Rover Project Annual and Final Report 12 May 2019 to 16 April 2020 EL 25581

Abstract

EL 25581 was granted to Tennant Creek Gold Pty Ltd, a wholly owned subsidiary of TNG Ltd (TNG), on 11th May 2009. TNG had entered into a farm-in agreement with WDR Base Metals Pty Ltd (Base Metals) and Western Desert Resources Ltd (WDR) on 27th February 2008, which allowed the JV partners to earn an 80% share in the tenement. This earn in was achieved and the 80% transfer completed on 7 July 2014. TNG were made aware on 4 September 2014 that Administrators and Receivers had been appointed to WDR (Parent Company) and were to handle the sale of the company's non-core assets, including EL 25581. TNG spent considerable time liaising with the administrators (Ferrier Hodgson) and subsequently the Liquidators (Duncan Powell) in order to reach an agreement for the transfer of EL 25581 back to Tennant Creek Gold. The agreement was signed in January 2017 and the transfer to Tennant Creek Gold and on to Todd River Metals Pty Ltd (TRM) was completed on 14 July 2017. WDR had an active exploration programme from 2009 to 2014, carrying out numerous geophysical surveys (airborne magnetics and radiometrics, HELITEM, ground-based gravity and IP) and several targeted drilling programmes across the northern portion of the licence area adjacent to the Castile Resources (previously Westgold Resources/Metals X) Rover 1 prospect. No exploration was completed between 2014 and 2018. In 2019 two holes were completed under a co-funding agreement between the NTGS and TRM targeting positions interpreted to the most favourable 'Rover 1 lookalikes'. No intervals of mineralisation were intersected. A technical review of the exploration data across the project area, has determined that additional significant exploration in the area cannot be justified at this stage and therefore, the licence has been relinquished prior to its anniversary date on 16 April 2020.