EL 32886 Partial Relinquishment Report for the Period 17 June 2022 to 16 June 2024

Abstract

Mangusta Minerals Pty Ltd, a 100% subsidiary of DeSoto Resources Limited, holds and operates the Fenton Gold Project Exploration Licence EL 32886 which is part of Group Report GR602 along with EL 32884 and EL 33615 (formerly EL 32885), located approximately 150 km south of Darwin, Northern Territory. The Fenton Gold Project is an under-cover, structurally complex Palaeoproterozoic hosted gold target zone that extends for over 20km along strike by 4km across strike on the western edge of the Pine Creek inlier. It is covered by 50-200m of Cambrian limestones and mudstones of the Daly Basin. A major structure, the Fenton Shear Zone (FSZ), is interpreted from regional geophysics (gravity and magnetics) along the eastern edge of the Fenton anticlinorium. It is comparable in scale to the Pine Creek Shear Zone through the central part of the Pine Creek Orogen which hosts significant gold resources. A total of 68 sub-blocks were relinquished from the licence at the end of Year 2 with 63 sub-blocks retained. No field work was completed on the relinquished portion of the licence. A round 16 co-funded AEM survey in the northern area of the licence just covers the edge of the relinquished blocks and data can be downloaded under NT collaborative report CR2024-0015. 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 mineralisation.