Taiton Resources Limited provided an update on its activities at the Highway Project in the Gawler Craton of South Australia, and the Lake Barlee Project in Western Australia. Despite a weathered terrain, field mapping discovered previously undocumented rock samples which preserve primary porphyry textures near historical drillhole MER1. Cross-cutting quartz veins suggest development by multiple magmatic hydrothermal pulses and are considered analogous to the stockwork of quartz veins produced around the upper levels of mineralised porphyry plutons.

Intense silicification of subcrop, a localised variation in hill slope gradient and high intensity rainfall events during 2022 are potential factors combining to expose target style rocks at surface. Rocks were dug with a shovel from 5 locations along a 50m line. Best results include 1300 ppm Mo from MER1_01_2, and 1170 ppm Mo, 27.4 ppm Ag from MER1_02_2.

Holistic interpretation and analyses of surface mapping, sampling, and historical drill hole data initially classifies the Merino Prospect as a Climax- type molybdenum porphyry. In active tectonic belts, molybdenum porphyries form in rift (Climax-type), arc, or continental collision settings. The geological signatures at the Merino Prospect best conform to the rift, or Climax-type, classification for molybdenum porphyries.

These geological signatures include: · high silica (SiO2) in the porphyry intrusion; · a large alteration halo of potassium (K) and · green rocks (propylitic); textures of breccia and stockwork as depicted in Figure 3; interpretation for a molybdenum core, halo of zinc (Zn), lead (Pb) and iron (Fe) sulphides, late stage cross-cutting quartz veins enriched in silver (Ag); and trace element compositions and ratios in unweathered rock chip samples. The Climax molybdenum deposit is the world's archetypal high-silica alkali rhyolite-granite molybdenum porphyry deposit. It is located in Colorado, USA and operated by Freeport McMoran.

It has produced nearly 1 million tons of molybdenum over 100 years. Climax-type deposits are typically hundreds of millions of tons of ore, with MoS2 contents averaging less than 1% of the rock by weight. The late hydrothermal processes related to magmatic intrusions are responsible for porphyry-style alteration and precipitation of molybdenum.

Mineralisation occurs as a diffuse zone of molybdenite in fractures and stockworks in both intrusive cores and surrounding meta-sedimentary wall rocks. The world-class Climax porphyry molybdenum deposit is the type example of Climax-type porphyry molybdenum deposits [6]. It is the largest molybdenum deposit in the world (total production and reserves) and has produced more total pounds of molybdenum than any other deposit.

The deposit was first discovered in 1879 by Charles Senter but the main mineral commodity, molybdenite, was not identified until 1895 [4]. In 1912 molybdenum was recognized as a hardener for steel and there was minor production from Bartlett Mountain from 1915 to 1917. During this time the principal separation and concentration process for molybdenite by sulfide flotation was developed.

The first real production was in 1918 and the Climax mine was in almost continuous production from 1924 until 1991. Early production averaged about 0.54 % Mo at a rate of less than 0.5 million tons (Mt) per year [4]. By 1957, 100 Mt of ore had been processed and by 1966, 200 Mt of ore had been processed.

In 1968, the mill was processing more than 43,000 t per day grading just under 0.24 % Mo. At that time the remaining reserves at Climax were in excess of 400 Mt (Wallace et al., 1968). Since 1918, approximately 470 Mt of ore with an average grade of 0.22 % Mo have been mined by underground and open pit methods.

Current reserves are 156 Mt grading 0.19 % Mo and 87 Mt of mineralised material grading 0.25 % Mo [5]. Of the three orebodies, the Upper orebody is the largest and has the highest molybdenite grade, and it exhibits the most intense hydrothermal alteration [4]. The induced polarisation and magnetotelluric field survey by Geophysical Resources & Services is currently in progress.

Analyses and modelling of data, and interpretation of results with regard to Climax-style porphyry mineralisation will provide targets for drill hole locations. The company has contracted Mitre Geophysics to undertake modelling and interpretation. AirGeoX has commenced an aeromagnetic survey at the Lake Barlee Project in Western Australia (Figure 6).

In 2022 AirGeoX conducted a drone (UAV) magnetic survey over the company's Lake Barlee greenstone belt. The technology provided cost-effective, high-resolution and low-noise data that led to the delineation of magnetic anomalies and detailed structural interpretation at two high-priority gold in greenstone target areas. Following the success of the first survey, AirGeoX has been contracted to extend the survey along the strike extent of the greenstone belt to the tenement boundary.

Targets will be refined and prioritised for drilling in consultation with Mitre Geophysics.