Combined Annual Report for the period 25 February 2013 to 24 February 2014 Exploration Tenements MA 389 and EL 10137

Abstract

Territory conducted field mapping and reconnaissance visits in and around the drill program and geophysics programs to confirm the mineralisation and also if mineralisation extended outside the drilled areas. Reverse Circulation (RC) drilling during the reporting year was completed within EL 10137 and MA 389, within the prospective Lower Wildman Formation. 4 RC holes were drilled for 318 metres. An airborne electromagnetic survey was flown over part of the Frances Creek Project area (including EL 10137) to assist in mapping the structure of the host stratigraphy of the Frances Creek mineralisation. A total of 11.3 line kilometres consisting of 503 gravity stations also took place within the tenements. Preliminary studies completed by Hawke Geophysics covers potential mineralisation in the lower Wildman Formation within EL 10137 and MA 389. Several parallel trends of the prospective host shale were identified. Each of these is inferred to represent a synclinal fold structure, with the main fold axis roughly parallel with bedding. Structural complexities such as faulting or refolding of these stratigraphic trends may be important triggers in the development of iron mineralisation.