Phoenix Copper Ltd.: Oberflächennahe, hochgradige Zink-Gold-Silber-Mineralisierung bei Mount Bonnie

Oberflächennahe, hochgradige Zink-Gold-Silber-Mineralisierung bei Mount Bonnie Highlights: · Die ersten drei bei Mount Bonnie gebohrten Bohrlöcher liefern hochgradige Analyseergebnisse: o 17 m mit 5,4 % Zn, 1,62 g/t Au, 61 g/t Ag, 0,3 % Cu und 0,5 % Pb aus 37 m in Loch MBRC013 o 8 m mit 12,3 % Zn, 2,41 g/t Au, 321 g/t Ag, 0,5 % Cu und 2,5 % Pb aus 89 m in Loch MBRC014 o 12 m mit 8,4 % Zn, 2,57 g/t Au, 228 g/t Ag, 0,7 % Cu und 2,0 % Pb aus 48 m in Loch MBRC015 · Die bisher ermittelte Mineralisierung befindet sich nahe der Oberfläche und ist in allen Richtungen offen - EM-Messungen am Boden bestätigen eine noch nicht erkundete nördliche Ausdehnung der bekannten Mineralisierung · Insgesamt wurden zwölf Bohrungen bei Mount Bonnie niedergebracht, die noch ausstehenden Ergebnisse werden vor Ende Juni erwartet Phoenix Copper Limited (ASX: PNX) freut sich mitzuteilen, dass die Analyseergebnisse aus den ersten drei von zwölf Bohrlöchern, die im Projekt Mount Bonnie im RC-Verfahren niedergebracht wurden, nunmehr vorliegen. Die Ergebnisse sind großartig und liegen über den Erwartungen des Unternehmens, die auf der Auswertung historischer Daten basieren. Das Projekt Mount Bonnie befindet sich auf dem Gelände genehmigter Bergbaukonzessionen, die zum Projekt Hayes Creek in der Region Pine Creek im australischen Northern Territory gehören, und ist zu 100 % im Besitz von Phoenix Copper. Oberflächennahe, hochgradige Zink-, Gold- und Silbersulfidmineralisierung Das Ende Mai fertiggestellte Bohrprogramm umfasste zwölf RC-Löcher mit 1.114 Bohrmeter und hatte die Entdeckung von neuen Mineralisierungsstandorten sowie Erweiterungen der bestehenden Massivsulfidmineralisierung bei Mount Bonnie zum Ziel (Abbildung 1 und Tabelle 1). Die Löcher MBRC013, MBRC014 und MBRC015 wurden direkt neben und unterhalb der historischen Tagebaustätte (wo nach Entdeckung von Sulfiden der frühere Bergbaubetrieb stillgelegt wurde) gebohrt und sollten eine große Informationslücke zwischen der Basis des Tagebaubetriebs und den am nächsten gelegenen Bohrlöchern schließen. Alle drei Löcher konnten eine oberflächennahe, hochgradige Massivsulfidmineralisierung durchteufen (Tabelle 2). Der beste Abschnitt, der bisher im Bereich der Lagerstätte durchteuft wurde, stammte aus Loch MBRC014. Dieser Abschnitt umfasste 8 m mit einem Erzgehalt von 12,3 % Zn, 2,41 g/t Au, 321 g/t Ag, 0,5 % Cu und 2,5 % Pb und war in einem breiteren Abschnitt von 89 m enthalten. Vereinzelt wurden Erzgehalte von bis zu 16,1 % Zn, 611 g/t Ag und 4,66 % Pb ermittelt, die sich in einem 1 m-Abschnitt innerhalb eines 90 m breiten Bereichs befanden. Es konnte somit bestätigt werden, dass die Lagerstätte hochwertig ist und hohe Erzgehalte aufweist. Zudem ist die Mineralisierung in Loch MBRC014 mächtiger und hat einen höheren Erzgehalt als ein historisches Bohrloch im näheren Umfeld; auch ist die Massivsulfidlinse in der Tiefe offen und bietet damit bedeutendes Potenzial für eine weitere Mineralisierung (Abbildung 2). Tabelle 1: Einzelheiten zu den Bohrlöchern bei Mount Bonnie http://www.irw-press.at/prcom/images/messages/2015/24740/Drilling results MB-03June-Final (2)_DEPrcon.001.png Tabelle 2: Wichtige Durchschneidungen bei Mount Bonnie http://www.irw-press.at/prcom/images/messages/2015/24740/Drilling results MB-03June-Final (2)_DEPrcon.002.png Hinweis: Die bedeutenden Abschnitte in der vorstehenden Tabelle haben einen Erzgehalt von > 0,7 g/t Goldäquivalent und eine Mächtigkeit von > 1m, die hochgradigen bedeutenden Abschnitte haben einen Erzgehalt von >= 6 g/t AuEq. Bei der Berechnung des Goldäquivalentgehalts wurden die metallurgische Ausbeute und die Metallpreise herangezogen. Weitere Einzelheiten siehe JORC Code, Ausgabe 2012 - Tabelle 1, Abschnitt 2 auf der Rückseite dieser Meldung. * Abschnitt 60 - 61 m: keine Probe aus Loch MBRC015 gewonnen-- Diese Analyseergebnisse aus den ersten drei bei Mount Bonnie gebohrten Löchern sind sehr vielversprechend, da sich die durchteufte Mineralisierung jenseits der Abgrenzung, die im Rahmen früherer Bohrungen definiert wurde, befindet. Der Gesamterzgehalt und die Art der Mineralisierung, die typischerweise als Massivsulfidmineralisierung mit bedeutenden Sphalerit-, Bleiglanz- und Pyrrhotinanteilen eingebettet in eine mächtigere Einheit aus versprengten Sulfiden auftritt, ist der Mineralisierung der Ressourcen bei Iron Blow sehr ähnlich (Tabelle 3); letztere liegt in weniger als 3 km Entfernung