9th Annual Report for EL 22440 period ending 26 February 2013 McCarthys Hill

Abstract

The tenement is subject to an agreement between Territory Iron Pty Ltd and the tenement holders, whereby Territory Iron has the right, subject to certain royalty terms, to explore, mine and purchase iron ore from the tenement holders in EL 22440. Regional geological mapping within the McCarthy Hill Project Area was carried out by an independent consultant in two field trips from the 25 June to 5 July (11 days) and 14 to 23 August (10 days). This work followed on from the detailed mapping at 1:1,000 of the 'Drillout' area in the central part of the project area in 2010. The present mapping covers the central, and most prospective, part in the project area where the Wildman Formation and Koolpin Formation siltstones outcrop in a series of open folds. The mapped area covers some 20.5 km2. The sedimentary units are open-folded with axes trending west-northwest and plunging gently to the south-southeast. The mapping was done by collecting geological data on walking traverses in the field followed by photo-interpretation of the available 'Quickbird' space imagery. Rock chip samples were taken of the mineralised outcrops. Following on from the geological mapping report, TIPL Exploration staff undertook preliminary drill design programs and logistics planning for the McCarthy Hill Iron Ore Project. These programs were incorporated into the Exploration MMP; this has recently been approved by the Department of Mines and Energy.