Annual Technical Report EL 29976 Goodall/Great Northern for the period 20 January 2016 to 19 January 2017

Abstract

Exploration Licence 29976 (the licence) is located approximately 30 km East of Adelaide River township and consists of 2 square sub-blocks. 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 entered into a Farm-In Agreement with North Queensland Mining Pty Ltd to undertake exploration on EL 29976. Monax undertook the following activities in relation to EL 29976: Desktop studies - Reviewed past exploration company reports and interpret geophysics; Three field trips to the license were undertaken during the reporting period; General prospecting and mapping was conducted on the licenses while in the field; A total of 30 rock chip samples were collected from EL 29976 in the first year and assayed for gold only (previously reported); A further 11 samples were collected during the current reporting period. Based on the current results and results from drilling in the area on a different tenement, Monax decided to withdraw from the Mt Ringwood project.