in nordwestlicher Richtung (Abbildung 3). Dieses erste Bohrprogramm bei Mount Bonnie wird daher zu einer Steigerung des Wertes und der Prospektivität des Projekt Hayes Creek als Ganzes beitragen. Noch ausstehende Ergebnisse Die Analyseergebnisse aus neun der zwölf während des Programms gebohrten Löcher (Abbildung 1) stehen noch aus. In diesen Löchern wurde untersucht, ob eine Erweiterung nördlich des bestehenden Tagebaubetriebs und entsprechendes Gold-Silberoxidpotenzial entlang des Streichens der Abbaustätte selbst vorhanden sind. Was diese übrigen Löcher betrifft, wurde in vier eine Massivsulfidmineralisierung durchteuft, vier endeten in der Oxidalterierungszone und eines erreichte seine Zieltiefe aufgrund von übermässigem Wassereintritt nicht. Die Ergebnisse zu diesen Löchern sollten vor Ende Juni vorliegen und bilden einen wesentlichen Bestandteil der ersten Ressourcenschätzung für Mount Bonnie, die im weiteren Jahresverlauf erstellt werden soll. http://www.irw-press.at/prcom/images/messages/2015/24740/Drilling results MB-03June-Final (2)_DEPrcon.003.png Abbildung 1: Mount Bonnie - nur Analyseergebnisse für Zink und Gold sind angeführt (siehe Tabelle 2). Gelbe Löcher wurden von Phoenix Copper gebohrt, schwarze Löcher sind frühere Bohrungen. Rote Wireframes stellen Konduktivkörper dar, die blau-gestrichelte Linie weist auf die Lage des Querschnitts hin, der in Abbildung 2 unten dargestellt ist. Geophysikalische Daten an der Oberfläche und innerhalb des Lochs Vor kurzem wurden im Rahmen einer Modellierung Fixed Loop-Messungen sowie elektromagnetische Messungen im Loch durchgeführt, mit denen man in der Lage ist, das Grundgestein der Massivsulfidmineralisierung zu lokalisieren. Die Ergebnisse lassen mit großer Wahrscheinlichkeit darauf schließen, dass sich die Mineralisierung weiter nördlich fortsetzt als bisher vermutet (Abbildung 1). Anhand der Modelle lassen sich zwei Zonen mit Massivsulfiden ausmachen, von denen eine (obere, oberflächennahe Leitschicht) mit der bekannten Mineralisierung korreliert, während die andere (untere, tiefere Leitschicht) möglicherweise eine neue und noch unerkundete Mineralisierung darstellt. Dieses Konzept wurde noch nicht durch Bohrungen untersucht (auch nicht im Rahmen des Programms im Mai 2015) und bietet daher weitere Chancen für die Ausdehnung der mineralisierten Bereiche. Das Unternehmen will diese Arbeiten im weiteren Jahresverlauf in Angriff nehmen. Phoenix Copper ist der Überzeugung, dass enormes Potenzial für eine Erweiterung der Ressourcen im Projekt Hayes Creek sowie für die Entdeckung neuer VMS-Lagerstätten besteht. Die Zielstratigraphie lässt sich an der Oberfläche auf einer Länge von mindestens 10 km verfolgen; zahlreiche weitere Bereiche, die sich auf dem Projektgelände Burnside befinden, sollen noch genauer erkundet werden. Es wird demnächst ein regionales Explorationsprogramm eingeleitet, mit dem eine Kartierung und Probenahme des prospektiven Horizonts durchgeführt und neue Bereiche mit potentiellen VMS- und Goldlagerstätten verifiziert werden sollen. http://www.irw-press.at/prcom/images/messages/2015/24740/Drilling results MB-03June-Final (2)_DEPrcon.004.jpeg Abbildung 2: NW-SO-Querschnitt durch Loch MBRC014, der auf eine mögliche, leicht gegen Nordwesten abfallende Massivsulfidlinse hinweist Über das Projekt Hayes Creek Die Lagerstätten Iron Blow und Mount Bonnie sind Teil des von Phoenix Copper betriebenen Projekts Hayes Creek, das sich in der Region Pine Creek im australischen Northern Territory, 180 km südlich von Darwin, befindet (Abbildung 4). Die Lagerstätten befinden sich auf dem Gelände genehmigter Bergbaukonzessionen und unweit bestehender Infrastruktureinrichtungen (Bahnnetz, Straßen, Starkstromleitungen, Wasserversorgung). Für die Lagerstätte Iron Blow wurde von Phoenix Copper Ende 2014 eine neue Mineralressourcenschätzung erstellt, in der Mineralressourcen der abgeleiteten Kategorie gemäß JORC (2012)-Richtlinien ausgewiesen wurden (Tabelle 3). Diese Ressourcen umfassen rund 200.000 Unzen Gold, 10,7 Millionen Unzen Silber und 125.000 Tonnen Zink mit potentiell abbaubaren Erzgehalten (siehe ASX-Meldung vom 3. November 2014). Im Laufe des Jahres 2015 will das Unternehmen im Projekt Hayes Creek ein Ressourcenvolumen definieren, das für die Durchführung einer Rahmenstudie ausreicht. Diese Studie, die Mitte April 2016 vorliegen soll, wird als Nachweis der potentiellen Machbarkeit des Projekts dienen. Tabelle 3: Schätzung der abgeleiteten Mineralressourcen bei Iron Blow - Stand: 8. Oktober 