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Castillo Copper Limited Significant Drilling Results at Big One Deposit

15/07/2021 7:00am

UK Regulatory (RNS & others)

Castillo Copper (LSE:CCZ)
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RNS Number : 2886F

Castillo Copper Limited

15 July 2021

15 July 2021


("Castillo" or the "Company")

Significant drilling results at Big One Deposit - visible copper mineralisation up to 34m thick

Drilling verifies material extensions to known mineralisation and potentially a larger underlying system than initially envisaged

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to report significant copper mineralisation from drilling at its Big One Deposit in the Mt Isa copper-belt district of north-west Queensland.

The latest drill holes (BO_318-21RC) complement the results announced on 29 June 2021 (BO_315-317RC).


-- Drill-hole BO_318RC intersected significant visible copper mineralisation in two distinctive zones - 11m from 89-100m and 34m from 153-187m (apparent thickness)

   --     Massive copper sulphide mineralisation clearly observed (chalcopyrite and chalcocite) 

-- All seven drill-holes completed in the campaign so far have appeared, through visual inspection, to intersect copper mineralisation - the best intercepts are shown in Figure 1 below:

   Borehole     From    To (m)   Apparent Thickness 
                 (m)                     (m) 
               ======  =======  =================== 
   BO_318RC     89.0    100.0           11.0 
               ======  =======  =================== 
   BO_318RC     153.0   187.0           34.0 
               ======  =======  =================== 
   BO_319RC     55.0     64.0           9.0 
               ======  =======  =================== 
   BO_321RC     63.0     72.0           9.0 
               ======  =======  =================== 
 BO_315RC(1)    61.0     69.0           8.0 
               ======  =======  =================== 
 BO_316RC(1)    113.0   120.0           7.0 
               ======  =======  =================== 
 BO_316RC(1)    129.0   146.5           17.5 
               ======  =======  =================== 
 BO_317RC(1)    90.5    103.0           12.5 
               ======  =======  =================== 

Note: Results for drill-holes 315-17RC published on 29 June 2021

-- By reconciling these new data points with the geological modelling completed to date, the Company has clearly verified material extensions to known mineralisation and potentially a larger underlying system then initially envisaged

-- A key feature behind the success of the current campaign has been the significantly improved targeting, resulting from the effective utilisation of geophysical insights(2) to refine and reshape the drilling programme to boost the collective exploration potential

-- All samples from drill-holes BO_318-21RC are currently with the laboratory for analysis, while results from BO_315-317RC are expected to be received imminently

Simon Paull, Managing Director of Castillo Copper, said: "Hitting copper mineralisation seven times from seven starts is an outstanding way to progress the drilling campaign at the Big One Deposit. In particular, the result from drill-hole 318RC is excellent, throwing off two zones of visible mineralisation totalling 45m, and confirms massive copper sulphides are apparent. These intercepts provide clear evidence that known copper mineralisation has been materially extended and that the underlying system could potentially be larger than initially envisaged. With a further 19 drill holes still to come, the Board is delighted with progress to date and looks forward to releasing interpreted insights from upcoming assays results."


Significant results continue

The latest results for drill-holes BO_318-21RC were positive, as all intersected visible copper mineralisation. The standout drill-hole was BO_318RC which, from visual inspection, appears to have intersected copper mineralisation in two distinct zones - 11m from 89-100m and 34m from 153-187m (apparent thickness). In a further positive development, which makes the Big One Deposit's case even more compelling, massive copper sulphide mineralisation - chalcopyrite and chalcocite - was observed.

In addition, the results for drill-holes BO_319RC and BO_321RC were encouraging, as both intersected 9m of visible copper mineralisation at relatively shallow depths.


 Borehole    From (m)   To (m)   Apparent Thickness              Comments 
 BO_318RC      89.0     100.0           11.0          Dacitic 
            =========  =======  ===================  =============================== 
 BO_318RC     153.0     187.0           34.0          Dacitic, some orthoclase 
            =========  =======  ===================  =============================== 
 BO_319RC      55.0      64.0           9.0           Dacitic, some orthoclase 
            =========  =======  ===================  =============================== 
 BO_319RC      83.0      84.0           1.0           Quartzite 
            =========  =======  ===================  =============================== 
 BO_319RC      87.0      91.0           4.0           Dacitic 
            =========  =======  ===================  =============================== 
 BO_319RC      96.0      98.0           2.0           Dacitic 
            =========  =======  ===================  =============================== 
 BO_320RC      79.0      80.0           1.0           Quartzite, some orthoclase 
            =========  =======  ===================  =============================== 
 BO_321RC      63.0      72.0           9.0           Dacitic 
            =========  =======  ===================  =============================== 
 BO_321RC      86.0      88.0           2.0           Quartzite 
            =========  =======  ===================  =============================== 
 BO_321RC      97.0     100.0           3.0           Quartzite 
            =========  =======  ===================  =============================== 
  (1)          58.0      61.0           2.0           Quartzite 
            =========  =======  ===================  =============================== 
  (1)          61.0      69.0           8.0           Trachyte to porphyry dacite 
            =========  =======  ===================  =============================== 
  (1)          69.0      71.0           2.0           Quartzite 
            =========  =======  ===================  =============================== 
  (1)         113.0     120.0           7.0           Quartzite 
            =========  =======  ===================  =============================== 
  (1)         129.0     146.5           17.5          Trachyte to porphyry dacite 
            =========  =======  ===================  =============================== 
  (1)          11.0      13.0           2.0           Haematite-rich shale 
            =========  =======  ===================  =============================== 
  (1)          20.0      24.0           1.0           Quartzite; pyrolusite 
            =========  =======  ===================  =============================== 
  (1)          42.0      43.0           1.0           Quartzite; pyrolusite 
            =========  =======  ===================  =============================== 
  (1)          65.0      66.0           1.0           Quartzite; pyrolusite 
            =========  =======  ===================  =============================== 
  (1)          75.0      76.0           1.0           Siltstone; potassic alteration 
            =========  =======  ===================  =============================== 
 BO_317RC                                             Andesite dyke, plus sericite 
  (1)          90.5     103.0           12.5           and chrysocolla 
            =========  =======  ===================  =============================== 
  (1)         103.0     105.0           2.0           Quartzite 
            =========  =======  ===================  =============================== 


   1.     Samples have been taken at 1m intervals 
   2.     Mineralisation estimated from field geologists rock chip estimates 
   3.     Each dyke intersections characterised by potassic and chloritic alternation 
   4.     True vertical depths will be calculated by Minescape block model procedures 

5. A zone of limited mineralisation inferred to be associated with the dyke was intersected in each deepened drill hole

   6.     In borehole BO_319RC the dyke was intersected at a shallower depth than predicted 

Source: CCZ geology team

Overall, when factoring in BO_315-17RC, all seven drill-holes completed so far in the campaign have intersected visible copper mineralisation. This is an encouraging start, considering there are still a further 19 drill-holes to complete in the current programme.


