EL 31421 DC West Project Annual Report for the period 23 June 2019 to 22 June 2020

Abstract

EL 31421 (Project) is located approximately 130km WNW of Katherine and 100km SW of Pine Creek. Previous exploration and mineral development activities in the Project area have highlighted base metal, uranium and REE occurrences. The general area of this application also contains a number of barite occurrences. CopperOz Pty Ltd is assessing the potential of the application area for hydrothermal Pb-Zn-Cu deposits, uranium and REE deposits, barite deposits and alluvial gold deposits. During the reporting period, CopperOz Pty Ltd continued to compile and assess all available geological, geophysical, remote sensing and exploration work undertaken over the Project area. CopperOz was able to acquire original copies of datasets from Spectrum Metals Limited (formerly Spectrum Rare Earths Limited), the previous explorer of the major prospects in the region. During January 2020, CopperOz undertook regional geological reconnaissance surveys in the general area of EL 31421 and other tenements controlled by the Company in preparation for fieldwork. The fieldwork was not able to be completed because of the COVID-19 pandemic restrictions. The potential for the Project area to contain significant REE and U mineralisation appears to be good; however, the economic aspects need to be more fully assessed in the current low price environment for these commodities. Preliminary assessment suggests that it would be feasible to produce a highpurity REE product containing only low concentrations of uranium and thorium. The near-surface mineralised zone at Stromberg Prospect is interpreted to be open to the north, south, east and west in weathered bedrock units, and the potential for deeper mineralisation remains to be established and tested