Annual Technical Report EL 27369 Mount Russell, 31 December 2012 to 30 December 2013

Abstract

EL 27369 lies 100 km north-east of Alice Springs, and encompasses a portion of the Hale River east of Claraville homestead. The tenement was first granted to Bralich Holdings Pty Ltd and Riding Resources Pty Ltd at the end of 2009. Core Exploration Pty Ltd has entered into a joint venture agreement with Bralich and Riding to earn into a package of tenements within the Arunta Region including EL 27369. Core's active work on this tenement began in year 4 of the license. Core has undertaken a comprehensive review into the Iron Oxide Copper Gold (IOCG) potential of the whole of the Arunta Region in addition to its detailed reviews on the previous exploration undertaken within each tenement it joint ventured into, including EL 27369. Within EL 27369 Core has undertaken a series of mapping, rock chip sampling and soil sampling programs targeting the areas copper and gold potential. During year 4 of the license Core has collected 72 rock chip samples and 156 soil samples within EL 27369. Core has identified four separate copper bearing (malachite) at surface localities. Core is encouraged by the identification of new copper bearing areas and intends on further exploring the tenement for further evidence of surface mineralisation. This work will lead into geophysical surveys on the most prospective targets in preparation of reconnaissance drill testing, possibly late in year 5 of the license.