Annual Report MLN 880, MLN 881 and MLN 882 Group Report GR306 Great Western Year Ending 15 March 2017

Abstract

The Great Western Group of tenements consists of three tenements: Mineral Lease Northern's (MLN) 880, 881 and 882. The tenements are located approximately 145 km southeast of Darwin (Figure 1-1), and 32 Km east, northeast of the Adelaide River Township. In 2012, Newmarket Gold Inc. (then Crocodile Gold NT Operations) purchased the assets from Australia Consolidated Limited. The tenement group is situated on the Pine Creek Orogen within the Archaean to Palaeoproterozic boundaries. Gold mineralization within the Pine Creek Orogen is found within the strata of the South Alligator and the lower parts of the Finnis River Group. Greywackes and siltstones from the Burrell Creek formation are also known to host the area. Gold mineralisation within the tenements is made up of both quartz veining and stockwork gold, with base mineralisation occurring within the major anticlinal axis from the Burrell Creek formation. This type of mineralisation is also found at gold deposits such as Moline, Union Reefs, Esmeralda and the Goodall deposit. A review was undertaken on the Great Western group of leases by Newmarket Gold Inc. which found that the project area did not comply with either the strategic focus of the company or the company's core asset criteria. The area is now viewed as a lower ranked target with limited plans for the future. In October of 2015, Newmarket Gold entered into a purchase agreement with Monax Mining Limited for the sale of the Great Western leases. However, during 2016 the purchase agreement was withdrawn by Monax Mining Ltd. The project area remains on offer for sale by Newmarket Gold Inc. During the reporting period, Monax Mining Ltd undertook a small reconnaissance program on the Great Western tenements. Monax completed several reconnaissance sampling programs and drilled two reverse circulation holes on MLN 882.