EL 29862 Annual Report for the period 26 November 2017 to 25 November 2018

Abstract

This report describes exploration activities conducted on Frances Creek tenement EL 29862 by operator TRL Frances Creek Pty Ltd (100% subsidiary of Territory Resources Pty Ltd) from 26th November 2017 to 25th November 2018. EL 29862 was granted on the 26th November 2013 and replaced withdrawn Mining Lease Applications ML 27155 (lodged 30th January 2009) and ML 28573 (20th January 2011). The exploration licence has been granted for a term of six years and will expire on the 25th November 2019. A reduction of tenure for EL 29862 was approved on the 4th December 2015 and 10 blocks were relinquished with 11 blocks retained. A Partial Relinquishment Report was submitted to the Department of Primary Industry and Resources (former Department of Mines and Energy) in February 2016. During the reporting year the Territory Resources Limited (now Pty Ltd) was acquired by new management, whom have kept the Territory Resources Group in care and maintenance whilst we pursued a resolution on an outstanding bond position. TRL Frances Creek has entered preliminary discussions with Woodleigh Nominees and Mr Geoff Casey with respect to the non iron and manganese commodity's. TRL Frances Creek has conducted some desktop reviews on historical information in lieu of these proposals.