Castillo Copper Limited High-grade assay results at Harts Range Project

RNS Number : 0756L

Castillo Copper Limited

06 November 2024

 

6 November 2024

 

 

CASTILLO COPPER LIMITED

("Castillo", "CCZ" or the "Company")

 

high-grade assays up to 29.80% Nb₂O₅ & 14.04% u₃O₈ validate harts range project potential

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is delighted to confirm that assayed rock chip samples (Figure 1) - collected from the Cusp and Bobs Prospects during the geology team's three-day due diligence site visit in October 2024 - improved on historical results^1,2 (refer Appendix A).

 

Holistically, the high-grade readings - up to 29.80% Nb₂O₅, 14.04% U₃O₈, 1.63% Dy₂O₃, 0.22% Tb₄O₇ and 23.02% Ta₂O₅ - validate the Harts Range Project's significant exploration potential for Niobium, Uranium and HREE mineralisation.

 

HIGHLIGHTS:

 

·    Assays from rock chips samples - collected from outcropping pegmatites during the geology team's recent due diligence visit to the Harts Range Project - improved on historical results^1,2 returning excellent high-grade readings up to 29.80% Nb₂O₅, 14.04% U₃O₈, 1.63% Dy₂O₃, 0.22% Tb₄O₇ and 23.02% Ta₂O₅ (Figure 1)

 

o  These results clearly validate the significant exploration potential apparent for Niobium, Uranium and HREE mineralisation at the Cusp and Bobs Prospects

 

FIGURE 1: ROCK CHIP ASSAYS FROM OCTOBER 2024 FIELD TRIP
Sample ID	Nb2O5	U3O8	Dy2O3	Tb4O7	Ta2O5
HRS001	9.11%	13.48%	1.55%	0.20%	20.95%
HRS002	10.07%	14.04%	1.63%	0.22%	23.02%
HRS003	29.80%	10.10%	1.29%	0.21%	6.26%
HRS004	25.46%	8.54%	1.13%	0.18%	4.77%

Source: Intertek (Perth)³ (Refer to Appendix B)

 

·    To expedite advancing its comprehensive and systematic exploratory programme, the geology team will shortly return to site to undertake a reconnaissance campaign to investigate incremental historic prospects, new / legacy pegmatite occurrences

 

·    Further, to facilitate fast-tracking regional exploration efforts, requests for quotes (RFQs) have been sent to several service providers to undertake heliborne radiometric and magnetic surveys that are critical to identify targets for subsequent follow up 

 

·    CCZ is well funded as the Board's ongoing non-core asset rationalisation exercise has generated significant incremental value to date that is being rechannelled into accelerating exploration efforts at the Harts Range Project 

 

Ged Hall, Chairman, commented: "Validating the historical assays results is a tremendous outcome and clearly underpins the Harts Range Project's significant exploration potential for Niobium, Uranium and HREE mineralisation. As a result, the Board is accelerating exploratory efforts, with the geology team set to return to site shortly to undertake further field work, while systematically selecting a contractor to undertake heliborne geophysical surveys. With a significant pipeline for forward exploratory work, the Board will apprise the market of developments as they materialise."

 

ASSAYS VALIDATE HARTS RANGE PROJECT

Field trip observations

During the three-day due diligence site visit, the geology team undertook the following tasks at the Cusp and Bobs Prospects:

·    Verified historical rock chip locations;

·    Took field readings for radiation and mineralisation with RadEye and pXRF devices respectively; and

·    Collected fresh rock chip samples - HRS001-4 (refer Figure 2, 3 & 4) - which were sent to Intertek (Perth) to be assayed utilising the sodium peroxide fusion method.

 

FIGURE 2: ROCK CHIPS @ CUSP PROSPECT

Location: Cusp Prospect 507859E 7447753N (Sample: HRS003)

Source: CCZ geology team & Barfuss Corporation

 

 

FIGURE 2: ROCK CHIP SAMPLE LOCATIONS AT CUSP PROSPECT

Source: CCZ geology team & Barfuss Corporation

FIGURE 3: ROCK CHIP SAMPLE LOCATIONS AT BOBS PROSPECT

Source: CCZ geology team & Barfuss Corporation

Expediting Exploration Programme and Next Steps

With the assays validating the Harts Range Project's (Figure 4) significant exploration potential, the geology team has received the green light from the Board to accelerate advancing its comprehensive and systematic exploration programme on two fronts:

·    The geology team will shortly return to site to undertake further field work and reconnaissance programmes to investigate additional historic prospects plus new / legacy pegmatite occurrences; and,

·    RFQs have been sent to several service providers to undertake heliborne radiometric and magnetic surveys that are critical to identifying targets for subsequent follow up.  

