Partial Surrender Report EL 27039 reporting period 15 May 2009 to 2 December 2015

Abstract

EL 27039 is the largest tenement and occupies the western third of the Rover Project. The eastern portion is highly prospective with two deposits to date, Explorer 108 and Explorer 142. The majority of the western half has seen very limited exploration with the exception of regional scale magnetics and gravity. This survey along with estimated depth of cover has outlined the southern portion of the tenement to have lower prospectivity then the north. It is proposed to relinquish large portion of the tenement, which would represent 65 graticular blocks or approximately 46% of the tenement. This will not only help focus exploration expenditure in higher-ranked region but also reduce financial exposure to the Company moving forward