Mount Peake Project Third Group Annual Report GR226/12 EL 27069, EL 27070, EL 27706, EL 27787, EL 27941, EL 28491, EL 29578, EL 29867 period ending 17 February 2014

Abstract

The main focus of the Mount Peake project has been evaluation of the potenitally world class Fe-V-Ti deposit which lies within ELR 29627. The project has reached Feasibility with a final report due in 2014. Regional mapping and sampling was carried out in November 2013 on magnetic targets within the project area. No previous work had been carrried out on most of these targets which are thought to reflect magnetic gabbro bodies similar to that defined at the current Mount Peake resource. Best results were obtained from the Eastern Target with best results of 5182ppm V (ca. 1 percent V2O5), 25 percent Ti, and 49 percent Fe from pXRF sampling and up to 0.634 percent V2O5, 24.6 percent TiO2, and 48.0 percent Fe from the laboratory analysis. Petrographic analysis was undertaken on two samples from the East Target to determine the full suite of minerals present in the magnetiterich gabbro. In addition to the magnetic targets sampling was also carried out across the existing resource to determine whether a surface signature reflects the geology below. Sampling was undertaken on three lines, 7605900N, 7606400N and 7607200N. Magnetic concentrate soil lag (maglag) pXRF readings taken across the resource clearly show anomalism over the mineralised zone. Laboratory analysis confirmed the anomalism with 28 samples being sent for XRF analysis. The highest result returned was 0.461 percent V, 17.6 percent TiO2 and 36.97 percent Fe from sample RM10022 on line 7607200N. Based on the successful mapping programme a drill programme was planned and completed in March 2014. This will be reported on in the next Group Annual Report. Rehabilitation was carried out across regional holes drilled in April 2013. Monitoring of existing stations and campsites was also carried out with additional rehabilitation having been carried out during March 2014.