GR115 Annual Report for EL 24716 and EL 24724 Patanella NT period ending 1 December 2015

Abstract

No on-ground work was possible during the reporting year as Rum Jungle Resources/Territory Phosphate apportioned its remaining funds on higher priority projects. The Patanella Project contains an independently estimated Exploration Target of around 50 to 100 Mt at 10% to 17% P2O5 at a cut off grade of 5% P2O5, and 20 to 50 Mt at 15% to 20% P2O5 at a cut off of 10% P2O5. These estimates are based on broad spaced drilling and are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain that future exploration will result in determination of a Mineral Resource. Depending on the availability of funds and management priorities, further work at Patanella is likely to include more-systematic infill and extensional drilling across both EL's to extend and upgrade the exploration target to a JORC resource.