EL28078 FIRST ANNUAL REPORT

Suite 3 Level 7

423 Pennant Hills Road

Pennant Hills NSW 2120

PO Box 228

Pennant Hills NSW 1715

Telephone: +61 2 94811888

Facsimile: +61 2 94811899

info@greywolfresources.com

www.greywolfresources.com

FOR PERIOD 18 FEBRUARY 2011 TO 17 FEBRUARY 2012

HELD BY: GREYWOLF RESOURCES NL

DEPT OF RESOURCES

EE~_ZD1~ RECEIVED - BRF

lNFORMATION MANAGEMENT

1

'T"'-~ ~-~ ... ~ • ··t ·-·rredid J. ............ .~. .............. s.t...' ..__ ~ . ..._ ~1\ir7PM I

Date/.S .. J..'!. .. U!.. :T~ ... . 1..0::-:: .. AiVUPM,

Tnm File No .............................. ············· ···! 1"rim_ ~ : .o/r..~q_f£/f!tf-!: .. lif~

El28078 First Annual Report

ANNUAL REPORT

Project Name: Reynolds Ranges

Tenement Number: EL28078

Tenement Name: Reynolds Ranges

Tenement Operator: Greywolf Resources NL

Tenement Holder: Greywolf Resources NL

Report Type: Annual Report

Report Title: Exploration Licence 28078 Reynolds Ranges

First Annual Report for the period 18 February 2011 to 17 February 2012

Report Period: 18 February 2011 to 17 February 2012

Date of Report: 6 September 2012

Prepared By: Daniel Flett

Approved By: Dehong Yu

Target Commodity: Gold, Copper

Keywords: Reynolds, Gold, Copper

Prospect Drilled: Not Applicable

List of Assays: One Attached

Contents

1 ABSTRACT 4

2 COPYRIGHT 4

3 INTRODUCTION 4

3.1 Introduction 4

3.2 Title 5

3.3 Access 5

4 GEOLOGY 6

5 PREVIOUS EXPLORATION 6

6 EXPLORATION COMPLETED 6

6.1 Office Studies 6

6.2 Access Negotiations 6

6.3 Metal Detecting, Chip Sampling and Assay 6

7 CONCLUSIONS AND RECOMMENDATIONS 7

List of Figures

Figure 1-Tenement Location Map

Figure 2- Plan of Area Map (Third Schedule)

List of Appendices

Appendix 1. Assay Report

1 ABSTRACT

The tenement EL28078 (Reynolds Ranges) is located within Reynolds Range,

approximately 300 kilometres north of Alice Springs and 46 kilometres north of Atlerrom

Road House, and is being explored for Gold and Copper. During the reporting period,

Greywolf Resources NL undertook a compilation of open file reports and historical

exploration results. The company also instigated talks with the Aboriginal Native Title

and landowners. A strategic review of the project was competed and it was

recommended that the project continue into the second annual report.

2 COPYRIGHT

All rights reserved, Reproduction in whole or in part is prohibited without the prior

written consent of the Company

3 INTRODUCTION

3.1 Introduction

Exploration Licence 28078 (Reynolds Range) is located within the Reynolds Range North

of Tennant Creek.

This report details all exploration work completed over the licence for the period of 18

February 2011 to 17 February 2012 .

'6:J."L2407U

CL>0 1 07 '"'Q= I!L24J.OU Q CL:ZR110

[!, ' .. Z

Figure 1. Tenement Location Map

0 ~Okm ~

El28078 First Annual Report

3.2 Title

Exploration Licence 28078 was granted on 18 February 2011 for a six (6) year period.

The tenement is held by Greywolf Resources NL, formerly known as Greywolf Gold mining

NL.

The tenement covers 48 blocks and an area of approximately 133.39 square kilometres.

I 132· 50' I'

I !

I

I I

Third Schedule (Plan of Area)

--· -!

I ' 1133 05' I - t-221 7'

EL28078 42 Blocks

133.39 Sq Kms

~-- I

I -22 28'

Figure 2. Plan of Area Map (Third Schedule)

3.3 Access

The tenement is located approximately 46 kilometres north west of Aileron Roadhouse

and approximately 200 kilometres north west of Alice Springs.

The tenement is located within Reynolds Range (See Figure 1).

Access to the tenement is via the Stuart Highway which lies to the east of the tenement,

then via Four Wheel Drive tracks into the tenement.

EL28078 First Annual Report

4 GEOLOGY

Located in the Arunta Region the area comprises polymetamorphic terranes that cover

an area of 200,000 square kilometres. It has a complex, strategic, magmatic and tectonic

history that spans the Palaeoproterozic to the Palaeozoic.

