EL 28620 Annual Report for the period 16 December 2016 to 15 December 2017

Abstract

Colour Minerals Pty Ltd (Colour Minerals or the Company) is in a farm-in Joint Venture Agreement with Meteoric Resources NL (Meteoric) over the highly prospective Barkly Copper-Gold Project which currently consists of a single exploration license, EL 28620. Colour Minerals currently holds a 70% interest in EL 28620 and has the right to earn up to 80% interest through completion of a feasibility study. EL 28620 comprises 13 blocks covering an area of 39.16 km2, situated approximately 45 km east of the Tennant Creek township in the Northern Territory. The license was originally granted for a 4 year term on 16 December 2011 and was subsequently renewed for a further 2 year term in December 2015. An application for a further renewal was submitted to the Northern Territory Department of Mines and Energy in December 2017. During the current reporting period, management and Company control of the Barkly Project changed from the former project Operator Blaze International Limited (Blaze) to Colour Minerals. Colour Minerals has prepared this report on exploration completed during the 2017 reporting year for EL 28620. The Bluebird copper-gold prospect at the Barkly Project is emerging as a significant new discovery that Colour Minerals intends to advance. Previous drilling has identified a Tennant Creek-style iron oxide associated copper-gold-bismuth (IOCG) mineralised occurrence. Mineralisation is open to the east, west, and at depth, indicating that there is potential for further exploration to define a significant mineral resource. Nine magnetic/gravity exploration targets with geological and geophysical similarities to the Bluebird prospect have been identified elsewhere within EL 28620. The Company has recognised that these targets have not been adequately tested with exploration and believes these targets have the potential to produce further new discoveries in the area. A program of drilling proposed for 2017 by Blaze could not be completed as planned due to the change in Operator of the project to Colour Minerals and due to a change of control of Colour Minerals itself from Blaze to Kalgoorlie Mine Management Pty Ltd (KMM).