Leveraging the insights from the recent Induced Polarisation (IP) survey(2) has been a key feature in improving the drilling results for this current campaign, as targeting has been greatly enhanced. Consequently, the geology team are now able to verify the following issues with a higher degree of conviction:

-- The findings from drill-holes BO_315RC-21RC suggest the underling copper mineralisation at the Big One Deposit is controlled by structural trends. This is positive, as it potentially means the mineralisation constrained within the trachyte/dacite dyke is a secondary feature.

-- Reviewing and reconciling the latest data points with the geological modelling undertaken so far clearly verifies significant extensions to known mineralisation. Moreover, the clear follow-on implication is potentially a larger underlying system then initially envisaged.

-- A programme of mapping and rock chip sampling is contemporaneously occurring along each of the five IP survey lines (refer to Appendix B).

-- The use of surface and downhole geophysical interpretations for this current campaign has been a critical factor that has enhanced the exploration potential at the Big One Deposit.


There are several ongoing steps, including:

   --     Assay results for BO_315RC-317RC are due back from the laboratory imminently. 
   --     Samples for BO_318RC-321RC have been dispatched for follow-up analysis. 

-- The drilling campaign continues at Big One Deposit with a further 19 drill-holes to complete.

-- Finalise logistics, access, cultural heritage, and targets for the drilling campaign at the Arya Prospect.

For further information, please contact:

Castillo Copper Limited                      +61 8 6558 0886 
Simon Paull (Australia), Managing Director 
 Gerrard Hall (UK), Director 
SI Capital Limited (Financial Adviser and 
 Corporate Broker)                           +44 (0)1483 413500 
Nick Emerson 
Luther Pendragon (Financial PR)              +44 (0)20 7618 9100 
Harry Chathli, Alexis Gore, Joe Quinlan 

About Castillo Copper

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

-- The Mt Oxide project in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.

-- Four high-quality prospective assets across Zambia's copper-belt which is the second largest copper producer in Africa.

-- A large tenure footprint proximal to Broken Hill's world-class deposit that is prospective for zinc-silver-lead-copper-gold.

-- Cangai Copper Mine in northern New South Wales, which is one of Australia's highest grading historic copper mines.

The group is listed on the LSE and ASX under the ticker "CCZ".


   1)     CCZ RNS Release - 29 June 2021 
   2)     CCZ RNS Release - 20 May 2021 

Competent Person Statement

The information in this report that relates to Exploration Results for "Big One Deposit" is based on information compiled or reviewed by Mr Mark Biggs. Mr Biggs is both a shareholder and 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. Mr Biggs is a member of the Australian Institute of Mining and Metallurgy (member #107188) and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, and Mineral Resources. Mr Biggs holds an AusIMM Online Course Certificate in 2012 JORC Code Reporting. Mr Biggs also consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The London Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.



The location of the four drill-holes completed is provided in Table A1 below, with a companion sketch map relative to those previously drilled in the 2020 campaign (Figure A1).


 Drill    Site ID    Easting    Northing   Total      Grid     Dip   Drilling       Notes 
  Order               (GDA94)    (GDA94)    Depth    Azimuth           Days 
                                                                                203RC (drilled 
   1      BO_318RC    335432    7880284     203       333      -73     1.0           103m) 
         =========  =========  =========  =======  =========  ====  =========  =============== 
                                                                                312RC (drilled 
   2      BO_319RC    335285    7880268     149       346      -69     1.5           107m) 
         =========  =========  =========  =======  =========  ====  =========  =============== 
   3      BO_320RC    335539    7880352      83       338      -60     1.0      New drillhole 
         =========  =========  =========  =======  =========  ====  =========  =============== 
   4      BO_321RC    335482    7880296     137       325      -60     2.0      New drillhole 
         =========  =========  =========  =======  =========  ====  =========  =============== 

Source: CCZ geology team


Available to view on ASX announcement at: https://castillocopper.com/investors/announcements/

Drill data interpretation

A closer assessment of the mineralisation within the four completed drill-holes is listed in Table A2. This highlights the mineralised zone extends outside the wireframe of the igneous dyke, with the apparent thicknesses between 9 to 34m.

In addition, as shown by the recently completed ground dipole-to-dipole IP survey, the copper mineralisation may be more influenced and controlled by the major structural trends. More significantly, this implies mineralisation along the dyke may be a secondary feature, as the tenor decreases past 800m of the 1,200m long dyke to the south-west (as currently mapped).


 Borehole    From    To    Apparent   Orthoclase   Epidote   Sericite   Chalcocite           Comments 
              (m)    (m)    Thick.        (%)        (%)        (%)         (%) 
                                                                                     Drilled next to 203RC, 
 BO_318RC     89    100       11         1-3         1-3       1-2         0-1        Dacitic 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
 BO_318RC    153    187       34         1-5         1-5                   1-15      Dacitic, some orthoclase 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
                                                                                     Drilled next to 312RC. 
 BO_319RC     55     64       9          1-10        1-5       1-3         0-10       Dacitic, some orthoclase 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
 BO_319RC     83     84       1           0                                1-5       Quartzite 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
 BO_319RC     87     91       4          1-5                               1-5       Dacitic 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
 BO_319RC     96     98       2           0          1-5                   1-5       Dacitic 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
                                                                                     Quartzite. New hole 
                                                                                      abandoned at 83m due 
                                                                                      to high water flow; 
 BO_320RC     79     80       1          5-10                                         up to 10% orthoclase 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
 BO_321RC     63     72       9          5-50        1-5                             Dacitic 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
 BO_321RC     86     88       2          5-10                              1-3       Quartzite 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 
 BO_321RC     97    100       3          0-5        1-10                   0-1       Quartzite 
            =====  =====  =========  ===========  ========  =========  ===========  ========================== 


   1.     Samples have been taken at 1m intervals 
   2.     Mineralisation estimated from field geologists rock chip estimates 
   3.     Each dyke intersections also characterised by potassic and chloritic alternation 
   4.     True vertical depths will be calculated by Minescape block model procedures 

5. A zone of limited mineralisation inferred to be associated with the dyke was intersected in each deepened drill hole

6. In borehole BO_319RC the dyke was intersected at a shallower depth than predicted; consequently, there was no requirement to drill the bore to the estimated total depth of 150m

Source: CCZ geology team


With the drilling campaign still underway, a companion programme of mapping, sample collection and XRF analysis along the five induced polarisation lines has been progressed. Work along line L10600, which is characterised by steep, rugged terrain and inaccessible for a drilling rig (Figure A2), has recently been completed.