The Aileron Province located within the Arunta Region comprises of Palaeoproterozoic

crust that formed part of the North Australian Craton prior to 1700 Ma. It contains most

known gold mineralisation in the Arunta Region.

5 PREVIOUS EXPLORATION

No previous exploration had been carried out over the tenement area prior to

Exploration Licence EL28078 being granted to Greywolf Resources NL.

6 EXPLORATION COMPLETED

Exploration completed during the reporting period is summarised in the sub-headings

located below.

6.1 Office Studies

Compilation of available open file data was completed. This included searches for

previous exploration activity, regional NT Geological Survey geology mapping and

geophysical imagery.

Greywolf Resources NL also engaged a Darwin based tenement consultant AMETS to

verify the compilation of data.

6.2 Access Negotiations

Contact was made by both Greywolf Resources NL and AMETS to the Northern Land

Council to request negotiations with the Aboriginal Tribe that had title to the land about

the possibility of drilling a Pilot Hole if chip sampling proved successful.

No further progress was made during this reporting period.

6.3 Metal Detecting, Chip Sampling and Assay

In May 2011 a team of 6 persons travelled to the tenement and spent 23 days completing

both metal detecting and chip sampling of the area. Upon completion of chip sampling

the samples were delivered to and assayed by lntertek in Adelaide (See Assay Results

attached).

7 CONCLUSIONS AND RECOMMENDATIONS

Chip sampling and assay target several locations across the tenement pertaining to both

gold and copper.

A review of this project was completed and recommended further exploration of the

tenement. It was also recommended that the Company re-visit discussions with

Landowners in relation to drilling.

Page 1 of 10

Edward Lancaster

R.A. SVANOSIO Suite4 34 Northbridge Rd WoyWoy, NSW 2256 Australia

JOB INFORMA nON LEGEND JOB CODE : 6.3/1107154 No. of SAMPlES : 64 No. of ElEMENTS : 7 CLIENT 0/N : R.A. SVANOSIO (Job 1 of 1) SAMPLE SUBMISSION No. : R.A. SVANOSIO PROJECT : R A Svanosio I K series STATE : RockChip DATE RECEIVED : 23/0512011 DATE COMPLETED : 22/0612011 DATE PRINTED· : 11/0712011 PRIMARY lABORATORY : Adelaide Laboratory

. MAIN OFFICE AND LABORATORY

15 Davison Street, Maddington 6109, Western Australia

PO Box 144, Gosnells 6990, Western Australia

Tel: +61 8 9251 8100 Fax: +61 8 9251 8110

Email: genalysis@intertek.com

Web Page: www.genalysis.com.au

KALGOORLIE SAMPLE PREPARATION DIVISION 12 Keogh way, Kafgoorlie 6430, Western Australia

Tel: +61 8 9021 6057 Fax: +61 8 9021 3476

ADELAIDE LABORATORY 11 Senna Road, Wingfield, 5013, South Australia

Tel: +61 8 8162 9714 Fax: +61 8 8349 7444

JOHANNESBURG LABORATORY 43 Malcolm Moodie Crescent,

Jet Park, Gauteng, South Africa 1459

TeJ: +27 11 552 8149 Fax: +27 11 552 8248

TOWNSVILLE LABORATORY 9-23 Kelli street, Mt StJohn, Bohle, Queensland, Australia 4818

X = less than Detection Umit

NIR = Sample Not Received

= Result Checked

{ ) = Result still to come liS = Insufficient Sample for Analysis

E6 = Result X 1,000,000

UA · = Unable to Assay

> = Value beyond limit of Method

OV = Value over-range for Package

6.311107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO Page 2 of 10

SAMPLE DETAILS

DISCLAIMER Genalysis Laboratory Services Pty Ltd wishes to make the following disclaimer pertaining to the accompanying

analytical results.

Genalysis Laboratory Services Pty Ltd disclaims any liability. legal or otherwise, for any inferences implied from

this report relating to either the origin of, or the sampling technique employed in the collection of, the submitted

samples.

SIGNIFICANT FIGURES

It is common practice to report data derived from analytical instrumentation to a maximum of two or three

significant f~gures. Some data reported herein may show more figures than this. The reporting of more than

two or three figures in no way implies that the third, fourth and subsequent figures may be real or significant

Genalysis Laboratory Services Pty Ltd accepts no responsibility whatsoever for any interpretation

by any party of any data where more than two or three significant figures have been reported.

