Group Technical Report GR370/15 8 December 2015 to 7 December 2016

Abstract

The Daly River Project comprises of Exploration Licences 28462, 29731 and 30521 (the licences). These licences are located approximately 90 to 100 km South of Darwin and have a combined area of 594.35 square km. The licences sit within the highly prospective Pine Creek Orogen and the Daly Basin. The area is known to host various commodities, which includes includes gold, uranium, base metals, PGE, iron ore, manganese, magnesite, phosphate and diamonds. During the reporting period, May Drilling conducted reconnaissance, grab sampling, track rehabilitation and maintenance. Atlas Geophysics were also engaged to conduct magnetics and gravity surveys on EL 28462. In July 2016, Monax Mining Limited ('Monax') entered into an Option to Purchase Agreement with May Drilling over this project in the search of lithium mineralisation.