Annual Technical Report EL 24715 for the period 1 March 2017 to 28 February 2018

Abstract

This report describes iron ore exploration activities conducted on tenement EL 24715 by Territory Iron Pty Ltd from the 1st March 2017 to 28th February 2018. EL 24715 comprises seventeen (17) blocks totalling 56.81 km2 and was granted to Terra Gold Mining Pty Ltd in 2006. Territory Iron Ltd (prior to Territory Resources Ltd) entered into a Split Commodity Agreement with Terra Gold in November 2006, whereby Territory Iron had the right to explore for and mine iron ore on EL 24715. Terra Gold Mining became a wholly owned subsidiary of GBS Gold Australia Pty Ltd. In 2009, GBS Gold Australia went into voluntary administration and all assets (including EL 24715) were placed under care and maintenance. Crocodile Gold Australia Pty Ltd purchased all liquidated assets of GBS Gold Australia Pty Ltd in the Northern Territory. Crocodile Gold Australia Pty Ltd subsequently became Newmarket Gold NT Holdings Pty Ltd in 2015. The current title holders for EL 24715 are PNX Metals Ltd (51%) and Newmarket Gold NT Holdings Pty Ltd (49%). The renewal date for the tenement is the 28th February 2018. Exploration activities during the reporting year included geological desktop studies to evaluate the iron ore potential and a field reconnaissance visit to evaluate the status of remediation for earthworks and rehabilitation of earlier drill sites.