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Australian Minera Resources Pty Ltd Add: Level 40, 140 William Street, Melbourne 3000 Victoria, Australia ACN 152 123 754 Tel:+61 3 9098 8722 Fax:+61 3 9098 8723 Moonlight EL 28027 THIRD ANNUAL REPORT for the period 23 November 2012 to 22 November 2013 and FINAL REPORT for the period 23 November 2010 to 6 January 2014 Titleholder Australian Minera Resources Pty Ltd Operator (for the year of report) Eupene Exploration Enterprises Pty Ltd Titles/tenements EL 28027 Mine/Project Name Moonlight Personal author(s) David Chang Corporate author(s) Australian Minera Resources Pty Ltd Target commodities Vanadium Date of report 25 March 2014 Datum/zone GDA94/Zone 53 250 000 K mapsheet(s) Daly Waters (SE53-01) 100 000 K mapsheet (s) Nelly Creek (5365) and Taylor (5465) Contact details David Chang [email protected] ; [email protected] This document and its content are the copyright of Australian Minera Resources Pty Ltd. The document has been written with some comments of Eupene Exploration Enterprises Pty Ltd for submission to the Northern Territory Department of Mines and Energy as part of the tenement reporting requirements as per the Mineral Titles Act (NT). Any information included in the report that originates from historical reports or other sources is listed in the “References” section at the end of the document. All relevant authorisations and consents have been obtained. Australian Minera Resources Pty Ltd authorise the department to copy and distribute the report and associated data.

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Australian Minera Resources Pty Ltd Add: Level 40, 140 William Street, Melbourne 3000 Victoria, Australia ACN 152 123 754 Tel:+61 3 9098 8722 Fax:+61 3 9098 8723

Moonlight EL 28027

THIRD ANNUAL REPORT

for the period 23 November 2012 to 22 November 2013

and FINAL REPORT

for the period 23 November 2010 to 6 January 2014

Titleholder Australian Minera Resources Pty Ltd

Operator (for the year of report) Eupene Exploration Enterprises Pty Ltd

Titles/tenements EL 28027

Mine/Project Name Moonlight

Personal author(s) David Chang

Corporate author(s) Australian Minera Resources Pty Ltd

Target commodities Vanadium

Date of report 25 March 2014

Datum/zone GDA94/Zone 53

250 000 K mapsheet(s) Daly Waters (SE53-01)

100 000 K mapsheet (s) Nelly Creek (5365) and Taylor (5465)

Contact details David Chang [email protected]; [email protected]

This document and its content are the copyright of Australian Minera Resources Pty Ltd. The document has been written with some comments of Eupene Exploration Enterprises Pty Ltd for submission to the Northern Territory Department of Mines and Energy as part of the tenement reporting requirements as per the Mineral Titles Act (NT). Any information included in the report that originates from historical reports or other sources is listed in the “References” section at the end of the document. All relevant authorisations and consents have been obtained. Australian Minera Resources Pty Ltd authorise the department to copy and distribute the report and associated data.

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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Table of Contents 

Summary .................................................................................................................................................3

Bibliographic Data ..................................................................................................................................3

1.0 Introduction..................................................................................................................................4

2.0 Tenure .........................................................................................................................................4

3.0 Geology and Prospectivity ..........................................................................................................6

4.0 Historical Exploration .............................................................................................................11

4.1 Geological Survey Mapping ........................................................................................................11

4.2 AP 3502 Tin Creek Mining Limited ............................................................................................11

4.3 EL 2782 Richard Scobie - Prospector..........................................................................................15

4.4 EL 4270 & 4272 Ashton Mining Limited....................................................................................15

4.5 EL 23007 & 23008 De Beers.......................................................................................................15

4.6 EL 25605 Crossland Diamonds Pty Ltd ......................................................................................15

4.7 EL 25605 Imperial Granite & Minerals Pty Ltd ..........................................................................16