A total of 22 samples were collected, with XRF results for L10600 now under review and reconciliation with known geophysical anomalies. Several of the samples are being sent to the laboratory for further analysis, with the results to be interpreted once returned.


Available to view on ASX announcement at: https://castillocopper.com/investors/announcements/


The following JORC Code (2012 Edition) Table 1 is primarily supplied for the provision of the 2nd release of data for the 2021 Drilling Program at the Big One Deposit.

Section 1 Sampling Techniques and Data

 Criteria       JORC Code explanation                                         Commentary 
  techniques     *    Nature and quality of sampling (eg cut channels,              *    For the 2021 program, samples are taken off a cyclone 
                      random chips, or specific specialised industry                      for every metre drilled, put through a three tier, 
                      standard measurement tools appropriate to the                       87.5/12.5 splitter where approximately 2.5 kg of RC 
                      minerals under investigation, such as down hole gamma              chip samples were collected for every metre drilled. 
                      sondes, or handheld XRF instruments, etc). These                     The remainder was bagged separately and stored in 
                      examples should not be taken as limiting the broad                  case additional sub sampling is required before the 
                      meaning of sampling.                                                                end of the program. 
                 *    Include reference to measures taken to ensure sample             *    Weights recovered from riffle splitting varied 
                      representivity and the appropriate calibration of any                between 1-2kg for both the 1970 and 1993 drilling 
                      measurement tools or systems used.                                                       programs. 
                 *    Aspects of the determination of mineralisation that            *    For the 2021 program, samples were also composited 
                      are Material to the Public Report.                                   every four metres where visual inspection did not 
                                                                                         initially indicate copper mineralisation. All samples 
                                                                                         were collected to maximise optimal representation for 
                 *    In cases where 'industry standard' work has been done                                  each sample. 
                      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               *    Each metre sample had an amount removed for washing 
                      charge for fire assay'). In other cases, more                         and cleaning and sieving then place into metre 
                      explanation may be required, such as where there is                 allocated chip trays (see Figure A1-1). These chips 
                      coarse gold that has inherent sampling problems.                    were logged on site by the rig geologists and those 
                      Unusual commodities or mineralisation types (e.g.,                 logs have been saved into a spreadsheet and stored on 
                      submarine nodules) may warrant disclosure of detailed                 the Company server. Any visible mineralisation, 
                      information.                                                       alteration or other salient features were recorded in 
                                                                                             the logs. Industry-wide, acceptable, standard 
                                                                                            practices were adhered to for the drilling and 
                                                                                            sampling of each metre as per the drilling and 
                                                                                          sampling Procedures set out before commencement of 
                                                                                                        the drilling programme. 
                                                                                                  Figure A2-1: BO_315RC Logging 
                                                                                            Available to view on ASX announcement at: 
               ============================================================  ================================================================= 
  techniques      *    Drill type (e.g., core, reverse circulation,                  *    Reverse Circulation, RC, drilling was utilised for 
                       open-hole hammer, rotary air blast, auger, Bangka,                 the next (4) holes at Big One Deposit. 
                       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). 
               ============================================================  ================================================================= 
 Drill sample 
  recovery       *    Method of recording and assessing core and chip               *    For the 2021 program, within acceptable industry 
                      sample recoveries and results assessed.                            standard limits, all samples collected were of near 
                                                                                         equal mass and recoveries were also within acceptable 
                                                                                         limits for RC drilling and all recorded in the daily 
                 *    Measures taken to maximise sample recovery and ensure              logs. Every effort was made on site to maximise 
                      representative nature of the samples.                              recovery including cleaning out the sample trays, 
                                                                                         splitter and cyclone and ensuring that the drillers 
                                                                                         progressed at a steady constant rate for the rig to 
                 *    Whether a relationship exists between sample recovery              easily complete each metre effectively. 
                      and grade and whether sample bias may have occurred 
                      due to preferential loss/gain of fine/coarse 
               ============================================================  ================================================================= 
                  *    Whether core and chip samples have been geologically         *    For all drilling programs, every metre drilled and 
                       and geotechnically logged to a level of detail to                 sampled was logged geologically in accordance with 
                       support appropriate Mineral Resource estimation,                  industry-wide acceptable standard for RC logging and 
                       mining studies and metallurgical studies.                         the logging was qualitative in nature with every 
                                                                                         metre logged. Unfortunately, lithology dictionaries 
                                                                                         and descriptions varied between programs. The 2021 
                  *    Whether logging is qualitative or quantitative in                 programs also recorded visible sulphide and carbonate 
                       nature. Core (or costean, channel, etc) photography.              concentrations and alteration minerals, such as 
                                                                                         epidote, chlorite, and sericite 
                  *    The total length and percentage of the relevant 
                       intersections logged. 
               ============================================================  ================================================================= 
  techniques      *    If core, whether cut or sawn and whether quarter,            *    For the 2021 program, samples with copper 
  and sample           half or all core taken. 
                                                                                    *    Each metre sample had an amount removed for washing 
                  *    If non-core, whether riffled, tube sampled, rotary                and cleaning and sieving then place into metre 
                       split, etc and whether sampled wet or dry.                        allocated chip trays. These chips were logged on site 
                                                                                         by the rig geologists and those logs have been saved 
                                                                                         into a spreadsheet and stored on the Company server. 
                  *    For all sample types, the nature, quality, and                    Any visible mineralisation, alteration or other 
                       appropriateness of the sample preparation technique.              salient features were recorded in the logs. Industry 
                                                                                         wide, acceptable, standard practices were adhered to 
                                                                                         for the drilling and sampling of each metre as per 
                  *    Quality control procedures adopted for all                        the Drilling and Sampling Procedures set out before 
                       sub-sampling stages to maximise representivity of                 commencement of the drilling programme. 
                                                                                    *    Any reporting of significant mineralised intervals 
                  *    Measures taken to ensure that the sampling is                     was on a received mass x interval calculation (i.e., 
                       representative of the in-situ material collected,                 weight-averaged). 
                       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 assay       *    The nature, quality and appropriateness of the                *    CCZ's first second (4) RC holes will be assayed by an 
  data and            assaying and laboratory procedures used and whether                independent laboratory, ALS in Brisbane Australia. 
  laboratory          the technique is considered partial or total.                      Methods used were as follows: 
                 *    For geophysical tools, spectrometers, handheld XRF           o Gold - by method Au-AA25 30g charge (fire Assay 
                      instruments, etc, the parameters used in determining         with AAS finish); 
                      the analysis including instrument make and model,            o High gold values within oxide zone/supergene zone 