A key positive for the Harts Range Project is its proximity to Alice Springs and accessibility via sealed roads / well-kept pastoral tracks. This will enable the geology team to make multiple trips to site over the next 12-18 months to facilitate rapidly progressing development work. 

FIGURE 4: HARTS RANGE PROJECT

Source: CCZ geology team

 

Castillo Copper Limited confirms that it is not aware of any new information or data that materially affects the information included in this market announcement and that all material assumptions and technical parameters underpinning all results and estimates in this market announcement continue to apply and have not materially changed.

 

For further information, please contact:  

 

Castillo Copper Limited	[phone]
Gerrard Hall (UK), Chairman
SI Capital Limited (Financial Adviser and Corporate Broker)	[phone]
Nick Emerson
Gracechurch Group (Financial PR)	[phone]
Harry Chathli, Alexis Gore, Henry Gamble

 

REFERENCES

1)     CCZ ASX Release - 21 & 28 October 2024

 

2)     Barfuss, R. (Barfuss Corporation Pty Ltd) 19 November 2007: "A Brief report on Samarskite Mineralisation in the Harts Range Project" (unpublished report) and Barfuss, R. (Barfuss Corporation) 2014: The Harts Range Project Exploration Licence (EL 24552) - inclusive of the following references:

a.     Caughey, A.R. (Flagstaff Geo Consultants Pty Ltd.), November 2007: Annual Report for Exploration Licence EL24552 for the period ending 25^th August 2007 (for Barfuss Corporation Pty. Ltd.)

b.     Caughey, R. (Flagstaff Geo Consultants Pty Ltd.) 2002 to 2006: various unpublished reports for Barfuss Corporation Pty. Ltd.

c.     PNC Exploration (Australia): various open-file tenement annual, final and partial relinquishment reports,1994 to 1997; Report Numbers CR1994-0325, CR995-0298, CR1995-0525, CR1995-0697, CR-1996-0285, CR1996-0286, CR-1997-0611. *

d.     Rutter, H. (Flagstaff Geo Consultants Pty Ltd.) 2006. 'An analysis of airborne radiometric data from the Harts Range, N.T.' (unpublished report)

e.     Shaw, R.D., Senior, B.R., Offe, L.A., Stirzaker, J.F., Walton, D.G., Apps, H.E., Freeman, M.J.1:250,000 Geological Map Series Explanatory Notes Illogwa Creek SF53-15. Bureau of Mineral Resources Australia & Northern Territory Geological Survey,1985.

Note: * Open file company reports sourced from the Northern Territory Mineral Industry Reports Management System (IRMS). Available at: https://geoscience.nt.gov.au/gemis/ntgsjspui/handle/1/3

3)     Riley, A. (31 October 2024) - Minerals Test Report (Unpublished for CCZ). Produced by:  https://www.intertek.com/

 

COMPETENT PERSONS STATEMENT

I, Mark Biggs, confirm that I am the Competent Person for the Competent Person Report from which the information to be publicly released has been obtained and confirm that:

·              I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition) and the relevant sections of Chapter 5 and Guidance Note 31 from the ASX Listing Rules.

·              I am a Competent Person as defined by the JORC Code 2012 edition, having 35 years of experience that is relevant to the REE and industrial mineral copper mineralisation types, quality and potential mining method(s) of the deposit(s) described in the Report.  In addition, I have 25 years of experience in the estimation, assessment and evaluation of Exploration Results and Mineral Resource Estimates, the activity for which I am accepting responsibility.

·              I successfully completed an AusIMM Online Course Certificate in 2012 JORC Code Reporting.

·              I am a Member of The Australasian Institute of Mining and Metallurgy (Member # 107188).

·              I have reviewed the Report or Excerpt from the Report to which this Consent Statement applies.

