Located in the Mubende region west of the provincial capital of Kampala, Uganda.

The granted exploration license EL00379 covers 202 square kilometres in the Mubende region west of Kampala and includes the highly prospective Bukuya prospect.

The Bukuya prospect is currently being mined by 60-80 artisanal workers over 600 metres of prospective strike and remains open along strike and at depth.

A total of 40 soil samples and 77 rock-chip samples were taken on the Bukuya target within the Mubende Gold Project as part of the first phase of field activities.

Numerous high grade rock chip samples were returned including 29.1g/t Au, 9.2g/t Au and 3.1g/t Au.

Soil sampling has confirmed gold mineralisation extends beyond current artisanal workings and has defined an anomalous zone across a strike of approximately 1,200m which remains open along strike in both directions.

The Mubende Gold Project is an extensive landholding of 202 square kilometers that covers a series of metasediments, predominantly characterised by meta-wacke’s and phyllitic slates, with occasional interbedded quartzite units and mafic volcanics. Late-stage granites have intruded the metasediments, mainly in the southern part of the license.

At the Bukuya prospect, mineralisation appears confined to a deformation zone within the metapelites, and hosts three subsets of veins exploited by artisanal workers. The first subset includes quartz veins with hematite mineralisation, iron-oxide staining, and goethite/limonitefilled vugs, seen in southern shafts with NW trending foliation. The second subset comprises metallic veins of blueish-grey and black ferro-manganese mineralisation with botryoidal textures and specular hematite, found in northern shafts with EW trending foliation. The third set comprises massive milky white quartz veins.

The Company has entered into a binding terms sheet (Agreement) with Sifang Mineral Resources Limited (Sifang), a Ugandan incorporated company, and its shareholders (Sifang Shareholders) to acquire an interest in a granted exploration license (EL00379) and four exploration license applications located in central Uganda (the Mubende Gold Project) through the purchase of 80% of the ordinary shares in Sifang. Sifang is the 100% legal and beneficial owner of the Mubende Gold Project (refer ASX release 26 July 2024).

Figure: Regional Map with locations of Sifang licenses.

Figure: Annotated map showing the soil and rock-chip sample results obtained from the Bukuya target. Soil samples show a continuation of a gold-in-soil anomaly for over 1.2km within the “main zone” as illustrated. Two potential parallel zones are illustrated in orange and warrant follow up work and infill soil sampling. Refer to Appendix 1, ASX Announcement 13 September 2024, for a table of the full soil and rock-chip sample results.