Annual Report EL 22440 period ending 26 February 2016 (12th period)

Abstract

This report describes exploration activities conducted on McCarthy Hill tenement EL 22440 by JV Partner Territory Iron Pty Ltd and the tenement holders from 26th February 2015 to 26th February 2016. In summary Territory Iron carried out geological studies and rehabilitation activities. Territory Iron announced its intention to withdraw from the JV agreement after the current year, which only involved iron ore and manganese exploration, solely due to the downturn in iron ore prices and closure of operations of the Francis Creek mine. Significant work was carried out during the period by the tenement holders towards processing, laboratory assay and pXRF assay of 3000m of 2013 RC drill samples. Assay results are still to be returned from the assay laboratory and pXRF results processed and analysed prior to submission to the DME which will be completed during the new operational year. Assay and pXRF work needs to be extended during the new operational year. Field work was carried out on the southern blocks of the license area including surface rock chip sampling and assay, and metal detector work.