·              I am a consultant working for ROM Resources and have been engaged by Castillo Copper Limited to prepare the documentation for various prospects within the Harts Range Prospects on which the Report is based.

In addition:

·      I have disclosed to Castillo Copper Limited the full nature of the relationship between myself and the Company, including any issues that could be perceived by investors as a conflict of interest.  Mr Biggs is a director of ROM Resources, a company which is a shareholder of Castillo Copper Limited.  ROM Resources provides ad-hoc geological consultancy services to Castillo Copper Limited.

·      I verify that the Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in my supporting documentation relating to Exploration Results and any Mineral Resource Estimates.

·      I consent to the release of the Report and this Consent Statement by the Directors of Castillo Copper Limited.

 

NAME	JOB TITLE	REGISTRATION	EXPERIENCE (YEARS)	SIGNED
M Biggs	Principal Geologist ROM Resources	AusIMM 107188	25

ABOUT CASTILLO COPPER

Castillo Copper Limited is an Australian-based focussed explorer, with a strategy to develop multi-commodity assets that demonstrate future potential as an economic mining operation.

Through the application of disciplined and structured exploration, Castillo Copper has identified assets deemed core and is actively progressing these interests up the value curve.

Current focus will be on advancing exploration activity at the Harts Range Niobium, Uranium and Heavy Rare Earths Project which is circa 120km north-east from Alice Springs in the Northern Territory.

Other interests include the NWQ Copper Project, situated in the copper-belt district circa 150km north of Mt Isa in Queensland, Broken Hill Project in western New South Wales and exploration targets in Zambia.

Castillo Copper is listed on the LSE and ASX under the ticker "CCZ".

APPENDIX A: HISTORICAL ASSAY RESULTS

Cusp Prospect

The Cusp Prospect produced numerous high grade historical rock chips with the best results returning grades up to 23.2% Nb, 12.7% U and 14.6% TREE, including 1.88% Dy and 5.89% Ta (Figure A1)^@@.

FIGURE A1: HISTORICAL ROCK CHIP RESULTS - CUSP PROSPECT (PCT)
Sample ID	HR419	HR420	HR421	HR480	HR481	HR482	HR483	HR484	HR485	HR486	HR487	HR488	HR490
Niobium (%)	17.5	1.1	22.7	21.0	16.3	23.2	23.0	1.0	24.0	20.6	20.0	19.4	18.0
Uranium (%)	10.1	2.0	11.0	11.4	10.4	12.1	12.2	0.0	11.6	11.2	11.2	11.3	11.3
Yttrium (%)	5.6	16.0	6.9	8.0	3.3	8.6	8.1	0.0	7.9	7.4	8.3	7.8	7.3
Tantalum (%)	9.3	0.9	5.5	7.0	11.0	5.9	6.6	0.1	5.9	4.1	5.2	4.7	6.3
Dysprosium (%)	1.1	0.0	1.6	1.7	0.7	1.9	1.7	0.0	1.8	1.6	1.8	1.7	1.5
Terbium (%)	0.18	0.05	0.24	0.27	0.10	0.29	0.27	<0.01	0.27	0.25	0.27	0.26	0.24

Note: Niobium is typically coincident with Heavy Rare Earths mineralisation, Tantalum and Uranium

Source: Barfuss Corporation

The historical reports indicate that Niobium-Tantalum and Heavy Rare Earths were identified in pegmatites running circa east-west, up to 10m thick and over 70m long@.

Bobs and Bobs West Prospect

The Bobs and Bobs West Prospects are located circa 1.5-2km along the same strike and to the west of the Cusp Prospect, exhibiting similar underlying mineralisation traits and geological settings.

Like the Cusp Prospect, the Bobs and Bobs West Prospects delivered multiple high grade historical rock chips, with the best results returning grades up to 3.4% Nb, 16.3% TREE, including up to 1.54% Dy and 14.9% Ta^1@@ (Figure A2).

