Fifth Annual Technical Report GR274/17 incorporating EL 26524, EL 28342, EL 28343, EL 28870, EL 28892, EL 29040, EL 29041, EL 29631, EL 29632, EL 29633, EL 29634, EL 29635 and EL 29659 for the period 9 February 2016 to 8 February 2017

Abstract

On 28th July 2014 Janna Robertson and Scott Kershaw of KordaMentha were appointed as Receivers and Managers of AIR ('the Receivers'). This placed the Regional Exploration and Resource Assessment Program and expenditure on hold although the Receivers continued to manage AIR on a business as usual basis and continue to liaise with the DME. Exploration was subsequently confined to office studies for GR274 that have been continued during the current reporting period and are summarized in this report. AIR was purchased by MacMines in April 2016 and the company has concentrated its resources on refurbishing and recommissioning the heavy mineral wet plant on ML's 27422 and 29042 and prioritised reconnaissance mapping and regolith sampling on the surrounding EL 28291 of GR275 in advance of more comprehensive resource definition work to develop additional economic ilmenite resources. Additional 5m resolution satellite imagery was purchased this period with the same acquisition date as for that area of EL 28291 purchased during the previous reporting period. It covers parts or all of EL's 29040, 29041, 28892, 28342, 28343, 26524 and 29659 of Group 274 and proves useful with geological interpretation and determining the extents of prospective dolerite regolith and alluvium. There was no on-ground exploration by AIR of GR274 tenements this reporting period. AIR has now expanded its exploration programs to include all commodities and although the conclusions and recommendations for exploration as proposed previously are essentially unchanged they have been updated to include this.