EL 30158 North Batten Project Partial Relinquishment Report for period 9 June 2009 to 9 June 2019

Abstract

EL 30158 forms parts of Sandfire's Borroloola project which is located in the McArthur Basin. The McArthur Basin contains volcanic rocks and related intrusive igneous rocks and is a prime target for SEDEX type economic sulphide deposits. The Borroloola project is also prospective for sedimentary manganese mineralisation, similar to the nearby world-class Groote Eyelandt manganese deposit in the Gulf of Carpentaria. Sandfire submitted a partial surrender on 22 May 2019 to relinquish 83 blocks from EL 30158. Approval of the partial surrender was received from DPIR on 18 June 2019. Under the provisions of section 94(2)(e) of the MTA and regulation 86(4) and (5) of the Mineral Titles Regulations 2011 this is a final report relating to the reduced area of 83 Blocks from EL 30158. Within the period 2009 to 2013, prior to the term of the Joint Venture with MMG, Sandfire dominantly focussed on the retained portion of EL 30158. Subsequently, within the term of the Joint Venture with Sandfire, MMG undertook two geophysical surveys (NSAMT, Falcon AGG-Mag) and drilled one diamond drillhole (NB17DD041) on the relinquished portion of EL 30158. This work defined a Falcon geophysical anomaly which was then effectively tested by drillhole NB17DD041 without significant alteration or mineralisation being intersected. Sandfire considers the retained portion of EL 30158 to be the most prospective portion of the tenement for base metals deposits of the type targeted within the project. The 83 blocks which are the subject of this report were therefore elected for relinquishment.