Year 1 Annual Report EL 31626 Quarry Creek for the reporting period 18 June 2018 to 17 June 2019

Abstract

EL 31626 is a high priority tenement in Treasure Creeks new Tennant Creek tenement package and is central to its overall company exploration strategy. The company has undertaken significant historical, geological and geophysical data review on the tenement with over 40 historical reports downloaded but work is ongoing. A geophysical review of available data for Treasure Creeks Kurinelli and Kurundi Projects has commenced (by Geophysical Consultants - Resource Potential). Multiple gravity and magnetic images have been produced. Additional localized image processing and unconstrained 3D gravity and magnetic inversion modelling has been completed over the area of Warramunga Formation area and the Whistle Duck trend. There are multiple targets within the tenement including the Whistle Duck trend and the Priesters deposit which are high grade Cu-Au mineralized quartz veins associated with the Kurundi Gold Field. To the north of the tenement is a large section of Warramunga formation under shallow cover. Review work is ongoing. Also the company has just recently applied for a new exploration licence over exciting ground immediately east and adjacent to this tenement - EL 32199 (as well as EL 32200 only 3 km east of EL 32199) and together these tenements present excellent exploration opportunity. The two tenements cover the entire strike length of a copper-gold trend (Whistle Duck Trend) that has not been held by a single company for many years. The Whistle Duck prospect has rock chip samples with reported grades up to 13g/t Au and 5% Cu. EL 31626 has excellent vein hosted and IOCG gold exploration potential. The main target is the Kurundi mineralized trends at Priesters and Whistle Duck. Multiple other targets across the tenement exist and will be reviewed and prioritised for drilling as review work continues. Once review work is completed geophysical surveys followed by a drill programme will be commenced during year 2. The company is planning to utilise a new geophysical technique called passive seismic which will allow information to be gained on cover sequence depth and also possibly identify any dense bodies (possible ironstone bodies) up to 600m below surface.