2014* http://www.irw-press.at/prcom/images/messages/2015/24740/Drilling results MB-03June-Final (2)_DEPrcon.005.png * Einzelheiten siehe ASX-Meldung vom 3. November 2014 mit dem Titel High Grade Mineral Resource Estimate for Iron Blow Deposit Hinweis: Seit dem Erstbericht wurden keine wesentlichen Änderungen an der Mineralressourcenschätzung vorgenommen. Die Ergebnisse, der von Phoenix Copper seit Oktober 2014 durchgeführten Bohrungen sind nicht in der Schätzung enthalten. http://www.irw-press.at/prcom/images/messages/2015/24740/Drilling results MB-03June-Final (2)_DEPrcon.006.png Abbildung 3: Iron Blow und Mount Bonnie auf dem Projektgelände Hayes Creek http://www.irw-press.at/prcom/images/messages/2015/24740/Drilling results MB-03June-Final (2)_DEPrcon.007.png Abbildung 4: Projekt Hayes Creek und Explorationsprojekte Burnside, Moline und Chessman Stellungnahme des Sachverständigen Die in diesem Bericht enthaltenen Informationen, die sich auf Explorationsergebnisse beziehen, basieren auf Datenmaterial, das von Andrew Bennett, einem Sachverständigen und Mitglied des Australasian Institute of Mining and Metallurgy (AusIMM), zusammengestellt wurde. Herr Bennett hat ausreichende Erfahrungen, wie sie für die Art der hier dargestellten Mineralisierung bzw. Lagerstätten und auch für die von ihm durchgeführten Tätigkeiten wesentlich sind. Er verfügt somit über die entsprechenden Qualifikationen, die ihn zum Sachverständigen gemäß den einschlägigen australischen Richtlinien der Berichterstattung (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, Ausgabe 2012) befähigen. Herr Bennett stimmt zu, dass die auf den einschlägigen Informationen basierenden Angaben in einer der Form und dem Zusammenhang entsprechenden Weise in diesen Bericht aufgenommen werden. James Fox--- Managing Director & CEO Telefon: +61 (0)8 8364 3188 E-Mail: info@phoenixcopper.com.au --- Peter Taylor Investor Relations Telefon: +61 (0) 412 036 231 E-Mail: peter@nwrcommunications.com.au Website: www.phoenixcopper.com.au Phoenix Copper Limited ABN 67 127 446 271 Level 1, 135 Fullarton Road Rose Park, SA 5067 Australien Telefon: +61 (0) 8 8364 3188 Fax: +61 (0) 8 8364 4288 info@phoenixcopper.com.au www.phoenixcopper.com.au Für die Richtigkeit der Übersetzung wird keine Haftung übernommen! Bitte englische Originalmeldung beachten! Sie finden den englische Originalmeldung inkl. JORC Code unter folgendem Link: http://www.asx.com.au/asxpdf/20150603/pdf/42yz91lk08k1z3.pdf JORC Code, 2012 Edition - Table 1 Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling · Nature and quality of sampling (e.g. cu· All samples are reverse circulation techniqut channels, random chips, or specific (RC) es specialised industry standard chips measurement tools appropriate to the minerals · All samples were split using riffle un splitter mounted to the bottom of the der investigation, such as downhole cyclone to obtain a representative gamma sondes, or handheld XRF sample for instruments, etc). These examples analysis should not be taken as limiting the broad meaning of · Sample intervals were 1m sampling. · Sample weights were typically 2-3kg · Magnetic susceptibility measurements we · Include reference to measures taken to re ensure sample representivity and the appropriate calibration of any taken using a Fugro GSM-2 instrument measurement tools or systems · Field portable XRF measurements taken used. for 32 elements (Ca, Ti, V, Cr, Mn, Fe, Co, Ni, Cu, Zn, As, Rb, Sr, Zr, Mo, Ag, · Aspects of the determination of Cd, Sn, Sb, W, Hg, Pb, Bi, Th, U, P, S, mineralisation that are Material to the Cl, K, Se, Y and Au) using an Public Olympus-InnovX DELTA Premium DP4000C Report. with a Ta/Au anode. The instrument conducts a self-calibration prior to · In cases where industry standard each use and is also checked against work has been done this would be standard reference relatively simple (eg reverse samples circulation drilling was used to obtain 1 m samples from which 3 kg was · Mineralised intercepts have been pulverised to produce a 30 g charge for verified using the field portable XRF fire assay). In other cases more instrument which gives a qualitative explanation may be required, such as measure of the relevant elemental where there is coarse gold that has abundances inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drilling · Drill type (eg core, reverse · All drilling was RC drilling from techniqu circulation, open-hole hammer, rotary surface with 4.5 rods with a face es air