Third (sic fourth) Annual Report for EL 28521 for the period 28 October 2014 to 27 October 2015

Abstract

This report deals with the exploration activities undertaken on EL 28521 by Eupene Exploration Enterprises Pty Ltd (EEE) on behalf of Australian Minera Resources Pty Ltd (AMR) for the year ending 27th October 2015. EL 28521 'Barrow Creek' is located in a region of varied and complex geology, which has led to a variety of mineral deposit types occurring and therefore an increased prospectivity. Of note are the historic Home of Bullion mine (Cu-Pb-Zn) and Prospect D (Cu-Ni). Several gold and gold-copper occurrences are also known as are pegmatite related occurrences of Sn-Ta-W and muscovite mica. The licence is underlain by lower proterozoic basement. Sedimentary rocks of the Georgina Basin overlie the basement. Numerous granites of varying composition are present as are mafic intrusives. Results from a regional stream sediment (SSED) sampling program in 2013 revealed gold anomalism in the Osborne Ranges. A follow up rock chip sampling program completed in September 2013 confirming the gold anomalism seen in the SSED sampling. Geophysics and geology also supported the need for drilling between Comet Cu Prospect and Prospect D. An Air Core and RC drill program commenced on 6th December, 2013. A total of 2048 metres were drilled - 1619m Air Core in 27 holes and 429m RC in 14 holes. 431 samples of one metre intervals were submitted to Genalysis Intertek in Alice Springs for assay. Drilling results were received in 2 batches in February and May of 2014. The Taylor Creek Traverse showed promising anomalism along the whole drill traverse (see Table 3 ). Drill traverses on the Osborne Range were cut short due to weather with only 14 holes completed. Results confirmed the presence of a silicification front from a local intruded granitic body. And it seemded that the Au is likely shedding from more elevated areas than what was drilled. A geophysical Mag and Rad airborne survey of 2276.9 line KM covering the whole tenement was undertaken in March 2015 and interpretation report was then completed. To have a better understanding of the anomalies and work out the further exploration program, an additional assays of 332 samples collected from 16 drilling holes were completed in July 2015. A program of additional work on various targets in the area including further drilling exploration is recommended.