FIGURE A2: HISTORICAL ROCK CHIP RESULTS - BOBS & BOBS WEST PROSPECTS (PCT)
Sample ID	HR499	HR500	HR501	HR502	HR503	HR504	HR505	HR506	HR507	HR508	HR509	HR510
Niobium (%)	3.0	3.2	3.1	3.1	3.3	3.2	3.4	3.2	3.3	34	3.1	2.9
Uranium (%)	11.5	9.2	10.6	10.0	11.2	10.5	11.1	11.7	11.9	11.3	12.7	12.6
Yttrium (%)	10.0	8.8	9.2	9.2	11.1	9.9	10.9	11.1	10.2	11.4	10.5	10.0
Tantalum (%)	13.4	13.9	14.7	13.5	14.7	14.0	14.3	14.2	14.0	14.9	14.5	12.3
Dysprosium (%)	1.4	1.2	1.2	1.2	1.5	1.3	1.5	1.5	0.1	1.5	1.5	1.5
Terbium (%)	0.19	0.16	0.17	0.17	0.21	0.19	0.22	0.18	0.18	0.21	0.19	0.19

Source: Barfuss Corporation

APPENDIX B: CURRENT ASSAY RESULTS

FIGURE B1-1: SAMPLE DESCRIPTIONS
Sample ID	Easting	Northing	Location	Samarskite Estimate %	Description
HRS001	506176	7447415	Bobs	0-1	Grey, dense pegmatite. Fine grain texture comprised of quartz, microcline feldspar and muscovite, ~1cm wide rock chip samples. Varying degree of radiation ranging between 15-100 mSv. Samples collected from ~1foot deep into weathered pegmatite
HRS002	506168	7447412	Bobs	0-5	Grey, dense pegmatite. Fine grain texture comprised of quartz, microcline feldspar and muscovite ~1cm wide rock chip samples. Varying degree of radiation ranging between 15-100 micro mSv. Additional dense and dark minerals, metallic lustre, ~ 0.5cm, ranging between 15-100 mSv. Samples collected from ~1foot deep into weathered pegmatite.
HRS003A	507859	7447753	Cusp	2-15	Samarskitic pegmatite. Hard black minerals, metallic lustre. Very dense. Ranging in size from 0.5cm-4cm. Ranging in radiation from 20-100 mSv. Samples collected using geo pick from fresh pegmatite. *Mineralised crystal sample present in quartz. Hand specimen ~4cm. Image attached.
HRS003B	507860	7447755	Cusp	Nil	Pegmatite, appears unmineralised.
HRS004	507859	7447754	Cusp	1-10	Samarskitic pegmatite. Hard black minerals, metallic lustre. Very dense. Ranging in size from 0.5cm-4cm. Ranging in radiation from 20-100 mSv. Samples collected using geo pick from fresh pegmatite.

Notes: Coordinates in MGA94Z53S

Source: CCZ geology team

FIGURE B1-2: TREO RESULTS
		FP6/MS																		TREO  (ppm)	TREO-Ce  (ppm)	LREO  (ppm)	HREO  (ppm)	CREO %	MREO %
	Description	Ag	Th	U	Ce	La	Y	Dy	Er	Eu	Gd	Ho	Lu	Nd	Pr	Sm	Tb	Tm	Yb
Sample ID		ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
HRS001	Pegmatite	<2	11,061	114,346	485	233	93,860	13,498	7,419	184	5,642	2,535	782	1,073	142	1,807	1,715	1,127	7,175
Bobs
	Avge. Element		11,061	114,346	485	233	93,860	13,498	7,419	184	5,642	2,535	782	1,073	142	1,807	1,715	1,127	7,175
	Avge.Oxide				595	273	119,193	15,492	8,483	213	6,503	2,904	889	1,252	172	2,883	2,018	1,287	8,170	170,328	169,733	5,175	165,153	81.1%	12.8%
HRS002	Pegmatite	<2	10,794	119,047	429	115	108,080	14,212	7,841	189	6,136	2,678	841	1,032	118	1,954	1,845	1,203	7,777
HRS002D	Duplicate	<2	10,559	117,776	437	116	106,972	14,359	,791	219	6,148	2,693	834	1,046	119	1,974	1,855	1,186	7,565
Bobs
	Avge. Element		10,677	118,411	433	116	107,526	14,285	7,816	204	6,142	2,686	838	1,039	118	1,964	1,850	1,195	7,671
	Avge.Oxide				531	136	136,547	16,395	8,937	236	7,079	3,077	953	1,212	143	3,134	2,176	1,364	8,735	190,655	190,124	5,156	185,500	82.1%	15.8%
HRS003A	Samaskarite	14	11,440	85,639	2,201	684	56,791	11,220	4,077	164	7,309	1,687	344	3,013	426	3,429	1,756	559	3,334
Cusp
	Avge. Element		11,440	85,639	2,201	684	56,791	11,220	4,077	164	7,309	1,687	344	3,013	426	3,429	1,756	559	3,334
	Avge.Oxide				2,704	802	72,119	12,877	4,663	189	8,424	1,933	391	3,514	514	5,473	2,066	638	3,797	120,105	117,401	13,007	107,098	75.6%	27.4%
HRS003B	Pegmatite	<2	81	614	12	3	438	80	29	1	53	12	3	20	3	24	13	4	25
Cusp
	Avge. Element		81	614	12	3	438	80	29	1	53	12	3	20	3	24	13	4	25
	Avge.Oxide				15	4	556	92	33	1	61	14	3	23	3	39	15	4	28	891	876	84	807	77.1%	26.1%
HRS004	Samaskarite	12	9,652	72,383	716	61	48,979	9,861	3,590	144	6,319	1,517	309	2,024	212	2,829	1,525	492	2,964
Cusp
	Avge. Element		9,652	72,383	716	61	48,979	9,861	3,590	144	6,319	1,517	309	2,024	212	2,829	1,525	492	2,964
	Avge.Oxide				880	72	62,199	11,317	4,105	167	7,283	1,737	351	2,361	257	4,514	1,794	562	3,375	100,973	100,093	8,083	92,890	77.1%	27.3%