blast, auger, Bangka, sonic, etc) sampling and details (eg core diameter, triple hammer or standard tube, depth of diamond . Drilling was carried out by May tails, face-sampling bit or other type, Drilling of Humpty Doo, Northern whether core is oriented and if so, by what method, Territory using a truck mounted EDM2000 d etc). rillin g rig · A Reflex Easy Track single-shot survey tool was used by May Drilling at regular intervals (approximately every 30m downhole) as instructed by Phoenix Coppers on-site geologist to monitor the downhol e position Drill · Method of recording and assessing core · Sample recovery was estimated visually sample and chip sample recoveries and results by inspecting the size of the sample recovery assessed. collected, and recorded in the geological log at 1m · Measures taken to maximise sample intervals recovery and ensure representative nature of the · No relationship has yet been samples. established between sample recovery and grade. When samples became wet, · Whether a relationship exists between there was unavoidable loss of fines sample recovery and grade and whether (typically 5-10% of the sample weight). sample bias may have occurred due to This has the possibility of preferential loss/gain of fine/coarse introducing a sample bias in deeper material. parts of some holes. Geological logs include the wet or dry nature of the sample Logging · Whether core and chip samples have · All RC chips have been geologically been geologically and geotechnically logged by the onsite logged to a level of detail to support geologist appropriate Mineral Resource at 1m intervals and chip trays have estimation, mining studies and been retained and metallurgical photographed studies. · Log fields include lithology, colour, · Whether logging is qualitative or grainsize, texture, veining, sulphide quantitative in nature. Core (or mineralisation, alteration, strength, recovery and sample costean, channel, etc) photography. moisture · The total length and percentage of the relevant intersections · Logs have been aided by the use of logged. magnetic susceptibility and portable XRF measurements on each metre sample Sub-sampl· If core, whether cut or sawn and · Riffle splitting at the drill rig ing whether quarter, half or all core provides a 1/8 fraction of the total techniqu taken. drilled portion for es and assay sample · If non-core, whether riffled, tube preparat sampled, rotary split, etc and whether · All samples were riffle split. The ion sampled wet or splitter was blown with compressor air dry. and cleaned at the end of each rod (6m) to reduce sample · For all sample types, the nature, contamination quality and appropriateness of the sample preparation · All mineralised intercepts and their technique. surrounding ~10m are · Quality control procedures adopted for submitted for assay. Intervals all sub-sampling stages to maximise submitted for representivity of assay samples. are based on visual and portable XRF readings · Measures taken to ensure that the sampling is representative of the in · Duplicate field samples were taken situ material collected, including for each instance results for field 25 duplicate/second-half th sample by using a second portable sampling. riffle splitter to check representivity of · Whether sample sizes are appropriate samples to the grain size of the material being sampled. · Individual samples are placed in individual sample bags and clearly identified prior to submission to the laboratory for assay · The sample sizes are appropriate for the grain size of the material being sampled Quality · The nature, quality and · Samples were submitted to Northern of appropriateness of the assaying and Australian Laboratories (NAL) in Pine assay laboratory procedures used and whether Creek, Northern data the technique is considered partial or Territory and total. laborato · After crushing and pulverizing to - ry · For geophysical tools, spectrometers, 100 microns, each sample is roll mixed tests handheld XRF instruments, etc, the on a parameters used in determining the ru analysis including instrument make and bber mat after pulverizing, a barren model, reading times, calibrations flush is pulverized between each factors applied and their derivation, sample, the samples are subjected to a etc. four acid digest (considered a total digest for the elements of interest) · Nature of quality control procedures and read using ICP-MS and OES for a adopted (eg standards, blanks, suite of elements (lab methods duplicates, external laboratory