Second and Final Report for Exploration Licence EL 32505 for the period 15 March 2023

Abstract

EL 32505 is located approximately 400km east Alice Springs in the south-eastern Aileron Province and was granted to Plutonic Limited (Plutonic) on the 11th May, 2021. Before it was relinquished in March, 2023, the tenement was wholly owned by Plutonic Limited and was part of GR568 for group reporting purposes. Group reporting was approved in respect of the Plutonic's Champion Project (Champion) on 16 February 2022. This second annual and final report covers the period from 1st July, 2022 to 15th March 2023. The area was selected by Plutonic for its potential to host orogenic gold systems. The targets are conceptual in nature with no known deposits of this type in the region. However, the tectonic setting and geological make-up of Champion are highly conducive to the formation of orogenic gold systems, particularly those of Palaeozoic age associated with the 450 to 300 Ma Alice Springs Orogeny. Work during the first two year of tenure consisted primarily of desktop work and reviews of historical exploration and data. Several field trips were conducted to the area in this time. Ground work on EL 32505 was restricted to reconnaissance and assessing access to key areas of interest. The exploration license was relinquished in March, 2023, primarily due to access restraints and a decision by the company to concentrate on high priority targets elsewhere within the Champion Project.