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ANNUAL REPORT

GULLIVER TENEMENT

EPM 11611

FOR THE PERIOD

9 March 2012 to 8 March 2013

Authors: F.Carrello

Tenement Holder: Altona Mining

Limited Date: 25 March 2013

Copies To: Queensland Department of Natural Resources and Mines, Brisbane

250K Map Sheets: Cloncurry SF54-2 100K Map Sheets: Quamby 6957

Submitted By: Altona Mining Limited

This report has been compiled using the Queensland Department of Natural Resources and Mine’s Reporting Guidelines version 01-08-1 and complies with the conditions under Section 141 (1)(f) of the Mineral Resources Act 1989 and Mineral Resources Amendment Regulation (No4) 2008 unless otherwise indicated.

EPM 11611 – Annual Report, March 2013

CONTENTS

Digital Filename: 91417001

1 Compliance Statement 1

2 Introduction 1

3 Location and Access 1

4 Tenure 4

5 Regional Geology 6

5.1 General Geology 6

5.2 Tectonic Evolution 6

5.3 Local Geology 8

5.4 Lithological Domains 10

6 Work Completed 11

6.1 Introduction 11

6.2 Geophysical Interpretation 12

6.3 Regional Prospectivity Review 14

6.4 Reconnaissance Geological Mapping and Rock Chip Sampling 14

7 Results 14

7.1 Geophysical Interpretation 14

7.2 Regional Prospectivity Review 18

7.3 Reconnaissance Geological Mapping and Rock Chip Sampling 18

8 Conclusions and Recommendations 27

9 Proposed Work 27

10 References 27


FIGURES

Figure 1 Mount Isa Inlier Geology and Roseby Project Tenements Location 1

Figure 2 Tenement Location Plan 3

Figure 3 EPM 11611 Gulliver - Sub-block Plan 5

Figure 4 Aeromagnetic data with interpreted SGC targets 16

Figure 5 Geological synthesis with interpreted SGC targets 17

Figure 6 Solid Geology map of EPM11611 showing the Companion trend in the resulting from the Reconnaissance Geological Mapping completed 2012

centre during

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Figure 7 Geological interpretation map of EPM11611 showing the Companion trend in the centre resulting from the Reconnaissance Geological Mapping completed during 2012 24

Figure 8 Geological interpretation map of EPM11611 with Au assays from rock chip sampling conducted in conjunction with Reconnaissance Geological Mapping completed during 2012 25

Figure 9 Geological interpretation map of EPM11611 with Au assays from rock chip sampling conducted in conjunction with Reconnaissance Geological Mapping completed during 2012 26

TABLES

Table 1 Summary of rock chip assays EPM11611 19

APPENDICES

Appendix 1 EPM11611- 2012 Rock Chip Sampling 91417002

EPM 11611 – Annual Report, March

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1. COMPLIANCE STATEMENT

This document reports results of exploration activity completed on EPM 11611 – Gulliver for the year of tenure being 9 March 2012 to 8 March 2013.

The activities carried out, for this the 7 th year of tenure, have not fully complied with the statutory Programme of Works of the Exploration Permit. Authorised activities for the 7th year of tenure included: geophysical interpretation, surface/rock chip sampling, prospectivity analysis and reconnaissance geological mapping.

2. INTRODUCTION

This report documents the work conducted on EPM 11611 – Gulliver for the 12 months to 8 March 2013.

Altona Mining Limited (Altona, formerly Universal Resources Limited) contracted Southern Geoscience Consultants (SGC) to: obtain airborne magnetic and radiometric survey data flown in 2011 and in 2005; merge the data; and reprocess it to create an image dataset during 2011. Subsequently, SGC completed a regional geophysical interpretation using aeromagnetic and radiometric data and integrated existing geological data and mineral occurrences information which included EPM11611. This work resulted in Altona undertaking a regional prospectivity review and target ranking with associated GIS compilation, reconnaissance geological mapping and rock chip sampling.

3. LOCATION AND ACCESS

The Roseby Project is located 90 km northeast of Mt Isa and 50km northwest of Cloncurry in the Mt Isa Inlier, Northwest Queensland Mineral Province (Figure 1). EPM 11611 – Gulliver is situated 45km northwest of Cloncurry (Figure 2).

The Gulliver tenement covers part of the Quamby (6957) 1:100,000 map sheet series within the Cloncurry (SF 54-2) 1:250,000 map sheet areas.

The surface topography is gently undulating (vertical variance of 20 – 25m) and is dissected by a number of ephemeral creeks including the Dugald River.

Access to the area is via the sealed Burke Development Road (BDR) from Cloncurry to Quamby, then using unsealed roads and tracks leading to the west from the BDR (Figure 2).

The tenement extends across two pastoral leases: a number of northern sub-blocks are located over ground owned by Harold McMillan of Mt Roseby Station, while the remaining southern sub-blocks are situated on ground held by the Cameron Creek Pastoral Company.


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Figure 1: Mount Isa Inlier Geology and Roseby Project Tenements Location.


Figure 2: Tenement Location Plan ((Datum GDA94, MGA Zone 54).)

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4. TENURE

EPM 11611 was granted on 9th March 2006 to Zinifex Australia Limited for a five (5) year term. The tenement was then assigned to Altona (formerly known as Universal Resources; ASX: URL) on 6 February 2007. The tenement comprises nine (9) sub- blocks grouped into three areas (Figure 3) covering an area of approximately 29km2. A listing of the current sub-blocks is shown below:

BIM Block Sub-blocksCLON 314 C, J, O, P, T, YCLON 386 E,CLON 387 A, F

Altona owns a 100% beneficial interest in this tenement.

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Figure 3: EPM 11611 Gulliver - Sub-block Plan (Datum GDA94, MGA Zone 54).

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5. REGIONAL GEOLOGY

5.1. GENERAL GEOLOGY

The Mount Isa Inlier (Figure 1) comprises poly-deformed, metamorphosed and often metasomatised Paleoproterozoic to Mesoproterozoic crystalline and volcano- sedimentary rocks. These form the basement to a relatively thin, undeformed, un- metamorphosed Cambrian to Quaternary platform cover sequence. Tertiary/ Quaternary sediments and distinctive geomorphic landforms resulted from an extended period of sub-aerial weathering.

5.2. TECTONIC EVOLUTION

Most of the following discussion is based upon a recent publication by Betts et al, 2006.

The tectono-metamorphic evolution of the Proterozoic Mt Isa Inlier extended over a 400My period (1900-1500Ma) and included two major orogenic events, the Barramundi and Isan orogenies.

The Inlier is divided into three longitudinal orogenic domains (Figure 1): The central (older) Kalkadoon-Leichhardt Belt (KLB); The (younger) Western Fold Belt (WFB); and The (younger) Eastern Fold Belt (EFB).

