Annual Report for EL 22440 period ending 26 February 2017

Abstract

This annual report for EL 22440 contains two appendices. Appendix 1 is the annual report of JV Partner Territory Iron Pty Ltd, and contains the tenement location map and a geologic description of the property. In summary Territory Iron carried out monitoring of drill hole rehabilitation. Last period Territory Iron announced its intention to withdraw from the JV agreement for exploration of iron ore and manganese due to the downturn of the iron ore price and closure of its operations of the Francis Creek mine, however drill hole rehabilitation monitoring continues. Appendix 2 discusses activities carried out via the tenement holders who continue to explore for base metals and gold (and iron ore). In summary ten days of field work was carried out on the license and included rock chip sampling and visitation to new areas of the license recently cleared under a new AAPA authority certificate. Laboratory assay results received for some RC drill samples were reviewed, and various rock chip sample assays taken from the two most southerly blocks of the license. Anomalous gold, silver, lead and zinc were observed. Landsat and SRTM data image processing was carried out and investigation of improvements to AEM inversion was in progress. The next exploration period will include extensive field work to further investigate newly cleared prospects and geochemical sampling including the use of pXRF. XRF analysis of a large batch of pulp samples will be completed in the Adelaide office. The targeting and drilling of at least one prospect is anticipated to be carried out.