checks) G400 and whether acceptable levels of and G340 for ore grade samples). A accuracy (ie lack of bias) and sub-sample of the pulverized sample is precision have been also submitted for conventional fire established. assay for gold (FA50 ) · Phoenix Copper submitted certified reference materials every 25 th sample and also submitted blank quartz material to check laboratory analytical and sample preparation quality · NAL have internal QAQC procedures, including certified reference materials, duplicates and blanks, results of which are reviewed by NAL prior to reporting to Phoenix Copper · Visual assessment of the standards, blanks and duplicates shows that a high degree of confidence can be placed in the accuracy and precision of the assay data Verificat· The verification of significant · The results in this report have no ion of intersections by either independent or directly comparable diamond core to sampling alternative company determine if sample bias is a and personnel. possibility in RC drilling. When all assaying results are received, a statistical · The use of twinned holes. comparison between RC samples and · Documentation of primary data, data diamond core will be undertaken entry procedures, data verification, data storage (physical and electronic) protocols. · External laboratory assays are routinely carried out prior to resource · Discuss any adjustment to assay data. estimation · All logging has been carried out using standardised logging codes to professional standards. All geological, geotechnical and sampling information has been entered into a digital database which has been validated for sample overlaps and missing data · All hard copies of information are stored in a secure compound at site. Digital copies are held on site and at Phoenix Coppers Adelaide office on a backed-up server · No adjustments to assays have been made. Where gold assay data has been repeated by the lab, the average value has been reported Location · Accuracy and quality of surveys used · Downhole surveys have been collected of data to locate drill holes (collar and by a Reflex single shot camera at points down-hole surveys), trenches, mine intervals of 30m. Where magnetic workings and other locations used in ground was encountered, alternative Mineral Resource depths were estimation. surveyed · Specification of the grid system used. · The drill collars were located using a · Quality and adequacy of topographic Garmin GPS Map 60 hand-held GPS unit control. and verified using a second unit. The drill hole locations are considered accurate to within 7 m and this is sufficient for the nature of the drilling. All coordinates are quoted using the GDA94 datum and pro jected to MGA zone 52 · Topography has been accurately measured using a drone survey over the area in 2014 Data · Data spacing for reporting of · The drill spacing is irregular, due to spacing Exploration the irregular topography and historical and Results. mining activities; however the overall distribu drill spacing within the mineralised tion · Whether the data spacing and zone is approximately 15 x 40m, which distribution is sufficient to establish will the degree of geological and grade continuity appropriate for the Mineral be sufficient to establish the grade Resource and Ore Reserve estimation continuity. procedure(s) and classifications A few scout holes occur at irregular applied. spacings to the north of known mineralisation, but there is no · Whether sample compositing has been drilling at all to the south of known applied. mineralisation · Consistent 1 metre downhole intervals are sampled, which is appropriate for RC drilling and for the thickness of the known mineralisation · No sample compositing has been carried out Orientati· Whether the orientation of sampling · The drill holes are oriented to on of achieves unbiased sampling of possible intersect mineralisation close to data in structures and the extent to which this perpendicular to the interpreted relation is known, considering the deposit orientation of the main zone of to type. mineralisation. Some holes were geologic drilled vertically where space was al · If the relationship between the limited. The mineralisation may be structur drilling orientation and the folded in some areas, which could e orientation of key mineralised result in the possibility of drill structures is considered to have holes being not optimally introduced a sampling bias, this should orientated be assessed and reported if material. · Any biasing