Ann: Quarterly Activities Report - March 2016-CAV.AX, page-2

Not complaining about this!

PROJECTS
New Opportunities
The Company is currently assessing an advanced lithium project
in an overseas mining friendly jurisdiction
and has recently signed an exclusive due diligence option agree
ment covering this project.
The agreement provides Carnavale with the exclusive right to as
sess the project over the next three
months with terms to be finalised, subject to completion of sat
isfactory due diligence .
The project covers numerous outcropping pegmatites over a large
area which includes at least five
prospective lithium bearing pegmatites based on past privately
held small scale tantalum mining activities.
One pegmatite, in particular, has logged zones of spodumene (li
thium mineral) in drill core which have not
been previously assayed. The remaining priority targets occur i
n historic tantalum mined areas with zones
of lithium bearing minerals present.
The Company is currently organising for experienced consultants
, with strong lithium experience, to log,
sample and assay the existing drill holes plus map and sample t
he other known lithium bearing pegmatites
commencing mid-May 2016. The Company will provide an update on
the due diligence activities in due
course.
The Directors wish to caution investors on this opportunity as there is no certainty that the results of this
assessment and due diligence will be positive and the transaction terms of any investment are yet to be
agreed upon in detail.
Various other opportunities were assessed during the period, in
cluding potential investments in both
resource and non-resources related sectors. The Company continu
es to assess new investment
opportunities.