GR468 EL 29475 Adnera Hill, EL 30797 Ooralingie, EL 31292 Buggy Camp, Neutral Junction Project Combined Annual Report for the period 12 November 2016 to 14 January 2018

Abstract

Combined tenement group GR468 comprises; EL 29475 (Adnera Hill), EL 30797 (Ooralingie) and EL 31292 (Buggy Camp). GR468 is part of the Neutral Junction project, which is located 250km north of the regional centre Alice Springs. Bowgan Minerals Limited is the current operator of GR468. Exploration is currently aimed at identification of potential occurrence of economic gold, silver and base metal mineralisation within an iron oxidecopper-gold (Tennant Creek-style IOCG) deposit setting. Exploration conducted on GR468 during the reporting period included; completion of geological mapping and sampling program during March 2017, collation of geological mapping datasets and interpretation, completion of an on-going gravity survey during April 2017 with submission of summary report to NTGS, commencement of interpretation of gravity dataset and the completion of specific gravity testing of rock chip samples at the NTG core facility in Alice Springs during May 2017. A formal presentation of geobotanical methods and results to staff at the NTGS (Darwin office) during November 2017 and discussions were held with joint-venture partners and our Consulting Geophysicist in Adelaide during December 2017 in regarding the forward work schedule for the Adnera Hill targets. Geological mapping and sampling conducted at Adnera Hill during March 2017 provided the first insight into the exploration potential of a number of prospects on EL 30797 and confirmed a new exploration target; a potentially anomalous breccia outcrop located several kilometres south of the existing Radiometric Anomaly target near to the southern boundary of EL 29475.