Mount Hardy Project Annual Report 17 September 2018 to 16 September 2019

Abstract

The Mount Hardy project is located approximately 300 km north-west of Alice Springs in Northern Territory. The project comprises three exploration licences (EL 27892, EL 28694 and EL 29219) which lie in the Aileron Province of the northern Arunta region. The project area contains the historical Mount Hardy Copper Field where known copper mineralisation exists within the highly prospective Lander Group. The project area is accessed via the Tanami Road and is situated on the Mount Doreen pastoral lease (NT Portion 1947 under Perpetual Pastoral Lease 1035). The Mount Hardy Project licences formed part of the demerger of base metal assets from TNG Ltd to Todd River Resources Limited which took place in April 2017 and are now 100% owned by Todd River Metals Pty Ltd. Two programmes of drilling (26 holes, RC and diamond) were completed in two campaigns during the reporting period. All holes in the first campaign (MHDD0041 - 0052) intersected mineralisation, with hole MHDD0043 recording the best intersection, 35.54m at 14.7% Zn, 2.92% Pb and 0.91% Cu. The second campaign involved 8 holes at Hendrix and three holes each at Browns and Lennox. Most holes intersected zones of mineralised stringers and brecciated sulphides. DHEM was conducted on a total of nine holes. Two Moving Loop EM surveys were completed across the wider Hendrix area and a Fixed Loop EM survey was undertaken across the EM3 target identified from the 2012 HELITEM. The area is highly resistive and no significant new targets were identified. Successful metallurgical test work was completed on the Hendrix ore with separate high-quality copper, lead and zinc concentrates able to be generated via conventional sequential flotation processes. A Maiden Resource was defined for the Hendrix deposit. The Resource, which comprises 6.7% zinc, 0.9% copper, 1.5% lead and 35 g/t silver, has approximately 175,000 tonnes of contained zinc, 22,500 tonnes of contained copper, 40,000 tonnes of contained lead and 2.9 million ounces of contained silver (at a 1.5% Zn cut-off). Satellite imagery was obtained from Geoimage and aided in the development of a rock chip sampling programme across known historical workings and other areas of outcrop within the Mt Hardy tenure. Stream sediment and rock chip sampling was completed with 148 stream sediment samples and 131 rock chip samples being collected from February to August 2019. A number of new prospects were defined with results of over 20% combined base metals received from a number out of prospects (Hendrix NW, Gilly, Laver and Linda-Jane). RC drilling on these prospects was planned and has been completed since the end of the Reporting Year. Significant results have been received and will be fully reported on in the 2020/21 Annual Report.