Partial Relinquishment Report for Exploration Licence 31794 Lake Mackay Project from the 28th of February 2018 to 28th of February 2022

Abstract

This report summarises the partial relinquishment of tenement EL 31794. Castile Resources Limited tenement EL 31794 is located approximately 445 km west-northwest of Alice Springs in the western Aileron Province of central Australia. EL 31794 is operated by IGO Limited (IGO) under the Lake Mackay joint-venture with Prodigy Gold NL (PRX) and Castile Resources Limited. Tenement EL 31794 was granted on the 28th of February 2018. The tenement was previously part of an amalgamated reporting arrangement (GR484) that was cancelled in September 2021 as a result of the surrender of tenement EL 29747. 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 (28/02/2018 to 28/02/2022), IGO completed aeromagnetic-radiometric and airborne electromagnetic surveys, ground electromagnetic surveys (54 moving-loop stations), and collected 161 soil samples and 6 rock chip samples. This work was part of a wider exploration program across the Lake Mackay project. The tenement was also subject to a site heritage clearance by the Central Land Council (CLC). IGO have relinquished ground in EL 31794 because these areas, covered by airborne and ground geophysical surveys, and/or surface geochemistry surveys, failed to provide any prospective drill targets. Some remaining areas of the relinquished ground are not considered explorable because of the significant depth of cover to targeted basement rocks, or heritage survey exclusion zones. No further work is recommended on the relinquished ground.