effect is yet to be determined Sample · The measures taken to ensure sample · Logging and sampling has been carried security security. out by Phoenix Copper personnel on site and samples submitted to th e laboratory by the same people · No third parties have been allowed access to the samples Audits · The results of any audits or reviews · No audits have been carried out at or of sampling techniques and this reviews data. point · A visual comparison of the assay results with the field portable XRF shows an acceptable correlation between the two Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral · Type, reference name/number, location · The Mount Bonnie deposit is located tenement and ownership including agreements or within MLNs1033, 1039, 342 and and material issues with third parties such 405 land as joint ventures, partnerships, tenure overriding royalties, native title · The deposit and drilling is situated status interests, historical sites, wilderness within Pastoral Lease No. 903, or national park and environmental Do settings. uglas, held by Tovehead Pty Ltd · The Mineral Leases are in good standing · The security of the tenure held at the and no known impediments time of reporting along with any known exist impediments to obtaining a licence to operate in the · A Sale and Purchase Agreement and area. Heads of Agreement for Farm In and Joint Venture Agreement (Agreement) between Phoenix Copper Ltd and Crocodile Gold Australia Pty Ltd was signed on 15 August 2014, the Agreement includes the 100% acquisition of the mineral leases containing Iron Blow and Mount Bonnie. Crocodile Gold retains a 2% royalty on any silver and gold production from those deposits Explorati· Acknowledgment and appraisal of · Previous exploration at Iron Blow and on done exploration by other Mount Bonnie has consisted of oxide by parties. mining, geological mapping, surface other geochemical sampling and diamond parties drilling · Crocodile Gold carried out some drilling at both deposits in 2011, which has been inspected and verified by Phoenix Copper · Extensive exploration on the broader tenement package by previous explorers has focused on gold exploration. Numerous base metal prospects have been identified in surface geochemical sampling by these explorers that have not been adequately followed up due to the lower gold values · Crocodile Gold completed an airborne EM (VTEM) survey over parts of the tenement package. Numerous conductive rocks prospective for base metals have been identified by Phoenix Copper for further ground truthing and follow-up work Geology · Deposit type, geological setting and · Iron Blow and Mount Bonnie are stratabo style of und base metal, silver and gold massive mineralisation. sulphide deposits. They are located within the Mount Bonnie Formation of the South Alligator Group, within the Pine Creek Orogen of the Northern Territory. Both deposits appear to be located at similar stratigraphic positions on opposite limbs of the roughly north-s outh trending Margaret Syncline · Mineralisation is hosted within carbonaceous siltstones and mudstones within the lower portion of the Mount Bonnie Formation. It appears to have formed early in the basin development and has associated footwall alteration consisting of variable proportions of chlorite, amphibole, calcite, silica, and talc with associated vein and disse minated sulphides. The mineralisation app ears to be consistent with a volcanic hosted massive sulphide deposit (VHMS) characteristics, or could possibly be related to carbonate replacement style . Further work is required to determine the exact association. · The massive sulphide mineralisation is dominantly massive pyrrho tite with zones of coarse-grained, high-grade sphalerite, arsenopyrite, chalcopyrite, with lesser galena. Significant silver and gold grades are also present i n previous drillholes within the massive sulphide and within adjacent quartz-veined and brecciated sediments containing significant disseminated and stringer sulphides , which is possibly the vent zone typical of VHMS deposits · Mineralisation at both Iron Blow and Mount Bonnie is structurally complex and appears to be deformed by the regional deformation events. Structural mapping and logging is continuing to determine the precise nature, timing, and geometry of the mineralized bodies Drill · A summary of all information material · Refer to table and diagram in main hole to the understanding of the exploration announcement for drill summary Informat