Group Annual and Final Report for Exploration Licences 30729, 30732, 30733 and 30740 (GR485) Lake Mackay Project from 13th October 2017 to 19th October 2021

Abstract

This report covers all on-ground exploration activities on surrendered tenements from Group Report GR485 (EL 30729, EL 30732, EL 30733 and EL 30740) over the life of the tenure including the final year of tenure (13 October 2017 to 19 October 2021). Works completed on retained or partially relinquished ground in GR485 during the reporting period are covered in separate reports. A total of nine Prodigy Gold NL (PRX) tenements comprised GR485 (EL 24915, EL 25146, EL 30729, EL 30730, EL 30731, EL 30732, EL 30733, EL 30739 and EL 30740). These tenements are located approximately 300 to 500 km west-northwest of Alice Springs in the western Aileron Province of central Australia. EL 24915 was granted on the 23rd of September 2013. The remaining GR485 tenements were granted on the 13th of October 2017. The GR485 tenements form part of IGO's Lake Mackay joint venture with PRX. Ownership of the project is split 70% to IGO and 30% to PRX. Each party contributes their share of the project expenditure. IGO and PRX completed the following exploration work on the surrendered tenements between 13 October 2017 and 19 October 2021. Surface geochemistry work included 1,459 BLEG soil samples and 20 rock chip samples. Geophysical activities included airborne magnetic, radiometric, and electromagnetic surveys, ground electromagnetic surveys (436 stations total), and 10 downhole electromagnetic surveys. Drilling included 15 reverse circulation and 2 diamond drill holes. This work was part of a wider exploration across the Lake Mackay project area. The tenements were also subject to a site heritage clearance by the Central Land Council (CLC). RC drill holes (19LMRC043, 19LMRC051-056, 20LMRC065 and 21LMRC001-006) tested various EM and geochemical targets but failed to intercept any significant mineralisation. Diamond drill holes 21LMDD001 and 21LMDD002 tested prospective EM conductors at depth. These holes were drilled as part of the Northern Territory Government's Round 13 of the Geophysics and Drilling Collaboration Program. DHEM surveys on both drill holes confirmed that the targeted EM plates were fully tested by the drilling. The drilling led to the discovery of the sub-economic polymetallic Raw prospect on EL 30740. The prospect is interpreted as metamorphosed sediment-hosted base metal mineralisation. Additional data from the diamond drilling is reported herein. Two reports cover petrography for 21 samples from the two diamond holes. A total of 15 lithogeochemical samples are also reported. Structural measurements from both diamond drill holes are also submitted along with photos of lithology and mineralisation from the drill core. Tenements EL 30729, EL 30732, EL 30733 and EL 30740 have been surrendered. Areas of tenure deemed explorable have been screened for targeted mineralisation styles using EM and geochemical methods. Any significant anomalies generated have been drill tested but no economically viable mineralisation was discovered. The surrendered tenements are now considered tested for the targeted mineralisation styles and no further work is recommended.