EL 29550 Annual Report for Year 5 Batchelor Project Period 1 August 2016 to 31 July 2017

Abstract

In Year 5, work consisted of: prospecting, rock chip sampling (14 samples), outcrop mapping, assessing ground conditions for the drilling program, checking locations for ground electromagnetic survey, checking locations for gravity survey, and checking locations for Mobile Metal Ion (MMI) survey. Geochemical analysis of rock chip samples collected during 2015 and 2016 field seasons was conducted during the previous reporting period however the test results have not yet been received from the contractor. Rock samples collected in 2017 will be sent for analysis shortly. Assay results for the samples collected in 2015, 2016, and 2017 will be reported together in the 2018 report. The company also continued with compilation and digitisation of the geochemical, geophysical, and geological data from open and close file reports, the government data bases and various private vendors. The company also continued review of all available geochemical rock chip, drill chip and drill core data which is available on file focusing on potential for Co, Cu, Sc, Ag, Au, Ni, Sn, Zn, Pb, and platinum group metals. We also conducted spatial and statistical analysis of geochemical data and updated the interpreted structural data. We also undertook a review of the historical data and data obtained from our own exploration work regarding gold and silver potential of the licence, as well as the potential of the licence to host zinc and lead mineralisation. We started the 3D modelling of the drill geochem and lithology data which is still pending. Following the end of the reporting period Korab conducted 10 RC holes drill program for approximately 1,000 meter. Assay results for 6m composite drill chip samples and the collar locations are reported in this report. The 1m sample assays, lithology and dowhole survey data will be reported in 2018 report. RC drilling to the south of Sundance farm encountered high grade silver mineralisation within Wildman Siltstone. The cost of drilling and assays (6m composite and 1m samples) for these 10 holes will be included in the 2018 expenditure report.