GR220 Combined Final Report for period ending 31 October 2017

Abstract

This Combined Final Technical Report for Exploration Licences (EL) 24899, 24900, 24901, 24902, 24903, 24904, 24913, 24914, 26045, 27219, 27347, 27348, 29685, 29702, 29703, 29704, 29705, 29714, 29715, 29716, 29233, 29234, 29235 and 30639 ('Tenures') provides a summary of the activities undertaken on the Tenures since August 2016, including any results produced by these activities. Tri-Star Energy Company ('Tri-Star') is the sole titleholder of the tenures and Tri-Star OPCO LLC the operator of the tenures. The exploration program for these tenures is aimed at identifying the location and the structure of the Permian coals and ironstones of the Purni Formation, with the ultimate goal of mining these resources. Tri-Star has drilled in excess of 32 holes, shot 526 kilometres of 2-D seismic and expended in excess of $21 million reportable expenditure. Tri-Star conducted an analysis of all available data and engaged external consultants to assist with the interpretation of noteworthy geological features within the project area. These consultants also assisted with the preparation of drilling programs that would target certain aspects of the geological features to gather additional data that would help determine the composition and mineralisation within those features. Tri-Star have commenced studies to ascertain the viability of developing the project area including a conceptual mine plan and production schedule, evaluation of mineral extraction methodologies and cost analysis of mineral extraction.