Mount Bundy Project EL 31526 First annual and final report for the period 18 December 2017 to 17 December 2018

Abstract

EL 31526 ('Licence', 'Project' or 'Mount Bundy Project') is located c. 110 km east of Darwin, the capital city of the Northern Territory, and on the western margin of Kakadu National Park. The greater 1.75 Moz Au Tom's Gully, Rustler's Roost and Quest 29 gold deposit cluster is located 15 km to the west of the Company?s Mount Bundy Project. 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 study clearly highlighted the underexplored nature of the Project area, which covers highly prospective geology under widespread post-mineral cover yet drill testing of gold prospective bedrock has been very limited with much of the past activity having been focused at the Donkey Hill prospect and broader 'Annaburro Dome' whilst the remainder of the project area is virtually unexplored by drilling. Thunderbird's intention was to conduct significant exploration programs at the Mount Bundy 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.