The Total Mineral Resources estimate for the Mt Ararat Besshi-style Vocanic Massive Sulphide (VMS) copper-gold-zinc deposit (using a 1% Cu lower cut-off) is 1.3 million tonnes grading 2.0% copper, 0.5 g/t gold, 0.4% zinc and 6 g/t silver including 0.25 million tonnes grading 2.2% copper in the Indicated Resources category with the remainder classified as Inferred Resources. The 2015 Mt Ararat Copper Resource Estimate has been classified as Indicated and Inferred Resources under guidelines set out in the JORC Code (2012 Edition). The Mt Ararat Mineral Resource hosts an estimated 26,000 of contained copper, 21,000 ounces of contained gold, 5,300t of contained zinc and 242,000 ounces of contained silver.

Drilling completed during the 2015 financial year has provided additional data, defining an extension of the existing mineralisation at Mt Ararat further to the north. In addition, the increased data density and confirmation of historical drill-hole grades and widths by more recent drilling has also provided an increase in the confidence of a portion of the deposit, allowing elevation of some of the copper resources into the Indicated Resource classification.

VMS deposits are stratiform to strata-bound concentrations of copper, zinc, lead, gold and silver massive sulphide deposits formed at or near the sea floor during submarine hydrothermal activity. VMS deposits formed in dominantly basalt sequences in back-arc tectonic settings tend to be copper- and zinc- rich and are referred to as “Besshi” type.

The 2015 Mount Ararat Mineral Resource Estimate is presented in Table 1 below:

Thursday’s Gossan Resource

Thursday’s Gossan Chalcocite Blanket has an estimated (using a 0.2% Cu grade lower cut-off) – 28Mt at 0.4% copper for a contained 110kt of contained copper. The resource is a near surface secondary chalcocite enriched blanket over a porphyry copper deposit. Thursday’s Gossan copper mineralisation was discovered in the 1970s with a small gossan at surface located just north of a railway cutting.

In August 2015 the annual review of the Thursday’s Gossan Mineral Resources was undertaken.  While drilling was conducted during the 2015 financial year in the area, targeting well-developed primary porphyry copper-gold mineralisation at depth, no drilling was completed in the area of the existing secondary-enriched copper mineralisation. Consequently, the Mineral Resources at Thursday’s Gossan were reviewed in the context of the assumptions underpinning the 2013 Mineral Resources estimate. This review concluded that: “The Thursday Gossan Chalcocite Copper Inferred Resource Estimate, August 2015, remains unchanged from the Thursday Gossan Chalcocite Copper Inferred Resource Estimate, August 2013. There has been no additional data collected from the deposit and although economic circumstances affecting the mining industry have changed since 2013 the assumptions utilised in 2013 remain valid, if not for the current situation but for future situations.“

The Thursday’s Gossan Chalcocite deposit (TGC) is more appropriately a supergene enrichment of primary porphyry-style copper mineralisation. Mineralisation is characterised by chalcopyrite, covellite and chalcocite copper sulphide mineralisation within a sericite, illite and kaolin clay alteration assemblage. Copper mineralisation is within a flat lying enriched ‘blanket’ of overall dimensions of 4 kilometres north-south by up to 1.5 kilometres east-west by up to 60 metres thick with an average thickness of approximately 20 metres commencing at an average depth below surface of approximately 30 metres. The majority (circa 60%) of the Mineral Resources reside within a higher grade zone of approximate dimensions of 1 kilometre x 300 metres by 35 metres thick.


Reporting of Thursday’s Gossan Chalcocite Copper Resource against criteria in Table 1 JORC Code 2012

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