Annual Report ML 30293 Chessman-Red Queen for period 14 April 2018 to 13 April 2019

Abstract

ML 30293 forms the southern portion of the Maud Creek Project held by Newmarket Gold NT Holdings Pty Ltd (now a subsidiary of Kirkland Lake Gold Ltd) and currently being explored under an earn-in agreement with PNX Metals ('PNX'). Formally included in group reporting with Maud Creek, this is the second year of term for reporting purposes. The Chessman/Red Queen prospect lies 6.5 km NE of the 'Main Zone' Maud Creek gold deposit. It was discovered in 1973 and has been explored sporadically since, but gold concentrations have to date proved to be of lower grade than that of Maud Creek. The target stratigraphy for Maud Creek style mineralisation is Tollis Formation, but locally mineralisation is hosted within fragmental volcanic rocks, black cherts and arenaceous sediments within what has been interpreted as a NE striking graben. During the 2018 reporting year, PNX geophysically reviewed the Chessman mineral occurrences and recommend further IP to identify drilling targets along the mineralised structure.