Partial Relinquishment Report for Exploration Licence 25146 Lake Mackay Project from 13th of October 2017 to 15th October 2021

Abstract

This report summarises the partial relinquishment of tenement EL 25146 prompted by the fourth anniversary of the tenement being granted on the 13th of October 2017. IGO Limited (IGO) tenement EL 25146 is located approximately 470 km west-northwest of Alice Springs in the western Aileron Province of central Australia. EL 25146 forms part of the Lake Mackay Project joint venture with Prodigy Gold NL (PRX). Ownership of the project is split 70% to IGO and 30% to PRX, with each party contributing their share of the project expenditure. On relinquished ground in the reporting period 13 October 2017 to 15 October 2021, IGO completed airborne magnetic, radiometric and electromagnetic surveys, 1 ground electromagnetic survey, obtained 37 soil samples, and drilled 1 RC drill hole (19LMRC016) including geochemical assays and a downhole EM survey. This work was part of a wider exploration program across the Lake Mackay project area. The tenement was also subject to a site heritage clearance by the Central Land Council. IGO have relinquished ground for three main reasons. One RC drill hole tested an EM anomaly however the minor sulfide mineralisation intersected was not economic. Relinquished areas covered by airborne and/or ground geophysical surveys and/or surface geochemistry surveys failed to provide any follow-up exploration targets. Some areas were relatively unexplorable with current geophysical and geochemical methods because ground had significant depth of cover to basement rocks. This made drilling and further exploration impractical with current methods. No further work is recommended on the relinquished ground.