Mount Peake Project Partial Relinquishment Report 13 August 2009 to 30 August 2021 EL 27069

Abstract

Exploration Licence 27069 was granted to Enigma Mining Limited (Enigma) on 13 August 2009. Enigma is a wholly owned subsidiary of TNG Ltd. The licence forms part of TNG's Mount Peake Project together with EL 27941, EL 29578, EL 31389 and EL 31850. All work carried out on the relinquished area has been reported on previously in Annual Reports for EL 27069 and group reports for the Mount Peake project (GR226-12). These reports are all available on the NT Geoscience Exploration and Mining Information System (GEMIS) and are referenced accordingly. Exploration carried out on the relinquished area of EL 27069 since grant began on a regional scale. A full literature review was carried out on the historical data and a number of reviews of the current geophysical data were undertaken producing targets for further investigation (Western area, AEM 6, 9, 10 and 13, G32 and G34).Drilling was completed at the G34 target in 2011 with no significant results returned, but graphite intersected at the base of the hole. A HELITEM survey was flown by Fugro Airborne Surveys Pty Ltd (Fugro) over several targets within the Mount Peake project area. One transect was flown over the G34 anomaly. Target T1i was identified and confirmed the centre of the G34 anomaly had been tested by the 2011 drillhole. Geological mapping and geochemical sampling were completed on the southwestern magnetic zones. No significant anomalism was noted though further work was recommended to determine the source of the existing magnetic anomaly. Two reverse circulation holes were drilled into the SW magnetic target March 2014. No significant assay results were received from these drill holes. Additional drilling was undertaken at the G34 target to further investigate the graphite occurrence. The graphitic zone was minimal, and while metallurgical testwork achieved cleaner concentrate grades of 60-70% additional investigation was not warranted. No additional on-ground exploration was completed over the relinquished area and after a review of the Mount Peake tenure and all previous exploration it was deemed that the relinquished areas are not likely to add value to the current V-Ti-Fe JORC resource or host additional economic mineralisation and the partial relinquishment from 38 to 21 blocks has been undertaken.