Sever Base Metal Prospect 50% Relinquishment Report EL 31574 30 August 2018 to 29 August 2020

Abstract

During oil exploration drilling in the mid-1990s a significant thickness of zinc mineralisation was intersected in the Sever #1 well, located in EL 31575 which is contiguous and adjacent with EL 31574. As a result, Fiddlers Creek Mining Company Pty Ltd (FCMC) applied for the two exploration licences (EL's 31574 and 31575), covering a potential area of interest. Subsequent exploration activity has identified areas for reduction for the licences - EL 31574 and EL 31575, which are shown on Figure 1, where EL 31574, the exploration Licence title subject of this relinquishment report, is highlighted. The trial work undertaken through the Project area in Year 1 enabled the relinquishment of 30 graticular blocks without excessive compromise to continuing exploration of the retained blocks of EL 31574.