Fourth Annual Technical Report ML 29042 Sill 80 Project, Roper Valley 22 September 2016 to 21 September 2017

Abstract

This is the fourth annual report for ML 29402 that covers the activities for the reporting period from 22 September 2016 to 21 September 2017. The heavy mineral process plant, newly constructed on ML 29042, was operational for a short period until July 2013 when it was shut down to address major issues with ilmenite product quality and tailings disposal. The entire plant remained on a 'Care and Maintenance' status until Receivers and Managers were appointed over the Company in July 2014 and remained so until AIR was purchased by MacMines in April 2016. Stripping, rebuilding and upgrading of the the entire processing circuit commenced in May 2016 and initial production of ilmenite concentrate was achieved in late 2016. Trial mining and continual improvements to the operation of the entire process circuit have continued throughout this reporting period. However no mining has been conducted on ML 29042 during this or the previous reporting periods. Exploration resource definition work was carried out on ML 29042 in late 2014 in conjunction with similar activities on the adjacent ML 27422 but there has been no on-ground exploration activities since.