GR520 Group Annual Technical Report Tanumbirini Project EL 31980, EL 31981, EL 32002, EL 32008, EL 32009, EL 32010, EL 32011, EL 32012, EL 32013, EL 32014, EL 32039, 7 May 2021 to 6 May 2022

Abstract

Pennant Resources Pty. Ltd. (Pennant) holds tenure over two significant projects (Tanumbirini and Victoria River Downs) within Proterozoic terrane of the Northern Territory and is focused on exploration for giant sediment-hosted base metal deposits similar to the world class McArthur River, Century and Mt Isa deposits. The Tanumbirini Project (+6,500km2) covers the eastern third of the Beetaloo sub-basin and hosts regionally significant geochemical anomalism indicative of sediment-hosted base metal, IOCG and potentially even magmatic Ni-Cu sulphide systems. This report summarizes the geology and exploration history of the Tanumbirini project, discusses work completed in the reporting period and synthesizes results to produce geological interpretations and indicative forward exploration programs. Work completed during the third tenure year (2021/2022) included data compilation, processing and modelling of geophysical and remote sensing data as a precursor to interpretation and targeting over the project area. No fieldwork was completed during the second year largely because of the restrictive impact of the COIVD-19 pandemic. Final interpretation and targeting will be completed during the third tenure year ahead of a field season that will focus on geological mapping and geochemical sampling specifically to identify the source of the large multi-element geochemical anomaly as defined by the North Australian Geochemical Survey.