EL 32520 Aladdin Project Second Annual Report for the period 11 October 2022 to 10 October 2023

Abstract

Mineral Exploration License (EL) 32520 was granted to Santonian Resources Ltd on 11th October 2021 for a term of 6 years and transferred to Mr. Aaron Banks on 7th December 2022. The Aladdin Project stretches for an ENE strike of 200km and is centred on the settlement of Top Springs and 240km South from Katherine. Historically the area has been suspected to have bornite mineralisation due to iridescent stains found within the laterite. Geochemical assays of rock chip samples recovered from the project area has shown high anomalous Vanadium, Titanium, Iron and Aluminium content within the surficial mineralised laterite. Preliminary office studies have shown that the suspected mineralised laterite extends further North. Due to a lack of funding from the previous holder, the sale of the tenement to Mr. Aaron Banks, corporate activities to prepare the project which includes EL 32520 as part of the major asset for a company listing on the ASX and due to 'Wet Season' constraints, field activities were limited to desktop studies for operational year 2. Desktop studies included reviewing historical data and remote sensing technology to review the potential Vanadium enriched iron oxide mineralisation. Previous exploration of the Aladdin Project Area, which has implications for EL 32520, recovered reasonable vanadium results from rock chip sampling suggesting a possible underlying Titanium / Magnetite / Vanadium / mafic intrusive on the eastern half of the Project area. Remote sensing techniques using the ASTER Ferric Oxide map and DTM elevation map suggest that iron oxides are present within the greater Aladdin Project area including EL 32520. 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.