McCarthys Project EL 31487 Annual Report for the period 7 November 2018 to 6 November 2019

Abstract

McCarthys exploration licence, EL 31487, covers an area of 54 graticules and is located approximately 12km southeast of the Pine Creek township. EL 31487 was granted to Bacchus Resource on the 7th November 2017 for a period of six years. During the second year of tenure, 12 rockchip samples were collected within the region determined to be most prospective from historical drilling and sampling data compiled in first year of tenure. Historically, significant gold and base metals have been mined in the Pine Creek area, with most gold production from quartz veins, lodes, sheeted veins, stockworks and saddle reefs, for example Enterprise Mine and Union Reefs located near the town of Pine Creek. Most of the deposits are found near or within the Pine Creek Shear Zone, which stretches from Katherine to Darwin, within the contact metamorphosed metasediments adjacent to the granite plutons of the Cullen Supersuite. Within the exploration area, there are a number of small workings, including a gold occurrence at Copperfield South, a number of unnamed copper workings and a barite working; all located within metamorphosed sediments of the Burrell Creek Formation. Exploration in McCarthys will mainly focus on testing the potential for economic gold and base metal deposits within the metasediments adjacent to the granites of the Cullen Batholith.