4.8 EL 28027 Imperial Granite and Minerals .................................................................................16

4.8.1 Year 1........................................................................................................................................16

4.8.2 Year 2........................................................................................................................................17

5.0 Australian Minera Resources Pty Ltd ......................................................................................17

6.0 Conclusions................................................................................................................................18

7.0 Bibliography ..............................................................................................................................19

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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Tables in Text

Table 1 Tenement Details ………………………………………………………………………. 4

Table 2 Tin Creek Mining drill summaries with collars in GDA94, Zone 53 ………………..…14

Figures in Text (All Figures originally produced by Remote Area Geoscience)

Figure 1 Regional Location Moonlight EL 28027 …..……………………………………… 5

Figure 2 Location of EL 28027 with Historic Sampling Points ….…………………………….…. 6

Figure 3 Regional Geological Setting of EL 28027(2011 NTGS compilation)………………… 8

Figure 4 EL28027-TMI Image on Outlined Geological Regions ………………………….…9

Figure 5 EL28027 Bouguer Gravity Anomaly on Outlined Geological Regions ………….. 10

Figure 6 Historic Work Locations of Moonlight area ………………………………………….. 13

Figure 7 Rock Chip Sample Locations 2013 …………………………………………………. ..14

Appendices

Appendix 1: Tin Creek Mining rock chip assays (1971)

Appendix 2: Tin Creek Mining downhole assays (1971)

Appendix 3: 2011 Rock chip assays.

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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Summary

This Combined Third Annual and Final Report covers the relevant period of tenure on the subject licence

held by Australian Minera Resources Pty Ltd (AMR), and and Eupene Exploration Enterprises Pty Ltd

(EEE) was the operator for the third year of tenure. The licence was originally granted to Imperial

Granite and Minerals Pty Ltd (IGM) in November 2010 and was reported on by their consulting geologist

Dr. Michael Green of Remote Area Geoscience. AMR purchased the licence from IGM in 2012.

EL 28027 “Moonlight” is located approximately 270 km south of Katherine and approximately 78 km west

of Daly Waters. It covers the central part of the Dunmarra Basin. In 1971, Tin Creek Mining Limited

identified elevated vanadium grades within the iron-rich rises which occur in the area, the sample and drill

sites from this exploration have been relocated and the vanadium results have been confirmed, however

sampling showed that there was no direct correlation between vanadium grade and iron content of the

samples. Nonetheless, the vanadium enrichment appears to be related to surficial weathering processes,

where the vanadium is concentrated by chemical mobilisation and then precipitated. There is no evidence

that vanadium-bearing rocks such as basic intrusives are present in the licence.

The mode of occurrence of the vanadium-bearing material indicates that it is not a viable economic source

of the metal. So it has been recommended by EEE that no further work be carried out and that the tenement

be surrendered. EL 28027 was surrendered by AMR on 6 January 2014.

Bibliographic Data

Report Title Third Annual (23/11/2012-22/11/2013) and Final Report

(23/11/2010-06/01/2014) for EL 28027

Author David Chang

Tenement Name Moonlight

Tenement Number EL 28027

Tenement Holder Australian Minera Resources Pty Limited

Operator Eupene Exploration Enterprises Pty Limited

Commodities Vanadium

1:250 000 Map Sheet Daly Waters (SE53)

1:100 000 Map Sheet Nelly Creek (5365) and Taylor (5465)

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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1.0 Introduction

EL 28027 “Moonlight” is centered about 78 km west of the small town of Daly Waters, which is located on

the Stuart Highway 270 km south of Katherine. The Darwin to Alice Springs Rail Corridor cuts the eastern

part of EL 28027. Access to the licence is best from the Buchanan Highway, which connects

Dunmarra to Top Springs, and then north along the rail corridor. Within the licence access is generally very

good with fence lines and station tracks throughout Hidden Valley Station (Figures 1 & 2).

