Huandot Magnesite Deposit EL 30879 Annual Report for the period 7 July 2017 to 6 July 2018

Abstract

EL 30879 was granted to Thessally Resources Pty Ltd (Thessally) on the 7th July 2015 for a term of six (6) years, and will expire on 6th July 2021. Upon grant of the replacement title EL 30879, Exploration Licences 27724 and 29946 were automatically cancelled. EL 27724 covered the same area as the former EARL and hosts the Huandot magnesite deposit. In the period 7 July 2017 to 6 July 2018 (this annual reporting period) Thessally carried out the AAPA Heritage survey. After securing the AAPA certificate, Thessally was able to finalise and submit a Mine Management Plan (MMP) for the proposed metallurgical diamond drilling work on the Huandot Deposit. Thessally also had several consultant meetings which focused on the development of an ASEAN region magnesite market study for use in a planned feasibility study. With the MMP now approved, Thessally will proceed with geo-metallurgical testing utilising Diamond Drilling methods and they will also carry out an ASEAN region magnesite market study for use in feasibility studies.