Annual Technical Report EL 23506 for the period 8 May 2016 to 7 May 2017

Abstract

This report describes exploration activities conducted on Frances Creek East/Allamber tenement EL 23506 by operator Territory Iron Pty Ltd and title holder Element 92 Pty Ltd from 8th May 2016 to 7th May 2017. Territory Iron Pty Ltd has a Split Commodity Agreement with Element 92 (wholly owned subsidiary of Thundelarra Pty Ltd) to explore for and develop economical deposits of iron ore and manganese within the tenement. Exploration activity within EL 23506 by Territory Iron Pty Ltd for the reporting year involved rehabilitation of earlier drill sites, field visits by personnel to evaluate the status of remediation, desktop studies and evaluation of earlier acquired data. The remediation status for all drill sites was evaluated in July 2015 and the drill sites are rehabilitating well. Expenditure for the reporting year on EL 23506 was $23,168. Exploration activity within EL 23506 by Element 92 Pty Ltd for the reporting year involved diamond drilling with reverse circulation precollar of one holes for a total of 182.7m and a petrographic study on eight rock chip samples (six samples for microscopy and two samples for SEM and LA-ICPMS) from last reporting period drilling. Drilling successfully intersected a copper rich zone. Expenditure for the reporting year on EL 23506 was $40,439.