Year 3 Annual Report Exploration Licence EL 31276 for the reporting period 24 November 2018 to 23 November 2019

Abstract

Exploration License EL 31276 is located approximately 165 kms southeast of Darwin and is wholly owned by Rockwash Pty Ltd. This report covers exploration activities on this tenement during the third year of tenure. During the year Rockwash worked on analysis methods for the testing the costean samples collected in 2019. The company endeavored to find a cost-effective method to analyse alluvial gold samples to remove coarse material and then test for the free gold component. Analysis has so far focused on the concentrates produced from the field unit. The concentrates from the best samples from each tenement (EL 31524, EL 31313 and EL 31276) were selected for particle size analysis and assay. The selected sample from EL 31276 returned a head Grade of 61g/t Au with an estimated gold content in total concentrate: 0.1 grams. Once the testing of the 'best 3' samples was completed then analysis of the concentrate material from all the costeans on EL 31276 was completed. Best result was from Costean 1 which returned a very high-grade concentrate 'head grade' of 1,125g/t Au which is equivalent to a weight of 1.655 grams of gold within the concentrate meaning a grade of 0.662g/t m3 for the material tested from the costean. Results from costeans 6 and 7 in area 3 are anomalous and follow up exploration may return economic results. No significant results were returned from the rock chip samples taken in year 2. Based on the discovery of economic grades from a first pass exploration programme it is recommended that the main creek be explored along its whole length (within the tenement). However, based on the high cost and slow rate of digging costeans it is recommended that exploration is done by initial reconnaissance and mapping along the main creek followed by auger depth testing to identify areas of significant depth and prospective conditions. Costeans can then be dug in the most prospective areas.