Hayes Creek South EL 32884 Partial Relinquishment Report for the period 17 June 2022 to 19 June 2024

Abstract

Mangusta Minerals Pty Ltd, a 100% subsidiary of DeSoto Resources Limited, holds and operates the Hayes Creek South Project Exploration Licence EL 32884 which is part of Group Report GR602 along with EL 32886 and EL 33615 (formerly EL 32885), located approximately 150 km south of Darwin, Northern Territory. The Hayes Creek South Project is an structural gold, base metal and uranium target area which It is covered by up to 300m of Cambrian limestones and mudstones of the Daly Basin in the western half of the tenement and has outcropping Proterozoic sediments and granite in the eastern half of the tenement. A major structure, the Hayes Creek Fault Zone (FSZ), is interpreted from regional geophysics (gravity and magnetics) trending SW-NE through the tenement between the Fenton Shear Zone and the Pine Creek Shear Zone and is the host of known gold and uranium mineralisation. A total of 32 sub-blocks were relinquished from the licence at the end of Year 2 with 92 sub-blocks retained. No field work was completed on the relinquished portion of the licence. A structural assessment of existing geophysical datasets suggests that the relinquished blocks have significant thicknesses of Cambrian Limestone cover rocks (>300m) and have low potential to host economic gold, base metal or uranium mineralisation.