                      reading times, calibrations factors applied and their        may need further testing by method Au-SCR21. 
                      derivation, etc.                                             o Copper and 32 other - by method ME-ICP41 (HF-HN03-HCL04 
                                                                                   acid digest, HCL leach and ICP-AES finish). 
                                                                                   o Over-limit copper (>10,000 ppm [0.01%]) to be re 
                 *    Nature of quality control procedures adopted (eg             assayed for copper by method Cu-OC62 (HF-HN03-HCL04 
                      standards, blanks, duplicates, external laboratory           acid digest, HCL leach and ICP-AES finish). 
                      checks) and whether acceptable levels of accuracy             *    These analytical methods are considered as suitable 
                      (i.e. lack of bias) and precision have been                        and appropriate for this type of mineralisation. 
                                                                                    *    For the current drilling program ALS Brisbane will 
                                                                                         analyse all samples. All elements except for gold 
                                                                                         were analysed by method ME-MS61 (41 element testing 
                                                                                         via Aqua Regia digest then ICP-AES) and with any 
                                                                                         copper assays >1%, the copper will be redone using 
                                                                                         method Cu-OG46 with ICP-AES. The gold was done by 
                                                                                         method AA25. All methods used were both suitable and 
                                                                                         appropriate for the styles of mineralisation present 
                                                                                         in the Big One Deposit at the time of sampling. 
               ============================================================  ================================================================= 
 of sampling     *    The verification of significant intersections by               *    CCZ's first 21 RC hole assay results from ALS have 
 and assaying         either independent or alternative company personnel.                been reviewed by two independent consultant 
                                                                                          geologists. Assays from the 2021 drilling program 
                                                                                          have yet to be returned. 
                 *    The use of twinned holes. 
                                                                                     *    For current the rock chip sampling, Independent 
                 *    Documentation of primary data, data entry procedures,               Laboratory assaying by ALS has confirmed, within 
                      data verification, data storage (physical and                       acceptable limits, the occurrences of high-grade 
                      electronic) protocols.                                              copper inferred from the initial XRF readings. 
                                                                                          Laboratory standards and duplicates were used in 
                                                                                          accordance with standard procedures for geochemical 
                 *    Discuss any adjustment to assay data.                               assaying. 
               ============================================================  ================================================================= 
  of data        *    Accuracy and quality of surveys used to locate drill           *    The first 7 RC holes done by CCZ in 2021 have had 
  points              holes (collar and down-hole surveys), trenches, mine                their location surveyed by GPS and will, at the 
                      workings and other locations used in Mineral Resource               completion of drilling, be surveyed by differential 
                      estimation.                                                         GPS by independent licensed surveyors. 
                 *    Specification of the grid system used.                         *    The spatial location for these holes has been 
                                                                                          differentially surveyed into MGA94 - Zone 54. Collar 
                                                                                          heights are to the Australian Height Datum. 
                 *    Quality and adequacy of topographic control. 
                                                                                     *    The locations of the 1970 drillholes and 1993 
                                                                                          drillholes have been determined from georeferencing 
                                                                                          several plans and utilizing tables in historical 
                                                                                          reports. Location errors for the 1970 drilling is 
                                                                                          +/-10m whereas it is about 1/2 that for the 1993 
               ============================================================  ================================================================= 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.             *    The first 21 RC holes were part of a 35-hole program 
 distribution                                                                             that was set out on a nominal 50m pattern. The 1970 
                                                                                          drilling was set at a 30m spacing and the 1993 
                 *    Whether the data spacing, and distribution is                       drilling also at a 50m spacing. At the completion of 
                      sufficient to establish the degree of geological and                all the planned holes, the drillhole collars will be 
                      grade continuity appropriate for the Mineral Resource               differentially surveyed by independent, licensed 
                      and Ore Reserve estimation procedure(s) and                         surveyors and the grid pattern verified. 
                      classifications applied. 
                 *    Whether sample compositing has been applied. 
               ============================================================  ================================================================= 
 of data         *    Whether the orientation of sampling achieves unbiased         *    The current CCZ RC drilling programme (Figure A2-2) 
 in relation          sampling of possible structures and the extent to                  has had all holes oriented to intersect the 
 to                   which this is known, considering the deposit type.                 mineralised structure/zone subsurface perpendicularly 
 geological                                                                              and therefore does not constitute any perceived bias. 
 structure                                                                               The typical dip direction of the new drillholes is 
                 *    If the relationship between the drilling orientation               335-350 deg (Grid North). 
                      and the orientation of key mineralised structures is 
                      considered to have introduced a sampling bias, this 
                      should be assessed and reported if material.                  *    Rock chip samples have also been taken at areas of 
                                                                                         interest from observed mineralisation along the line 
                                                                                         of lode of the mineralised dyke, secondary structures 
                                                                                         and surrounding spoil heaps. 
               ============================================================  ================================================================= 
 security         *    The measures taken to ensure sample security.                *    Each day's RC samples were removed from site and 
                                                                                         stored in a secure location off site. 
                                                                                    *    The RC chip samples taken were securely locked within 
                                                                                         the vehicle on site until delivered to Mt Isa for 
                                                                                         despatch to the laboratory in person by the field 
               ============================================================  ================================================================= 
 Audits or 
  reviews         *    The results of any audits or reviews of sampling             *    This will be done once all 35 holes in CCZ's Stage 1 
                       techniques and data.                                              &2 program, and their assay results have been 
                                                                                    *    For the historical drilling, the sampling techniques 
                                                                                         and the data generated from the Laboratory Assay 
                                                                                         results have been peer reviewed by consultant 
                                                                                         geologists familiar with the overall Mt Oxide Project 
                                                                                         and deemed to be acceptable. To facilitate this, six 
                                                                                         (6) sites have twinned drillholes, with the current 
                                                                                         drilling spudded immediately adjacent to the 
                                                                                         historical 1970, 1993 and 2020 drilling programs. 
               ============================================================  ================================================================= 

