Annual Technical Report Mineral Leases N 893 and 894 Great Northern GR423 For the period 1 January 2016 to 31 December 2016

Abstract

MLN's 893 and 894 were granted on 24 April 2001 and expire on 31 December 2020. The tenements are currently held by Glen Teece and Monax signed an Option to Purchase Agreement in October 2015. The two tenements total 18 ha. The area is situated within the Pine Creek Orogen region, which is highly prospective for gold mineralisation. The area has long been a target for exploration and North Queensland Mining believe the area is highly prospective for an economic gold deposit. Monax completed 5 reverse circulation holes totalling 336m on the tenements during the reporting period. Best results included 1m at 8.6 g/t gold (Hole MRRC1602 50-51m) and 1m at 4.25 g/t gold (hole MRRC1603 20-21m). Based on the overall results of the drilling program, Monax withdrew from the Option to Purchase Agreement.