EL 24253 Neutral Junction Project Summary Report for surrendered portion of tenement

Abstract

EL 24253 Neutral Junction is located in the Barrow Creek-Mount Skinner area 220-280km to the north of Alice Springs. EL 24253 is currently operated under a joint-venture agreement, between Bowgan Minerals Limited, Mega Hindmarsh Pty Limited and the original tenement manager Mithril Resources Limited. Bowgan Minerals Limited is the current operator of the Neutral Junction project. Mithril Resources Limited initially explored for nickel and cobalt on EL 24253. A joint-venture agreement was then signed with Mega Hindmarsh Pty Limited, whom explored for uranium within an unconformity-related deposit setting on EL 24253. EL 24253 is managed by Bowgan Minerals Limited, whom are currently exploring for economic occurrences of; gold, silver, copper and base-metal and other elements within an iron oxide-copper-gold ('Tennant Creek-style' IOCG) deposit setting. EL 24253 was originally granted April 2005 and comprised of 454 graticular blocks. Three tenement surrenders have been completed in accordance with Section 26 and 28 of the Mining Act. The first surrender was completed in April 2007 which reduced EL 24253 to 227 blocks and the second, a partial surrender in June 2009 reduced EL 24253 to 140 graticular blocks. In March 2010, a final block reduction was completed by Bowgan Minerals Limited which reduced EL 24253 from 140 to 67 graticular blocks. A fourth, voluntary surrender of 26 of the remaining 67 blocks was conducted on 24th March 2018 with 41 blocks being currently retained by Bowgan Minerals Limited. This report presents a summary of exploration work completed on the surrendered portion of EL 24253 by Mithril Resources (period 2005, Mega Hindmarsh Pty Limited (period 2006-9) and Bowgan Minerals Limited (period 2010-2018).