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LAKE MACKAY REGIONAL

LAKE MACKAY REGIONAL PROJECT ALLIANCE WITH INDEPENDENCE GROUP

The Lake Mackay Project is located 400km northwest of Alice Springs, adjacent to the Western Australian border, and includes 12,833km2 of exploration licenses and applications.

As part of a joint venture with Independence Group NL (ASX: IGO), exploration programs are being undertaken to systematically evaluate the Lake Mackay Project. The Project has a consolidated tenure over the favourable Proterozoic margin between the Aileron and Warumpi Provinces and is characterised by a continent – scale geophysical gravity ridge and the Central Australian Suture. The JV partners consider that the exploration potential will unlock a new metallogenic province hosting multiple styles of precious and base metals mineralisation.

The exploration strategy aims to unlock a new metallogenic province hosting multiple styles of precious and base metals mineralisation. The program planned for 2018 has the potential to rapidly and cost effectively identify additional Grapple and other style targets on the remainder of the Lake Mackay Project.

Exploration update

During the Quarter, results were received from a soil sampling survey completed during the previous quarter over areas of residual soils surrounding EL24915. Several significant anomalies were identified in the areas north and northeast of the Grapple and Bumblebee prospects. The anomalous elements include Cu, Au, Co, Ag, Zn and Pb. The soil response is similar in style to that overlying the Grapple Prospect.

SpectremAir completed an orientation airborne EM survey during the Quarter. This trial is the first of two completed with separate airborne EM systems. The second system (Tempest) has been flown in April 2018. These trials aim to test the effectiveness of these two fixed-wing airborne EM systems on the known conductors at Grapple, Bumblebee and Springer. The optimal system will then be selected to complete an extensive survey across the Lake Mackay Project in mid-CY18.