Annual Report for Highlander Project EL 26094 for the period 6 May 2018 to 5 May 2019

Abstract

EL 26094 is located in the Rum Jungle area and is considered highly prospective for gold and base metals. The area has been moderately explored due to its proximity to known resources and two gold prospects (Highlander and De Monchaux) are recorded within the tenement. There are numerous prospects and mines nearby covering various commodities. Between 6 May 2008 and 17 May 2018 the exploration licence was held by Assetowl Limited (AssetOwl). Work during this period focused on the Highlander Prospect where gold has been recorded in north-trending quartz veins over a strike exceeding 2000 metres. Shallow RC drilling by Assetowl in 2011 confirmed historic results with a best intersection of 6m at 3.91g/t Au including 1m at 13.1g/t Au. In June 2014 Assetowl was notified by the Northern Territory Department of Primary Industry and Resources (DPIR) that parts of EL 26094 are within the Adelaide River Offstream Water Supply (AROWS) catchment and so more than half the tenement was voluntarily relinquished. The remaining parts of the licence retain the known gold prospects at Highlander and De Monchaux. In February 2018 Podium Minerals Limited (Podium) completed a transaction to acquire the tenement from AssetOwl with transfer of the licence effective from 17 May 2018. A renewal of the license for 2 years until 5 May 2020 was granted by the DPIR on 13 September 2018. The license renewal included advice that a portion of the tenement will be excised from the license and become general reserve land as part of RL 30617 as per Government Gazette G25 dated 24 June 2015. During the reporting period Podium completed compilation of historic drilling and costeaning into a database and rock chip sampling along the northern continuation of the Highlander-Flaming Fury mineralised trend. Analyses of the rock chip samples failed to report elevated gold concentrations.