The local topography consists of gently undulating ferricrete-covered plateau with sparse surface drainage.

A topographic ‘divide’ exists to the south of the licence with a maximum elevation of about 300 metres

ASL.

The area has a limited history of mineral exploration. The main commodities sought being iron ore then

vanadium (Tin Creek Mining) and diamonds by various explorers. The current tenement has undergone

only very preliminary investigations by the original vendor, IGM.

2.0 Tenure

EL 28027 was granted to Imperial Granite and Minerals Pty Ltd (100 %) on 23 November 2010 and then

was transferred to Australian Minera Resources Pty Ltd (100%) on 22 February 2012, but

Imperial Granite and Minerals Pty Ltd remains as the project operator for that reporting year.

The tenement comprises 300 sub-blocks (989 km2). Most of the tenement is within the Hidden Valley

perpetual pastoral lease 936 (NT Portion 2724), except for the westernmost part which is within the

Birrimba perpetual pastoral lease 935 (NT Portion 4666). The Darwin to Alice Springs Rail Corridor cuts

the easternmost part of the tenement. The area is subject to Native Title Claim NTD6036/98 (Rail

Corridor 26/03/1998), NTD6017/02 (Buchanan Downs 03/07/2002) and NTD6008/02 (New Lakefield

20/05/2002).

Table 1: Tenement details

Tenement Ten no.

Blocks Granted

Blocks Relinq.

Blocks Retain

Grant Date Expiry Date

Moonlight 28027 300 0 300 23/11/2010 22/11/2016

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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Figure 1. Regional Location of Moonlight EL 28027

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Figure 2 Location of EL 28027 with Historic Sampling Points

3.0 Geology and Prospectivity

EL 28027 lies in the central portion of the Dunmarra Basin, which is the largest exposed part of the

Jurassic to Cretaceous Carpentaria Basin system (Figure 3). The sediments in the Dunmarra Basin

overlie sediments of the Cambro-Ordovician Daly Basin, which in turn overlie basalt-dominated units of

the Cambrian Kalkarindji Province. No economic mineral deposits are known in the Dunmarra Basin.

The Dunmarra Basin, however, has some unusual characteristics which have led to previous exploration

for base metals and diamonds (see below). Of particular interest are the magnetic and gravity highs that

traverse the middle of the basin (Figures 4 & 5). These suggest that there may be considerable

palaeotopography to the basin architecture. Such features are considered by some explorers to be

important in the formation of certain mineral deposits. EL 28027 sits on the largest of these magnetic and

gravity highs.

A further interesting feature can also be seen in the regional magnetic data, especially where the line

spacing has been reduced. To the north of EL 28027 and immediately north of the regional magnetic high

are parallel northwest trending linear magnetic anomalies. Their strong response suggests they are quite

shallow features. They are easiest to interpret as mafic dykes, however, magmatism of this age (post

Jurassic) is unknown in the surrounding area, so they may represent a new suite of magmatic rocks.

These magnetic features, along with some discrete bulls-eye anomalies, have led to diamond exploration in

the Dunmarra Basin (see below). An alternative interpretation of the parallel magnetic anomalies is that

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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they are related to buried sand-dunes as suggested in a report by Crossland Uranium Mines Limited,

although the spacing between the magnetic features is much greater than commonly seen for sand dunes

elsewhere in the Northern Territory.

The topography of the Dunmarra Basin is rather subdued which, in 1971, led Tin Creek Mining Limited to

explore for surficial iron ore deposits. Areas of iron enrichment were discovered, but not of the size and

continuity required for an economic mining of iron ore. Of great interest, though, was that Tin Creek

Mining Limited discovered that the iron-rich weathering profile was also enriched in vanadium.

A limited amount of work was completed, which showed the vanadium to be quite widespread.

The project was abandoned, however, the reason was that the metallurgical character of this type

of mineralisationwas considered prohibitive at the time. Recent developments in extracting nickel

from laterite ores may provide a cost-effective method to extract laterite vanadium, too.

