Australian Exploration

MRC, via its wholly owned subsidiary MRC Exploration Australia Pty Ltd (MRCEA), holds interests in mining tenements and mining tenement applications. The Company is targeting lithium (Yandeyarra and Paynes Find Prospects), channel iron (Glen Florrie Prospect), gold/copper (Doolgunna and Cave Hill Prospects) and vanadium (Triple Eight Project).

Doolgunna and Cave Hill – Gold/Copper

MRCEA has the right to acquire up to a 90% interest in the Doolgunna Prospects in the Mid West Region through farm-in option agreements over a granted exploration licence covering approximately 62km2. The nearby Cave Hill Prospect is hosted within an exploration licence application covering approximately 150km2. Both the Doolgunna and Cave Hill areas are highly prospective for near surface stockwork gold mineralisation with historical workings and copper anomalies located along strike of the DeGrussa copper mine, within the Narracoota Volcanics and spatially associated with the Goodin Fault. Exploration of these areas involves an A$1.5 million fully funded minimum commitment over two years.

Mount Edon – Lithium/Tantalum

MRCEA has the right to acquire up to a 90% interest in the tenement package. The Mount Edon Prospect comprises two exploration licences and a granted mining lease located in the Mid West Region near Paynes Find. The tenement package comprises M59/714 (which is currently the subject of a transfer to Mr Levissianos), E59/2325 and E59/2326. The tenement package is within an area of known lithium-tantalum rich pegmatites in Western Australia. The Mount Edon felsic pegmatites suite is located just southeast of Paynes Find and the Wydgee pegmatites is located about 50km north of Paynes Find.

Collie 888 – Vanadium

MRCEA has also entered into an Option to Purchase Agreement to acquire a 100% interest in the historic Triple Eight Project near Collie in the South West Region. The Project is located on granted Mining Lease M70/888 with reported intersections of vanadium mineralisation associated with magnetite-rich horizons in a layered mafic intrusion of unknown extent. The favourably located acquisition offers MRC an excellent opportunity to quickly progress a potentially significant vanadium deposit.

Glen Florrie – Iron Ore

The Glen Florrie Prospect comprises an exploration licence application over a known channel iron deposit (CID) located 160km southeast from Onslow in the Pilbara Region, with historical drilling results indicating the presence of numerous additional CID targets.