SAMPLE STORAGE NOTICE

SAMPLE STORAGE OF SOLIDS

(for samples processed under Job Codes of the 6.3JVYNNNNN series only)

Bulk Residues and Pulps will be stored for one year without charge.

After this time all Bulk Residues and Pulps will be discarded tmless written advice for return or collection

has been received.

SAMPLE STORAGE OF SOLUTIONS

Samples received as liquids, waters or solutions will be held for 60 DAYS free of charge then disposed of,

unless written advice for return or collection has been received.

6.3/1107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO Page 3 of10

NOTES 1. Due to an issue with the calibration on AIMS Zn is provided by 4AHBr/OE at no charge.

6.3/1107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO Page 4 of 10 Part 1/2

ANALYSIS ELEMENTS Au Au Au-Rp1 Ag Bi Cu Cu Pb Pb w UNITS ppb ppm ppm ppm ppm ppm ppm ppm ppm ppm

DETECTION UMIT 1 0.01 0.01 5 50 1 10 50 2 0.1

DIGEST FA25/ FA25/ FA25/ 4AHBr/ 4AHBr/ 4A/ 4AHBr/ 4AHBr/ 4A/ 4A/

ANALYTICAL FINISH MS AA AA oe· OE MS OE OE MS MS

SAMPLE NUMBERS

0001 K1 2.40

0002 K2 X X X 61. X

0003 K3 7.46 5.51 18 X 6093 16.81%

0004 K4 0.35 X X 1145 4355

0005 K5 0.48 X X 846 873

0006 K6 5.~9 6.24 X X 1064 532

00071<7 0.10 394 109 10.62% 32.01%

0008 K8 0.15 ~jjt X 3.31% 53.44%

0009 K9 X X X 149 3852

0010 K10 0.31 5 X 545 2537

0011 K11 X 6 X 637 9935

0012 K12 X X X 161 914

0013 K13 8.09 7.89 51 X 2.64% 2538

0014 K14 2.49 2.50 22 X 578 416

0015 K15 -~ 17.36 14.75 70 X 6.52% 2103 ... ..

0016 K16 0.40 X X 777 271

0017 K17 2.07 1.49 9 X 946 340

0018 K18 3.78 3.91 53 X 463 234

0019 K19 1.38 1.22 35 X 237 398

0020 K20 1.03 1.34 6 X 3040 278

0021 K21 2.48 6 X 245 676

0022 K22 5.77 5.70 X X 84 385

0023 K23 0.05 X X 108 1470

- 00241<24 0.11 X X 257 474 14.9

0025 K25 0.13 7 X 92 303

0026 K26 0.54 X X 491 878

- 00271<27 0.59 15 X 108 287 5.4

0028 K28 0.50 X X 221 392

0029 K29 X X X 92 232

0030 K30 0.02 X X 22 84

0031 K31 1.18 0.97 X X 84 473

0032 K32 0.01 X X 147 378

0033 K33 X X X 38 X

0034 K34A X X X 33 X 1.0

- 0035 K34B 6.52 17 X 1256 563 112.0 .