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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Figure 3 Regional Geological Setting of EL 28027

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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Figure 4 EL 28027 TMI with Outlined Geological Regions

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Figure 5 EL 28027 Bouguer Gravity Anomaly with Outlined Geological Regions

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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4.0 Historical Exploration

4.1 Geological Survey Mapping

EL 28027 lies within the Daly Waters 1:250,000 mapsheet, for which a geological map was produced by

the Bureau of Mineral Resources in 1969 (Brown, 1969). No further mapping was carried out since that

time. Most of the area is part of the regional geological feature termed the Sturt Plateau, which was

described by Brown (1969) to “consist of low rises with a surface of rubbly ironstone and thin patchy soils and intervening valleys of abandoned drainage systems with a continuous cover of red sandy and loamy soil.”

The basic stratigraphy of the Dunmarra Basin is:

Lower Cretaceous : Mullaman Beds

Middle Cambrian : Montejinni Limestone, Tindall Limestone

Early Cambrian : Kalkarinji Volcanics (previously Antrim Plateau Volcanics).

Various bores in the Dunmurra Basin confirm this stratigraphy, including a water bore which intersected

basalt beneath limestone at the Hidden Valley Homestead , approximately 10 km from the southeast corner

of EL28027.

The 1:250,000 scale Daly Waters map sheet shows the tenement area to comprise three main geological

units (Figure 6) :

Czs (yellow) – red, yellow and brown clayey soil; residual sand; some ferruginous

rubble;

Tl (light brown) – Tertiary laterite; ferruginous rubble; some soil and sand cover;

Klm (green) – Lower Cretaceous Mullaman Beds: claystone and siltstone; glauconitic

sandstone; ferruginous conglomerate; quartz sandstone with plant fossils.

Brown provides the following description; “The ferruginous zone of laterite (Tl) is developed on the Mullaman Beds over much of the Sturt Plateau in the Sheet area. The ferruginous zone of nodular and pisolitic ironstone, which is the only laterite zone mapped as laterite (Tl), passes down into a mottled zone of iron-stained and bleached sedimentary rock, and then into a pallid zone of bleached rock with hematite veins. On the Sturt Plateau, most mapped outcrops of the Mullaman Beds are of mottled zone and pallid zone material, and many are silicified.”

4.2 AP 3502 Tin Creek Mining Limited

(CR19710064, CR19710065) Tin Creek Mining Limited explored the project area to evaluate the iron ore potential of the laterite unit.

Elevated iron grades were identified, but they were not high enough or continuous enough to warrant

further work. However, during this program elevated vanadium grades were also encountered and so this

became the focus of further activities.

Given the dense vegetation in the area, especially the lancewood on the ironstone rises, a series of grid

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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lines were bulldozed to enable access for the drill rig. Despite some recent work in the area by Hidden

Valley Station, including grading a new road and enlarging the Moonlight Waterhole, parts of the 1971grid

lines are still visible in the satellite imagery (Figure 7). Therefore, it has been possible to broadly

relocate all of Tin Creek Mining’s historic work. None of this work is in the Northern Territory

Geological Survey’s database (STRIKE) and so the historic results with GDA94 co-ordinates are presented

in Appendices 1 &2.

Fifty-nine rock chip samples are reported, although other samples are mentioned in the text, including one

having a maximum of 1.5 % V2O5. Fifty-two of these samples were collected at 100 foot (~30 m)

intervals along cleared lines 1020 N and 1040 N (Figure 7). These samples were collected where the

ironstone outcropped only with the belief at the time that the vanadium was concentrated in the more

obvious iron-rich outcrops. The other seven samples were collected from three costeans. The analytical

methods used are not recorded and the only geochemical results presented are for LOI (loss on ignition),

Al2O3, SiO2, TiO2, Fe2O3 and V2O5 (Appendix 1). A maximum of 0.57% V2O5 was achieved from these

rock chip samples with an arithmetic mean of 0.24 % V2O5 and a median of 0.21 % V2O5, which indicates

a moderate skew towards higher values.

