Annual Report EL 25054 Maud Creek Project for period ending 17 April 2016

Abstract

Exploration Licence (EL) 25054 is located about 20 km east of Katherine. It surrounds the Maud Creek gold project which has approximately 1.2 Moz of contained gold. The tenement was granted on 18 April 2006 to Terra Gold which was a subsidiary of GBS Gold Australia. Newmarket (then Crocodile Gold) took over the assets of the failed GBS Gold in November 2009. The geology of the Project area comprises folded Palaeoproterozoic meta-sedimentary and volcaniclastic sequences. These are unconformably overlain by the Meso- Proterozoic Kombolgie Sandstone, which forms scarps. Flat-lying areas are covered by Cambrian Antrim Plateau basalts, and Cambro-Ordovician limestone covers much of southern part of EL 25054. Economically important rock units of the project area comprise greywackes, mudstones and tuffs of the Palaeoproterozoic Tollis Formation and Maud Dolerite which intrudes as irregular bodies up to 200m in width. SEDEX style mineralisation is also being considered as a new target style within the Cambrian sediments which overlie the Proterozoic basement. Exploration activities are now managed by PNX Metals Ltd (PNX) as part of an earn-in deal. Work completed during the past reporting year was limited to compilation and targeting, however, drilling targets have been identified and preparations for drilling in 2016 commenced.