Figure A2-2 Drillhole Location

Available to view on ASX announcement at: https://castillocopper.com/investors/announcements/

Section 2 Reporting of Exploration Results

    Criteria                          JORC Code explanation                                                         Commentary 
 tenement           *    Type, reference name/number, location and ownership              *    The following mineral tenures are held 100% by 
 and land                including agreements or material issues with third                    subsidiaries of Castillo Copper Limited, totalling an 
 tenure status           parties such as joint ventures, partnerships,                         area of 736.8 km(2) in the "Mt Oxide North Project": 
                         overriding royalties, native title interests, 
                         historical sites, wilderness or national park and 
                         environmental settings.                                         o EPM 26574 (Valparaisa North) - encompasses the Big 
                                                                                         One historical mineral resource, Holder Total Minerals 
                                                                                         Pty Ltd, granted 12-June-2018 for a 5-year period over 
                    *    The security of the tenure held at the time of                  100 sub-blocks (323.3Km(2) ), Expires 11-June-2023. 
                         reporting along with any known impediments to                   o EPM 26462 (Big Oxide North) - encompasses the 'Boomerang' 
                         obtaining a licence to operate in the area.                     historical mine and the 'Big One' historical mine, 
                                                                                         Holder: QLD Commodities Pty Ltd, granted: 29-Aug-2017 
                                                                                         for a 5-year period over 67 sub-blocks (216.5Km(2) 
                                                                                         ), Expires: 28-Aug-2022. 
                                                                                         o EPM 26525 (Hill of Grace) - encompasses the Ayra 
                                                                                         (previously Myally Gap) significant airborne EM anomaly, 
                                                                                         Holder: Total Minerals Pty Ltd for a 5-year period 
                                                                                         over 38 sub-blocks (128.8Km(2) ), Granted: 12-June-2018, 
                                                                                         Expires: 11-June-2023. 
                                                                                         o EPM 26513 (Torpedo Creek/Alpha Project) - Granted 
                                                                                         13-Aug-2018 for a 5-year period over 23 sub-blocks 
                                                                                         (74.2Km(2) ), Expires 12-Aug-2023; and 
                                                                                         o EPMA 27440 (The Wall) - An application lodged on 
                                                                                         the 12-Dec-2019 over 70 sub-blocks (215Km(2) ) by 
                                                                                         Castillo Copper Limited. The tenure was granted on 
                                                                                         the 18(th of) March 2021. 
                                                                                          *    A check on the tenures in 'application-status' was 
                                                                                               completed in 'GeoResGlobe' on the 2(ND) July-2021. 
                 ===============================================================  ============================================================================= 
  done by other     *    Acknowledgment and appraisal of exploration by other             *    Historical QDEX / mineral exploration reports have 
  parties                parties.                                                              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 Cu-Au-U, and, 
                                                                                               proving satellite deposit style extensions to the 
                                                                                               several small sub-economic copper deposits (e.g., Big 
                                                                                               Oxide and Josephine). 
                                                                                          *    With the Mt Oxide North Project in regional proximity 
                                                                                               to Mt Isa and numerous historical and active mines, 
                                                                                               the Project area has seen portions of the historical 
                                                                                               mineral tenure subject to various styles of surface 
                                                                                               sampling, with selected locations typically targeted 
                                                                                               by shallow drilling (Total hole depth is 
                                                                                               characteristically less than 50m). 
                                                                                          *    The Mt Oxide North project tenure package has a 
                                                                                               significant opportunity to be reviewed and explored 
                                                                                               by modern exploration methods in a coherent package 
                                                                                               of EPM's, with three of these forming a contiguous 
                                                                                               tenure package. 
                                                                                          *    Various Holders and related parties of the 'Big One' 
                                                                                               historical mining tenure (ML8451) completed a range 
                                                                                               of mining activities and exploration activities on 
                                                                                               what is now the 'Big One' prospect for EPM 26574. The 
                                                                                               following unpublished work is acknowledged (and 
                                                                                               previously shown in the reference list): 
                                                                                         o Katz, E., 1970, Report on the Big One, Mt Devine, 
                                                                                         and Mt Martin Mining Lease Prospects, Forsayth Mineral 
                                                                                         Exploration NL, report to the Department of Mines, 
                                                                                         CR5353, 63pp 
                                                                                         o West Australian Metals NL, 1994. Drill Programme 
                                                                                         at the "Big One" Copper Deposit, North Queensland for 
                                                                                         West Australian Metals NL. 
                                                                                         o Wilson, D., 2011. 'Big One' Copper Mine Lease 5481 
                                                                                         Memorandum - dated 7 May 2011. 
                                                                                         o Wilson, D., 2015. 'Big One' Mining Lease Memorandum 
                                                                                         - dated 25 May 2015: and 
                                                                                         o Csar, M, 1996. Big One & Mt Storm Copper Deposits. 
                                                                                         Unpublished field report. 
                                                                                          *    The reader of the current ASX Release is referred to 
                                                                                               the CCZ's first publication of the 1993 historical 
                                                                                               reverse circulation drilling results for additional 
                                                                                               diagrams and drilling information ("Historic drill 
                                                                                               data verifies grades up to 28.40% Cu from 
                                                                                          *    The SRK Independent Geologists Report released by CCZ 
                                                                                               on the ASX on 28-July-2020 contains further details 
                                                                                               on the 'Exploration done by other parties - 
                                                                                               Acknowledgment and appraisal of exploration by other 
                                                                                               parties' this report is formally titled "A Competent 
                                                                                               Persons Report on the Mineral Assets of Castillo 
                                                                                               Copper Limited" Prepared as part of the Castillo 
                                                                                               Copper Limited (ASX: CCZ, LSE: CCZ) LSE Prospectus, 
                                                                                               with the effective date of the 17-July-2020. 
                 ===============================================================  ============================================================================= 
                    *    Deposit type, geological setting, and style of                   *    The Mt Oxide North project is located within the Mt 
                         mineralisation.                                                       Isa Inlier of western Queensland, a large, exposed 
                                                                                               section of Proterozoic (2.5 billion- to 
                                                                                               540-million-year-old) crustal rocks. The inlier 
                                                                                               records a long history of tectonic evolution, now 
                                                                                               thought to be like that of the Broken Hill Block in 
                                                                                               western New South Wales. 
                                                                                          *    The Mt Oxide North project lies within the Mt Oxide 
                                                                                               Domain, straddling the Lawn Hill Platform and 
                                                                                               Leichhardt River Fault Trough. The geology of the 
                                                                                               tenement is principally comprised of rocks of the 
                                                                                               Surprise Creek and Quilalar Formations which include 
