Annual Report for the Chariot Group ML 23216, MLC 176 and MLC 177 19 July 2015 to 18 July 2016

Abstract

Exploration activities conducted during the reporting period consisted of the continuing testing of extensions to the current JORC resource at the historical chariot mine. Emmerson drilled 1 RC hole (CHRC298) totalling 150m and 1DDH hole (CHDD287) totalling 83.7m (with the precollar drilled by RC for 280m, total hole depth was 363.7m). Results from the drilling was mixed with one hole returning disappointing results and one hole returning anomalous gold and copper, but minimal only and not of significance. As a result Emmerson has postponed future work until a technique can be found to assist in targeting at depth, i.e. if the trial of the Archimedes technology, as discussed below, which may provide a technique to reassess the possibility of further resources at depth under Chariot. Further drilling is required to continue to extend the identified in-situ resource where possible and the results feedback into the resource estimation and upgraded.