Mount Paddy and Paddy Prospect

The Mount Paddy ML (ML 20701) is located approximately 12 km west of the Mount Garnett township, in the Mount Garnet locality, North Queensland. Mount Paddy is approximately 120 km south-west of Cairns and can be accessed Symbols Road via cleared tracks.

EPM 26645 is located approximately 18 km northwest of Mount Garnet, in the Munderra locality, North Queensland. EPM 26645 is approximately 120 km southwest of Cairns and can be accessed via Nymbool Road and station tracks which run throughout the tenement.

TMG acquired the Mount Paddy mining lease in 2016 and began resource drilling in June 2017. Subsequent rounds of drilling have increased the resource potential for this deposit. Mount Paddy contains outcropping magnetite with a strike length of 700m and widths of 80m. Magnetite observed in surface outcrop has a similar grade to that seen at Mount Lucy with analysis results ranging from 50 to 62% Fe. Resource drilling is ongoing and continues to be completed to a JORC compliant standard.

Magnetite and hematite occur at Mount Paddy as associations with skarn minerals within the Chillagoe Formation sedimentary sequence.

The Mount Paddy deposit has been drilled on a sub 50m over the bulk of the deposit. The geology is well defined and understood. A large sample inventory has been generated allowing for detailed geochemical analysis and is still retained by the Company. The deposit appears to continue along strike to the northwest and southeast. Of particular interest is the north-western extent of the deposit which shows both width and depth at the ML boundary, strongly suggesting a continuity of mineralisation over the arbitrary EPM/ML boundary.

From the point of view of production of magnetite pellet feed and coal washing magnetite, the skarns at Mount Paddy are of interest. These skarns run from 46% Fe to 62% Fe and consist of 17% to 30% magnetite. Samples taken for Metallurgical test work are shown below.