Combined Annual Report for the Western Project Area GR056 16 May 2016 to 15 May 2017

Abstract

Exploration Licences (ELs) and Mineral Authorities (MAs) in the Western Project Area (WPA), were acquired by Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef Exploration Pty Ltd (Giants Reef) and Santexco Pty Ltd are wholly owned subsidiaries of Emmerson Resources Ltd. This combined report records the exploration work completed on these ELs during the WPA Combined Reporting period from 16 May 2016 to the 15 May 2017. During the reporting period exploration activities were conducted under the Tennant Creek Joint Venture between Emmerson and Evolution, who has committed to spend $25M over 5 years. Exploration activities were very limited due to focus elsewhere in the Tennant Creek Field which centred around the Edna Beryl and Retsina areas. Emmerson continued its work from the Kenex Pty Ltd (Kenex) predictive modelling for the Tennant Creek Mineral Field and included all titles in the WPA. This product is a statistical predictive tool for predicting the possible prospective sites for Tennant Creek style mineralisation. The model produced many target areas which contain all or some of the essential criteria for possible economic mineralisation in the Tennant Creek Mineral Field. Emmerson has assessed the generated targets and ranked them in order of potential prospectivity. The highly ranked targets were selected for field visits and/or desktop data compilation and validation.