Annual Technical Report ML 24173 Moline 23 May 2012 to 15 August 2014

Abstract

ML 24173 is a part of the Moline project which is a strategic project within Crocodile Gold Australia's portfolio which is located about 200 km SE of Darwin. It surrounds ML 1059 which contains the historic Moline gold mine (e.g. Hercules, School, Moline and Tumbling Dice open pit mines). The tenement encompasses a suite of meta-sedimentary rocks which belong to the Burrell Creek and Mt Bonnie Formations. Locally these rocks are isoclinally folded with fold axes plunging at shallow angles to the south east. Mineralisation is found in zones of pyrite, quartz, and brecciated country rock with minor veinlets of sphalerite, tetrahedrite, arsenopyrite, chalcopyrite and carbonates. During the reporting period, Crocodile Gold Australia completed a detailed review of the Moline project including the review of previous drilling datasets. This work highlighted the potential for future development of the project but significant work would be required such as drilling and resource modelling. Due to the potential for the area and the time required to advance the project Crocodile Gold made the decision to seek partners to advance the project, and in August 2014 Crocodile Gold entered into a 'farm-in' agreement with Phoenix Copper for the Moline Project. Phoenix can earn a 51% stake in the project by spending $2M on exploration activities over the next 2 years. They can earn a further 39% to take the ownership to 90% by spending an additional $2M on the next two year period. Phoenix have commenced exploration work on these titles which will be reported in the next technical report. This includes site reconnaissance and XRF sampling around the deposits.