EL 32419 Annual Technical Report for the period 26 March 2022 to 25 March 2023 Box Hole Project

Abstract

This report covers the work completed on tenement EL 32419 (the Box Hole Project) during the period of the 26th of March 2022 to the 25th of March 2023 by MetalsGrove Mining Ltd. (MetalsGrove or the Company). The Box Hole Project lies within the north-central zone of the Huckitta (SF53-11) 1:250,000 map sheet, north of the Plenty highway and approximately 340 km northeast of Alice Springs. The Box Hole Project has potential for large tonnage carbonate-hosted lead zinc deposits of the Mississippi Valley Type (MVT). Mineralisation is hosted by a mixed carbonate and shale sedimentary sequence within the Georgina Basin. Exploration on the tenement dates back to the late 1950s. The Project is centred around the King's Workings galena deposit, which was mined by hand for a total of 15 tonnes of galena, that was hand-picked and sold to the Broken Hill Smelter, returning an average grade of 66% lead (Pb) and 58.5 g/t silver (Ag). Historical exploration on the tenement has been completed by several companies, including CRA Exploration Pty Ltd, BHP, and Uramet Minerals. Exploration activities consisted of mapping, sample collection, drilling, ground gravity, induced polarization (IP), and aeromagnetic surveys. During the reporting period, MetalsGrove commissioned Thomson Airborne Pty Ltd. (Thomson Airborne) to complete airborne magnetics, radiometric, and digital elevation surveys in August 2022. The Box Hole portion of the survey was completed at 50 m line spacings, 500 m tie line spacings, and at a mean clearance of 35 m. A total of 1,149 km were flown over the tenement. Following the geophysical survey in August 2022, Southern Geoscience Consultants (SGC) delivered a final dataset in a MapInfo-compatible format from Thomson Airborne to MetalsGrove.