Barkly Drilling Co-Funding Report EL 32453, EL 32456, EL 32474

Abstract

Transition Minerals commissioned RSC to lead the exploration programme for the Barkly project area, involving both desktop and field studies. A mineral prospectivity study using machine learning, to analyse the mineral potential of all of Transition Minerals' tenements in the Northern Territory, was completed in late 2021. The study identified three prospective areas - Vanadis, Kiana and Benmara. During the 2021 and 2022 field seasons, reconnaissance fieldwork was completed across these prospects which involved collecting soil and rock-chip samples. Based on the pXRF and laboratory results of the fieldwork, an AirCore (drilled using mini-RC hammer) programme was completed on the Kiana, Vanadis and Benmara prospects in July 2022, with a total of 98 holes drilled targeting regolith-hosted and strata-bound Vanadium (V) mineralisation. The drill chips were analysed in-field using pXRF and sent to the laboratory for 4-acid digest + Rare earth element (REE) suite analysis. Results indicate modest V and REE mineralisation in Kiana, and modest V and significant REE mineralisation in the Vanadis and Benmara prospects. Of the 98 drillholes, 44 report shallow, high-grade intersections up to 2,947 ppm TREO (Total Rare Earth Oxides) in clays. Results indicate that the Barkly project area potentially contains a clay-hosted REE and V deposit. Further exploration is planned for 2022, including analysis of the drilled material (SEM and Thin Section analysis) to better understand the controls on V and REE mineralisation. A significant drilling campaign is also currently being planned to further test the boundaries of REE mineralisation.