The Roseby Copper Project is located within the EFB, which has been sub-divided into the Mary Kathleen Fold Belt (MKFB) and the Cloncurry / Mitakoodi Fold Belt (CMFB).

A synopsis of the development of the super-basins and their metalliferrous associations is provided below:

5.2.1. KALKADOON LEICHHARDT BELT (KLB)

These crystalline basement rocks result from the Barramundi Orogeny, a period of intense deformation and metamorphism which lasted from 1900 to 1800Ma. Regional metamorphism varied in intensity, ranging from high grade gneisses and migmatites to amphibolite and greenschist facies metamorphic assemblages.

The later stages of the Barramundi Orogeny were marked by a period of extensive intrusion of tonalities, granodiorites and other granitic variants of the Kalkadoon and Ewen batholithic intrusions and the extensive deposition of the coeval Leichhardt felsic volcanics.

Rocks of this age are interpreted to underlie the super-basin volcano-sedimentary sequences in the WFB and EFB but little is known about them since they do not outcrop in these areas.

5.2.2. LEICHHARDT SUPER-BASIN

The Leichhardt Super-basin developed in both the WFB and EFB as a result of early east-west extensional tectonism, consequent north-south faulting and rift basin development.

The evolution of this basin is stated (Betts et al, 2006) to be characterised by widespread bimodal volcanism, commencing in the EFB with the felsic volcanic and sandy sedimentation of the Argylla Formation followed by mafic volcanism, clastic fluvial sedimentation and occasional marine incursions characterising both domains. Throughout this period, dominant rock types within the WFB are quartzites and extensive flood basalts.


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The prevailing extensional depositional conditions in the WFB were terminated by basin inversion and crustal shortening, which culminated at the same time as the peak of the Wonga Tectonic Event (WTE) (ca.1740-1730Ma) in the adjacent EFB.

The EFB (CMFB) basin development progressed in this period to banded jaspilitic quartzites of the Mitakoodi Formation and the shallow marine stromatolitic and evaporitic carbonate chemical sedimentation of the Corella and Doherty Formations, which host numerous base metal deposits of mixed origins and ages.

The WTE marks the termination of sedimentation in the Leichhardt Super-basin and was responsible for relatively early disruption of sedimentation in the MKFB.

In Corella Formation rocks, the WTE resulted in the generation and intrusion of a series of Wonga granite batholiths (viz. Burstall, Gin Creek, Levian, Double Crossing, Mt Phillip and Natalie I-type granitoids), the intrusion of the Lunch Creek Gabbro and the generation of the Mt Fort Constantine Volcanics. This intrusive activity, and associated thermally driven hydrothermal fluid flow, led to the formation of the Mary Kathleen skarn within Corella Formation host metasediments. This skarn would later become mineralised with uranium and rare earth elements to form the Mary Kathleen deposit (total production of 9.2Mt at an average grade of 0.12% for 8,882 t. U3O8).

The deposition of the Corella Formation in the CMFB continued uninterrupted throughout the WTE intrusive activity and on into the Calvert Super-basin.

5.2.3. CALVERT SUPER-BASIN

Bimodal acid / basic volcanics and acid intrusives dominate the WFB Super-basin development whilst the EFB underwent a ca. 50Ma post-Corella Formation hiatus followed by the onset of deep marine turbidites (Llewellyn Creek Formation) and inter-bedded rift-related mafic volcanics (basalts and dolerites).

This depositional regime continued in the EFB into Isan Super-basin times but was terminated in the WFB by a period of relatively minor acid igneous intrusion and extrusion at the end of Calvert times (ca 1680Ma).There are no significant base metal accumulations associated with the Calvert sequence in either fold belt.

5.2.4. ISA SUPER-BASIN

This time period, 1685-1595Ma, contains all the major stratabound lead-zinc-silver sulphide deposits known in the Mt Isa Inlier. The EFB (CMFB) hosts the Cannington, Dugald River and Pegmont deposits and the WFB is host to the Mt Isa- Hilton, Lady Loretta, HYC and Century deposits.

Strongly contrasting depositional and intrusive regimes prevailed in the EFB and WFB during the development of this super-basin.

EFB

Post-Calvert sedimentation continued unchanged in the EFB with the ongoing deposition of the deep marine Llewellyn Formation, the Mt Norna Quartzite and the Answer Slate.

Deep marine conditions prevailed leading to the deposition of the predominantly mafic Toole Creek Volcanics and inter-bedded iron-rich metasedimentary horizons of chemogenic banded iron affinities and related ferruginous quartzites. Sedimentation continued as a predominantly psammitic suite of sediments forming the Marimo slates, intercalated mudstones and carbonaceous siltstones.

The Tommy Creek Beds, a sequence of siltstones, marbles, graphitic schists, acid and mafic porphyritic lavas, post-date the Marimo Slates and were deposited just prior to the onset of the Isan Orogeny at 1600Ma.


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Sporadic granitic and granodioritic intrusive activity is recorded in the EFB from early Mt Toole Volcanics to Tommy Creek Beds time.

WFB

In this domain, the prolonged hiatus in basin development that commenced in late Calvert times continued well into Isa Super-basin times. This depositional hiatus terminated with the emplacement of the S-type Sybella Granite, an event which is broadly synchronous with the formation of the Cannington silicate-facies Ag-Pb-Zn sulphide deposit in the CMFB.

Deposition re-commenced with a succession of shallow marine to deeper water facies rocks, including siltstones, stromatolitic dolomites, carbonaceous shales, and turbiditic sandstones and siltstones. These rocks form the economically important Mt Isa Group and McNamara Group beds, which host major strata-bound zinc-lead- silver mineralisation and associated hydrothermal alteration.

During this period there was a notable shift in axis of the depositional basin from the Leichhardt River Fault Trough west to the Lawn Hill Platform (LHP), leading to the subsequent development of up to 7km stratigraphic thickness of sediments on the LHP.

5.2.5. ISAN OROGENY

The onset of the Isan orogeny at 1600Ma terminated sedimentation over the entire Mt Isa Inlier, and initiated regional-scale polyphase deformation and high temperature metamorphism. High temperature metamorphism affected all areas except for the LHP sub-domain.

Betts et al (2006) show that during the first half of the Isan Orogeny (1600-1550Ma), the Mt Isa and Mt Gordon hydrothermal style copper mineralisation was emplaced in the WFB, and in the EFB, IOCG style mineralisation was emplaced at Osborne.However, the majority of the IOCG mineralisation in the EFB occurred during the latter half of the Isan Orogeny (1550-1500Ma), and was wholly focused within the CMFB. The Mary Kathleen uranium mineralisation is dated mid-orogeny (1550Ma). During this period the emplacement of multiple I-type granitic phases commenced in the CMFB, concluding with the Yellow Waterhole Granite at approximately 1493Ma.