The results show a very strong inverse correlation between SiO2 and Fe2O3and moderate correlations

between these two elements and LOI and Al2O3. There are no obvious correlations with any of the

measured elements and V2O5 indicating that the most iron-rich samples are not necessarily the most

enriched in V2O5.

Fourteen holes were drilled to a maximum depth of 70 feet along the same two cleared lines where the

rock chips were collected. Samples were taken at either 2 or 5 foot intervals for the entire drilled depth

(Appendix 2). Two foot intervals were generally used for the top 20 feet. The same elemental suite as

the rock chips was analysed for. A summary of drilling results is presented in Table 2.

Downhole assays are presented in Appendix 2.

One of the most interesting results from the drilling is that the best V2O5 assays from individual drill holes

are not necessarily from the surface interval. Indeed some drill holes show multiple intervals where V2O5

is greater than 0.1 % . For drill hole details see Table 2 as attached below. Taken in conjunction with the

lack of correlation between vanadium and iron, it appears that the vanadium distribution is quite

complicated at various scales.This variability needs to quantified to determine any potential resource.

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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Figure 6 Historic Work Locations

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Figure 7 Rock Chip Sample Locations

Table 2: Tin Creek Mining drill summaries with collars in GDA94, Zone 53.

Hole ID East North Intervals with >0.1 % V2O5 PDH1 245072 8188483 0-5 ft = 0.8% PDH2 245909 8188099 0-5 ft = 0.61%; 10-15 ft = 0.18% PDH3 245576 8188942 0-14 ft = 0.21% PDH4 245614 8188934 20-35 ft = 0.12% PDH5 246396 8188843 8-10 ft = 0.10% PDH6 246096 8188859 PDH7 245794 8188876 0-10 ft = 0.18% PDH8 245494 8188892 PDH9 245789 8188907 16-18 ft = 0.11% PDH10 244037 8189663 2-4 ft = 0.13% PDH11 244344 8189639 0-10 ft =0.14%; 14-16 ft =0.10%; 18-25 ft PDH12 244626 8189616 12-14 ft = 0.10% PDH13 244930 8189593 30-35% = 0.13% PDH14 245229 8189569 Costean 1 244440 8190883 0.18%, 0.24% Costean 2 245645 8188947 0.14%, 0.25%, 0.36%, 0.45% Costean 3 245887 8188058

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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4.3 EL 2782 Richard Scobie - Prospector

(CR19830053)

A group of prospectors attempted some drilling in the Moonlight area. Two holes were drilled but failed

to penetrate to the desired depth. No details are given except mention of an assay returning 1.6 % V.

4.4 EL 4270 & 4272 Ashton Mining Limited

(CR19840266, -0267)

Ashton Mining Limited completed first-pass diamond exploration in the Dunmarra Basin, including some

work within the EL 28027. Since the area has poor drainage only 36 alluvial gravel samples could be

collected (Figure 6). To improve coverage a number of composite loam samples (65 samples

from 13 sites) were also collected. Three of the gravel samples returned some micro diamonds :

DAL53 +0.35 STONE; turbid white cube shaped, frosted surface, some resorption.

DAL90 +0.15 STONE; olive green anhedral, very irregular, one heavily corroded cube face?

remains.

DAL95 +0.2 STONE; part of distorted octahedron, very pale straw coloured, some inclusions,

clear, yellowish on one end, growth lines on some surfaces.

