Final Report on Relinquished Areas EL 31451 for the period 7 September 2019 Mount Douglas Project

Abstract

This report covers exploration during Years 1 and 2 of EL 31451 in the areas relinquished from EL 31451at the second anniversary of the EL. The EL was applied for by ML Global Pty Ltd (MLG) on 15th November 2016, and granted for 6 years on 8th September, 2017. While there has been considerable exploration for gold, and some for base metals, iron and uranium in the region surrounding EL 31451, overall the area of this EL has been inadequately explored. EL 31451 was the maximum EL size of 250 blocks, an area of about 834 km2. It was applied for when interest in exploration in the NT was probably at its lowest point in some time due to market related forces, in late 2016. The area covers multiple geological settings of significant prospectivity for deposits of gold, base metals and uranium that have received less attention than surrounding areas in past exploration because of restricted access, or exploration logistics issues such as recent cover of the rocks favourable for mineralisation. The area covers portions of the drainage of the Margaret River (part of the Adelaide River system), and the McKinlay/Mary Rivers catchments, It is centred about 130 km to the south- east of Darwin, but extends from a few km south of the Rustlers Roost Mine near Mount Bundey as far as the Mary River near Mount Harris and just a few kilometres short of Mary River East Homestead at the confluence of Frances Creek and Mary River. MLG selected the area of the current EL as it offered the chance to establish a major land position in the core of the Pine Creek Orogen, a fertile mineralised belt of Lower Proterozoic rocks that has rewarded persistent exploration for 150 years. The area had been discarded by existing explorers in an effort to reduce overheads in the serious headwinds facing the industry in the last few years. MLG were encouraged to select and obtain a significant prospective title package by potential joint venture partners who did not proceed with the proposed deal. MLG has decided to push on with exploration of the EL. The intention is to select prospective target areas from within the large holding before the end of Year 2 of the Licence and develop these with detailed on ground exploration. MLG will also actively seek new investors to assist with what will be an expensive programme to do a thorough job of this. Exploration work during the first year has involved assembly of the extensive regional geophysical data as well as previous sampling data. This has produced an array of prospects worthy of detailed additional exploration based upon conceptual targets that fit the known controls on mineralisation in the district. Several prospective target areas were selected and investigated in Year 2, and all of these have been retained in the EL. Therefore there is no new work to report within the relinquished area of EL 31451 covered by this report.