EL 32520 Aladdin Project First Annual Report for the period 11 October 2021 to 10 October 2022

Abstract

EL 32520 was granted to Santonian Resources Ltd, a 100% wholly owned subsidiary of Holdfast, on 11th October 2021 by the Department of Industry, Tourism and Trade (DITT). The planned geological activities for year 1 were limited to desktop studies due to a lack of internal funding and company restructure. Desktop studies included reviewing historical data and remote sensing technology to review the potential Vanadium enriched iron oxide mineralisation. Previous exploration North of EL 32520 recovered reasonable vanadium results from rock chip sampling suggesting a possible underlying Titanium / Magnetite / Vanadium / mafic intrusive. Remote sensing techniques using the ASTER Ferric Oxide map and DTM elevation map suggest that iron oxides are present. It is recommended that future field activities should search for iron oxide outcropping to rock chip sample as it is likely to be high in Vanadium content.