Daly River Project EL 31527 First annual and final report for the period 18 December 2017 to 17 December 2018

Abstract

EL 31527 ('Licence', 'Project' or 'Daly River Project') is located c. 135 km south of Darwin, the capital city of the Northern Territory, and abuts Daly River, an aboriginal community (Nauiyu), police station and hotel. The township is excised from the Licence, dividing the Project into two spatially separate areas. The Licence was granted to Thunderbird Metals Pty Ltd ('Thunderbird') on 18 December 2017 for a term of six years with Thunderbird the sole holder and operator. During the reporting period, Thunderbird (i) conducted desktop studies and (ii) in late April 2018 completed a reconnaissance site visit aimed at determining access and exploration methods best suited to the area. The desktop review clearly highlighted the underexplored nature the Licence area, which is characterised by highly prospective bedrock, a broad regional-scale fault corridor (i.e., the Giants Reef Fault), a regional unconformity surface (i.e., base of Depot Creek Sandstone) and very limited drill testing. Thunderbird's intention was to conduct significant exploration programs at the Daly River Project. Unfortunately, due to sustained poor market conditions for greenfields exploration, Thunderbird was unable to raise the funds required to adequately explore the Project. Hence, a decision was made to relinquish the Licence due to lack of funds.