EL 31998 Elkedra West Project Annual Report 2020, 7 May 2019 to 6 May 2020

Abstract

EL 31998 is a new title secured firsthand by Magnet Exploration Pty Ltd in 2019, after preliminary exploration work conducted by EARTH AI Operations Australia Pty Ltd, part of EARTH AI GROUP of companies further referred to as EARTH AI. EARTH AI has developed proprietary Artificial Intelligence (further referred as AI) technology for mineral targeting that utilises archive remote sensing, geophysical and geochemical data to target new mineral deposits. In 2018, EARTH AI embarked on a major Northern Territory-wide field campaign of rapid preliminary exploration targeted by the AI predictions and field validated by self-sufficient internal geology teams conducting portable X Ray Fluorescence (XRF) analysis of soils and rocks as well as soil and wholerock sampling. The work was conducted on pastoral properties without mineral tiles. We tested 132 sites, confirming geochemical anomalies on 35 of them, yielding an impressive 26% success rate. The Elkedra West project was one of the successfully predicted mineralised sites, during preliminary exploration. We have discovered anomalous Pb and V geochemical results and thus made a decision to apply for a mineral title. The Elkedra West was located due to our AI technology predicting its location and is part of the wider Elkadra Project. There are no known mineral occurrences within the title area although exploration by Earth AI Operations has identified significant Pb-Zn-Cu-Ag mineralisation to the northeast. A literature review of all previous exploration conducted in the area has provided some indication of neighbouring mineral systems and provided information on the local observed geology. Our exploration programs will leverage from the existing surrounding data to assist us in conducting our own research to understand the geology of the area. We have completed 259 Portable XRF (pXRF) analyses (69 of soil and 190 of rocks), and assayed 3 soil samples and 46 rock samples during the reporting period. Geological mapping accompanied by an extensive portable XRF analysis of rocks and soils has also been completed. The work has helped us identify several areas of anomalism and further work is planned to delineate the surface extent of anomalism. Outcropping lithologies are dominated by metamorphosed, multiply deformed siliciclastic sediments including quartzite and shale accompanied by manganiferous and haematitic gossans associated with Cu, Pb, Zn, Ag, Mo, As, Cr, V, Ba anomalism.