Eleven of the gravel samples, two containing microdiamonds DAL 90 and 95, were collected within

EL 28027 whereas the other diamond-bearing sample (DAL53) was found ~3.5 km north of the

current EL boundary (Figure 6). The data for EL 4270 are in the NTGS diamond database, whereas

the data for EL 4272 are not. Despite the positive results of these diamonds no further work was

undertaken because “the licences were not considered to hold much potential for a kimberlite”

4.5 EL 23007 & 23008 De Beers

(CR20030423, 20040019)

A data review of diamond prospectivity within the Dunmarra Basin was completed and it was concluded

that the area held little promise for the discovery of kimberlites. No work details were presented in the

reports.

4.6 EL 25605 Crossland Diamonds Pty Ltd

(CR20080870, 20090420)

Crossland Diamonds completed extensive diamond exploration in the Dunmarra Basin including ground

magnetic surveys, shallow drilling of palaeodrainage and rock chip sampling of sparse outcrops. Some

very interesting results were produced, which included the identification of kimberlite indicator minerals

(chromite). However, as with Ashton Mining, the lack of readily avaiable drainage materials where bulk

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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samples could be obtained made standard diamond exploration almost impossible. The need to

continuously drill just to acquire drainge samples made exploration too expensive. None of this work

extended onto EL 28027.

4.7 EL 25605 Imperial Granite & Minerals Pty Ltd

(CR20080780)

Imperial Granite & Minerals (IGM ) had previously held the current tenement area to explore for

vanadium in the greater Moonlight area. One field trip was completed in 2008 with 14 rock chip

samples collected from across the tenement (Figure 6). Eight of these samples were taken from

outcrops along the road between Hidden Valley Homestead and the Moonlight Prospect, including

from the exposed ferricrete in the railway cutting (DW3). The remaining six samples (DW5-DW10)

were taken from the ironstone rise adjacent to where Tin Creek Mining collared PDH1. All samples

returned > 0.10 % V2O5, confirming vanadium enrichment at the Moonlight prospect, as well as

indicating a more widespread vanadium potential in a larger area. Iron and titanium abundances

were also consistently high. The project was dropped at the onset of the 2008 Global Financial

Crisis.

4.8 EL 28027 Imperial Granite and Minerals

4.8.1 Year 1 (23/11/2010 to 22/11/2011)

In November of 2010, with brighter economic days, EL 28027 was granted to Imperial Granite Minerals.

An extensive literature review was completed by the company’s consultant Remote Area GeoScience. A

field trip to the Moonlight prospect was also completed. The trip confirmed that linear features seen on

the satellite imagery are bulldozed grid lines and that they correspond with those constructed by Tin

Creek Mining in 1971. Costean No.2 was also located on the ground. Tin Creek Mining’s data has

been placed into the GIS dataset with moderate confidence of their location.

As described during the field visit, topographically, the licence area consists of remnant, densely vegetated

ferruginous hills in a relatively flat landscape. The depressions between the hills are clay-rich with

abundant grey termite mounds. The ironcapped hills also have termite mounds, perhaps suggesting a

shallow incomplete ferruginous capping. The surface of the capping consists of unconsolidated iron-rich

rock of reasonable density.

Seven rock chip samples were collected (Appendix 3). These were sent to ALS Chemex where they

were tested by methods ME-MS41 (aqua regia digest with ICP-MS or AES finish) and PGM-ICP23 (30

gram fire assay with ICP-MS finish). An aqua regia digest was chosen to test how much leachable

vanadium was contained in the samples. All samples returned between 0.20 % and 0.64 % V2O5.

Some interesting observations were made during the field trip. At sample site MOO11001 two samples

were collected; sample A was described as a “slightly purple siltstone with manganese-rich fractures and

coatings.” and sample B was described to have “some wholescale conversion to haematite.” Sample A

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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returned 0.24% V2O5 whereas sample B returned only 0.21% V2O5. These results contrast with what

was thought when sampling, and confirm that the vanadium is not necessarily related to iron enrichment

(see rock chip sample results in section 4.2). The best analytical result was 0.62 % V2O5 from an

apparently iron-deficient lag sample.

