Annual Exploration Report EL 10335 Wollogorang Joint Venture for the period 15th August 2016 to 14th August 2017

Abstract

The tenement is a joint venture between Gulf Copper Pty Ltd and Redbank Operations Pty Ltd. Subsequent to the reporting year end a final payment was made to Gulf Copper on the 6th November 2017, enabling the outright purchase of the tenement from Gulf, contingent on completion of statutory obligations. An application for two year extension of term was previously approved on 10 October 2016, expiring 14 August 2018. The tenement is within the Redbank Copper Field, and covers prospective stratigraphy of the Tawallah Group that host copper mineralised breccia pipes within the Redbank area. Exploration to date has identified a number of breccia pipe targets within the tenement. Evaluation of pipes in the immediate vicinity of the Redbank area has been inconclusive, but the 'Redbank' trend (Redbank-to-Bluff and east of ELR 94) remains a high priority. Breccia pipes in the Packsaddle Dome area remain to be drill tested. Work completed during the reporting period consisted of site reconnaissance, and a review of geophysical data with recently aerial photography and detailed terrain modelling as part of a targeting exercise. Some delays to planned programmes restricted exploration activities in the reporting period