Annual Report EL 25054 Maud Creek Project for period ending 17 April 2015

Abstract

EL 25054 is located about 20 km east of Katherine. It surrounds the Maud Creek gold project which has approximately 1 million oz of contained gold. The tenement was granted on 18 May 2006 to Terra Gold which was a subsidiary of GBS Gold Australia. Crocodile Gold took over the assets of the failed GBS Gold in November 2009. Since that time Crocodile Gold has conducted exploration activities on the Maud Creek project to assist with the final go ahead of the Maud Creek deposit located to the north of this tenement. The geology of the Project area comprises folded Palaeoproterozoic meta-sedimentary and volcaniclastic sequences. These are unconformably overlain by the Meso- Proterozoic Kombolgie Sandstone, which forms scarps. Flat-lying areas are covered by Cambrian Antrim Plateau basalts, and Cambro-Ordovician limestone covers much of southern part of EL 25054. Economically important rock units of the project area comprise greywackes, mudstones and tuffs of the Palaeoproterozoic Tollis Formation. The Maud Dolerite intrudes the Tollis Formation and forms irregular bodies up to 200m in width. The margins of the Maud Dolerite are strongly sheared, with mineralised quartz-filled shear zones. The Tollis Formation hosts the Maud Creek Gold Project on adjacent tenements. Exploration activities for the reporting period included the handover of all technical data to Crocodile Gold's new Joint Venture partners Phoenix Copper who have started regional exploration activities in the Northern Territory. While limited work was completed on these titles over the past reporting year, the Maud Creek project is seen as a significant project by both Crocodile Gold and Phoenix Copper. As part of the Joint Venture Phoenix Copper will become the manager of exploration activities on this title. During the next reporting period, Phoenix Copper will assess the excellent geophysical and geochemical datasets available, and undertake ground reconnaissance exploration, and if warranted follow up with detailed geophysical targeting and drilling.