Annual Report for EL 30255 for period 1st March 2016 to 28th February 2017

Abstract

Tenement EL 30255 lies approximately 90 km SE of Darwin along the Arnhem Highway. Access is via good sealed roads from Darwin to Mount Bundey and from thence via station tracks. The tenement was granted on the 3rd March 2016 and is situated in close proximity to the existing Mt Bundy Project area. This report is the first for the tenement. The tenement encompasses the Mount Goyder Syenite that has intruded a suite of meta-sedimentary rocks belonging to the Wildman Siltstone Formation. These comprise laminated silty carbonaceous phyllite (metasiltstone), interbedded with sandy ferruginous laminated metasiltstones, thinly bedded feldspathic quartz meta-arenite, quartzite, and metagreywacke. A brief one day visit to the lease area was made in the 2016 field season, with an objective of familiarizing with the area logistics and gaining land access. A limited time was spent studying the lease which is a reflection of the continuing focus on the completion of an Environmental Impact Statement for the company's Toms Gully Project, located some 12 km to the east of EL 30255. Additionally, during the period senior management and the board was changed. As such, exploration activity during the current reporting period has been limited to a desk top review of publicly available geological data and an assessment of the prospectivity of the tenement by the new management team.