(100% Cazaly Resources Ltd)

The two exploration license applications are adjacent to Panoramic Resources Ltd’s (Panoramic) Panton Sill Platinum Group Metals (PGM) resource located in the east Kimberley region of West Australia. Applications E80/5446 and E80/5453 are in a ballot with other competing applications lodged with the DoMIR on the 12 December 2019.

The Panton total PGM Resource is quoted by Panoramic as 14.32Mt @ 2.19g/t Pt, 2.39g/t Pd and 0.31g/t Au, or approximately 2Moz Pt+Pd. The resource consists of high grade platinum and palladium mineralisation within a number of stratiform reefs. Panoramic acquired the Panton PGM Project in May 2012 from then owners Platinum Australia Ltd (“Platinum”) for $5.25M in cash and a Royalty of 0.5%. Platinum had completed a review and results announced in March 2012 (ASX Release: Platinum Australia 20 March 2012). Panoramic had previously conducted both mining and processing trials in 2006/7 and were familiar with the Panton orebody, which is one of Australia’s largest, highest grade, undeveloped PGM deposits.

The Panton intrusive is a layered, differentiated mafic/ultramafic body intruded into the sediment package of the Lamboo Complex located close to the Savannah Nickel mine (also owned by Panoramic) and other similar layered intrusives. The Panton intrusive extends outside of the Panoramic Mining Lease into the Cazaly applications.