EL 31543 Illogwa Project Annual Report for the period 2 January 2020 to 1 January 2021

Abstract

EL 31543 (Project) is located approximately 145km ENE of Alice Springs and comprises three separate areas. The central and western areas of the Project adjoin EL 26942, which is registered to Mithril Resources Pty Ltd, and covers the Basil Cu-Co deposit, as well as a number of important Cu-Co and Ni-Cu-PGE prospects, such as Manuel, Miggins, Bob and Hammerhead. Typhon is assessing the potential of the Project for Basil-style Cu-Co sulphide deposits, Ni-Cu-PGE sulphide mineralisation associated with mafic and ultramafic intrusions, as well as alluvial Au deposits. The geological units and structures hosting mineralisation at Basil, Miggins and Bob are interpreted to extend on to EL 31543. Given the proximity of EL 31543 to EL 26942, Typhon entered into an agreement to purchase a 100% interest in EL 26942. It is anticipated that Typhon will take full ownership of EL 26942 during the first quarter of 2021. The amalgamation of EL 26942 and EL 31543 under common ownership will mean that the exploration potential of EL 31543 will be maximised as Typhon will be able to gain an in depth understanding of geological units hosting the mineralisation on EL 26942. The potential for the Project area to contain economic mineralisation appears to be good, and further exploration assessment work is warranted.