EL 32019 Derry Downs Project Annual Report 2020, 7 May 2019 to 6 May 2020

Abstract

EL 32019 is a new title secured first hand 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 Derry Downs prospect 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 north. 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. Since the initial focus of the greater Elkedra region has been on adjacent tenements EL 31951 and EL 31952, exploration activities within the Derry Downs tenement during the reporting period has been limited to desktop research and intensive AI analysis. Work in the adjacent tenements has helped us identify several areas of anomalism and further work is planned to delineate the surface extent of anomalism within these areas as well as applying the developed knowledge to the Derry Downs tenement.