Mount Peake Project Partial Relinquishment Report EL 29578 8 August 2012 to 10 August 2021

Abstract

Exploration Licence 29578 was granted to Enigma Mining Limited (Enigma) on 8 August 2012 through an amalgamation of EL 23074 and EL 23271. Enigma is a wholly owned subsidiary of TNG Ltd. The licence forms part of TNG's Mount Peake Project together with EL 27069, EL 27070 and EL 27941. All work carried out on the relinquished area has been reported on previously in Annual Reports for EL 23074, EL 23271 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 29578 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 (Northern magnetic zone, AEM 1, 2 and 3, G10, G11, G12, G13, G14, G20, G21, G24, G33 and M1). A ground-based gravity survey was completed over the M1 anomaly (magnetic low) and a PEM survey over the G10 magnetic high. Drilling was completed at the M1 target but no significant results were returned. Two RC drillholes were completed within the northwest magnetic zone with low-grade magnetite gabbro identified within drillhole 12MPNRC003. A HELITEM survey was flown by Fugro Airborne Surveys Pty Ltd (Fugro) over several targets within the Mount Peake project area. Three transects were flown within the relinquished area of EL 29578 targeting small magnetic targets and other anomalies identified from previous electromagnetic surveys. Target areas T1f, T1g and T1h were identified, corresponding to existing targets G10, G13 and M1. Field inspection and geochemical testing was suggested. Geological mapping and geochemical sampling was completed on the northern and north-western magnetic zones and the M1 anomaly. No significant results were received. 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 and the partial relinquishment from 67 to 34 blocks has been undertaken.