Partial Surrender Report for Exploration Licences EL 33086 and EL 33087, Buntine Project (GR581)

Abstract

Exploration licences EL 33086 and EL 33087 comprise two tenements of a total of six (6) (EL 32529, EL 32530, EL 32534, EL 32535, EL 33086, EL 33087), that form part of the combined reporting group GR581, comprising the Buntine Project. The two tenements were reduced in accordance with s29 and (Regulation 86(1)) of the Mineral Titles Act 2010 (MTA), requiring a 50% partial surrender of holdings at the end of Year 2. This final report is made under the provisions of s94(2)(e) of the MTA and Regulation 86(4) and (5) of the Minerals Titles Regulations 2011 and is due for lodgement by 05 January 2025. The tenements comprising the Buntine Project area were selected on the distribution of the Palaeoproterozoic Limbunya Group sediments as the temporal and spatial lithostratigraphic correlatives to the lithological sub-groups of the economically important McArthur Group suite of rocks. The latter hosts the mineralised Barney Creek Formation (cf. McArthur River Mine), the principal target horizon being currently explored for elsewhere in the NT. Transition Minerals Ltd ('Transition') has since established that equivalent formations in the Buntine Project area may similarly host economic quantities of polymetallic base metals. The statutory Year 2 reduction in tenement holdings for licences EL 33086 and EL 33087 were subsequently rationalised on this basis, whereby only those blocks with prospective Palaeoproterozoic lithologies have been retained in the reduction process. A total of 248 blocks were relinquished from exploration licences EL 33086 and EL 33087 (124 SBKS each), leaving 250 sub-blocks (818.71 Sq. Km) to be retained. Effective cessation of the nominated blocks was 3 November 2024. While Transition believes the surrendered ground could be potentially prospective, this latest tenement rationalisation allows Transition to retain maximum exposure to its core assets in the Buntine project area and free up ground for other explorers. Maps showing the nominated blocks and reduced title area are included in the following report.