By contrast, no granitic intrusive activity occurred elsewhere in the Mt Isa Inlier during the entire Isan orogeny and no significant copper-gold deposits were generated in these areas.

At approximately 1520-1510Ma, towards the culmination of the major Williams- Naraku granitic intrusion, deposition of the Quamby Conglomerate occurred in highly localised fault-graben settings over the full width of the EFB. This is interpreted as strong evidence for regional extension occurring at this time, associated with re-activation along pre-existing major faults such as the Mt Rose Bee and the Quamby–Fountain (Federal Graben) faults.

5.3. LOCAL GEOLOGY

The Gulliver tenement falls within the Eastern succession of Proterozoic Mt Isa Inlier, in the North West Mineral Province of Queensland, Australia. The Inlier comprises an extensive platform of highly deformed Lower to Middle Proterozoic meta-volcano-sedimentary rocks which have undergone two major orogenic deformation events, extensive regional soda-metasomatism and batholithic granite intrusion. Extensive hydrothermal magnetite-haematite-albite-carbonate-silica alteration of the country rock accompanied granite intrusion and related mineralisation during the Mid-Proterozoic Isan Orogeny.

Predominantly north and north-east trending crustal scale faulting transects the region, bounding tectono-stratigraphic domains. Most of the major faults have great


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longevity and there is geomorphological evidence of recurrent activity to the present day. The Mt Isa Inlier is a locus of major base and/or precious metal mineralisation.

The Eastern succession has been further divided into the older, western Wonga Belt (Mary Kathleen Zone) and younger Quamby-Malbon and Cloncurry-Selwyn zones to the east. The project area is situated across the eastern boundary of the Wonga Belt near the northern limits of outcropping Proterozoic rocks.

The Roseby Project lies within the Eastern Succession for the inlier contains units associated with cover sequences 2 and 3. The oldest rocks are the Boomarra Metamorphics, located in the northeast, which comprise predominantly quartzite and biotite schist intruded by mafic dykes and/or sills. This sequence has historically been mapped as Soldiers Cap Group. Metasediments and metavolcanics of the Corella Formation, Mt Roseby Schist and Lady Clayre Dolomite outcrop extensively in most of the tenure area.

Early Wonga Granite occurs in the west with Burstall Granite, Lunch Creek Gabbro, Mt Godkin Granite and Dipvale Granodiorite intruding metasediments in the south and east of the area. Early metadolerite intrusives are widespread throughout sequence 2 units. Several major faults are present within the project area. North- trending structures such as the Mt Rosebee, Coolullah and Pinnacle faults are interpreted to be old (pre-Barramundi Orogeny) thrusts that have been reactivated as strike-slip faults. The Wonga, Cameron, Pilgrim, Fountain Range and Quamby transcurrent faults transect the southern third of the area along a north-northeasterly trend and are associated with post-Barramundi extension and Isan compression.

A general younging of the meta-volcano-sedimentary sequence of the Eastern Fold Belt occurs in the Roseby area from the Argylla Formation in the west, through a central tract of Corella Formation and across to the east-central Soldiers Cap Group.

South of the north-easterly-trending Fountain Range-Quamby Fault, a similar east- younging sequence is present, interrupted only by the development of a major anticlinal structure between the Pilgrim and Mt Dore Faults.

Major northerly trending crustal scale faults transect the Eastern Fold Belt, three of which impact the Roseby Copper Project tenements. The Mt Rose Bee Fault, a bounding fault to the Roseby Copper Corridor, is a crustal scale feature that, after merging with the Fountain Range-Quamby Fault, continues south to become the Pilgrim Fault for a total length of some 320km. The Coolullah (also Cabbage Tree Creek) Fault is in the order of 200km long and forms the eastern bounding fault to the Phanerozoic Landsborough Graben, where it abuts Middle Proterozoic rocks to the west of the Roseby Copper Corridor. The Fountain Range-Quamby Fault (also known as the Federal Graben), is a 200km long down-faulted suture that passes north-eastward and hosts the Ivy Ann copper-gold resource and remnant tracts of the Quamby Conglomerate.

The latter is the youngest (ca 1510-1520Ma) Proterozoic sedimentary formation of the Eastern Fold Belt and was deposited late in the Isan Orogeny in narrow structural repositories, an off-shoot of which lies juxtaposed to the Mt Rose Bee Fault and hosts the Quamby Gold Mine.

The Mt Isa Inlier is an exceptionally well-endowed province and includes several world class base and precious metal deposits. Four main styles of mineralisation account for the majority of the mineral resources in the region (Denaro and Dhnaram, 2009) and are summarised here:

1) Sediment-hosted Ag-Pb-Zn – this style accounts of most of the Pb-Zn and a significant proportion of the Ag resources in Queensland. Mineralisation mostly occurs in fine-grained sediments of the later cover sequence in the Western Succession (e.g. Mt Isa Pb-Zn, Century, Lady Loretta). Lead-Zinc mineralisation does occur in older rocks (cover sequence 2) in the Eastern Succession such as at


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the Dugald River deposit which is hosted in carbonaceous shale of the Dugald River Shale Member (Corella Formation).

2) Broken Hill-type Ag-Pb-Zn – this type is essentially the same as (1) above however mineralisation is hosted in more metamorphosed rocks of the Eastern Succession. It includes the Cannington deposit. The Pegmont deposit is also considered to belong to this type and is hosted in ironstone within the Mt Norna Quartzite.

3) (Brecciated) sediment-hosted Cu – mostly occurs within sequence 2 and 3 rocks of the Western Succession and includes the Mt Isa copper ore bodies. Mineralisation is commonly hosted in brecciated dolomitic, pyritic and carbonaceous sediments as well as sandstone near regional fault or shear zones. A strong association between northerly trending major faults and Cu-Au mineralisation is most apparent within the Eastern Succession. The structurally-controlled Cu mineralisation at Lady Clayre could fall within this type.

4) Hydrothermal Cu-Au-Fe – this style occurs within higher grade sequences in the Eastern Succession (Selwyn-Cloncurry Zone) and is predominantly associated with chalcopyrite- pyrite- magnetite mineralisation (cf. IOCG-type). Post-orogenic granites (e.g. Naraku) have been associated with this deposit type with more significant mineralisation occurring in thermal aureoles around the intrusions. Such deposits include Osborne, Selwyn and Ernest Henry, which is breccia-hosted, plus the Little Eva deposit within the Roseby project area. In addition to these, several other mineralisation styles are also known in the region.

5) Skarn-hosted metamorphic-hydrothermal U-REE – this mineralisation style is characterised by the Mary Kathleen deposit. Mineralisation is hosted in skarns of the Corella Formation, formed during the intrusion of the Burstall Granite, but occurred in a second deformational phase. Regional shear zones have also been proposed as potential fluid conduits that may have introduced the U and REEs.