                                                                                               feldspathic quartzites, conglomerates, arkosic grits, 
                                                                                               shales, siltstones and minor dolomites and 
                                                                                          *    The Project area is cut by a major fault zone, 
                                                                                               trending north- northeast - south- southwest across 
                                                                                               the permits. This fault is associated with major 
                                                                                               folding, forming several tight synclines- anticline 
                                                                                               structures along its length. 
                                                                                          *    The Desktop studies commissioned by CCZ on the 
                                                                                               granted mineral tenures described four main styles of 
                                                                                               mineralisation account for most mineral resources 
                                                                                               within the rocks of the Mt Isa Province (after 
                                                                                               Withnall & Cranfield, 2013). 
                                                                                         o Sediment hosted silver-lead-zinc - occurs mainly 
                                                                                         within fine-grained sedimentary rocks of the Isa Super 
                                                                                         basin within the Western Fold Belt. Deposits include 
                                                                                         Black Star (Mount Isa Pb-Zn), Century, George Fisher 
                                                                                         North, George Fisher South (Hilton) and Lady Loretta 
                                                                                         o Brecciated sediment hosted copper - occurs dominantly 
                                                                                         within the Leichhardt, Calvert, and Isa Super basin 
                                                                                         of the Western Fold Belt, hosted in brecciated dolomitic, 
                                                                                         carbonaceous, and pyritic sediments or brecciated rocks 
                                                                                         proximal to major fault/shear zones. Includes the Mount 
                                                                                         Isa copper orebodies and the Esperanza/Mammoth mineralisation. 
                                                                                         o Iron-oxide-copper-gold ("IOCG") - predominantly chalcopyrite-pyrite 
                                                                                         magnetite/hematite mineralisation within high grade 
                                                                                         metamorphic rocks of the Eastern Fold Belt. Deposits 
                                                                                         of this style include Ernest Henry, Osborne, and Selwyn; 
                                                                                         o Broken Hill type silver-lead-zinc - occur within 
                                                                                         the high-grade metamorphic rocks of the Eastern Fold 
                                                                                         Belt. Cannington is the major example, but several 
                                                                                         smaller currently sub-economic deposits are known. 
                                                                                          *    Gold is primarily found associated with copper within 
                                                                                               the IOCG deposits of the Eastern Fold Belt. However, 
                                                                                               a significant exception is noted at Tick Hill where 
                                                                                               high grade gold mineralisation was produced, between 
                                                                                               1991 and 1995 by Carpentaria Gold Pty Ltd, some 700 
                                                                                               000 tonnes of ore was mined at an average grade of 
                                                                                               22.5 g/t Au, producing 15 900 kg Au. The Tick Hill 
                                                                                               deposit style is poorly understood (Withnall & 
                                                                                               Cranfield, 2013). 
                                                                                          *    ROM Resources had noted in a series of recent reports 
                                                                                               for CCZ on the granted tenures, that cover the known 
                                                                                               mineralisation styles including: 
                                                                                         o Stratabound copper mineralisation within ferruginous 
                                                                                         sandstones and siltstones of the Surprise Creek Formation. 
                                                                                         o Disseminated copper associated with trachyte dykes. 
                                                                                         o Copper-rich iron stones (possible IOCG) in E-W fault 
                                                                                         zones; and 
                                                                                         o possible Mississippi Valley Type ("MVT") stockwork 
                                                                                         sulphide mineralisation carrying anomalous copper-lead-zinc 
                                                                                         and silver. 
                                                                                          *    The Mt Oxide and Mt Gordon occurrences are thought to 
                                                                                               be breccia and replacement zones with interconnecting 
                                                                                               faults. The Mt Gordon/Mammoth deposit is hosted by 
                                                                                               brittle quartzites, and Esperanza by carbonaceous 
                                                                                               shales. Mineralisation has been related to the Isan 
                                                                                               Orogeny (1,590 - 1,500 Ma). 
                                                                                          *    Mineralisation at all deposits is primarily 
                                                                                               chalcopyrite-pyrite-chalcocite, typically as massive 
                                                                                               sulphide within breccias. 
                                                                                          *    At the Big One prospect, West Australian Metals NL 
                                                                                               described the mineralisation as (as sourced from the 
                                                                                               document "West Australian Metals NL, 1994. Drill 
                                                                                               Programme at the "Big One" Copper Deposit, North 
                                                                                               Queensland for West Australian Metals NL."): 
                                                                                         o The targeted lode / mineralised dyke is observable 
                                                                                         on the surface. The mineralisation targeted in the 
                                                                                         1993 drilling programmed is a supergene copper mineralisation 
                                                                                         that includes malachite, azurite, cuprite, and tenorite, 
                                                                                         all associated with a NE trending fault (062(o) to 
                                                                                         242(o) ) that is intruded by a porphyry dyke. 
                                                                                         o The mineralised porphyry dyke is vertical to near 
                                                                                         vertical (85(o) ), with the 'true width' dimensions 
                                                                                         reaching up to 7m at surface. 
                                                                                         o At least 600m in strike length, with strong Malachite 
                                                                                         staining observed along the entire strike length, with 
                                                                                         historical open pits having targeted approximately 
                                                                                         200m of this strike. Exact depth of mining below the 
                                                                                         original ground surface is not clear in the historical 
                                                                                         documents, given the pits are not battered it is anticipated 
                                                                                         that excavations have reached 5m to 10m beneath the 
                                                                                         original ground surface. 
                                                                                         o Associated with the porphyry dyke are zones of fractured 
                                                                                         and/or sheared rock, the siltstones are described as 
                                                                                         brecciated, and sandstones around the shear as carbonaceous. 
                                                                                         o The known mineralisation from the exploration activities 
                                                                                         to date had identified shallow supergene mineralisation, 
                                                                                         with a few drillholes targeting deeper mineralisation 
                                                                                         in and around the 200m of strike historical open cut 
                                                                                         o A strongly altered hanging wall that contained malachite 
                                                                                         and cuprite nodules. Chalcocite mineralization has 
                                                                                         been identified but it is unclear on the prevalence 
