EL 32963 'Daly River Project' First Annual Report 14 July 2022 to 13 July 2023

Abstract

Mineral Exploration License (EL) 32963 was granted to Altan Nevada Minerals (Aust) Pty Ltd (Altan) on 14th July 2022 for a term of 6 years. EL 32963 forms part of the Daly River Project, which is centred on the town of Maranunga and is 200km west northwest from Katherine and 130km south of Darwin. The work conducted during the reporting period outlines small scale historic mining and a low to moderate level of exploration over the area resulting in the identification of a small number of small non-JORC compliant resources. Most of the exploration reviewed can be considered inconclusive to not-effective, more importantly the area has yet to see modern exploration lead by computer generated analysis and interrogation, specifically 3D modelling of geochemical results from surface and drill sampling. Further work will be aimed at targets generated from either/both 'Burrell Creek Formation Magnetic Targets' and the 'Magnetic Targets within Warrs Volcanic Member', further to this there is potential to generate anomalous gold targets. Although Daly River has no recorded gold production samples from the oxidised portions of several lodes have returned gold values up to 3 g/t Au and there may be potential supergene enrichment in the transition or oxidised zone which could produce a small gold deposit of 150,000 tonnes grading 1 to 3 g/t Au. Furthermore, the presence of gold would suggest the potential for gold in the area and exploration south south-west, following the Giants Reef Fault, may be warranted for the potential to produce similar projects to those generated/held by Mandrake Resources at their Berinka Pine Creek Gold project, located approximately 50kms to the southwest along strike of the Giants Reef Fault.