4.8.2 Year 2 (23/11/2011 to 22/11/2012)

Further activities were planned by the tenement holder IGM and then AMR, unfortunately, the work

failed to go ahead due to lack of available funds as a result of the prevailing economic conditions. A

Variation of Conditions was lodged with NTDME and this was approved by the department.

5.0 EL 28027    Australian Minera Resources          The tenement was acquired by Australian Minera Resources (AMR) in Feb.2012, and Eupene

Exploration Enterprises (EEE) was appointed as the operator in 2013. A work program was proposed,

including geological mapping and rock chip sampling to be carried out on a more regional scale, a

preliminary evaluation by shallow RC drilling of the vanadium mineralisation at the Moonlight Prospect, a

detailed study of the vanadium-rich samples to be undertaken to understand where and how the

vanadium is becoming enriched, etc.

The above work did not go ahead, as AMR has since been advised by its consultants that vanadium was

considered an unrealistic commodity target, particularly in the current market. As a result, it was decided

by AMR management that the licence be surrendered in Jan.2014.

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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6.0 Conclusions

Based on the available materials and data as well as the recorded historical exploration works, EEE as

AMR’s consultant of the year has made some analysis and provided its view to the company. Historical

work carried out on the tenement indicated the presence of anomalous vanadium associated principally

with outcrops of iron-rich material (i.e. ferricrete) related to weathering profile. It is most likely that the

vanadium concentrations present are chemically mobilised and have been precipitated in the oxidised

profile. This type of occurrence would require expensive hydrometallurgical methods of extraction,

which would produce a vanadium pentoxide end product.

The current trend is towards Ferrovanadium exploration where the vanadium occurs within magnetite-rich

phases of mafic / ultramafic intrusive complexes, such as the Mount Peake deposit in Central Australia.

There is no evidence that ultramafic rocks occur in the Moonlight region.

The only other potential commodity is diamonds. Regional diamond exploration has taken place in the

region by Ashton, De Beers (Stockdale) and Crossland. Micro diamonds were recovered by Ashton,

however they eventually concluded that the area had little potential for Kimberlites. This conclusion was

also reached by the other explorers.

Given the above, AMR decided to surrender the licence as recommended by the consultant. The surrender

took effect on 6th January 2014 as advised officially by the department.

There have been no disturbance works undertaken on the licence by the current licence holder.

Australian Minera Resources Pty Ltd EL28027- Annual and Final Report

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7.0 Bibliography

Ashton Mining Limited, 1984. Final report E.L. 4290. CR19840266.

Ashton Mining Limited, 1984. Final report E.L. 4292. CR19840267.

Brown, MC, 1969. Daly Waters, Northern Territory, 1:250,000 Geological Series - Explanatory Notes.

Bureau of Mineral Resources.

Crossland Diamonds Pty Ltd, 2008. EL23684, EL25605 and EL25607, Western Creek Project, Combined

Annual Report. CR20080546.

Crossland Diamonds Pty Ltd, 2008. Western Creek Project, Tenement Group EL23684, EL25605 and

EL25607, Combined Annual & Final Report. CR20090420.

De Beers, 2003. Letter in lieu of Annual/Final mineral exploration reports ELs 22997, 23006, 23007,

23008, 23049, 23066 & 23576. CR20030423.

De Beers, 2004. Annual and Surrender mineral exploration reports ELs 23010-23012 & 23014-23018.

CR20040019.

Imperial Granite & Minerals Pty Ltd, 2008. First & Final Report, Exploration Licence 25712 “Daly

Waters”. CR20080780.

Scobie, R. 1983. Final report EL2782, Hidden Valley. CR19830053.

Tin Creek Mining Corporation Limited, 1971. Progress report on investigations of iron-vanadium prospect

at Hidden Valley, Northern Territory. CR19710064.

Tin Creek Mining Corporation Limited, 1971. Proposal for stage II of exploration at Hidden Valley,

Northern Territory. CR19710065