Annual Exploration Report EL 10335 Woologorang Joint Venture for the period 15 August 2015 to 14 August 2016

Abstract

The tenement is currently a joint venture between Gulf Copper Pty Ltd and Redbank Operations Pty Ltd. During the reporting year an agreement has been made for an outright purchase of the tenement from Gulf, contingent on completion of statutory obligations. An application for two year extension of term was approved on 10 October 2016, expiring 14 August 2018. The tenement is within the Redbank Copper Field, and covers prospective stratigraphy of the Tawallah Group that host mineralised breccia pipes within the Redbank area. Exploration to date has identified a number of breccia pipe targets within the tenement. Evaluation of pipes in the immediate vicinity of the Redbank area has proved unsuccessful. Breccia pipes in the Packsaddle Dome area remain to be drill tested. Work completed during the reporting period consisted of compilation / validation of historical exploration data, review of geophysical and geochemical data / images, and on geophysical / soil sample / drill program planning.