Annual Report EL 26483 Suplejack Project from 18 July 2014 to 17 July 2015

Abstract

EL 26483 is located approximately 650km NNW of Alice Springs in the northern portion of the Tanami Desert (Figure 1) and borders ABM Resources NL's (ABM) Suplejack project tenements to the north east. The tenement holds potential for gold mineralisation in orogenic quartz veins hosted by Palaeoproterozoic sediments and volcanics that have been cut by shear zones and splay faults. Mesothermal quartz-gold veins may also be derived from granitic intrusions in the area. Previous drilling on the Tregony prospect has outlined a small gold deposit. The tenement is being explored for the potential of gold mineralisation. Vango Mining Ltd (formerly Ord River Resources Ltd), the beneficial holder of EL 26483 was looking to divest EL 26483 and ABM took an option to acquire the tenement in October 2014. Exploration was delayed whilst a Deed of Assumption in respect of the Exploration Deed was negotiated with the Central Land Council CLC which would allow ABM to access the ground to conduct exploration. The Deed of Assumption was executed in June 2015 resulting in no on-ground work being completed during the year. Through this transitional agreement phase ABM did no exploration and Vango conducted a brief desktop review of previous resource estimations. No further data was generated. As a result of the review and its project prioritization Vango decided to accept ABM's offer of an option agreement. Subsequent to the end of the reporting period ABM agreed to acquire the tenement outright and the tenement is in the process of being transferred to ABM.