EL 31784 Terrys Find Project Annual Report for the period 21 September 2020 to 20 September 2021

Abstract

EL 31784 (Project) is located approximately ~375km WNW of Alice Springs. Cerberus is assessing the potential of the Project for hydrothermal Au-Ag and Cu-Pb-Zn deposits, and alluvial Au deposits. Previous exploration and mineral development activities in the Project area have highlighted several Au-Ag occurrences and anomalies. During the reporting period, Cerberus continued compiling and assessing all available geological, geophysical, remote sensing and exploration work undertaken over the Project area. No ground-based exploration was able to be undertaken due to COVID-19 pandemic access restrictions. The potential for the Project area to contain Au-Ag mineralisation appears to be good, and further exploration assessment work is warranted. Three main prospects (named Alpha, Bravo and Charlie) have been identified for follow-up work. These prospects are located to the W and WNW of Terry's Pit, and are spatially associated with WNW striking linear ASTER anomalies. After assessment, a total of 29 sub-blocks were voluntarily relinquished from the Project on 29 September 2021, leaving 7 retained sub-blocks covering the most important targets and anomalies at Alpha, Bravo and Charlie.