Partial Relinquishment Report Exploration Licence EL 31549 period 19 January 2018 to 18 January 2024

Abstract

Exploration Licences EL 31549 recently completed the end of its sixth operational year, on January 18, 2024. This exploration license is part of the Wollogorang Project, which is owned by Mangrove Resources Pty Ltd. Previously, Mangrove Resources was a subsidiary of Resolution Minerals Ltd, but it has now been wholly acquired by NT Minerals as of October 17, 2023. The Wollogorang Project is strategically situated near the Northern Territory and Queensland border, approximately 200 km southeast of the township of Borroloola, and 500 km northeast of Tennant Creek. The EL 31549 tenement contain a sequence of sediments and volcanic rocks of the Palaeoproterozoic-aged Tawallah Formation and Nathan Group, which is part of the Wearyan Shelf of the Proterozoic McArthur Basin. Historical exploration in the area primarily focused on diamonds, with microdiamonds and indicators found at a regional scale. However, no kimberlitic pipes have been discovered. The sole recorded deposit within the Wollogorang Project is the Stanton Co-Cu deposit, located 12 km west of EL 31549. The Stanton deposit contains a total mineral resource estimate of 942,000 tons with 0.13% Co, 0.06% Ni, and 0.12% Cu (inferred and indicated). Recent exploration efforts have shifted toward sediment-hosted base metals and uranium. The exploration strategy in the area focused on sediment-hosted copper, cobalt, Redbank-style copper-bearing breccia pipes, and phosphate mineralisation. Over the course of six years, a Heli-magnetic/radiometric survey was conducted in 2018, followed by a VTEM Survey in 2021. Unfortunately, the geophysical data from the relinquished blocks did not yield relevant information for exploration activities. The decision to relinquish specific blocks was based on factors such as lithological units, major structures, regional gravity anomalies, magnetic response, potassic anomalies, and anomalous metals identified through surface geochemistry. In total, 90 blocks were nominated for relinquishment within EL 31549.