Oonagalabi West Project Final & Annual Technical Report for the period 29th September 2021 to 14 October 2022 Exploration Licence EL 32664

Abstract

The tenement is located south of the Plenty Highway within the Northern Territory. The turn off is approximately 132 kilometres from the Stuart Highway. The tenement is located in the Arunta Region. The north and east half [approximately] of the tenement is in the Irindina Province, and the south and west half in the Aileron Geological Province. Tenement EL 32664 is operated by Comet Resources Limited (Comet) with exploration focusing on gold, copper, zinc, lead and silver. Tenement EL 32664 is 100% owned and operated by Comet. Due to the COVID-19 pandemic, no groundwork was completed in this reporting period. Instead, a desktop study of the previous exploration results was conducted by Comet. There was no new ground exploration data generated during this reporting period. The desktop review by Comet on EL 32664 generated a fresh look at EL 32664 via identification of a new search space to explore for gold, copper, zinc, lead and silver, utilizing mainly previous ground data, coupled with geophysics (particularly magnetics and radiometrics). Encouragement for potential gold, copper, zinc, lead and silver mineralisation was generated since the grant of the licence with anomalous results from samples in adjoining tenements and also from a review of historical exploration results within the tenement. The radiometrics and magnetic maps help define the Aileron Province from the Irindina Province. The radiometrics and magnetic map have been useful in understanding structure, and therefore a comprehensive assessment of all geophysical data was of benefit to the overall exploration program. Exploration data has shown that at Oonagalabi West prospect may be influenced by structural features. Comet Resources Limited on review of the data decided to relinquish the tenement.