EL 28620 Annual report for the period 16 December 2018 to 15 December 2019

Abstract

EL 28620 comprises 13 blocks covering an area of 39.16 km2, situated approximately 45 km east of the Tennant Creek township in the Northern Territory. The license was originally granted for a 4 year term on 16 December 2011 and has been renewed until December 2019. An application for a further renewal was submitted to the Northern Territory Department of Mines and Energy in December 2019. The Bluebird copper-gold prospect at the Barkly Project is emerging as a significant new discovery that Colour Minerals intends to advance. Previous drilling has identified a Tennant Creek-style iron oxide associated copper-gold-bismuth (IOCG) mineralised occurrence. Mineralisation is open to the east, west, and at depth, indicating that there is potential for further exploration to define a significant mineral resource. Nine magnetic/gravity exploration targets with geological and geophysical similarities to the Bluebird prospect have been identified elsewhere within EL 28620. The Company has recognised that these targets have not been adequately tested with exploration and believes these targets have the potential to produce further new discoveries in the area. EL 28620 was formerly subject to a farm-in Joint Venture Agreement between Colour Mineral's Pty Ltd and Meteoric Resources NL with Colour holding a 70% interest. In 2019, Colour Minerals acquired Meteoric's 30% interest in EL 28620 after which Blina Resources NL executed a legally binding heads of agreement to acquire a 50% interest in Colour Minerals. A 7 hole RC program was completed during the 12 month period ended 15th December 2019.