Surrender Report GR493 Exploration Licences 30951 & 30964 29 February 2016 to 26 February 2024

Abstract

The Pine Creek Group Project (GR493) consists of Exploration Licences (EL) 30951 and 30964, which were amalgamated into a group report on 24/09/2018. The licences are located 20km east from Adelaide River just off the Stuart Highway, which is approximately 115 km south of Darwin and have a combined total area of 230.54 square kilometres. The licences sit within the highly prospective Pine Creek Orogen. The area is known to host various commodities, which includes gold, uranium, base metals, PGE, iron ore, manganese, magnesite, phosphate and diamonds. During the reporting period, Caprice Resources Limited (Caprice) actioned Lily Valley International (Jeremy Clarke) to complete a comprehensive prospectivity review of the tenements held, with a focus on Rare Earth Elements (REE) + Battery Metals, as the Gold anomalism is well reported. During the reporting period, The Company conducted field reconnaissance, desktop review and study and actively drilled targets generated in-house to varying levels of success. Information gathered by The Company, combined with recorded historical data and an industry wide interest in the local area have increased the prospectivity of The Wild Horse Project. The border closures during COVID-19 Pandemic negatively influenced progress for 2+ years, and further exploration would need to include land access agreements with the various landholders, and significant heritage surveys in order to execute further sub surface exploration. This, combined with a change of company direction, current market conditions + logistics ex-Perth, has spurred the decision to surrender all tenements held.