EL 30832 Annual Report for the period 13 July 2017 to 12 July 2018

Abstract

This report describes exploration activities conducted on Frances Creek tenement EL 30832 by operator Territory Iron Pty Ltd from 13 July 2017 to 12 July 2018. EL 30832 was granted to Territory Iron Pty Ltd for a term of two years on the 13th July 2015 with the current expiry date following renewal being the 12th July 2019. A renewal document is currently with the Mineral Titles, Northern Territory Department of Primary Industry and Resources awaiting approval. EL 30732 comprises graticular blocks of partially surrendered tenements EL 24040 and EL 29015 (Glass, 2015a and Glass, 2015b). EL 24040 and EL 29015 underwent partial relinquishment whereby 16 blocks (13 from EL 24040 and 3 from EL 29015) were surrendered. Six graticular blocks from EL 24040 were retained and amalgamated with a single graticular block from adjoining tenement EL 29015 to form new tenement EL 30832. The Notice of Intention to Issue Replacement Title (dated 2nd July 2015) was granted for EL 30832 on the13th July 2015. Upon grant of EL 30832, the six retained blocks of EL 24040 and single block from EL 29015 were automatically cancelled. Territory Resources was acquired by Gold Valley Holdings Pty Ltd in December 2017, with the corporate changeover being completed end of quarter 1, 2018. Since that time Territory Resources has continued with their ongoing commitments on EL 30382 whilst new management continues its review of assets. Exploration activities during the reporting year for EL 30832 included desktop studies and evaluation of earlier acquired geological data, geochemical assay and geophysical data to further assess the economic mineral potential of the tenement. These reviews have expanded recently to reassess the potential for other commodities on EL 30382.