EL 22440 Annual Report for the period 27 February 2017 to 26 February 2018

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. As per the previous reporting period Territory Iron has withdrawn from the Joint Venture with the tenement holders for manganese and iron ore, but continues to remediate drill holes; this is due to the downturn of the iron ore price and closure of the Territory Iron operations at the Francis Creek mine During the period Territory Iron carried out a field excursion to monitor remediation but progress was prevented due to excessive native grass growth in the area. A fire permit will be obtained jointly with the holders during the next period to assess remediation and to assist with exploration by the tenement holders. Appendix 2 discusses activities carried out via the tenement holders who continue to explore for base metals and gold (and iron ore). In summary five days field work was carried out for geological investigation and rock chip sampling of new areas. Very significant time was put into geochemical analysis including pXRF analysis of many pulps from 46 previously drilled RC holes. Based metals had not previously been assayed for. New results included anomalous zinc, manganese and cobalt. A review of geophysics and geology and further data processing continues. The plan for the current year is field work to investigate areas of new clearances, including geological investigation and rock chip and soil sampling. pXRF and laboratory assay work will be carried out on samples. In addition areas of follow up will be pursued, based on previous results. It is anticipated a new limited amount of drilling will be carried out in the current year 2018/2019.