EL 31457 Partial Relinquishment Report for the Period for the period 22 August 2017 to 21 August 2023

Abstract

Kingsland Minerals' Woolgni Project consists of Exploration Licence (EL) 31457 and is located approximately 250 kilometres south of Darwin between Pine Creek to the north and Katherine to the south. The Woolgni project lies within the Archaean to Palaeoproterozoic Pine Creek Orogen (PCO), one of the major mineral provinces of Australia. The PCO is a deformed and metamorphosed sedimentary basin up to 14 km thick covering an area of approximately 66,000 km2. It is host to significant mineral resources of gold, uranium and platinum group metals, as well as substantial base metals, silver, iron and tin-tantalum mineralisation with mining and exploration occurring in the region since the early 1870's. Exploration within the Woolgni area dates to 1897 when Chinese miners migrated to the region specifically for the purpose of gold exploration. Gold was extracted from several old Chinese workings situated at the Woolgni Prospect. Miners at the time constructed two successful shafts where gold ore was being mined at an average of 30O oz/t, recorded production was 3,840 ounces up until 1905. Modern exploration began at Woolgni in 1981. Seventh State Mines NL drilled five diamond holes totalling 263m of drilling, targeting gold mineralisation beneath the old workings. The results from DDH2 highlighted narrow 1-2m zones of low to high grade gold mineralisation including 1.1m @ 47g/t Au from 33m. 1m @ 17.3g/t Au from 16m and 8.3m @ 3g/t Au from 20.1m. Kingsland Minerals Ltd acquired the licence upon listing on the ASX on 14 June 2022 and are now owners and operators of EL 31457. Exploration since this date has focussed on the area directly surrounding the Woolgni gold workings. A total of seven blocks were relinquished on 20 December 2023. No exploration has been undertaken on these blocks during the term of the tenement.