EL 29862 Annual Report for the period 26 November 2014 to 25 November 2015

Abstract

This report describes exploration activities conducted on Frances Creek tenement EL 29862 by operator Territory Iron Pty Ltd (100% subsidiary of Territory Resources Ltd) from 26th November 2014 to 25th November 2015. EL 29862 was granted on the 26th November 2013 and replaced withdrawn Mining Lease Applications ML 27155 (lodged 30th January 2009) and ML 28573 (20th January 2011). The exploration licence has been granted for a term of six years and will expire on the 25th November 2019. Subsequent to the reporting period ending 25th November 2015 and prior to the submission of this report, a reduction of tenure for EL 29862 was approved on the 4th December 2015 and 10 blocks were relinquished leaving a balance of 11 blocks retained. A Partial Relinquishment Report detailing the above is due for submission on the 2nd February 2016. Exploration activities during the reporting period for EL 29862 involved a review of historical information and reconnaissance field work.