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Opportunities and challenges for exploration in the Territory

Opportunities and challenges for exploration in the Territory. Ian Scrimgeour Executive Director, Northern Territory Geological Survey. 2012/13 – $131.7M. Challenging times for mineral exploration, but there is still good news

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Opportunities and challenges for exploration in the Territory

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  1. Opportunities and challenges for exploration in the Territory Ian Scrimgeour Executive Director, Northern Territory Geological Survey

  2. 2012/13 – $131.7M

  3. Challenging times for mineral exploration, but there is still good news • Development of Roper iron field underway as NT enters new mining boom • Teena discovery leads resurgence of interest in shale-hosted zinc-lead • Exciting copper results across Arunta highlight potential of central Australia • Smart exploration is delivering results • Shale gas exploration boom • Rapidly expanding geoscience knowledge base

  4. Roper iron field • Western Desert Resources: Roper Bar • Total resource: 611 Mt @ 40.3% Fe • Includes:30.8Mt @ 59.0% Fe (Area F) • and16.6 Mt @ 54.2% Fe (Area E) • Targetingfirst DSO shipment in Q4 2013 • Exportthrough Bing Bongport • Offtakeagreementwith Noble Resources • Sherwin Iron: Roper River • Total resource: 488 Mt @ 41.7% Fe • Includes41.1Mt @ 57.8% Fe • Deposit C – 18.42 Mt @ 58.3% Fe • Deposits W, X – 22.74 Mt @ 57.5% Fe • ExportviaRoperHwy, thento Darwin port • FirstDSO shipmentfrombulksamplethismonth v

  5. Old Pirate Au Company: ABM Resources • 1.88 Mt @ 10.10 g/t Au (300 g/t top cut) 1.88 Mt @ 11.96 g/t Au (no top cut) • High-grade vein-hosted deposit with potential to be a low-cost mining operation with a simple gravity extraction process • New discoveries in area (egGolden Hind) show potential for size of system to increase (34,000t @ 45.59 g/t Au) • Trial mining/bulk sampling and processing underway, >5000t mined

  6. Gold – Pine Creek Mount Bundy project Company: Primary Gold Ltd Investigating restarting Toms Gully • Cosmo Deeps • Company: Crocodile Gold • Cosmo Deeps in production • High-grade resources beneath Union Reefs • Spring Hill • Company: Thor Mining • Plans announced for development • 4.0 Mt @ 2.32 g/t Au • Mount Todd • Company: Vista Gold • 350 Mt @ 0.81 g/t Au • Revised two-stage development

  7. Barrow Creek region Recent greenfields discoveries moving towards development TNG Ltd - Mount Peake V-Ti-Fe 160 Mt @ 0.28% V2O5, 5.3% TiO2, 23% Fe Significant downstream processing Rum Jungle Resources - Barrow Creek 1 Near-surface high-grade phosphate 238 Mt @ 14.6% P2O5 Now combined with Arganara : 310 Mt @ 15% P2O5

  8. Copper in central Australia Momentum building for copper and copper-gold exploration Kidman Resources – Home of Bullion Cu-Zn-Pb-Ag-Au Geophysical targeting identifying extensions to mineralisation Main Lode: 5m @ 6.5% Cu, 53g/t Ag, 2.75% Zn, 0.63% Pb, 0.61 g/t Au 36m @ 2.78% Cu, 0.9% Pb, 2.3% Zn, 27.6g/t Ag, 0.2g/t Au including 10m @ 8.5% Cu, 0.6% Pb, 4.35% Zn, 40.9 g/t Ag Southern Lode: 26m @ 4.6% Cu, 5.5% Pb, 1.84% Zn, 142.9 g/t Ag (true width 6-8m)

  9. Copper in central Australia KGL Resources Ltd – Jervois Cu-Ag-Au(-Pb-Zn) • 13.5 Mt @ 1.3% Cu, 25.8g/t Ag • 20,000m drilling program commencing • Reward: 9m @ 4.9% Cu, 1.22 g/t Au, 66.2 g/t Ag • 72m @ 3.27% Cu, 1.16g/t Au, 51.3g/t Ag • Bellbird : 6m @ 1.2% Cu, 12.43 g/t Au, 10.3 g/t Ag

  10. Copper in central Australia • TNG Ltd - Mount Hardy • 10.7m @ 4.1%Cu • 1m @ 2.35% Cu, 3.08% Zn, 1.16% Pb • Arunta Resources Ltd - Johnnies Reward • Gold-copper mineralisation in granulites • 24m @ 4.19% Au, 0.33% Cu • 34m @ 3.83% Au, 0.44% Cu • 22m @ 1.23% Au, 1.21% Cu Mithril Resources Ltd – Illogwa IOCG • Greenfields discovery of potential new regional-scale iron-oxide Cu-Au (IOCG) system, following up NTGS mapping • 2m at 1.15% Cu, 0.23 g/t Au and 5.3 g/t Ag • New drilling program underway • MMG drilling for Ni-Cu targets