6) Stratabound Cu – this style is known in the Roseby area and is characterised by an extensive low-grade, copper-bearing unit within the Corella Formation containing primary native copper, bornite and chalcocite mineralisation. The Longamundi, Blackard and Scanlan deposits occur along this unit where further copper enrichment can occur in localised zones of increased deformation, particularly tight folding (Porter Geo, 1997).

5.4. LITHOLOGICAL DOMAINS

The Boomarra Metamorphics are interpreted as the oldest sequence within the project and are the main group covering the southeastern half of the area (). This sequence consist of weakly magnetic and radiogenic metasediments (metasandstone, quartzite and psammitic schist) to the east and moderately to strongly magnetic and corresponds with banded amphibolite schist. The schist domain contains tightly folded dolerite units (now amphibolite) as sills and dykes and corresponds to a broad zone of elevated radiometric response (particularly thorium) on its eastern side.

The contact between the domains is structural and locally tightly folded with the schist domain narrowing and truncating against the Coolullah Fault immediately north of the interpreted area. Both domains show an overall north-northwest trending foliation that runs sub-parallel to several extensive structures. The Boomarrra sequence is truncated by a set of northeast to north-northeast trending minor faults and fractures which has been variably intruded by a felsic intrusive phase (pegmatite, aplite, leucogranite) predominantly in the eastern domain. This intrusive phase may be related to the Naraku Granite event and several, moderately magnetic features may represent a larger volume of granitic intrusive beneath Tertiary cover. Boomarra Metamorphics have not been recorded within EPM11611.

The Corella Formation is a major sequence occurring as two north-south domains within the eastern and western thirds of the area. The eastern sequence is largely


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bounded to the west by the extensive Mount Rosebee Fault and truncates in the north against the Coolullah Fault. The western domain is broadly folded around the Mt Godkin Granite in the central area and the Burstall Granite in the southwest. Tight to isoclinal, north-south verging folds are largely mapped out by doleritic sills in the far west between the large granite intrusions. The sequence is variably magnetic. Moderately to strongly magnetic units may be related to mafic intrusives or zones of magnetite alteration. Very strongly magnetic Corella Formation is observed at the Little Eva deposit and is also associated with the Mt Godkin Granite for instance. EPM11611 contains only rocks which comprise of the Corella Formation including a small portion of the rocks from the Mary Kathleen Group.

A narrow sequence of the Dugald River Shale Member occurs on the western edge of the tenement package and shows a distinct moderately magnetic response attributed to strongly sulphidic (pyrrhotitic) units within the sequence, with associated elevated potassium and uranium. This corresponds with a mapped carbonaceous unit. A non- to weakly magnetic unit of the same group is likely to be dolomitic shale, sandstone or chert with normal (background) sulphide content.

The Mt Roseby Schist sequence is predominant through the central area adjacent to and within the belts of Corella Formation and trends north-south to north- northwest and north-northeast through the length of the area (). The schist sequence is often characterised by reversely magnetised rocks, not seen in other sequences, and may form a separate metamorphic domain. Open to tight folding is evident, particularly north of the Mt Godkin Granite, with numerous thrust surfaces likely developed as accommodation structures. The Mt Roseby Schist has been identified in approximately 50% of the tenure.

The Lady Clayre Dolomite is the central sequence between the Corella and Mt Roseby units to the east and west. Assuming it is the youngest sequence, these three packages appear to form a regional synform. The Lady Clayre Dolomite is weakly to moderately magnetic with the more magnetic units likely to be pyrrhotite- bearing. Tight folding is evident through the southern belt of this formation. The Lady Clayre Dolomite has been identified in approximately 50% of the tenure.

The Knapdale Quartzite package forms a fault-bound, distinct non- to weakly magnetic, bedded north-south sequence in the east, probably a synformal keel. Knapdale Quartzite has not been recorded within EPM11611.

The Coocerina Formation occurs along the western side of the Knapdale Quartzite and shows a generally non- to weakly magnetic response associated with locally very high uranium anomalies near the Iris and Lady Clayre mineral occurrences.

The Coolullah Fault forms a major, generally north-south structure and the eastern boundary of the Landsborough Graben. This basin is filled with non-magnetic sediments of possible Mt Albert Group or younger Cambrian sediments of the Carpentaria Basin. Some buried magnetic features are evident and may be altered Proterozoic units at depth.

Weakly to moderately magnetic (meta)-sediments of the Milo Beds and younger Quamby Conglomerate occur in the very east of the area, east of the Fountain Range Fault. Rocks of the Coocerina Formation, Mt Albert Group, Milo Beds and The Quamby Conglomerate have not been identified within EPM11611.

6. WORK COMPLETED

6.1. INTRODUCTION

During the reporting period, Altona carried out the following exploration activities;

Geophysical interpretation which also entailed integration of geological data

GIS data compilation Prospectivity review and target ranking


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Reconnaissance geological mapping Rock chip sampling

6.2. GEOPHYSICAL INTERPRETATION

During 2011/2012, Perth-based company Southern Geoscience Consultants (SGC) obtained low level, high resolution aeromagnetic and radiometric survey data flown by Fugro Airborne Surveys in 2011. Combined with previously flown survey data, carried out by UTS Geophysics Pty Ltd over the central portion of the greater Roseby Project area in 2005, SGC reprocessed and merged the two surveys. The combined surveys now cover ~1100km2 for a strike of over 100km in the Cloncurry district. Derived from the merge of the airborne magnetic and radiometric surveys, SGC produced a dataset containing 87 images which are reported in Ewert (2012).

SGC subsequently completed a regional interpretation including EPM11611 in 2012/2013 of this data and integrated available geological data and information about historic mine workings. The interpretation has provided information about;

Structure (faults, lineations, bedding), Lithology (individual rock units) and Targets

The interpretation method involves the tracing of important magnetic and radiometric observations from the imagery onto clear film overlays and integrating those observations with geological and other remotely sensed data where available to build a solid geological and structural representation.

The Roseby interpretation was carried using three ~A0 map sheets at 1:25,000 scale. A variety of magnetic and radiometric images were used. In particular, the greyscale RTP 2VD image and RTP 2VD image shaded with a linear RTP colour stretch provided finer detail on lithological units, structure, and more subtle variation in magnetic character. The linear TMI colour image provides the fundamental representation of magnetic properties and response and should always be referred back to in any interpretation. The Ternary radiometric image provided excellent information on compositional variations across the various lithologies when exposed in outcrop.

The final interpretation was presented as a set of 1:25,000 digital maps (layered PDF) and a set of merged and fully attributed GIS layers in MapInfo format. Unique map codes have been assigned to interpreted lithological units, structures, and geophysical features. These codes are based on the nomenclature of Geological Survey of Queensland published geology maps across the area.