0036 K35 3.94 6.25 X 121 747 322

0037 K36 6.49 5.68 31 X 2.27% 1261

- 0038 K37 13.29 12.65 99 121 5.32% 3689

0039 K38 0.83 X X 437 8445

0040 K39 1.85 1.92 X X 754 332

6.3/1107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO

ELEMENTS Zn

UNITS ppm

DETECTION LIMIT 10

DIGEST 4AHBr/

ANALYTICAL FINISH OE

SAMPLE NUMBERS

0001 K1

0002K2 85

0003 K3 938

0004 K4 X

0005 KS 64

0006K6 14

0007 K7 X

0008K8 2007

0009K9 X

0010 K10 30

0011 K11 191

0012 K12 190

0013 K13 24

0014 K14 51

0015 K15 11

0016 K16 57

0017 K17 182

0018 K18 31

0019 K19 32

0020K20 31

0021 1<21 184

0022K22 37

0023 1<23 155

0024 K24 46

0025 K25 40 --0026 K26 149

0027 K27 49

0028 K28 52

0029 K29 98

0030K30 12

0031 K31 23

0032 K32 24

0033 K33 57

0034K34A 64

- 0035K34B X

0036 K35 204

0037 K36 13

- 0038 K37 717

0039 K38 60

0040 K39 513

Page 5 of10 Part 2/2

6.3/1107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO

ELEMENTS Au Au Au-Rp1 Ag UNITS ppb ppm ppm ppm

DETECTION LIMIT 1 0.01 0.01 5

DIGEST FA25/ FA25/ FA251 4AHBr/

ANALYTICAL FINISH MS AA AA OE

SAMPLE NUMBERS

0041 K40 0.61 7

0042 K41 0.39 X

0043 K42 X X

- 0044 K43 X X

0045 KS1 X

0046 KS2 X

0047 KS3 X

0048 KS4 X

0049KS5 13

0050KS6 9

0051 KS7 X

0052 KS8 X

0053 KS9 X

0054 KS10 X

0055 KS11 X

0056 KS12 X

0057 KS13 2

0058 KS14 14

0059 KS15 X

0060 KS16 X

0061 KS17 X

0062 KS18 X

0063 KS19 X

0064KS20 2

CHECKS

0001 K1 2.64

0002 K21 2.42 8

0003 K40 0.73 5

0004 KS17 X

STANDARDS

0001 AMIS0124 158

0002MP-1b 50

- 0003 MPL-4

0004Si54 1.82

0005 OREAS 45P

- 0006 OREAS 45P 54

00070XN77 7.43

0008 AMIS0045

Bi Cu Cu

ppm ppm ppm

50 1 10

4AHBr/ 4AI 4AHBr/

OE MS OE

X 1248

X 329

X 140

X 39

41

28

30

87

472

275

101

35

28 24

51

28

29

48

57

17

24

14

37

12

X 239

X 1203

25

957 3.07%

Pb

ppm

50

4AHBr/

OE

502

349

X

X

707

476

2.11%

PageS of10 Part 1/2

Pb w ppm ppm

2 0.1

4N 4AI

MS MS

15

19

73

2992

1.68%

1.22%

1080

177

36

26

599

30

127

77

15

21

12

24

44

21

12

17.7

0.8

0.8

6.3/1107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO

ELEMENTS Zn

UNITS ppm

DETECTION LIMIT 10

DIGEST 4AHBr/

ANALYTICAL FINISH OE

SAMPLE NUMBERS

0041 K40 21

0042K41 11

0043 K42 206

0044 K43 X

0045 KS1 X 0046KS2 13

0047KS3 X 0048KS4 X

0049KS5 X 0050KS6 X

0051 KS7 18

0052KS8 15

0053KS9 14

0054 KS10 22

0055 KS11 10

0056 KS12 13

0057 KS13 27

0058 KS14 55

0059 KS15 83

0060KS16 16

0061 KS17 X

0062 KS18 26

0063 KS19 42

0064KS20 24

CHECKS

0001 K1

0002 K21 166

0003 K40 X

0004 KS17 23

STANDARDS -·· --·

0001 AMIS0124

0002 MP~1b 16.80%

0003 MPL-4

0004Si54

0005 OREAS 45P

~~ 0006 OREAS 45P

00070xN77

0008 AMIS0045

Page 7 of10 Part2/2

6.3/1107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO Page 8 of10 Part 1/2

ANALYSIS ELEMENTS Au Au Au-Rp1 Ag Bi Cu Cu Pb Pb w UNITS ppb ppm ppm ppm ppm ppm ppm ppm ppm ppm

DETECTION LIMIT 1 0.01 0.01 5 50 1 10 50 2 0.1

DIGEST FA25/ FA25/ FA25/ 4AHBr/ 4AHBr/ 4A/ 4AHBr/ 4AHBr/ 4A/ 4AI

ANALYTICAL FINISH MS AA AA OE OE MS OE OE MS MS

STANDARDS

0009 OREAS14P 51

0010 OxE56 0.62

BLANKS

0001 Control Blank X X X X X X X

6.3/1107154 (11/07/2011) CLIENT 0/N: R.A. SVANOSIO

ELEMENTS Zn

UNITS ppm

DETECTION LIMIT 10

DIGEST 4AHBr/

ANALYTICAL FINISH OE

STANDARDS

0009 OREAS14P

0010 OxE56

BLANKS

0001 Control Blank X

Page 9 of10 Part2/2

6.3/1107154 (11/07/2011) CLIENTO/N: R.A. SVANOSIO Page 10 of 10

METH D CODE DESCRIPTION 4AIMS Adelaide laboratory

Multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids in Teflon Tubes. Analysed by Inductively Coupled Plasma Mass Spectrometry.

4AHBr/OE Adelaide Laboratory

Multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids and Bromine in Teflon Beakers. Analy

FA25/AA Adelaide laboratory

25g Lead collection fire assay. Analysed by Flame Atomic Absorption Spectrometry.

FA25/MS Adelaide Laboratory

25g lead collection fire assay in new pots. Analysed by Inductively Coupled Plasma Mass Spectrometry.