MA 364 Annual Technical Report for the period 2 July 2018 to 1 July 2019

Abstract

MA 364 is located approximately 60km south of Darwin and 15km northwest of Batchelor. Access from Darwin is via sealed roads to Batchelor and then northward via the Litchfield Road. MA 364 was granted on the 2nd July 1993 for a period of five (5) years to Compass Resources Limited. The tenement was subject to a joint venture between Compass Resources Limited and Billiton Australia Gold Pty Ltd (later Acacia Resources Limited) commencing on the 4th August 1993. The joint venture was managed by Acacia Resources Limited until mid-June 1997 with Compass Resources Limited resuming management thereafter. Northern Territories Resources acquired MA 364 in December 2016. MA 364 comprises four (4) units for approximately 3.48km and was last renewed on the 20th September 2018 for a two (2) year term, expiring on the 1st July 2020. Activities over the tenement have formed part of the Company's regional exploration strategy targeting discovery of polymetallic mineralisation within the highly prospective Rum Jungle Mineral Field. Several regional geophysical surveys have been completed over the area including electromagnetics, magnetics, ground gravity and airborne gravity. During the reporting period, the tenement (3.48km) was subject to a regional LiDAR survey with the area flown with 2-point coverage or one-metre resolution. Additional activities have focussed on the compilation of exploration works completed by Doe Run. This succeeds the termination of a Heads of Agreement between Cove House and Northern Territories Resources ('NTR' or the 'Company') through which Doe Run were granted an exclusive right to complete detailed geological assessment of nominated tenements held by NTR, including MA 364. Since termination of this agreement NTR has implemented a sale process targeting identification of a potential purchaser to reinstate project operations and exploration activities.