EL 32070 Bessie Springs Project Partial Surrender Report for the period 25 November 2019 to 12 January 2022

Abstract

EL 32070 (Project) is located approximately 75 km SW of Borroloola and 10 km E of Cape Crawford. Cerberus is assessing the potential of the Project for hydrothermal Cu-Pb-Zn SEDEX and associated deposit styles. Previous exploration and mineral development activities in the Project area have highlighted several geological and geophysical anomalies. A total of 103 sub-blocks were relinquished from the Project on 12 January, leaving 102 sub-blocks. Work on the relinquished blocks was limited to reviews of previous exploration activities and publicly available remote sensing and geophysical datasets, as well as geological reconnaissance. This work suggested that the relinquished blocks have low potential to host economic mineralisation at reasonable depths.