Fowlers Bay Nickel Project

• Fowlers Bay comprises a 700 square kilometre exploration licence located about 150 kilometres west of Ceduna (Figure 1).  A review of the project in 2012 by a nickel sulphide exploration consultant concluded that it is a world class, greenfield exploration target area, and it is being promoted as such by the South Australian government geological survey.
• A gravity geophysical survey was completed in November 2013 over a rectangular target area approximately 9 km long by 3.5 km wide, elongated in a northerly direction. The results showed good correlation between a north-south trending magnetic zone, defined by an earlier aeromagnetic survey. The new gravity data suggests that the magnetic zone is comprised of mafic and possibly ultramafic rocks that may contain nickel sulphides. Evidence for this comes from widely scattered drill holes completed by previous explorers which penetrated to basement through the Eucla Basin cover.
• Targets within EL5880 were part of a regionally extensive drilling campaign across the Western Gawler Project that commenced in January 2019 after receiving all environmental and heritage approvals prepared during the previous quarter. There were three new prospects targeted from aeromagnetic geophysics anomalies named; Mel, Gibson and Wasteland.  
• Assay results were received for 23 air core drill holes, totalling 1,285m. Mel and Gibson are located within the Yellabinna Regional Reserve while Wasteland is located within the Yalata Aboriginal Reserve.   Separate PEPR applications were approved for each reserve. Assays received to date returned below economic concentrations, however geochemical trends were identified demonstrating the broader prospectivity of the Western Gawler Project.
• Exploration activities are being funded by Western Areas Limited (ASX: WSA) (Western Areas).
• Western Areas have now earnt 90% of the project and under the terms of the agreement entered into between Strandline and Western Areas, the remaining 10% held by Strandline will be converted into a 1% net smelter royalty. There was no material work completed during March Quarter 2020.