Annual Technical Report GR361 Albarta South Project 1 February 2016 to 31 January 2017, EL 27709, EL 28136, EL 28940 and EL 30669

Abstract

This is the second Group Reporting of Core Exploration's (CXO) Albarta South Project (GR361) comprising four exploration licences (EL's 27709, 28136, 28940 and 30669), which are held 100% by DBL Blues Pty Ltd a wholly owned subsidiary of CXO. The project area is dominated by parts of the Aileron and Irindina Provinces as well as the Amadeus Basin. The basement in the area consists of sedimentary and igneous rocks of the Aileron Province of Palaeo-Proterozoic age (1865-1500Ma). The rocks have been metamorphosed to upper green-schist to lower amphibolite facies during the Strangways Orogeny (1740-1690 Ma). Exploration work in previous years discovered significant silver (and base-metal) anomalism at Blueys / Inkheart on EL 28136 hosted in Bitter Springs Formation and Heavitree Quartzite of the Amadeus Basin where it has been overthrust by basement. Exploration work had included the development of cost-efficient surface sampling which lead to the discovery of a similar silver and base metal anomaly on EL 27709 called Black Gate. CXO also progressed preparation for a diamond drilling program at Inkheart in 2015, but regrettably did not get it completed in 2015 or 2016. Cultural Heritage clearance surveys were undertaken as part of this, however.In the current reporting period, the company did not undertake any new on-ground work in the project area, beyond a review of the project data by the new Exploration Manager. CXO awaits a recovery of the base metals market before committing any significant resources to the project, but a preliminary plan has been put in place to roll out the surface sampling methodology across the broader GR361 tenure when the market dictates.