Pine Creek Project EL 33188 Dorat Partial Relinquishment Report for the Period 13 January 2024 to 12 January 2025

Abstract

Mangusta Minerals Pty Ltd, a 100% subsidiary of DeSoto Resources Limited, holds and operates the Pine Creek Project licence Dorat (Shoobridge West) EL 33188, located approximately 150 km south of Darwin, Northern Territory. A major structure, the Fenton Shear Zone (FSZ), is interpreted from regional geophysics (gravity and magnetics) along the eastern edge of the Fenton anticlinorium. It is comparable in scale to the Pine Creek Shear Zone through the central part of the Pine Creek Orogen which hosts significant gold resources. The Shoobridge West licence occurs to the north of the FSZ and is covered by Cambrian limestones and mudstones of the Daly Basin which are interpreted to overlie structurally complex Palaeoproterozoic gold and lithium prospective rocks. A total of 12 sub-blocks were relinquished from the licence in Year 2 on 12 December 2024, with 13 sub-blocks retained as EL 33188. Exploration activities have included an assessment of the geology and regolith domains to determine the appropriateness of stream sediment sampling for lithium exploration, historical data compilation, and a surface geochemical sampling program comprising streams (12) and rocks (5). No significant lithium mineralisation was encountered. An assessment of existing geological and geophysical datasets suggests that the relinquished blocks have significant thicknesses of Cambrian Limestone, Cretaceous and younger cover rocks overlying the Proterozoic basement and have low potential to host economic gold, base metal or lithium mineralisation. No further work is recommended on these blocks, and they have been relinquished.