EL 24253 Neutral Junction Project Tenth Annual Report for the period 7 April 2014 to 6 April 2015

Abstract

The Neutral Junction project consists of three exploration licences; EL's 24253, 28615 and 29475, and one exploration licence application (ELA 30797) located in the Barrow Creek-Mount Skinner area from 220 to 280 km north of Alice Springs. EL 24253 (Neutral Junction), the subject of this report is the largest tenement and is operated under a joint-venture agreement, between Bowgan Minerals Limited, Mega Hindmarsh Pty Limited and the original tenement manager Mithril Resources Limited. Bowgan Minerals Limited is the current operator of the Neutral Junction project. Bowgan Minerals Limited is currently exploring for economic occurrences of copper, gold-silver, base-metal and other elements within an iron oxide-copper-gold ('Tennant Creek-style' IOCG) deposit setting and for uranium within an unconformity-related deposit setting. Exploration work completed by Bowgan during the 2014-15 reporting period included; completion of 6.5 line kilometres of ground magnetic surveying, collection of 2 rock chip and one soil sample, completion of geological (outcrop), regolith and flora mapping, cataloguing and submission of samples for analysis by ALS Chemex, review of analytical results from rock chip and soil samples and detailed interpretation of geology from mapping data. An additional reconnaissance site visit to Adnera Hill and Tara target areas was also conducted during March 2015 to assist with future exploration planning. Ground magnetic surveys completed along the Ooralingie Fault corridor in the area further north of Max's Find identified an extension of a +ve magnetic anomaly with follow-up exploration being proposed. Analysis of a single rock-chip sample identified anomalous iron and tungsten only. Analysis of a single duplicate sample identified potential for instrument error with hand-held XRF and added weight to further validation for this preliminary technique. A new exploration licence (EL 29475) was granted during January 2013 and is located immediately south of EL 24253. Here, recent exploration identified a series of linear magnetic anomalies corresponding with the Ooralingie Fault corridor and rock-chip samples of breccia with anomalous results. A further exploration licence (ELA (ELA 30797) was also recently lodged towards the south and north-west of EL 24253 which contains anomalous uranium and tungsten prospects within the extension of the Oorlaingie Fault corridor. Future exploration programs on EL 24253 will incorporate both of these new tenements. Bowgan will aim to continue to develop exploration targets in preparation for a comprehensive program of first-pass exploration drilling at Adnera Hill. This program will target the potential for economic occurrences of copper-gold/silver and base-metal mineralisation within an IOCG deposit setting along the prospective Ooralingie Fault corridor.