Notes: Coordinates in MGA94Z53S

Source: CCZ geology team

APPENDIX C: JORC CODE, 2012 EDITION - TABLE 1

The following JORC Code (2012 Edition) Table 1 is primarily supplied to provide background for the recent geological mapping, and rock chip sampling program, mostly conducted by the Castillo Copper geology team, from several prospects within the Harts Range Project during mid-October 2024.

Readers are also referred to previous ASX releases concerning these deposits on the 14^th and 28^th October 2024.

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sampling techniques	·      Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ·      Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ·      Aspects of the determination of mineralisation that are Material to the Public Report. ·      In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	·      Surface samples were collected from approximately a 3m radius around the recorded co-ordinate location. The rock chip fragments that were collected to make up the sample included fragments that approximately ranged from 2-5cm and 0.2 - 3kg in weight.  A total of five (5) rock chip samples were collected in calico bags and were progressed for laboratory analysis (sample numbers range from HRS001 to 004). Samples (e.g. Figure C1-1) were collected from rock outcrops in the vicinity of west to east trending pegmatite dykes.  Many of the surface samples contained the U-bearing mineral samarskite. The radioactivity of the samples was determined by a RadEye instrument in the field.   Figure C1-1 Sample of Samarskite at the Cusp Prospect
Drilling techniques	·      Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face sampling bit or other type, whether core is oriented and if so, by what method, etc).	·      Not Applicable - no exploration drilling results as none were drilled.
Drill sample recovery	·      Method of recording and assessing core and chip sample recoveries and results assessed. ·      Measures taken to maximise sample recovery and ensure representative nature of the samples. ·      Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	·      Not Applicable - no exploration drilling results as none were drilled.
Logging	·      Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ·      Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. ·      The total length and percentage of the relevant intersections logged.	·      Descriptions of the rock chip and soil samples are given in a table contained in Figure B1-1 of this CCZ's ASX Announcement dated the 6TH of November 2024. ·      Where appropriate strike and dip measurements were taken at several sites, additional to the five (5) rock chip sample sites.  Measuring bedding is difficult because of the high metamorphically - disturbed rock types.
Subsampling techniques and sample preparation	·      If core, whether cut or sawn and whether quarter, half or all core taken. ·      If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ·      For all sample types, the nature, quality, and appropriateness of the sample preparation technique. ·      Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. ·      Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. ·      Whether sample sizes are appropriate to the grain size of the material being sampled.	·      Of the sample collected about 0.3-2kg of rock chip were presented for analyses. ·      Assays were done by independent laboratory Intertek Pty Ltd at Maddington in Perth WA during October 2024, with the final reported dated 31/10/2024. The samples were sorted and dried.  Primary preparation was then by crushing the whole sample. The whole sample was pulverised in a vibrating disc pulveriser. ·      All samples were initially crushed to 4 mm then pulverised to 75 microns, with at least 85% passing through 75 microns. Standard sample preparation and analyses procedures were performed on all samples and are considered appropriate techniques.
Quality of assay data and laboratory tests	·      The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ·      For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ·      Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	·      Analytical Methods are described in detail as follows:   ·      Cu, Zn, Co, Ni, Mn, P, Sc, V, Al, Ca, Na, K, S have been determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry. ·      As, Ag, Ba, Be, Bi, Cd, Ga, Li, Mo, Pb, Sb, Sn, Sr, W, Y, La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, Th, U, Se, In, Te, Cs, Re, Tl have been determined by Inductively Coupled Plasma (ICP) Mass Spectrometry.  The samples have been fused with Sodium Peroxide and subsequently the melt has been dissolved in dilute Hydrochloric acid for analysis.  Because of the high furnace temperatures, volatile elements are lost. This procedure is particularly efficient for determination of Major element composition (Including Silica) in the samples or for the determination of refractory mineral species. ·      B, Cr, Si, Fe, Mg, Ti have been determined by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry. ·      Ge, Ta, Hf, Zr, Nb, Rb have been determined by Inductively Coupled Plasma (ICP) Mass Spectrometry. ·      The assay results were in line with previous rock chip sampling since 2006 at Harts Range.
