Rover Project Annual Report 12 May 2017 to 11 May 2018 EL 25581

Abstract

Up until recently EL 25581 formed part of the Rover Joint Venture between Tennant Creek Gold (NT) Pty Ltd, WDR Base Metals Pty Ltd (Base Metals) and Western Desert Resources Ltd (WDR). EL 25581 was granted to Tennant Creek Gold Pty Ltd, a wholly owned subsidiary of TNG Ltd (TNG), on 11 May 2009. TNG had entered into a farm-in agreement with WDR Base Metals Pty Ltd (Base Metals) and Western Desert Resources Ltd (WDR) on 27 February 2008, which allowed the JV partners to earn an 80% share in the tenement. This earn in was achieved and the 80% transfer completed on 7 July 2014. TNG were made aware on 4 September 2014 that Administrators and Receivers had been appointed to WDR (Parent Company) and were to handle the sale of the company's non-core assets, including EL 25581. TNG spent considerable time liaising with the Administrators (Ferrier Hodgson) and subsequently the Liquidators (Duncan Powell) in order to reach an agreement for the transfer of EL 25581 back to Tennant Creek Gold. The agreement was signed in January 2017 and the transfer to Tennant Creek Gold and on to Todd River Metals Pty Ltd was completed on 14 July 2017. A full geophysical review has been completed by an independent consultant and target areas for drilling have been identified. As a result of this review TRM submitted and application, and has been successful in gaining, $125,000 in collaborative funding as part of the DPIR's Geophysics and Drilling Collaborations programme for 2018. Five holes, for 2400m have been planned to test magnetic and density anomalies. The area is considered to be prospective for gold and copper mineralisation associated with ironstones similar to that found in the Tennant Creek goldfield. No on-ground exploration has been conducted on the licence since 2013.