                                                                                         of the Chalcocite; and 
                                                                                         o The mineralisation was amenable to high grade open 
                                                                                         pit mining methods of the oxide mineralization (as 
                                                                                         indicated by numerous historical open pit shallow workings 
                                                                                         into the shear zone). 
                                                                                          *    Desktop studies commissioned by CCZ and completed by 
                                                                                               ROM Resources and SRK Exploration have determined 
                                                                                               that the Big One prospect is prospective for Cu, Co, 
                                                                                               and Ag. 
                                                                                          *    Desktop studies commissioned by CCZ have determined 
                                                                                               the Boomerang prospect contains: 
                                                                                         o Secondary copper staining over 800m of strike length. 
                                                                                         o Associated with a major east-west trending fault 
                                                                                         that juxtaposes the upper Surprise Creek Formation 
                                                                                         sediments against both the underlying Bigie Formation 
                                                                                         and the upper Quilalar Formation units. 
                                                                                          *    At the 'Flapjack' prospect there is the additional 
                                                                                               potential for: 
                                                                                         o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from 
                                                                                         replacement carbonate mineralisation, particularly 
                                                                                         the Quilalar Formation. 
                                                                                         o Thermal Gold Auroele mineralisation is a potential 
                                                                                         model due to the high silica alteration in thermal 
                                                                                         aureole with contact of A-Type Weberra Granite - related 
                                                                                         to the Au mineralisation; and/or 
                                                                                         o IOCG mineralisation related to chloride rich fluids. 
                                                                                          *    At the 'Crescent' prospect there is the additional 
                                                                                               potential for: 
                                                                                         o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from 
                                                                                         replacement carbonate mineralisation, particularly 
                                                                                         the Quilalar Formation; and/or 
                                                                                         o Thermal Gold Auroele mineralisation is a potential 
                                                                                         model due to the high silica alteration in thermal 
                                                                                         aureole with contact of A-Type Weberra Granite - related 
                                                                                         to the Au mineralisation; and 
                                                                                         o IOCG mineralisation related to potassic rich fluids. 
                                                                                          *    At the 'Arya' prospect there is the additional 
                                                                                               potential for: 
                                                                                         o Supergene mineralisation forming at the surface along 
                                                                                         the fault, fault breccia, and the Surprise Creek Formation 
                                                                                         'PLrd' rock unit ('Prd' historical). 
                                                                                         o Epigenetic replacement mineralisation for Cu (with 
                                                                                         minor components of other base metals and gold) from 
                                                                                         replacement carbonate mineralisation, particularly 
                                                                                         the Surprise Creek Formation. 
                                                                                         o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from 
                                                                                         replacement carbonate mineralisation, particularly 
                                                                                         the Surprised Creek Formation. 
                                                                                         o Sulphide mineralisation within breccia zones, along 
                                                                                         stress dilation fractures, emplaced within pore spaces, 
                                                                                         voids, or in other rock fractures; and/or 
                                                                                         o IOCG mineralisation related to chloride rich fluids. 
                                                                                          *    A selection of publicly available QDEX documents / 
                                                                                               historical exploration reports have been reviewed, 
                                                                                               refer to Section 2, sub-section "Further Work" for 
                                                                                               both actions in progress and proposed future actions. 
                                                                                          *    The SRK Independent Geologists Report released by CCZ 
                                                                                               on the ASX on 28-July-2020 contains further details 
                                                                                               on the 'Geology - Deposit type, geological setting 
                                                                                               and style of mineralisation': this report is formally 
                                                                                               titled "A Competent Persons Report on the Mineral 
                                                                                               Assets of Castillo Copper Limited" Prepared as part 
                                                                                               of the Castillo Copper Limited (ASX: CCZ, LSE: CCZ) 
                                                                                               LSE Prospectus, with the effective date of the 
                 ===============================================================  ============================================================================= 
 Drill hole 
  Information          *    A summary of all information material to the                  *    For the current program, all drillhole information 
                            understanding of the exploration results including a               was coded to the same formatted spreadsheets used by 
                            tabulation of the following information for all                    CCZ, being hand-encoded from hard-copy reports, plans, 
                            Material drill holes:                                              and cross-sections. 
                      o easting and northing of the drill                                 *    For CCZ's current drilling program, this information 
                      hole collar                                                              has been recorded in formatted spreadsheets during 
                      o elevation or RL (Reduced Level                                         the drilling and will be checked and verified at the 
                      - elevation above sea level in metres)                                   conclusion of the current program. The current 
                      of the drill hole collar                                                 reported holes (315-317RC) are listed in Appendix 2, 
                      o dip and azimuth of the hole                                            with previous drilling collars listed in the 11(TH) 
                      o down hole length and interception                                      of January ASX release (307-314RC). 
                      o hole length. 
                       *    If the exclusion of this information is justified on          *    A summary of the holes drilled are given at the end 
                            the basis that the information is not Material and                 of this section. 
                            this exclusion does not detract from the 
                            understanding of the report, the Competent Person 
                            should clearly explain why this is the case. 
                 ===============================================================  ============================================================================= 
 aggregation        *    In reporting Exploration Results, weighting averaging            *    Queries on some assays are currently pending on CCZ's 
 methods                 techniques, maximum and/or minimum grade truncations                  current drilling program. 
                         (e.g., cutting of high grades) and cut-off grades are 
                         usually Material and should be stated. 
                                                                                          *    For historical surface sampling, Independent 
                                                                                               Laboratory Assay results for soil and rock chip 
                    *    Where aggregate intercepts incorporate short lengths                  samples from the Big One Deposit were averaged if 
                         of high-grade results and longer lengths of low-grade                 more than one reading or determination was given. 
                         results, the procedure used for such aggregation 
                         should be stated and some typical examples of such 
                         aggregations should be shown in detail.                          *    Copper grades were reported in this ASX release as 
                                                                                               per the received laboratory report, i.e., there was 
                                                                                               no cutting of high-grade copper results as they are 
                    *    The assumptions used for any reporting of metal                       directly relatable to high grade mineralisation 
                         equivalent values should be clearly stated.                           styles readily visible in the relevant samples and 
