EL 32693 Carrara Annual Report for the period 26 October 2021 to 25 October 2022

Abstract

EL 32693 comprises 248 blocks covering an area of 805.46 km2, situated approximately 180 km northeast of the Barkly Homestead in the Northern Territory. The license was granted for a 6-year term on 26 October 2021. The Carrara tenement (EL 32693) is located at the junction of two Palaeo-Proterozoic, mineralised corridors: The approximately east-west trending Tennant East Belt, prospective for Tennant Creek style, high-grade, copper-gold deposits, and, The southern edge of the Lawn Hill Platform, faulted against the buried Palaeo-Proterozoic basement, which is the interpreted extension to the McArthur River-Mount Isa provinces. Geoscience Australia (GA) have highlighted the prospectivity of the 'Tennant East' belt that extends from Tennant Creek, east towards the Mt. Isa Block. The south and eastern boundary of the tenement is dominated by a significant northeast-trending, magnetic high feature that is interpreted to represent the eastern equivalent to the Warramunga Formation, which is the host to the high-grade Tennant Creek style Iron-Oxide Copper Gold (IOCG) deposits. Near surface within EL 32693 are the Georgina Basin sediments, which are interpreted to unconformably overlie the prospective Palaeo-proterozoic units at depth. The area is poorly explored, particularly for minerals within the basement. There are severalstratigraphic holes drilled in the area by Geoscience Australia (GA) and the Northern Territory Geological Survey (NTGS) that, in combination with seismic data, reveal that the Tennant East corridor lies at only moderate depth below the clastic sediment filled basins. The Mt Isa Province units are interpreted to lie at greater depth to the south of the faulted contact with the Lawn Hill Platform. The Company is planning to carry out drone magnetics and detailed gravity survey over the structural corridor to define coincident gravity and magnetic targets in the Palaeoproterozoic basement. In addition, surface geochemistry will be carried out to detect 'leakage' into the overlying Cambrian Georgina Basin sediments above potential basement IOCG mineralisation. Further target refinement via Induced Polarisation (IP) surveying to detect sulphide occurrences to follow, then selected aircore and/or RC/diamond drilling to test basement IOCG targets. Total expenditure on EL 32693 during the reporting period was $27,130.