Combined Annual Report for the Golden Forty Group, MCC's 66, 67, 925 and 926 and ML 30620 and MLC's 4, 5, 32, 35 - 37, 53 - 56, 127, 129 - 144, 146 - 149, 343 - 355, 576, 577, 584 - 586 and 598 GR417, 1 May 2018 to 30 April 2019

Abstract

The titles of the Golden Forty Group were acquired by Santexco Pty Ltd (Santexco) to search for Tennant Creek style iron oxide copper-gold deposits (IOCG). Santexco is a wholly owned subsidiary of Emmerson Resources Ltd (Emmerson). This combined report records the exploration work completed on these titles during the period from 01 May 2018 to the 30 April 2019. Exploration activity included Reverse Circulation (RC) drilling at two prospects, as summarised below and detailed in this report; Black Snake (MLC 53) - 47 holes for 1,767.5m; Three Thirty (MLC 32) - 14 holes for 570m. All assays are still pending so no significant results have been identified to date. The results of the RC drilling have yet to be returned therefore no conclusions have been drawn yet. The assay results and geological information will be used in two ways; At Black Snake these results will be aimed at assessing the continuity of the known mineralisation and an assessment made on the economic viability of a small mines operation under the SMJV. Further drilling will most likely be required to further define the continuity and boundaries of economic mineralisation; At Three Thirty an assessment of its potential for an exploration target aimed at further mineralisation discoveries to feed the prospect into the SMJV. Exploration activity on the other titles of the Golden Forty Group was limited due to exploration focus at Black Snake and Three Thirty, future work will be around the continuing assessment, both desktop and field visits to geologically assess a number of Kenex generated targets within the Golden Forty Group area, refer to figure 5, these targets exhibited geological prospective rocks and structures but their overall ranking wasn't high enough for exploration to commence immediately. Following the recent exploration success at Mauretania in EL 28761 and Edna Beryl in MLC 705 these targets will be reassessed and re-ranked in 2019/20 for future exploration.