Eight target types have been developed with numerous targets identified within the area covered by this combined annual report. Some structural targets have been identified but most relate to direct geophysical anomalies or interpreted features (e.g. intrusives). Targets associated with discrete magnetic and uranium anomalies have been classified based on the relative amplitudes of the anomalies, with an anomaly strength of 1 being lowest and 3 being highest.

The general characteristics of the identified target types are summarised below.

Target Type AThis target type is characterised by elevated magnetic and uranium (±potassium) responses within (black) sulphidic shales of the Dugald River Shale Member and Coocerina Formation, and is interpreted to represent possible stratiform base metal mineralisation of the Dugald River Pb-Zn-Ag type. The elevated magnetic responses are interpreted as zones of stronger sulphide (particularly pyrrhotite) deposition and development within the favourable horizon. The Dugald River deposit occurs within this type of target.


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Target Type BThis is a structural target based on identifying potential dilational sites bounding shale units that may be favourable settings for mineral deposition. It is considered a similar target style to the Lady Clayre structurally-controlled Cu-Au mineralisation.

Target Type CThese targets delineate high magnetic responses within the Corella Formation and adjacent to major structures. The response is inferred to be magnetite alteration and analogous to the Little Eva deposit. Several Little Eva analogues have been identified however none have the equivalent amplitude of magnetic response. Magnetite alteration may indicate potential for hydrothermal Cu-Fe-Au/IOCG-type systems or mineralisation.

Target Type DThese targets simply highlight possible granitic intrusions that may be outcropping or blind but are not identified on the published geology. The granites are considered potentially significant, as base and precious metal mineralisation in the region has been associated with thermal aureoles surrounding these late granites (e.g. IOCG systems). Favourable settings near these interpreted intrusives should be identified to refine the target location(s).

Target Type EE-type targets are direct uranium anomalies (anomaly strength of 3). The highest uranium responses in the area are located near the Iris copper prospect within Coocerina Formation shale west of the Dugald River deposit and the Three Brunettes occurrence in the south which is a known uranium prospect. The remaining targets show moderate responses (strengths of 1-2) and in some cases are coincident or located very close to stratabound copper occurrences (e.g. at the old Longamundi mines) indicating a possible relationship between copper mineralisation and uranium enrichment (cf. Zambian Copper Belt) or black shale environment. If this relationship is established, a closer assessment of the uranium channel data may identify additional uranium anomalism of interest.

Target Type FThese targets are very strong magnetic features associated with felsic intrusions notably in and around the Mt Godkin Granite and several features near the southern Burstall Granite. These are likely to reflect magnetite alteration associated with the nearby intrusives (e.g. skarn or hornfels). The high magnetite (iron) content presents as a possible favourable site for mineralisation such as the skarn-hosted U-REE mineralisation at the Mary-Kathleen deposit west of the Burstall Granite, Cu-Au skarn-like mineralisation, or IOCG-type. No uranium targets have been identified near the Burstall Granite however.

Target Type GTwo discrete, strongly magnetic anomalies make up this target type. These differ markedly in character from the other magnetic targets (types C and F). They could be local magnetic intrusions or alteration but should also be checked for possible cultural sources although none were visible in aerial imagery.

Target Type HType H targets have been identified as potential dilational sites along major faults that could host structurally-controlled Cu-Au mineralisation. A dextral shear sense has been assumed, based on published regional structural interpretations, in the selection of these targets.

Target Type IThese targets comprise zones of demagnetisation that could be alteration (magnetite destruction) or non-magnetic intrusives. They could be a source or site of mineralised fluids and prospective for gold or epigenetic copper mineralisation.


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6.3. REGIONAL PROSPECTIVITY REVIEW

During 2012, work consisted of a prospectivity analysis for the Companion trend within EPM11611.From the prospectivity review of the Companion area, several areas of interest were defined. The areas of interest have been defined using the following elements;

Previous work (where the quality and extent has been assessed) Extent of geochemical anomalism Previous drilling and assay results Geology complexity Geobotanical anomalism. Southern Geoscience Consultants (SGC) target zones.

The prospectivity analysis encompassed a GIS data compilation, review of previous work, reconnaissance geological mapping and rock chip sampling.

6.4. RECONAISSANCE GEOLOGICAL MAPPING AND ROCK CHIP SAMPLING

In conjunction with the prospectivity review, reconnaissance geological mapping and rock chip sampling was completed. Approximately, a 4km strike length of the prospective Companion trend was mapped entailing an area of about 4km2. Overall, 187 samples were collected on the Companion trend.

Rock chip samples were assayed for: Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, Hg, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y ,Zn and Zr using aqua regia digestion followed by ICP-AES (method ICP41).

7. RESULTS

7.1. GEOPHYSICAL INTERPRETATION

At least two targets were defined within EPM11611. Only the Companion trend has been ground-truthed and reviewed in detail by Altona geologists to date.

The type of targets apparent within EPM8506, EPM11004, EPM10266, EPM10833 and EPM9056 are; Target Type E- characterised by direct Uranium anomalies. At least two of these anomalies and are situated west and adjacent to the Companion trend and surrounding the Gullivers Gossan.

The geophysical interpretation and related geological synthesis are presented in Figure 4 and Figure 5.

The geological legend used in Figure 4 and 5 is shown below.


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The target legend used in Figure 4 and 5 is presented below.


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Figure 4: Aeromagnetic data with interpreted SGC targets (Datum GDA94, MGA Zone 54).


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Figure 5: Geological synthesis with interpreted SGC targets (Datum GDA94, MGA Zone 54).


1

7.2. REGIONAL PROSPECTIVITY REVIEW

A Regional Prospectivity Review commenced during late 2012 and concentrated on Altona tenure south of the Little Eva. Only the Companion trend within EPM11611 was reviewed. Detailed prospecting on the Companion trend has identified the following;

13 Lithologies – metasediments and intensely altered derivatives. Bedding in general strikes north-south. Steep 70-90o variable east-west dip.

Mineralisation along the Companion trend can be divided into 4 broad groups:1. Mineral occurrences hosted by Silica-Albite +/- Tremolite-Actinolite-

Biotite altered metasediment. Zones have a strong spatial association with inferred structures, with a tendency to extend along the eastern flanks of silicified ridges. This could represent an eastern hanging wall.

2. Mineralisation in sequences of interbedded marble and metasediment. Metasediments host Cu oxide minerals. Marble beds can host fine grained sulphide.

3. Hematite/Albite/Silica altered rock containing sulphide – strongly associated with carbonate alteration.

4. Enrichment at localised gossan zone – usually at lithology contacts.

The prospecting review of the Companion Trend is summarised as follows; The mineralised strike extent is approximately 5km (4km within

EPM11611). At surface, the mineralised has a narrow extent of less than 30m in

width. Au mineralisation is observed. The SGC radiometric target corresponds to low ridge of silicified

metasediment.

