Goldberg has completed the first 2,749 meter campaign at Target Chulula, owned by Admiralty Minerals (ADY:ASX). This consisted of ten reverse air holes and one 602 meter diamond hole.

The Chulula prospect is located in the Harper Mines sector, immediately south of Target Mariposa. The goal of the campaign was to verify the extent of the high magnetic susceptibility anomaly, discovered in the interpretation of geophysics carried out by Quantec.

The campaign began on February 4, 2012 , the date on which a long exploratory diamond drill was made, of 602 meters and 50° dip, through the northern sector of the anomaly. This allowed to know in detail the characteristics of the lithology, alteration and iron mineralization, finding several intercepts with high-grade magnetite mineralization.

The reverse air campaign was continued on June 11, 2013 and concluded on July 11, 2012. The ten drill holes carried out had an average of 304 meters of depth and 60° dip .

The results of the subsequent chemical analyzes showed iron intercepts in all the drillings carried out, confirming the continuity and power of the iron bodies associated with the high magnetic susceptibility anomaly. The hole of greatest interest was the ARCH03 hole with an iron mineralization greater than 20%, 82 meters long, and an average iron grade of 43.5% .

The positive results of this first campaign allowed to advance to a second campaign, which will be designed and executed by Goldberg, and will begin in September 2012.