Group Annual Report for EL's 9343, 9442, 9449, 10305, 10306, 24299, 24492, 24567, 24858, 24915, 24949, 25630, 25632, 25866, 27780, 27872, 27906, 28028, 29459, 29460 and 29483, Lake MacKay Project GR165 from 1 November 2013 to 31 October 2014 (from 23 September 2013 for EL 24915 and 30 August 2013 for EL 27906)

Abstract

ABM's Lake Mackay Project is located approximately 460km WNW of Alice Springs in the western Arunta region (Figure 1). During the reporting period the project grew with 1 new tenement granted to ABM and then added to the project. The project comprises currently 21 granted Exploration Licences 9343, 9442, 9449, 10305, 10306, 24299, 24492, 24567, 24858, 24915, 24949, 25630, 25632, 25866, 27780, 27872, 27906, 28028, 29459, 29460, and 29483. In December 2009, ABM Resources NL (ABM) purchased EL 8696, 8697, 9442 and 9449 from Tanami Exploration (TENL). During the reporting period EL24915 and 27906 were also amalgamated with the existing group reporting group GR 165. Fourteen of the Lake Mackay Project tenements are currently subject to a Joint Venture Agreement with Deep Yellow Limited (DYL) whereby DYL holds the uranium rights. On the 20th August 2013, ABM signed an exploration agreement with the Independence Group NL., Perth (IGO) for ABM's Lake Mackay Project. IGO is currently exploring the Lake Mackay Project for gold. All on-ground exploration was conducted by Independence during the reporting period ending on 31st October 2014. Deep Yellow (DYL) have an agreement with ABM whereby DYL have Uranium exploration rights over parts of the Lake Mackay Project. As DYL are continuing negotiations with the Central Land Council, no exploration was conducted by them in the reporting period. Exploration during the reporting period consisted of systematic reconnaissance surface geochemical sampling, geological mapping and aircore drilling of targets generated from the soil sampling. A total of 12,807 soil samples and 133 rock samples were collected from the project in this reporting period. 15 targets identified from the sampling were tested with aircore drilling consisting of 145 holes for a total of 12,290m. All of the drill samples, 1243 soil samples and 76 rock samples were not available during the reporting period. The field mapping was conducted in October 2014, however, the data analysis and subsequent map compilation was undertaken after the reporting period and will be included in the next annual report.