Pingrup Nickel-Copper PGE-REE Project

Exploration Licence E70/5954 covers an area of approximately 240 sq km within the Corrigin Tectonic Zone at the south west Yilgarn Craton-Youanmi Terrane boundary around 300 kilometres south east of Perth. The bedrock geology is obscured by thin (1-10m) of sandy cover and a thick weathering profile.

Within the project area are twelve magnetic features with historical work confined to just three of them. This work was completed by Magnetic Resources who were exploring the magnetic highs for the presence of Banded Iron Formation (BIF) hosted iron ore deposits between 2008-2011. In all three cases drilling failed to identify any BIF, however it confirmed the magnetic features to be mafic-ultramafic intrusions.

A Moving-Loop TEM (MLTEM) survey was completed in March 2023 identifying seven anomalies, coincident with magnetic anomalism and interpreted mafic-ultramafic geology.

Multiphase drilling over high priority targets areas comprised aircore over a number of lines followed by RC drilling targeting the Greenfire Prospect where the high points of a detailed gravity and magnetic feature are located.

Prospective geology was intersected across the project highlighted by several ultramafic and coarse-grained mafic intrusions with trace visible sulphides present in places. While limited significant results were returned for Ni, Cu and PGE’s further analysis of the drilling data revealed that Ce and La values were elevated to between 3 and 5 times expected values. Additional analysis identified significant wide-spread Trace Rare Earths + Yytrium Oxide (TRYEO) anomalism, with Nd+Pr% of TREYO between 17 and 34%.

Tapanappa Base Metal Project

The Tapanappa Project in South Australia comprises one exploration licence (granted in July 2023) covering 400 square kilometres of an under explored section of the meta-sedimentary Tapanappa Formation (Figures 1 and 2), which regionally hosts numerous base metal deposits including the 3.0 Mt Angas deposit (8.0% Zn 3.1% Pb 34 g/t Ag) and the 28 Mt Kanmantoo deposit (0.9% Cu, 0.2 g/t Au).

The Angas deposit, like Broken Hill, has gahnite (zinc spinel) alteration proximal to ore and within the host lode horizon. Recently, Geoscience Australia published Data Release 1 of the Heavy Mineral Map of Australia Project, which has results of automated heavy mineral analyses across the Darling-Curnamona-Delamerian region. Of interest is a sample with anomalous grain counts of gahnite (25 vs background of 0-5) from a sample draining in the middle of the project area. The gahnite indicates the Angas style of mineralisation is likely present within the project area.

The project area is dominated by thin (5-50m) transported cover and has limited outcrop, therefore historical surficial exploration such as soil sampling was ineffective. Limited RAB drilling completed within the project area did not generally penetrate the cover to effectively test the targets. The cover is not expected to be challenge for any future drilling, as the preferred method of aircore drilling will penetrate the cover easily. The deposit style is associated with magnetic anomalies and it is therefore possible to define target areas despite the cover.

Early stage sampling and heavy mineral analytical studies will enable further exploration to be focused on key areas of prospectivity.

Nerramyne

The Nerramyne Project (one granted licence and one application) covers an 8-10km wide, 45km long region along the margin of the Yilgarn Craton where it is juxtaposed against the Narryer terrane to the northeast of Geraldton in Western Australia.

The Yilgarn and Narryer rocks are mapped predominantly as gneissic terrane, with mafic rocks (hornblendite) in the south. The north-south Darling Fault transects the area.

Limited previous exploration has been completed and has been somewhat marred by the transported wind-blown and alluvial sands covering portions of the project area. Despite this, geochemical sampling has returned anomalous Pd, Pt and Cu results from lag sampling.

Regional regolith sampling by the GSWA has identified a broad low level copper-platinum-palladium anomaly that stretches over a 40km x 6km area.

Five magnetic features have been identified as targets for an initial exploration program of wide-spaced auger or lag sampling.

Berkshire Valley

The Berkshire Valley Project lies within the western gneiss belt of the South West Province of the Yilgarn Craton and consists of meta-sedimentary and igneous rocks, including parallel trends of mafic and ultramafic intrusions that can be clearly seen in magnetic imagery.

Previous investigations by the Co-operative Research Centre for Landscape Environments and Mineral Exploration (CRC LEME) identified the region as having anomalous chrome, copper and nickel associated with mafic and ultramafic units in a 2006 report on laterite geochemistry, and subsequent exploration by IGO from 2006-2008 reaffirmed this.

Although exploration by IGO was primarily targeting gold mineralisation and focussed on the southern tenement at Berkshire Valley, they recognised the presence of the mafic and ultramafic intrusions and routinely assayed their auger geochemical samples and shallow aircore drill samples for a suite of minerals including nickel and copper, however there was no assaying for platinum group elements which are critical in vectoring towards potential sulphide occurrences.

Following routine wide spaced auger sampling, further infill and extensional work was concentrated over 8 kilometres of strike of the western greenstone package that includes several magnetic features which correspond to mafic and ultramafic intrusions. A number of nickel and copper hot spots were identified in this work with gridded results shown in Figure 2.

Very limited and incomplete aircore drilling to follow up low level gold anomalism coincidently reaffirmed the presence of mafic and ultramafic rocks both through geological logging of the drill samples and assay results where values up to 0.48% Ni and 0.2% Cu were recorded close to the northern edge of E70/5204.

The remaining >34 kilometres of interpreted strike remains largely untested.

Petermanns

Large area of prospective ground awaiting grant. Prospective for gold, uranium, copper, nickel and base metals. Extensive geochemical and geophysical program planned.