EL 29882 Mount Todd Project Cofunding report for the period ended 1 March 2019

Abstract

Two Drillholes were undertaken on the Wandie IP / Magnetic anomaly to test for IOCG mineralization within the Pine Creek Geosyncline. The Postulated target was a coincident IP and magnetic anomaly within the alteration halo of the Wandie intrusive. The drilling successfully intersected both the IP anomaly and the lithological unit responsible for the Magnetic anomalisim. No ore-grade intercepts were achieved however long runs of point values were intersected in the drilling. Mineralisation is associated with disseminated sulphides within altered silts and greywackes, rare veining was also apparent within the drill-core. The IP anomaly appears to be related to the disseminated sulphides and the magnetic anomaly to a Magnetite bearing unit higher in the holes. The drilling has successfully identified gold mineralisation within the Wandie intrusive halo and lithologies amenable to gold mineralization. Despite being targeted on geophysics it appears that the area drilled lacks the structure required to focus the gold bearing fluids into an economic zone. Further work is planned to identify where such a zone may occur within the Wandie alteration Halo, with initial studies being focused on the intersection of ther Cullen-Australis structural corridor, the Wandie Biotite Isograd and the contact of the Mt Bonnie / Burrell Creek formation.