Walabana Project Group Annual Report GR145/10 EL 26848 and EL 27115, 5 March 2014 to 4 March 2015

Abstract

The Walabanba Hills Project is operated by Enigma Mining Ltd, a wholly owned subsidiary of TNG Ltd. The project comprises two exploration licences (EL 26848 and EL 27115) in the north-central portion of the Palaeoproterozoic Arunta Province. Enigma signed a Heads of Agreement (HOA) with the Australian uranium exploration and project development company, Toro Energy Limited in April 2012. The agreement gives TNG the right to explore for all minerals except uranium within the licence area. Enigma took out the JV agreement with a view to exploration for primary base metal sulphides, nickel and magnetite hosted vanadium-titanium, as found in the Mount Peake Fe-V-Ti deposit to the east. Target areas were identified from the HELITEM survey in 2012 and many were recommended for geochemical surveys, ground EM and potentially drilling follow-up. Fixed loop EM surveys were carried out on four targets in April 2014. All anomalies were confirmed and drilling recommended to test the anomalous areas.