Partial Relinquishment Report for Exploration Licence 30730 Lake Mackay Project from 13th of October 2017 to 21st of October 2021

Abstract

This report summarises the partial relinquishment of tenement EL 30730 prompted by the fourth anniversary of the tenement being granted on the 13th of October 2017. IGO Limited (IGO) tenement EL 30730 is located approximately 365 km west-northwest of Alice Springs in the western Aileron Province of central Australia. EL 30730 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 tenure period (13 October 2017 to 21 October 2021), IGO completed airborne magnetic, radiometric and electromagnetic surveys, ground electromagnetic surveys, obtained 138 soil samples and 1 rock chip sample, and drilled 1 air core drill hole. 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. 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 was covered in sand dunes or had significant depth of cover to basement rocks. This made drilling and further exploration impractical with current methods. One drill hole tested a possible diamond or nickel-cobalt-bearing mafic intrusion identified from electromagnetic and magnetic data, however the intersected lamprophyre did not have any economic potential. No further work is recommended on the relinquished ground.