  11. Tennant Creek Cu-Au Tennant Creek and Rover Cu-Au fields Gecko mine corridor Cu-Au EmmersonResources Ltd Copper-gold discoveries using HeliTEM Mineralisation in shear zones with quartz-chlorite-sulfide veins Goanna - 15m @ 4.19% Cu, 8.13 g/t Au - 26m @ 4.75% Cu (incl. 8m @ 9.32% Cu) Monitor - 15m @ 5.05% Cu - 12m @ 16.9 g/t Au, 2.00% Cu Metals X Ltd – Rover 1 Approvals process for exploration decline underway

  12. Rare earth elements • TUC Resources Ltd: Stromberg • Discovery of high-value heavy rare earth elements (yttrium and dysprosium) at surface • 4.2m @ 0.93% TREO (92% HREO/TREO) • Potential for numerous deposits • Arafura Resources: Nolans Bore • Major resource upgrade • 47Mt @ 2.6% REO, 11% P2O5, 0.02% U3O8 • 55% in Measured and Indicated category • Crossland Uranium Mines: Charley Creek • Potential for development of mining of alluvial sand for production of a REE-bearing concentrate • Indicated: 387 Mt @ 295ppm REO • Inferred: 418 Mt @ 289ppm REO • including 17% HREE (in xenotime)

  13. Uranium • $10M in expenditure in 2012/13 (down from $55M in 2008/09) • Mining ceased at Ranger 3 open cut • Ranger 3 Deeps exploration decline and drilling underway • 39m @ 0.88% U3O8 ERA – Ranger 3 Deeps Cameco Australia - Angularli • high-grade discovery in western Arnhem Land • Hole WRD0084: • 12.2 m @ 1.1% U3O8 followed by 20.2m @ 5.2% U3O8 incl. 0.5m @ 27.8% U3O8

  14. Zinc • Teena – a major zinc disovery • Rox Resources – Teck Australia joint venture • 10 km west of McArthur River • Similar deposit to McArthur River, but deep (up to 1 km) Hole 1: 26.4m @ 13.3% Zn+Pb, from 1060m including 8.0m @ 21.2% Zn+Pb Hole 2: 20.1m @ 15.0% Zn+Pbfrom 944m including 12.5m @ 19.5% Zn+Pb

  15. A resurgence of zinc exploration? PitchblackResources Ltd acquiring 90% interest in Crocodile Gold’s base metals assets in the Pine Creek Orogen (includes $4m exploration commitment) MMG JV into AngloAustralian’s Victoria River project – untested potential shale sub-basin EM and drilling planned in 2013 Batten Fault Zone – • Teck exercise $10M option in Reward JV • MMG enter $10M exploration JV with Sandfire

  16. Shale gas Map of shale oil/gas basins, Geoscience Australia

  17. Onshore petroleum • Batten Fault Zone: Armour Energy • 3 wells in 2012 • flows equivalent to 3.3 million standard cubic feet of gas per day from Glyde-1 • Beetaloo Sub-basin: Falcon Oil and Gas • 3,600 line km of 2D seismic in 2012 • Hess withdrawl from JV • Georgina Basin: Petrofrontier-Statoil • 3 horizontal wells drilled in 2012 • positive oil shows but hampered by technical issues • Surprise -1: Central Petroleum • 200-400 barrels per day of light sweet crude • First onshore oil discovery in NT for 50 years • 4560 bbl produced, 3D seismic acquired • Santos farm-in into other Central tenements

  18. Challenges for greenfields exploration • Difficulties in raising funds for greenfields exploration • Rising costs of discovery, especially in Australia • High-risk nature of undercover exploration • Role of Government is to lower the risk and cost of discovery relative to other jurisdictions

  19. NT Government Support for exploration • CORE – Creating Opportunities for Resource Exploration • Regional gravity surveys • 1:100,000 scale geological mapping and regional prospectivity studies • Increased focus on sedimentary basins • Collaborative grants for greenfields drilling and geophysics • Online delivery of company reports • Investment Attraction

  20. The Geology and Mineral Resources of the Northern Territory • first ever comprehensive overview of  the geology and resources of the NT • definitive reference for mineral and petroleum explorers • 1100 pages, with more than 800 photos, maps and figures • 42 chapters describing each geological province and basin descriptions of all named geological units in the Territory, and all major mineral deposits and petroleum fields • Order from the NTGS website • ($250 including postage)

  21. Gravity CORE gravity surveys • Southern McArthur gravity survey – late 2013 • South Wiso gravity survey – mid-2013 • East Amadeus gravity survey – mid-2012

  22. NTGS Geoscience Programs • Scoping of a major collaborative study in the McArthur Basin for shale gas and zinc • Arunta Region continues to be a major focus – Jervois 1:100k mapping underway • Amadeus Basin study underway – including collaboration with CSIRO and commencement of mapping • Hyperspectral logging of drillcore incorporated into projects

  23. Summary • Despite a major downturn in exploration, there are positive signs in the Territory • Recent exploration boom has generated a pipeline of new mining projects • New discoveries and emerging mineral fields in the McArthur and central Australia • Gas exploration and development is emerging as a major industry • NT Geological Survey is working to stimulate exploration in the region through the CORE initiative

  24. Annual Geoscience Exploration Seminar (AGES) March 18-19 2014, Alice Springs Convention Centre

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