Annual Technical Report EL 25688 and EL 27143 Mountain Creek Project GR473 for the period 20 August 2017 to 19 August 2018

Abstract

The Mountain Creek Project (the project) consists of two granted exploration licences (EL 27143 and EL 29548) which are owned by Britmar (Aust) Pty Ltd (Britmar) and operated by NRR Logistics Pty Ltd (NRR). The project was acquired by Britmar (Aust) Pty Ltd, in November 2017, from the Administrators and Receivers for Western Desert Resources Ltd (WDR). The project is located about 240 km east of Mataranka and approximately 40 kilometres south of Ngukurr in the Gulf Country of the Northern Territory. The project is prospective for sedimentary hosted iron ore deposits and the exploration target is hematitic iron ore within the Clinton-type oolitic ironstones of the Sherwin Formation. Some base metal potential exists for McArthur River style mineralisation in the northern portion of EL 27143. The project is situated within the Bauhinia Shelf of the McArthur Basin. The McArthur Basin is an intracratonic platform basin of Palaeo to Mesoproterozoic age. Exploration within the area has concentrated on the Sherwin Formation within the Maiwok Subgroup of the Roper Bar Group. Sedimentary oolitic ironstone is present at several intervals within the upper part of the Roper Group, and best developed within the Sherwin Formation in the Maiwok Subgroup. There has been no exploration activities carried out on the project during the reporting period and since WDR entered into liquidation in September 2014. Activities planned for the next reporting period include an assessment of all existing work that has been carried out to date on the two exploration licences; re-establishment of access tracks into the prospect areas, collection of drill collar survey information with dGPS; assess the potential for upgrade of the mineralisation on Pumbaa towards the north with reconnaissance mapping and rock sampling; assess the potential for mineralisation to the south-east of Mountain Creek Fold area along trend of the Hells Gate Hinge Line through ground reconnaissance; investigate the base metal potential of the northern portion of EL 27143; and assess the status of drill hole and drill pad rehabilitation and remediate where necessary.