Annual Technical Report EL 23506 for the period 8 May 2015 to 7 May 2016

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 2015 to 7th May 2016. 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. Exploration activity within EL 23506 by Element 92 Pty Ltd for the reporting year involved reverse circulation drilling of two holes for a total of 382m, a High Powered DownHole TEM survey on one of these holes and a petrographic study on ten rock chips samples from last reporting period drilling. Drilling successfully intersected a copper rich zone and downhole survey confirmed the presence of an offhole conductor that will be followed-up next reporting period.