Partial Surrender Report for EL 31211 Newlands Creek for the period 7 November 2016 to 20 November 2017

Abstract

No on-ground exploration work was carried out within the forty five (45) surrendered blocks between the date of the grant of the exploration permit on 7 November 2016 and the acceptance of the partial surrender on 21 November 2017. The relinquishment was made in order to reduce its rental liability for the tenement and as an exercise in good faith, having not met the Year 1 expenditure covenant. Surrendered blocks were assessed to have limited prospectivity for tungsten and other granite/pegmatite related deposit styles, based on review of NT GIS geological mapping, past geophysical surveys and historical company exploration results.