The controls of mineralisation within the Companion trend maybe major north-south structures, lithological competency contrasts and late cross-cutting east-northeast structures providing enrichment in gold. The prevalence of marble in the area may also be important as a potential lithology neutralising copper bearing fluids. Mapping of the Companion trend is shown in Figure 6 and a geological interpretation is displayed in Figure 7.

7.3. RECONNAISSANCE GEOLOGICAL MAPPING AND ROCK CHIP SAMPLING

In conjunction with the prospectivity review, reconnaissance mapping and rock chip sampling was completed at the Companion trend. A list of all rock chip sample assays collected within the EPM11611 is shown in Table 1. Mapping of the Companion trend is shown in Figure 6 and a geological interpretation is displayed in Figure 7.

Highly significant Cu and Au assays were returned from the Companion trend as evidenced in Table 1 and Figure 8 to Figure 9. The rock chip sampling and reconnaissance geological mapping indicates that the Companion trend within EPM11611 may have a total strike length is in the order of 4km. Significantly, mineralisation does persist albeit to approximately 50m laterally and generally weaker in Cu tenor from the main workings. At this stage, the Companion trend is considered to be a major drilling target.


1

Table 1: Summary of rock chip assays EPM11611

SampleIDGDA

EastingGDA

NorthingProspect

Name Ag Au Cu Pb ZnppmAg

ppmAu % Cu

ppmPb

ppmZn

12FMB0014a 413971 7741204 Companion 0.33 1.1 2.65 6.8 1912FMB0014b 413970 7741203 Companion 0.17 0.2 1.83 12.2 2012CAF0001a 413234 7739583 Companion 0.01 <0.2 0.22 2.4 1412CAF0002a 413239 7739581 Companion 0.12 0.7 1.60 12.9 1112CAF0003a 413240 7739579 Companion 0.06 0.2 0.60 2.8 1712CAF0004a 413308 7739910 Companion 0.17 <0.2 0.63 12.8 3612CAF0005a 413307 7739911 Companion 0.38 5.7 4.50 168.5 2512CAF0006a 413318 7739931 Companion 0.14 0.2 8.10 81.8 5312CAF0007a 413331 7739957 Companion 4.63 1 22.10 30.9 1312CAF0008a 413350 7740029 Companion 2.08 2.1 26.00 1300 38912CAF0009a 413353 7740027 Companion 0.25 0.6 3.61 8.8 3712CAF0012a 413879 7740135 Companion 2.04 >25.0 4.90 27 2312CAF0013a 413879 7740126 Companion 0.54 1.1 2.64 8.4 1112CAF0017a 413585 7739258 Companion 1.28 0.7 7.43 25.9 3312CAF0018a 413584 7739255 Companion 0.34 <0.2 3.12 144.5 4812CAF0019a 413588 7739258 Companion 1.88 <0.2 0.84 14.8 1212CAF0021a 413531 7739280 Companion 0.06 0.2 0.29 3.3 1212CAF0022a 413528 7739255 Companion 0.13 0.3 1.54 5.6 812CAF0027a 413521 7739231 Companion 1.08 0.5 18.35 106.5 1512CAF0028a 413523 7739229 Companion 0.08 <0.2 0.27 1.6 212CAF0032a 413526 7739139 Companion 0.33 0.4 0.56 2.2 1012CAF0034a 413500 7739079 Companion 0.11 <0.2 0.28 23 1512CAF0035a 413500 7739078 Companion 0.22 <0.2 1.86 11.2 312CAF0054a 413378 7738721 Companion 0.08 <0.2 0.04 11.5 19012CAF0055a 413388 7738723 Companion 1.59 <0.2 0.54 31.1 6412CAF0056a 413430 7738739 Companion 0.12 <0.2 0.06 7.2 612CAF0078a 413667 7738831 Companion 4.48 0.2 6.18 4.8 36912CAF0079a 413717 7739124 Companion 0.06 <0.2 0.06 7.2 712CAF0080a 413594 7739934 Companion 1.48 5.4 14.60 10 712CAF0081a 413583 7739937 Companion 0.24 <0.2 0.77 20.3 4512CAF0082a 413581 7739992 Companion 0.61 0.2 1.51 4.4 412CAF0083a 413569 7739988 Companion 0.26 0.2 0.45 2.5 <212CAF0084a 413596 7739851 Companion 0.24 1 6.45 4.9 2812CAF0085a 413593 7739851 Companion 0.46 0.3 1.11 1.9 6AL0016290 413836 7739759 Companion 1.12 1.9 9.89 248 169AL0016291 413835 7739762 Companion 1.23 1.2 5.45 85.6 17AL0016292 413864 7739758 Companion 0.59 0.3 0.47 14.5 3AL0016293 413861 7739733 Companion 0.35 <0.2 5.18 2.8 2AL0016294 413873 7740021 Companion 0.79 2.2 3.61 19.2 8AL0016295 413888 7740080 Companion 5.4 6.8 5.75 4.8 4AL0016296 413865 7740084 Companion 0.66 2.1 3.29 11.6 14AL0016297 413886 7740099 Companion 7.54 1.9 5.06 14.1 5AL0016298 413887 7740199 Companion 22.1 17.6 3.95 2690 10AL0016299 413872 7740221 Companion 10.5 2.1 11.05 34.5 17AL0016300 413848 7740315 Companion 2.72 0.4 3.64 15.7 11AL0016356 414055 7742331 Companion 0.79 <0.2 0.66 7.5 14AL0016357 413897 7740128 Companion 0.02 <0.2 0.29 1.5 15AL0016358 413879 7740129 Companion 0.51 0.8 5.27 256 7AL0016359 413871 7740127 Companion 0.18 1 0.88 52.8 19AL0016360 413866 7740128 Companion 0.05 <0.2 0.10 2.9 11AL0016361 413851 7740129 Companion 0.13 0.4 0.28 14 8AL0016362 413837 7740132 Companion 0.19 <0.2 0.06 7.3 7AL0016363 413912 7740207 Companion 0.03 <0.2 0.46 2.2 9AL0016364 413886 7740204 Companion 0.14 1.1 0.27 34.6 2AL0016365 413879 7740208 Companion 0.07 <0.2 0.01 57.6 124AL0016366 413868 7740202 Companion 0.16 <0.2 0.17 3.5 3AL0016367 413841 7740206 Companion 0.01 <0.2 0.01 3.1 9AL0016368 413915 7740287 Companion 0.08 <0.2 0.30 6.9 4AL0016369 413883 7740280 Companion 0.03 <0.2 0.07 1.5 4AL0016370 413866 7740286 Companion 0.03 <0.2 0.04 18.1 32AL0016371 413863 7740288 Companion 0.3 0.2 0.50 15 7AL0016372 413837 7740279 Companion <0.01 <0.2 0.01 1.1 4


