ending 15 December 2012

Abstract

During 2012 Crocodile Gold made the decision to allow another party to explore the Mt Bundy project and was happy to form a relationship with Primary Minerals. A Sales Agreement was signed in May 2012 and is currently being finalised. Primary Minerals should take over the ownership of this project in the first half of 2013. The Mt Bundy project area encompasses a suite of meta-sedimentary rocks belonging to the Mt Bonnie Formation and the Burrell Creek Formation. These comprise brown to greygreen, thickly bedded to massive, fine to coarse feldspathic meta-greywacke with graded bedding in places and minor lenses of volcanilithic pebble conglomerate; brown to grey, laminated phyllite, slate and mudstone and minor quartz-mica schist. The document review database and regional data compilation work was continued during the reporting period and some reconnaissance field visits were also carried out. Scanning and collation of historic reports was also carried out at the Brock Creek exploration office where the document library is located. Taiga geological consultants were also used to assist with a historic geophysical data review. Rum Jungle Uranium Pty Ltd focused exploration activities on EL 10382 and EL 25348 (previously SEL 25348) completing several RC drill holes on these titles exploration for Uranium Mineralistation. Rum Jungle had planned to drill a total of 11 holes in 2011 however the MMP had not yet been approved and drilling could not commence. This drilling was completed in 2012 with 6 holes drilled at Anniversary Breccia West and another 2 holes drilled at Anniversary Breccia South, a new target anomalous in U and Cu. A further 4 holes were also drilled and Toms Gully West on EL 25348, over an ironstone outcrop identified by geological mapping.