                                                                                               modelling has yet not commenced. 
                                                                                          *    There were no cut-off grades factored into any assay 
                                                                                               results reported, however once modelling commences a 
                                                                                               high cut-off grade of 10,000ppm or 10% copper will be 
                 ===============================================================  ============================================================================= 
 between            *    These relationships are particularly important in the            *    When available, all mineralised intervals (i.e., 
 mineralisation          reporting of Exploration Results.                                     >500ppm) have been reported in this and previous ASX 
 widths and                                                                                    releases as the "as-intersected" apparent thickness 
 intercept                                                                                     (in metres) and given that most drillholes dip at -60 
 lengths            *    If the geometry of the mineralisation with respect to                 to -70 degrees from the horizontal, true intersection 
                         the drill hole angle is known, its nature should be                   widths will be calculated during the block modelling 
                         reported.                                                             process. 
                    *    If it is not known and only the down hole lengths are 
                         reported, there should be a clear statement to this 
                         effect (eg 'down hole length, true width not known'). 
                 ===============================================================  ============================================================================= 
                    *    Appropriate maps and sections (with scales) and                         *    This part will be done once CCZ's current drilling 
                         tabulations of intercepts should be included for any                          program is completed, and all samples have been 
                         significant discovery being reported These should                                          assayed and verified. 
                         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 
                                                                                                *    Maps and Plans presented in the current ASX Release 
                                                                                                      are in MGA94 Zone 54, Eastings (mN), and Northing 
                                                                                                           (mN), unless clearly labelled otherwise. 
                                                                                                *    A series of cross-sections are being regenerated at 
                                                                                                       Big One displaying copper analyses in ppm to aid 
                                                                                                           interpretation and exploration planning. 
                 ===============================================================  ============================================================================= 
  reporting         *    Where comprehensive reporting of all Exploration                 *    Comprehensive reporting is planned once CCZ's current 
                         Results is not practicable, representative reporting                  drilling program has all sample queries returned and 
                         of both low and high grades and/or widths should be                   have been verified. 
                         practiced avoiding misleading reporting of 
                         Exploration Results. 
                                                                                         o 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. 
                                                                                          *    A complete comparison of visual mineralisation 
                                                                                               estimated by the site geologist is given in Table 
                                                                                               A3-1 at the end of the section. All intersected 
                                                                                               intervals are apparent thicknesses in metres. 
                 ===============================================================  ============================================================================= 
 substantive        *    Other exploration data, if meaningful and material,              *    Several airborne EM and magnetic surveys have been 
 exploration             should be reported including (but not limited to):                    conducted nearby by historical explorers and Castillo 
 data                    geological observations; geophysical survey results;                  Copper has conducted its own surface sampling program 
                         geochemical survey results; bulk samples - size and                   prior to drilling commencing as noted above. A major 
                         method of treatment; metallurgical test results; bulk                 IP survey was completed during May 2021 across five 
                         density, groundwater, geotechnical and rock                           (5) north-east trending survey lines (dipole-dipole 
                         characteristics; potential deleterious or                             array). Historical work has focussed on drilling and 
                         contaminating substances.                                             geochemical sampling, with no detailed geophysical 
                                                                                               data collection. The copper intersected to date 
                                                                                               appears to be associated with a NE-SW trending dyke. 
                                                                                               It occurs in two zones - oxidised (malachite, azurite, 
                                                                                               tenorite, cuprite) and chalcocite. The aim of the IP 
                                                                                               survey was to ascertain if the copper mineralisation 
                                                                                               intersected to date has a discernible electrical 
                                                                                               response (chargeable and / or conductive). If so, it 
                                                                                               is hoped that other zones of similar electrical 
                                                                                               response can be highlighted to better focus the 
                                                                                               upcoming drill program. 
                                                                                         As a result of the evaluation of data from the IP surveys 
                                                                                         carried out, the following recommendations are made: 
                                                                                          *    The 2D section models are likely to give the most 
                                                                                               accurate representation of the earth's conductivity 
                                                                                               and chargeability variations and should be used when 
                                                                                               drill targeting. The 3D model output allows trends 
                                                                                               and structures to be mapped and may give some 
                                                                                               indications of off-line anomalies. 
                                                                                          *    Treat anomalies on the edge of lines (and at depth) 
                                                                                               with caution. Although care was taken to remove 
                                                                                               spurious data, some edge effects may persist in the 
                                                                                               data. Before testing any anomalies, GeoDiscovery can 
                                                                                               check the raw data to verify if a particular anomaly 
                                                                                               likely to be real (see Figure A2-1). 
                                                                                          *    50m DP-DP is shown to be a cost-effective method to 
                                                                                               cover ground relatively quickly and map the 
                                                                                               electrical properties of the top 150m or so. If drill 
                                                                                               testing the regions of elevated chargeability proves 
                                                                                               successful, a larger 100m DP-DP or P-DP campaign may 
                                                                                               be considered to cover more ground and to greater 
                                                                                          *    Incorporate the 3D and 2D IP models into the 
                                                                                               available geological database to determine the extent 
                                                                                               to which the chargeable zones may or may not have 
                                                                                               been tested, as well as their geological / 
                                                                                               stratigraphic significance. 
                                                                                          *    It is recommended that where IP anomalies occur near 
                                                                                               surface, a field visit is undertaken to see if 
                                                                                               anomaly can be explained by surficial clays / 
                 ===============================================================  ============================================================================= 
 Further work 
                    *    The nature and scale of planned further work (e.g.,                         *    Future potential work is described within the body of 
                         tests for lateral extensions or depth extensions or                              the ASX Release, and will include: 
                         large-scale step-out drilling). 
                                                                                                    o Surface gravity and magnetic surveys, and potentially 
                    *    Diagrams clearly highlighting the areas of possible                        downhole EM surveys. 
                         extensions, including the main geological                                  o Diamond Coring. 
                         interpretations and future drilling areas, provided                        o Block modelling and wireframing. 
                         this information is not commercially sensitive.                            o Resource Estimation. 
                 ===============================================================  ============================================================================= 

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