Annual Report Amalgamated Reporting GR286/13 Mineral Leases MLN 542, MLN 543, MLN 512, MLN 513, MLN 514, MLN 515 and ML 30587 period ending 31 December 2016

Abstract

Mineral Leases (ML) N512, N513, N514, N515, N542, N543, and 30587 are located 6km east of the town of Batchelor, 85 km south of Darwin. All 7 leases form part of the Batchelor project owned and operated by Korab Resources Ltd and its wholly owned subsidiary Ausmag Pty Ltd. All 7 leases are members of the Amalgamated Reporting Group GR286. Field reconnaissance was undertaken to review access to potential drill sites at MLN 542, 543, and ML 30587. Access to MLN 542 and MLN 543 is good and the area has already been cleared by the landowner. Access to ML 30587 is also good although the area around the Winchester test pit is overgrown with shrubs. Grab sample was taken from the ore dump near the Winchester test pit. This sample will be sent for metallurgical testing. Review of gravity magnetics soil geochemical data for all 7 tenements generated interesting insight into the distribution of cobalt and zinc anomalism within the project. Review of the gravity data highlighted some faint gravity anomalies coincident with the contacts between Coomalie Dolomite's and Whites Formation. Another faint gravity anomaly appears to coincide with the magnetic anomaly within the Coomalie Dolomite and may potentially be associated with similar structure to the breccia pipe which was mined at Sundance. No field work was done during the year at MLN 512-515. The work done on these tenements during the year comprised review of historical drill and surface geochem data, review of TEMPEST geophysics and structural data, and planning of additional drilling.