Verification of sampling and assaying	·      The verification of significant intersections by either independent or alternative company personnel. ·      The use of twinned holes. ·      Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ·      Discuss any adjustment to assay data.	·      Independent Laboratory assaying by Intertek has confirmed, within acceptable limits, the occurrences of high-grade Nb, U, and REE from the initial in field XRF readings. Laboratory standards and duplicates were used in accordance with standard procedures for geochemical assaying as noted below. ·      It has met the recommended insertion rates for the company QAQC controls (given the small batch size one standard, and one blank). However, one (1) field duplicates were included in the three (3) batches and is recommended that 3% be included in future sampling programs.
Location of data points	·      Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ·      Specification of the grid system used. ·      Quality and adequacy of topographic control.	·      The spatial location for the rock chips and soils collected during the October 2024 fieldwork were collected by handheld GPS (-/+ 5m accuracy) [MGA94 Zone53]: The table of reported rock chip locations and descriptions are given in throughout the ASX release and in Figure B1-1 in Appendix B preceding.
Data spacing and distribution	·      Data spacing for reporting of Exploration Results. ·      Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ·      Whether sample compositing has been applied.	·      The Harts Range licenses lie north-west of the Entia Dome and are underlain by the Harts Range Group (Harts Range Meta-igneous Complex), which predominantly consists of feldspar-biotite-amphibole-garnet gneisses.  The Harts Range region at has undergone repeated and substantial crustal reworking between Proterozoic and Palaeozoic times and is now thought to represent an ancient and strongly altered/metamorphosed version of a continental collision zone. ·      Most of the observed mineralisation is related to a swarm of west to east and southeast-trending pegmatite dykes, WITH quartz veining and containing irregularly an anomalous occurrence of the U-bearing mineral samarskite. ·      At the Cusp Prospect, niobium-HREE-Tantalum identified in pegmatites running approximately east-west, up to 10 metres thick and over 70 metres long. ·      At Bob's Prospect niobium-HREE-Tantalum mineralisation in pegmatites trend east-west and is several metres thick and over 30 metres long, with similar geological setting to the Cusp Prospect. ·      200m west of Bobs (Bobs West), outcropping pegmatite along the same orientation, hosted exclusively within felsic gneiss of the Irindina Gneiss. The pegmatite is semi-continuous for ~300m with a similar geological setting and has notably large green muscovite flakes present. ·      The Niobium Anomaly Prospect is another variant with high Niobium results but low in rare earths and uranium. Elevated radiometrics located with the scintillometer recorded 1,300 cps within a small historic pit at the top of a knoll. Anomalies appear to correlate with intrusions of porphyritic "granitoid" and granitic gneiss, which are geologically consistent with the pegmatites mapped at Bob's and the Cusp Prospects. ·      The Thorium Anomaly Prospect was previously located via airborne radiometric images. The radiometric anomalies are low order (10 to 20x background) compared to the spot anomalies at Bob's and Cusp (50-200x background). Anomalies appear to correlate with intrusions of porphyritic "granitoid" and granitic gneiss, which presumably are geologically features like the pegmatites at Bob's and the Cusp Prospects.
Orientation of data in relation to geological structure	·      Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ·      If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	·      In general, the strata of the area surrounding the pegmatite dykes in the Harts Range Meta-Igneous Complex dip steeply (>45 degrees) to the north and strike between east to southeast. ·      Rock chip samples were taken at areas of interest from observed mineralisation along and across strike of the line of lode of the mineralised pegmatite dyke, secondary structures, surrounding spoil heaps, and across the four (4) anomalous areas originally identified in the planning stage. ·      However, no modern systematic exploration has been conducted, nor any of the mineralised prospects have ever been drilled.
Sample security	·      The measures taken to ensure sample security.	·      The rock chip samples taken during the historical fieldwork were securely locked within the vehicle on site until delivered to Perth by the field personnel for despatch to the laboratory (Intertek in WA) by courier.
Audits or reviews	·      The results of any audits or reviews of sampling techniques and data.	·      No other external audits sampling techniques and data have yet been planned or undertaken.

