Final Report for Exploration Licence 33605 Bloodwood Project from 28th March 2024 to 22nd January 2025

Abstract

Exploration license 33605 (which may be referred to as 'The Tenement' throughout this document) is part of the Bloodwood Project, targeting lithium mineralisation typically hosted as spodumene within felsic intrusions and pegmatites. The Tenement was submitted after a desktop review of in-house and open-file data highlighted a 22km x 8km, coincident tin-niobium-tantalum stream-sediment and soil anomaly within the project area (Drabsch 2011, Bell 2014). 105 DeBeers geochemical samples, comprising 64 soil samples and 41 stream sediment samples analysed by Independence Group (now IGO) using a portable XRF identified the presence of tin mineralisation (cassiterite) with peak values of 52% and 41 % Sn in Heavy Mineral Concentrates and 2.25 ppm and 1.45 ppm Sn in stream sediment samples. This granophile anomalism was originally interpreted as a tin-tungsten greisen prospect. IGO now recognises that this tin anomaly coincides with tantalum and niobium anomalism which may imply prospectivity for lithium mineralisation. Historically, exploration targeted a magnetic feature that was interpreted as a granitic intrusion and drilling was focused to the north of the stream-sediment anomaly. This work was unsuccessful in resolving the source of the stream-sediment or soil tin anomalies. The original intent for exploring the tenement acknowledged that there has been no prior focus on lithium exploration in the area and IGO believes the proposed area provides a promising opportunity to investigate the area for Lithium-Caesium-Tantalum (LCT) pegmatites, due to the nature of the Sn-Ta-Nb stream-sediment and soil anomalies. Lithium-Caesium-Tantalum-bearing pegmatites are permissible for hosting economic lithium minerals including spodumene. Furthermore, the work area contains sub-cropping granitic and porphyritic intrusions (e.g. the Winnecke Granophyre) that are generally located under shallow cover. Some of these intrusions contain coarse grained, quartz-dominated tourmaline-bearing veins that may also have lithium potential. A comprehensive review of all data evaluated the timeline of events that determined the acquisition of the project and a thorough history of exploration was completed. It was determined that EL 33605 had historically been sufficiently tested with surface geochemical surveys. The source of the coincident Sn-Ta-Nb with cassiterite abundance in heavy mineral concentrate was determined to have most likely come from an endoskarn Sn-W greisen rather than a Li-bearing rare metal pegmatite. No remaining anomalies exist within the tenement that are of interest to IGO.