EL 32962 'Daly River Project' Partial Relinquishment Report 14 July 2022 to 1 August 2023

Abstract

Mineral Exploration License (EL) 32962 was granted to Altan Nevada Minerals (Aust) Pty Ltd (Altan) on 14th July 2022 for a term of 6 years. EL 32962 forms part of the Daly River Project, which is centred on the town of Maranunga and is 200km west northwest from Katherine and 130km south of Darwin. The area of EL 32962 was granted as 182 blocks, in August 2023 the area was reduced by voluntary relinquishment to 54 blocks, therefore relinquishing 128 blocks, the subject of this part relinquishment report. The work conducted during the term of the relinquished area consisted of a review of historical exploration. The review outlined small scale historic mining and a low to moderate level of exploration over the area resulting in the identification of a small number of small non-JORC compliant resources. Most of the exploration reviewed can be considered inconclusive to not-effective, more importantly the area has yet to see modern exploration lead by computer generated analysis and interrogation, specifically 3D modelling of geochemical results from surface and drill sampling. The review also highlighted that the relinquished area had a very low prospectivity and therefore was recommended for partial relinquishment.