 

 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 

CRITERIA		JORC CODE EXPLANATION	COMMENTARY
Mineral tenement and land tenure status		·      Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ·      The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. in the area.	·      The Harts Range Project lies in the southeast of the Northern Territory, roughly 120 kilometres northeast of Alice Springs.  Two granted tenements (EL 32046 and 32513) comprising a total 110 km2 tenement package is located near essential infrastructure and accessible via the Plenty Highway. ·      A check on the tenures status was completed in the NTGS system 'Strike' on the 10th of October 2024, to validate the currentness of the exploration areas. All are current. ·      The Harts Range Project lies in the southeast of the Northern Territory, roughly 120 kilometres northeast of Alice Springs. The region is serviced by excellent roads (Stuart Highway), train (the famous Ghan rail) and bus links connect the area. ·      Domestic and some international flights are available from Alice Springs (1 hour drive south of Harts Range) while all international flights are available direct from Darwin. ·      As a major regional centre, the town of Alice Springs provides public and private schools. There are churches, supermarkets, speciality shops, hotels, motels, cafés & restaurants, medical centres. ·      There is a professional police and emergency services presence throughout the area. Local professional and trade services support the community and the mining industry. Mobile phone and internet access are good.
Exploration done by other parties		·      Acknowledgment and appraisal of exploration by other parties.	·      Historical "Strike"-based mineral exploration reports have been reviewed for historical tenures that cover or partially cover the Project Area in this announcement. Federal and State Government reports supplement the historical mineral exploration reporting (QDEX open file exploration records). ·      Most explorers were searching for either Cu-Au-U, gemstones, or industrial minerals in the 1990's, and proving satellite deposit style extensions to the several small subeconomic uranium or copper deposits. ·      The project is flanked by Independence Group (IGO) to the north, south and west. IGO is exploring for a raft of critical battery minerals.
Geology		·      Deposit type, geological setting, and style of mineralisation.		Regional Geology ·      The Harts Range Niobium, Uranium-Heavy Rare Earth Project lies north-west of the Entia Dome (Figure C2-1) and is underlain by the Harts Range Group (Harts Range Meta-igneous Complex), which predominantly consists of feldspar-biotite-amphibole-garnet gneisses. ·      The Harts Range region has undergone repeated and substantial crustal re-working between Proterozoic and Palaeozoic times. As a result, it is now believed to represent an ancient and strongly altered/metamorphosed version of a continental collision zone. ·      Magnetotellurics data interpreted by a team consisting of Adelaide University and NTGS geologists (Selway et al, 2006)1 suggests the Entia Dome system is a deep-crustal feature that can be shown extending to the mantle. ·      The below maps (Figures C2-2 and C2-3) show a traverse through the Arunta from north to south and skirted around the dome to the east and highlighting a major subduction zone to the north of the dome. The latter diagram shows the distribution of regional stratigraphic units.                           Figure C2-1:  Regional Structure Plan           Figure C2-2:  West to East Regional Crustal Cross-section               Figure C2-3:  Regional Geology Local Geology ·      The main rock types mapped and sampled at various REE Prospects include: § Biotite Schist/Granofels: brown-blackish biotite-rich rock; thin (5-10cm) poorly exposed zone on N side of ~6m thick unit/zone of similar rock (e.g. HR398, HR399 sites) (on N side of HR399). § Pegmatite, ?apatite-bearing: scree frags near W end of E-W pegmatite, near intersection with north-south calcite vein; very coarse-grained feldspar-quartz with common coarse ?apatite - pale semi-translucent slightly greenish (rare honey-brown) blocky/tabular/hexagonal, some intergrown with feldspar/quartz. § Garnet-?Cummingtonite rock: coarse-grained rock; with abundant interstitial pale greenish malachite-?magnesite material; small patch of subcrop amongst scree. § Gneiss: weathered, moderately banded, fine-to-medium grained quartz-feldspar-hornblende-garnet; some coarser quartz-garnet rock; some brown haematite on fractures; sample below HR444. § ULTRAMAFIC: slightly weathered medium grained, greenish/brownish ?amphibole/olivine-dominated ?meta-ultramafic. § Amphibolite: grey fine-grained hornblende -quartz rock; (approx. adjacent rough channel samples: HR461 (1m) above HR462 (3m) above HR463 (3m) above HR464 (1m)). § Samarskite (or similar), being a dense brittle blackish lustrous radioactive mineral; cluster of 10+ fragments, most over 1cm (or broken weathered larger piece - ca. 5-10 cm?) in chalky white feldspar, beside weathered coarse mica beneath soil cover along southern side of quartz vein in a pegmatite core.
