Exploration work on Exploration Permit Minerals EPM27017 during the reporting period involved a comprehensive review of previous exploration work, limited geological traversing, surface rock chip sampling, and diamond core drilling, designed to locate economically viable gold mineralisation associated with the historically mined gold deposit and associated outcropping and subcropping quartz stockwork and stringer veining at and near the Percy Springs Mine.

Diamond core drilling at the Percy Springs Mine during the reporting period located significant quartz stockwork and stringer veining, much of which is intimately associated with a fine grained, in part quartz porphyritic, felsic (?quartz porphyry) intrusive containing abundant limonote pseudomorphs, probably after pyrite. No economically viable gold mineralisation was found in rock chip samples or drill core during the reporting period.

Fine grained intrusive (?quartz porphyry), which is intimately associated with quartz stockwork and stringer veining in drill holes at Percy Sprigs Mine, outcrops near the Percy Springs Main shaft, and is associated with a NE trending shear zone extending some 600 metres to the north-east of the shaft. This shear zone, with associated fine grained intrusive (?quartz porphyry), parallels a dominant NE regional structural trend which previous workers have identified as controlling Permian-Carboniferous intrusives and mineralised systems. The abundant outcropping and subcropping quartz stockwork and stringer veining centred about 80 metres west of the Percy Springs Main shaft occurs near the intersection of the NE trending shear zone and an IP resistivity contact with a NW trending photo lineament.

Despite the occurrence of significant quartz stockwork and stringer veining in outcrop and subcrop near the Percy Springs Mine, and in diamond core drill holes, particularly in hole PSDDH03, the prospectivity of the EPM is considered significantly downgraded due to the lack of economically viable gold values reported in assays of drill core and surface rock chip samples. Accordingly, Exploration Permit Minerals EPM27017 is surrendered.