2

AL0016373 413834 7740270 Companion 0.01 <0.2 0.02 2.2 3AL0016374 413894 7740354 Companion 0.06 <0.2 0.04 454 22AL0016375 413867 7740361 Companion 0.04 <0.2 0.05 40.5 52AL0016376 413858 7740354 Companion <0.01 <0.2 0.01 1 3AL0016377 413836 7740358 Companion 0.08 2.1 0.91 31.4 30AL0016378 413820 7740359 Companion 0.01 <0.2 0.01 4 5AL0016379 413831 7740387 Companion 0.06 0.4 0.72 42.8 12AL0016380 413898 7740073 Companion <0.01 <0.2 0.01 1.1 2AL0016381 413869 7740075 Companion 0.01 <0.2 0.01 2.9 3AL0016382 413860 7740078 Companion 2.35 2.3 4.28 3.7 11AL0016383 413844 7740070 Companion 0.03 <0.2 0.04 2 6AL0016384 413891 7739925 Companion 0.01 <0.2 0.01 0.8 3AL0016385 413877 7739914 Companion 0.04 <0.2 0.09 1.8 2AL0016386 413868 7739923 Companion 0.01 <0.2 0.01 0.8 2AL0016387 413859 7739923 Companion 0.02 <0.2 0.05 4.9 20AL0016388 413824 7739920 Companion 0.05 <0.2 0.01 37.1 66AL0016389 413875 7739825 Companion 0.01 <0.2 0.01 1.3 8AL0016390 413869 7739824 Companion 0.02 <0.2 0.01 0.7 <2AL0016391 413840 7739818 Companion 0.08 <0.2 0.09 17.7 69AL0016392 413821 7739814 Companion 0.02 <0.2 0.01 15 51AL0016393 413876 7739729 Companion 0.01 <0.2 0.02 1.3 22AL0016394 413844 7739733 Companion 1.95 0.8 4.30 258 35AL0016395 413834 7739736 Companion 1.15 <0.2 1.12 30.6 221AL0016396 413828 7739735 Companion 0.21 0.2 0.89 3.7 14AL0016397 413807 7739735 Companion 0.05 <0.2 0.08 4 5AL0016398 413863 7739679 Companion 0.02 <0.2 0.02 2.3 89AL0016399 413849 7739687 Companion 0.34 2.8 4.33 43.6 16AL0016400 413825 7739683 Companion 0.18 0.2 0.16 3.3 2AL0016401 413883 7739672 Companion <0.01 <0.2 0.01 1.5 11AL0016402 413649 7739839 Companion <0.01 <0.2 0.03 2 <2AL0016403 413615 7739853 Companion 0.1 0.4 1.28 12 34AL0016404 413581 7739851 Companion 2.27 6.9 0.51 11.8 <2AL0016405 413567 7739847 Companion 0.18 <0.2 0.14 0.9 <2AL0016406 413498 7739836 Companion 0.08 <0.2 2.84 8.6 64AL0016407 413478 7739841 Companion 0.01 <0.2 0.01 2.4 <2AL0016408 413609 7739995 Companion <0.01 <0.2 0.01 0.8 <2AL0016409 413591 7739985 Companion 0.01 <0.2 0.03 0.4 <2AL0016410 413583 7739982 Companion 0.46 0.2 1.03 4 2AL0016411 413574 7739983 Companion 0.49 0.3 1.28 1.8 <2AL0016412 413562 7739980 Companion 0.29 <0.2 0.53 16.5 <2AL0016413 413545 7739982 Companion 0.06 <0.2 0.02 0.9 <2AL0016414 413514 7739988 Companion 0.12 0.4 0.04 4.8 64AL0016415 413490 7739968 Companion 0.06 0.8 2.17 7.8 9AL0016416 413172 7739508 Companion 0.02 <0.2 0.01 1 <2AL0016417 413189 7739512 Companion 0.05 <0.2 0.04 42.6 164AL0016418 413212 7739508 Companion 0.01 <0.2 0.18 1.5 23AL0016419 413240 7739513 Companion 0.04 <0.2 0.01 2.6 53AL0016420 413197 7739600 Companion 0.01 <0.2 0.01 1.4 8AL0016421 413202 7739597 Companion 0.01 <0.2 0.18 3.7 42AL0016422 413222 7739593 Companion 0.01 <0.2 0.01 1.5 5AL0016423 413236 7739590 Companion <0.01 <0.2 0.06 1.3 7AL0016425 413247 7739591 Companion 0.03 0.2 0.78 1.6 27AL0016425 413203 7739558 Companion 0.06 <0.2 0.04 9.9 21AL0016426 413220 7739558 Companion 0.02 <0.2 0.23 4.8 21AL0016427 413229 7739557 Companion 0.06 1.1 0.42 1.9 16AL0016428 413240 7739638 Companion 0.01 <0.2 0.01 3 3AL0016429 413260 7739632 Companion 0.06 <0.2 0.41 1.8 22AL0016430 413267 7739589 Companion 0.02 <0.2 0.02 18.8 16AL0016431 413463 7739039 Companion 0.03 <0.2 0.01 1.6 8AL0016432 413457 7739048 Companion 0.02 <0.2 0.01 1.3 15AL0016433 413444 7739067 Companion 0.01 <0.2 0.01 1 4AL0016434 413496 7739091 Companion 0.19 0.3 0.28 27.9 25AL0016435 413508 7739084 Companion 0.02 <0.2 0.04 1.6 20AL0016436 413522 7739095 Companion 0.04 <0.2 0.04 2 2AL0016437 413498 7739070 Companion <0.01 <0.2 0.01 1.1 2AL0016438 413509 7739056 Companion 0.05 <0.2 0.06 1.3 7AL0016439 413536 7739111 Companion 0.01 <0.2 0.01 1.3 <2AL0016440 413524 7739128 Companion 0.07 <0.2 0.11 2.8 11


