Geophysics and Drilling Collaborations Program Brownfields Diamond Drilling Final Report Round 17, 2024-2025 EL 23573 Southern Comfort Uranium and Critical Minerals Project

Abstract

Lagoon Creek Resources completed a drilling program at the Southern Comfort prospect, located within the Murphy Project in the northeast of the Northern Territory. The project area of Southern Comfort is within EL 23573 (Murphy Central), located on the margin of the metallogenically endowed Murphy Inlier, which hosts a number of mineral occurrences including precious metals, base metals and uranium. Lagoon Creek Resources sought the following objectives from the drill program: validate historic drillhole intercepts and acquire improved multi-element geochemical data; Drill Southern Comfort Lineament (SCL) extensions to geochemically and structurally delineate the SCL, and determine the linkage to the JN fault to the north and the relationship to the Mageera prospect; Test the unconformity related uranium potential of the Seigal volcanics-Westmoreland Conglomerate contact; Support the potential for an analogous Westmoreland Uranium Deposit (Redtree Model) in the Northern Territory. Drilling was completed during October 2024, comprising 2 diamond drillholes for a total of 303.55m. Both drillholes intersected uranium mineralisation with economic potential along the Seigal Volcanic-Westmoreland Conglomerate stratigraphic contact. The second drillhole confirmed the presence of a dolerite dyke infilling a north-east trending mineralised fault, the same mineralisation style as seen at the Westmoreland deposit. The intercept of 5m@200ppm U3O8, while low-grade, is 600m to the south of a drill line that is considered part of the mineralised Mageera trend. This represents a large area of untested ground that could be added to any future maiden uranium resource for Lagoon Creek Resources in the Northern Territory.