Annual Report for MLC 523 (Includes bridging information from 01 January 2001) 1 January 2001 to 31 December 2015

Abstract

During the reporting period no exploration activities were conducted due to corporate reasons, which entailed the seeking of a Joint Venture (JV) Partner or further funds to continue exploration in the Tennant Creek area and more specifically MLC 523. Emmerson Resources Ltd (Emmerson) succeeded in securing Evolution Mining (Evolution) as a Joint Venture Partner who has committed to spend $25M over the next 5 years. Following the formation of this JV, Emmerson has commenced exploration activities and will evaluate the prospectivity and then rank work for the title as per its prospectivity in comparison to the other 476 titles Emmerson explores in Tennant Creek. It is expected that MLC 523 ranks highly for prospectivity therefore exploration activities should resume in the near future. This annual report records any activities completed on this title during the reporting period from 01 January 2015 to the 31st December 2015 and includes bridging information from 01 January 2001 to 31st December 2014. Future activities will be based on the outcomes of various exploration programs currently under way. These programs are based around the implementation of new technologies and new concepts for the Tennant Creek Mineral Field. The success of these programs elsewhere in the field will have vast implications for MLC 523. These programs include the application of Seismic technology on both a regional scale and a local scale. The local scale is being trialled at Gecko in the northern part of the field and is aimed at targeting mineralisation at depths in the field previously not explored. The Kenex project has been applied across the entire field, including MLC 523. Successful exploration defined as intercepting mineralisation, will initiate further widespread applications of these technologies and concepts to the entire field and will include MLC 523. Timeframes for any future exploration will be dependent on the ranking of MLC 523 in terms of its prospectivity after the new technologies and concepts are applied.