DeSoto Resources (ASX: $DES) Quarterly Activities Report

DeSoto Resources Limited (ASX: $DES) has released its Quarterly Activities Report for the period ending 31 March 2024. The report highlights the company's focus on exploration activities at the Fenton Gold Project in the Northern Territory and its pursuit of high-priority manganese opportunities globally. DeSoto is well funded with $6.1 million in cash at the end of the quarter.

Executive Commentary on Northern Territory Exploration and Manganese Projects

Barrie Bolton, formerly BHP's global head of manganese exploration, has been leading a 12-month global review of manganese exploration opportunities for DeSoto Resources. The company has identified and assessed more than 15 new and existing manganese projects across the global tropics, targeting underexplored areas to produce feedstock for battery grade High Purity Manganese Sulphate Monohydrate (HPMSM). DeSoto is focusing on manganese carbonate deposits as the most cost-effective for producing HPMSM, driven by the increasing demand from the EV industry. The company is also engaging with potential project partners and deal opportunities, with project due diligence and assessment ongoing.

Summary of Quarterly Activities and Outlook

DeSoto Resources' Quarterly Activities Report showcases significant progress in understanding the potential of the Fenton Gold Project in the Northern Territory, with the confirmation of a substantial gold system and the identification of new conductivity targets beyond the drilled area. The company plans to continue regional exploration planning and ground geophysics to define new drill targets in the upcoming exploration season. Additionally, DeSoto's pursuit of global manganese opportunities aligns with its ambitions to pair a year-round manganese exploration project with its Northern Territory Projects. The company's focus on manganese carbonate deposits and the increasing demand for High Purity Manganese Sulphate Monohydrate (HPMSM) from the EV industry positions it strategically in the market. With a well-funded position and ongoing assessment of project opportunities, DeSoto Resources is poised for further exploration and potential partnerships in both the Northern Territory and global manganese projects.