Graveyard Bore Project Combined Annual Technical Group Report GR562 For the period 29 December 2020 to 14 March 2022 EL 30256 and EL 32015

Abstract

The Graveyard Bore Project (GR562) is located in the Tanami Region of the Northern Territory and covers an area of approximately 250km2 across two granted tenements - EL 30256 (north) and EL 32015 (south), refer to figure 1. The tenements are held and the project is operated by Ferdies Find Pty Ltd (Ferdies). In this reporting period 29 December 2020 to 14 March 2022 Ferdies completed a 750 line-km airborne electromagnetic (EM) survey to highlight potential conductive targets and assist with structural mapping. Desktop evaluations and a review of the historical data was completed prior to the planning and execution of the EM survey to aid in targeting and planning of the survey. Interpretation, processing and target generation of the EM survey has commenced and is ongoing. The Xcite helicopter EM system has provided an effective dataset to assist with exploration within the Graveyard Bore Project. Noise levels were relatively low and data quality was of acceptable standard. Some potential masking from conductive cover was observed in the southern part of the project area, but elsewhere ground penetration was good. A total of 17 moderate to strong EM anomalies have been identified, 3 that have been classed as high priority and recommended for further ground follow-up. Although direct drill testing of these targets is a possibility, the wide spaced data and limitations in modelling the airborne EM incorporates some risk in the precise targeting. The preferred approach of acquiring higher resolution ground EM data will reduce the level of risk in designing accurate drill holes to test these high priority targets. Field checking + some geochemical analysis and/or shallow drilling has been recommended for the other 14 lower order targets. This review has focussed on the stronger EM signatures as they tend to reflect better targets for mineralisation, particularly sulphide hosted base metals. Some of the weaker / early time EM responses could still be associated with significant zones especially if the sulphide % is low and/or conductivity of the target is poor. The full set of EM/MAG images included as part of this summary should be assessed along with the current geological knowledge to develop a structural interpretation of the area and potentially generate further targets for consideration.