Walabanba Project Group Annual Report GR145/10 EL 26848, EL 27115 5 March 2015 to 4 March 2016

Abstract

The Walabanba Hills Project is operated by Enigma Mining Ltd, a wholly owned subsidiary of TNG Ltd. The project comprises two exploration licences (EL 26848 and EL 27115) in the north-central portion of the Paleoproterozoic Arunta Province. Enigma signed a Heads of Agreement (HOA) with the Australian uranium exploration and project development company, Toro Energy Limited in April 2012. The agreement gives TNG the right to explore for all minerals except uranium within the licence area. Enigma took out the JV agreement with a view to exploration for primary base metal sulphides, nickel and magnetite hosted vanadium-titanium, as found in the Mount Peake Fe-V-Ti deposit to the east. Reconnaissance trips to assess drill target access were undertaken along with an initial review of historical data associated with the Anningie Tin Field. Previous drillcore from the Bismark Propsect was pXRF analysed and resampled.