results including a tabulation of the details ion following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. · If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data · In reporting Exploration Results, · All samples are of equal length, so no aggregat weighting averaging techniques, maximum weighted averages are ion and/or minimum grade truncations (eg applied methods cutting of high grades) and cut-off grades are usually Material and should · No high cut-off grades have been be applied stated. · Reported intersections are reported as · Where aggregate intercepts incorporate significant if they occur at a minimum short lengths of high grade results and of 0.7 g/t Au, calculated on an longer lengths of low grade results, equivalence basis. This is consistent the procedure used for such aggregation with the minimum cut-off grade reported should be stated and some typical for the Iron Blow resource (JORC 2012) examples of such aggregations should be reported 3 November 2014. Mineralised shown in intersections were observed to be detail. coherent and have sharp grade boundaries, but may include narrow · The assumptions used for any reporting intervals of sub-ore grade of metal equivalent values should be mineralisation which would be clearly considered as internal dilution if stated. mined by open pit methods · Higher grade mineralised zones have been reported if coherent downhole intervals >= 6g/t Au (equivalent) is encountered · Metal equivalent grades assumptions are calculated using the following formula: AuEq g/t = [(Au grade g/t x (Au price oz/31.1034768) x Au recovery) + (Ag g/t x (Ag price oz/31.1034768) x Ag recovery) + (Cu grade % x (Cu price per t/100) x Cu recovery) + (Pb grade % x (Pb price per t/100) x Pb recovery) + (Zn grade % x (Zn price per t/100) x Zn recovery)] / (Au price per oz/31.1034768). ZnEq % = [(Au grade g/t x (Au price oz/31.1034768) x Au recovery) + (Ag g/t x (Ag price oz/31.1034768) x Ag recovery) + (Cu grade % x (Cu price per t/100) x Cu recovery) + (Pb grade % x (Pb price per t/100) x Pb recovery) + (Zn grade % x (Zn price per t/100) x Zn rec overy)] / (Zn price per t/100) · Metal prices & recoveries used are consiste nt with the Iron Blow resource (JORC 2012), reported 3 November 2014 . Metal prices: Cu US$7,000t, Pb US2.250/t, Zn US$2,350/t, Ag US$20/oz, Au US$1,300/oz . Recoveries: Cu 70%, Pb 70%, Zn 70%, Ag 90%, Au 90% Relations· These relationships are particularly · The mineralised intersections quoted hip important in the reporting of in this report are very close to true between Exploration widths minerali Results. - to be confirmed by wireframing and sation structural widths · If the geometry of the mineralisation analysis and with respect to the drill intercep · The geometry of the mineralisation is t hole angle is known, its nature should approximately 45deg NW at Mt Bonnie and lengths be most of the drill holes have been reported. drilled towards the SE perpendicular to the · If it is not known and only the down mineralisation hole lengths are reported, there should be a clear statement to this effect (e .g. down hole length, true width not known). Diagrams · Appropriate maps and sections (with · Refer to main announcement scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Balanced · Where comprehensive reporting of all · All matters of importance have been reportin Exploration Results is not practicable, included g representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other · Other exploration data, if meaningful · All relevant information has been substant and material, should be reported included ive including (but not limited to): explorat geological observations; geophysical ion survey results; geochemical survey data results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Further · The nature and scale of planned · Further work will be assessed on work further work receipt of all assay results from the (e current drill program. Further .g. tests for lateral extensions or drilling will likely be required to depth extensions or large-scale find the extent of step-out mineralisation drilling). · Detailed geological interpretations · Diagrams clearly highlighting the will be done following modelling of the areas of possible extensions, including drilling and incorporated with the main geological interpretations and historical data and mapping future drilling areas, provided this results information is not commercially sensitive.

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