Third Annual Technical Report GR276 incorporating EL 28346, EL 28347, EL 28871, EL 28891 and EL 29033 for the period 9 February 2014 to 8 February 2015

Abstract

Australian Ilmenite Resources Pty Ltd, (Receivers and Managers Appointed) (AIR), is the 100% owner of the Roper Heavy Minerals Project which comprises ML 27422, the adjoining ancillary lease ML 29042, Exploration Licences (ELs), a Substitution Exploration Licence (SEL), and Exploration Licence Applications (ELA's) elsewhere in the region. This report covers activities on group tenements GR276 incorporating ELs 28346, 28347, 28871, 28891 and 29033. The reporting period for this title group is 09/02/14 to 08/02/15. This is the Third Annual Group Technical Report for GR276 with tenements located in the western part of the Australian Ilmenite Resources (AIR) portfolio (Figure 1). This is one of three Reporting Groups (GR274, GR275 and GR276) comprising AIR's Roper Heavy Minerals Project (RHMP). The Project is focused on exploring and developing ilmenite resources within weathered dolerite sill regolith. GR276 includes the Buka Ilmenite resource on EL29033, being the only current defined resource on the project. This tenement group lies in the western portion of the project area and located between 50kms and 85kms east and slightly north of Mataranka generally towards Roper Bar. At a meeting with Mines Division in May 2014 AIR reaffirmed its intention to complete EL assessments to either advance exploration on particular tenements or surrender them in part or in whole. A desktop analysis was commenced and exploration field checks were being planned to complete this review for all ELs within GR 276, as well as the other Group Report areas. On 28th July 2014 KordaMentha were appointed as Receivers and Managers of AIR ('the Receivers') and the process was reaffirmed, with support from AIR personnel, external consultants and TZMI. The Receivers continue to manage AIR, and to liaise with the DME.