Drillhole Information		·      A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar ▪  elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar ▪  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.	·      Not Applicable - no exploration drilling results presented.
Data aggregation methods		·      In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. ·      Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. ·      The assumptions used for any reporting of metal equivalent values should be clearly stated.	·      Independent Laboratory Assay results for the 5 rock chip samples from various Harts Range Prospects were averaged if more than one reading or determination was given (see Figure B1-2 in Appendix B). There was no cutting of high-grade REE results as they are directly relatable to high grade mineralisation styles readily visible in the relevant samples. ·      There were no cut-off grades factored into any reporting of the laboratory assay results.
Relationship between mineralisation widths and intercept lengths	·      These relationships are particularly important in the reporting of Exploration Results. ·      If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ·      If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').			·      The 2006-7 rock chip samples were taken at areas of interest from observed mineralisation along the line of lode of the mineralised pegmatite dyke, secondary structures, and surrounding spoil heaps.  Twenty-one (21) rock chip samples collected from rock faces and/or outcrops. ·      Eight (8) rock chip samples collected from stockpiles, shaft waste piles, and/or boulders of rock onsite.
Diagrams	·      • Appropriate maps and sections (with 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.			·      Appropriate diagrams are presented in the body and the Appendices of the current ASX Release. Where scales are absent from the diagram, grids have been included and clearly labelled to act as a scale for distance.  ·      Maps and Plans presented in the current ASX Release are in MGA94 Zone 53, Eastings (mN), and Northing (mN), unless clearly labelled otherwise.
Balanced reporting	·      • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.			·      Rock chip samples were taken at areas of interest from observed mineralisation along the line of lode of the mineralised pegmatite dyke, secondary structures, surrounding spoil heaps, and to the north and south of the line of lode to check the validity of two (2) of the defined anomalous map areas.
Other substantive exploration data	·      Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.			·      The area is covered by regional airborne government and private radiometric, gravity, magnetic, and hyperspectral surveys. Unfortunately, other than the 2006 radiometric ground survey, no other ground surveys have been undertaken. More detailed ground radiometric surveys are planned. ·      Substantial historical and current ground geochemical (stream sediment, soil, and rock chip samples have been undertaken and two episodes of shallow drilling, mostly for industrial minerals (gemstones and vermiculite) by the owners of the leases, since 2006.
Further work	·      The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). ·      Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.			·      A future exploration strategy should encompass the following steps in subsequent field programs:   § Reconnaissance mapping programs. § Close-spaced radiometric geophysical surveys. § Detailed mapping and rock chip sampling across prospects. § Regional soil sampling campaigns. § Mineral characterisation studies and petrological analysis. § Trenching and bulk sample test work. § Target generation and prioritisation; and § Exploratory drill-testing.

 

 

 

 

 

 

 

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