2

AL0016441 413508 7739148 Companion 0.04 <0.2 0.09 1.3 17AL0016442 413565 7739158 Companion 0.01 <0.2 0.01 1.8 15AL0016443 413546 7739058 Companion 0.02 <0.2 0.01 0.9 4AL0016444 413284 7738591 Companion 0.26 <0.2 0.14 25.9 403AL0016445 413325 7738594 Companion 0.02 <0.2 0.02 8 256AL0016446 413350 7738606 Companion 0.01 <0.2 0.01 9.1 42AL0016447 413375 7738609 Companion 0.04 <0.2 0.06 9.5 318AL0016448 413408 7738614 Companion <0.01 <0.2 0.01 2.1 10AL0016449 413437 7738611 Companion 0.01 <0.2 0.01 2.5 4AL0016450 413333 7738712 Companion 0.14 <0.2 0.05 296 363AL0016451 413371 7738723 Companion 0.03 <0.2 0.01 9.5 40AL0016452 413401 7738722 Companion 0.03 <0.2 0.01 8.9 23AL0016453 413419 7738729 Companion 0.02 <0.2 0.10 4.1 27AL0016454 413443 7738746 Companion 0.01 <0.2 0.01 1.4 4AL0016455 413295 7739677 Companion 0.02 <0.2 0.02 23.2 46AL0016456 413271 7739676 Companion 0.01 <0.2 0.03 1.9 18AL0016457 413251 7739679 Companion 0.01 <0.2 0.01 1.3 2AL0016458 413213 7739682 Companion 0.01 <0.2 0.04 3.2 11AL0016459 413195 7739689 Companion 0.02 <0.2 0.12 17.4 152AL0016460 413339 7739797 Companion 0.02 <0.2 0.05 6.9 10AL0016461 413304 7739804 Companion 0.01 <0.2 0.37 5.8 73AL0016462 413272 7739803 Companion 0.03 <0.2 0.07 18.5 19AL0016463 413236 7739800 Companion 0.01 <0.2 0.01 1 7AL0016464 413332 7739903 Companion 0.01 <0.2 0.01 7.2 10AL0016465 413316 7739900 Companion 0.03 <0.2 0.06 81.1 82AL0016466 413304 7739904 Companion 0.17 1 2.19 42.3 27AL0016467 413287 7739906 Companion 0.01 <0.2 0.03 2.4 6AL0016468 413262 7739909 Companion 0.03 <0.2 0.04 3 19AL0016469 413344 7739956 Companion <0.01 <0.2 0.02 2 11AL0016470 413326 7739956 Companion 0.75 0.4 1.63 24.3 20AL0016471 413317 7739952 Companion 0.1 0.7 0.25 8.9 31AL0016472 413283 7739954 Companion 0.01 <0.2 0.14 7 55AL0016473 413372 7740031 Companion 0.01 <0.2 0.01 1.5 17AL0016474 413354 7740030 Companion 0.16 <0.2 0.10 39.9 11AL0016475 413346 7740032 Companion 0.03 <0.2 0.20 6.1 31AL0016476 413330 7740017 Companion 0.03 <0.2 0.05 14.3 16AL0016477 413854 7741250 Companion 0.03 <0.2 0.45 6.8 133AL0016478 413796 7741305 Companion 0.15 0.8 3.60 31.1 8AL0016479 413790 7741304 Companion <0.01 <0.2 0.01 1.3 7AL0016480 413811 7741302 Companion 0.13 1.4 1.74 6.7 9AL0016481 413838 7741319 Companion <0.01 <0.2 0.01 1.2 4AL0016482 413861 7741686 Companion 0.05 <0.2 0.49 4 11AL0016483 413846 7741682 Companion 0.01 <0.2 0.03 2.3 4AL0016484 413831 7741693 Companion 0.46 0.2 0.75 28.3 21AL0016485 413786 7741576 Companion 0.02 <0.2 0.02 3.7 19AL0016486 413801 7741580 Companion 0.01 <0.2 0.15 3 14AL0016487 413814 7741583 Companion 0.05 <0.2 4.44 4.8 13AL0016488 413830 7741582 Companion <0.01 <0.2 0.01 0.9 12AL0016489 413758 7741368 Companion 0.01 <0.2 0.01 2.2 4AL0016490 413790 7741389 Companion 0.76 0.2 4.48 51.8 7AL0016491 413814 7741374 Companion <0.01 <0.2 0.05 0.7 2AL0016492 413838 7741476 Companion 0.01 <0.2 0.01 2.1 13AL0016493 413817 7741474 Companion 0.03 <0.2 0.22 3.5 17AL0016494 413805 7741478 Companion 0.02 <0.2 0.30 2.3 7AL0016495 413785 7741474 Companion 0.08 <0.2 0.22 5 7AL0016496 413774 7741473 Companion 0.01 <0.2 0.01 2.8 18AL0016497 413875 7741256 Companion 0.35 3 2.11 3.7 49


2

The legend for Figure 6 to 9 is presented below encompassing both geological and assay information.


2

Figure 6: Solid Geology map of EPM11611 showing the Companion trend in the centre resulting from the Reconnaissance Geological Mapping completed during 2012 (Datum GDA94, MGA Zone

54).


2

Figure 7: Geological interpretation map of EPM11611 showing the Companion trend in the centre resulting from the Reconnaissance Geological Mapping completed during 2012 (Datum GDA94,

MGA Zone 54).


2

Figure 8: Geological interpretation map of EPM11611 with Au assays from rock chip sampling conducted in conjunction with Reconnaissance Geological Mapping completed during 2012

(Datum GDA94, MGA Zone 54).


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Figure 9: Geological interpretation map of EPM11611 with Au assays from rock chip sampling conducted in conjunction with Reconnaissance Geological Mapping completed during 2012

(Datum GDA94, MGA Zone 54).


2

8. CONCLUSIONS AND RECOMMENDATIONS

Targets generated from the geophysical surveys will be followed up with a program of ground exploration activities including: geological mapping, rock chip sampling, soil sampling and ground geophysics.

The 2012 exploration program proved encouraging with significant assays returned from rock chip sampling which was conducted in conjunction with the prospectivity review and reconnaissance geological mapping. About 4km of the Companion trend has been mapped within EPM11611 and this target represents an immediate drill target. The geophysical interpretation and associated geological synthesis undertaken by Southern Geoscience Consultants generated other targets within EPM11611 which have yet to be reviewed. Work to ground truth these other targets will continue later in 2013 and encompass a process of GIS compilation, prospectivity reviews, reconnaissance geological mapping and rock chip sampling. In early 2013, a RAB program is recommended to test the Companion trend.

9. PROPOSED WORK

Work planned work for the reporting period 9 March 2013 to 8 March 2014 includes:

Prospectivity analysis and target ranking.

Geological mapping and sampling over priority targets.

Surface geochemical and geophysical surveys over targets.

Follow-up infill geochemical and/or geophysical survey over high priority targets.

Undertake Cultural Heritage clearance surveys and landowner agreements where appropriate.

RAB drill testing of the Companion trend.

10. REFERENCES

McMahon, M. (2011). Gulliver Tenement, EPM 11611, Annual Report for the Period 9 March 2010 to 8 March 2011. CR number 68135.

Ewert, B. (2012). Gulliver Tenement, EPM 11611, Annual Report for the Period 9 March 2010 to 8 March 2011. CR number 81205.

amazon s3 · web view2021. 3. 15. · epm 11611 –annual report, march 2013. epm 11611 –annual...

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