Victorian Copper-Gold and Gold Projects – Drilling and Exploration Update

February 22, 2017

Recent drilling provides important new understanding of high-grade copper, gold and silver mineralisation controls at Thursday’s Gossan; sulphide mineralised breccia intercepted in drilling at Mount Stavely; strong IP target identified at Honeysuckle gold prospect

Highlights

  • Recent diamond drilling at the Thursday’s Gossan copper porphyry prospect has resulted in recognition of the controls of high-grade copper, gold and silver mineralisation and its distribution and relationship to the chalcocite blanket.
  • Previously recognised porphyry ‘D’ veins noted in drilling at depth are now believed to be responsible for the higher tenor copper, gold and silver results near surface, including:
    • 7m at 4.1% Cu and 1.1 g/t Au from 94.7m; and
    • 5m at 2.9% Cu and 0.4 g/t Au from 154.6m in drill hole SNDD001;
    • 6m at 4.23% Cu, 50 g/t Ag and 0.42 g/t Au from 32m in drill hole TGAC016;
    • 33m at 0.6 g/t Au from 23m including 9m at 1.76 g/t Au from 26m in drill hole TGAC013;
    • 12m at 1.08% Cu and 0.24 g/t Au from 30m in drill hole TGAC004; and
    • 32m at 0.8% Cu and 0.4 g/t Au from 22m in drill hole VSTD001.
  • These intercepts are located within and adjacent to the existing chalcocite blanket Mineral Resource of 28Mt at 0.4% copper. Further drilling specifically targeting these near-surface expressions of the sulphide-rich ‘D’ veins has the potential to materially increase the grade of that portion of the Mineral Resource where these veins occur.
  • Likewise, high-grade intervals from the Junction 1 prospect, located just to the south of Thursday’s Gossan, are also likely to be related to the near-surface expression of ‘D’ veins in low-angle structures including:
    • 57m at 2.4% Cu and 22 g/t Ag from 2m in drill hole TGAC078; and
    • 15m at 1.09% Cu, 11 g/t Ag and 0.21 g/t Au from 63m in drill hole TGRC110.
  • Diamond drilling at the Mount Stavely copper prospect has intersected a total of 31.4m (in two intervals) of sulphide-mineralised polymict breccia. Drilling is continuing with sampling of the breccia in-progress.
  • A strong and well constrained Induced Polarisation (IP) chargeability feature has been generated by recent surveying at the Honeysuckle gold prospect.

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