Prices Springs Project EL 31899 Partial Relinquishment Report for the period ending 6 April 2020

Abstract

Bacchus Resources' (Bacchus) Prices Springs Project consists of Exploration Licence (EL) 31899 and is located approximately 170 km south of Darwin between Adelaide River to the north and Pine Creek to the south. The Prices Springs project lies within the Archaean to Palaeoproterozoic Pine Creek Orogen (PCO), one of the major mineral provinces of Australia. The PCO is a deformed and metamorphosed sedimentary basin up to 14 km thick covering an area of approximately 66,000 km2. It is host to significant mineral resources of gold, uranium and platinum group metals, as well as substantial base metals, silver, iron and tin-tantalum mineralisation with mining and exploration occurring in the region since the early 1870's. For the period ending June 2020, the first two years of tenure, work has included a comprehensive compilation and review of previous exploration, with historical drilling and sampling data compiled into a database. Thirteen sub-blocks were relinquished at the end of the reporting period, the relinquished sub-blocks do not appear to host potential gold, base metal or tin mineralisation.