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Castillo Copper Limited Update on Picasso Project

04/10/2021 7:00am

UK Regulatory (RNS & others)


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Castillo Copper Limited

04 October 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

4 October 2021

CASTILLO COPPER LIMITED

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

Due diligence verifies significant lithium surface occurrences across Picasso Project

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily focused on copper across Australia and Zambia, is pleased to announce that preliminary due diligence on the Picasso Lithium Project, near Norseman in Western Australia, has verified multiple lithium surface occurrences across the tenure that align with pegmatite outcropping. In addition, a site visit by a geological consultant (arranged by the Vendor Group) took numerous photographs of pegmatite outcropping that has the potential to host lithium mineralisation.

Highlights

-- Preliminary due diligence by CCZ's geology team has verified assay results from historical geochemical sampling, undertaken Anglo Gold(1) , across the Picasso Lithium Project and adjacent tenure, detected multiple elevated lithium surface readings:

o The surface occurrences aligned with pegmatite outcropping mapped by the Geological Society of Western Australia (GSWA) confirmed 69 mapped pegmatites(2) .

-- A preliminary site visit by a geological consultant, organised by the Vendor Group, took numerous photographs of pegmatite outcropping and collected over 30 samples from within the tenure (east quadrant) which have been sent to the laboratory for analysis

-- The geologically consultant noted there was multiple occurrences of pegmatite outcropping within the tenure, with the potential to host lithium mineralisation, providing numerous targets for integrated exploration

-- The Picasso Lithium Project is accessible via the Evre Highway and proximal to Liontown Resources' (ASX: LTR) Buldania Project (Appendix A) which has a JORC compliant resource at 14.9Mt @ 0.97% Li(2) O(3)

Simon Paull, Managing Director of Castillo Copper, commented: "Straight out of the gates, the preliminary due diligence has hit a high note at the Picasso Project, with multiple historical surface occurrences being confirmed and photographic evidence there is significant pegmatite outcropping with the potential to host lithium mineralisation. The Board is delighted with these initial findings and looks forward to receiving the assays results back from the laboratory."

PRELIMINARY DUE DILIGENCE

Historical reports

A review of historical exploration reports prepared by Anglo Gold(1) in 2010, verified there were significant elevated lithium occurrences across the tenure which aligned with GSWA(2) 69 mapped pegmatites. At the time, the focus of Anglo Gold's exploration efforts were on gold mineralisation.

Site visit

The Vendor Group organised a geological consultant to visit the Picasso Lithium Project, focusing mostly on the eastern part of the tenure, to assess the potential for lithium mineralisation. The geological consultant verified the presence of numerous outcropping pegmatites, noted the potential for these to host lithium mineralisation and highlighted there were numerous targets for integrated exploration.

Further, the geological consultant collected 33 samples from within the Picasso tenure comprising two soils, one stream sediment and 30 rock-chips - these have been sent to the laboratory for follow up analysis. The sampling predominantly targeted areas where granite and pegmatite outcrops were exposed.

Next steps

For the lithium projects, the initial focus will be on the following areas:

o Ongoing due diligence on the Picasso and Litchfield Lithium Projects, including return of assay results for surface sampling campaigns.

In Queensland, the following is set to take place over the coming weeks:

o Big One Deposit assay results; and

o Commencement of drilling at the Arya Prospect.

There are several ongoing steps for the Zambia operations, including:

o Complete the IP survey at the Luanshya & Mkushi Projects then analyse the results for incremental targets for test-drilling; and

o Commence work on the inaugural drilling campaign for the Luanshya Project.

In addition to this release, a PDF version with supplementary information and images can be found on the

Company's website:   https://castillocopper.com/investors/announcements/ 

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 
 

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:

-- A large footprint 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."

References

1) Anglo Gold Ashanti Australia. (2011). Government of Western Australia. Retrieved from Department of Mines, Industry, Regulation and Safety: http://geodocs.dmp.wa.gov.au/search.jsp?Report_Ref=A92239&cabinetId=2301

   2)    Satellite imagery from Geological Survey of Western Australia. Available at: https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx 
   3)    LTR ASX Release - 2 August 2021 and CCZ ASX Release - 29 September 2021 

Competent Person Statement

The information in this report that relates to Exploration Results for "Litchfield" and "Picasso" is based on information compiled or reviewed by Mr Geoffrey Reed, a Non- Executive Director of CCZ. Mr Reed is both a shareholder and director of Bluespoint Mining Services, a company which is a shareholder of Castillo Copper Limited. Bluespoint Mining Services provides ad hoc geological consultancy services to Castillo Copper Limited. Mr Reed is a member of the Australian Institute of Mining and Metallurgy (CP) (member #250422) 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 Reed is a member of the Australian Institute of Geoscientists. Further, Mr Reed consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Mr Reed has not verified any of the information regarding any of the properties or projects referred to herein other than the "Litchfield" and "Picasso" Properties.

The London Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Disclaimer Regarding Forward Looking Statements

This ASX announcement (Announcement) contains various forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and factors which could cause actual values or results, performance, or achievements to differ materially from the expectations described in such forward-looking statements.

Castillo Copper Limited does not give any assurance that the anticipated results, performance, or achievements expressed or implied in those forward-looking statements will be achieved.

APPIX: JORC CODE, 2012 EDITION - TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 
 Criteria       JORC Code explanation                                         Commentary 
               ============================================================ 
 Sampling 
  techniques     *    Nature and quality of sampling (eg cut channels,                    *    Picasso 
                      random chips, or specific specialised industry 
                      standard measurement tools appropriate to the 
                      minerals under investigation, such as down hole gamma              Regional aircore drilling was undertaken 
                      sondes, or handheld XRF instruments, etc). These                   within 
                      examples should not be taken as limiting the broad                 tenements E15/946 and E63/1083-1084 (Now part 
                      meaning of sampling.                                               of Picasso) in late 2010. Bostech Drilling 
                                                                                         was contracted to complete this work 
                                                                                         utilising 
                 *    Include reference to measures taken to ensure sample               their light truck mounted Bostech Drillboss 
                      representivity and the appropriate calibration of any              200 (Atlas Copco XRV9, Compressor - capacity 
                      measurement tools or systems used.                                 350psi & 600cfm). Holes were drilled to blade 
                                                                                         refusal along existing tracks in a program 
                                                                                         of regional traverses. These traverses were 
                 *    Aspects of the determination of mineralisation that                completed to better understand the depth of 
                      are Material to the Public Report.                                 cover and the regolith environment and to 
                                                                                         gain 
                                                                                         an understanding of the basement geology. 
                 *    In cases where 'industry standard' work has been done              All air core samples were submitted to 
                      this would be relatively simple (eg 'reverse                       Genalysis 
                      circulation drilling was used to obtain 1 m samples                Intertek Laboratory Services for analysis. 
                      from which 3 kg was pulverised to produce a 30 g                   At the laboratory, samples were dried in an 
                      charge for fire assay'). In other cases more                       oven at 120 degrees and then pulverised in 
                      explanation may be required, such as where there is                an LMS mill to a nominal size of -75 microns. 
                      coarse gold that has inherent sampling problems.                   The milled pulps were weighed out (to 25g) 
                      Unusual commodities or mineralisation types (eg                    and underwent stepwise aqua regia digestion 
                      submarine nodules) may warrant disclosure of detailed              in a temperature-controlled laboratory. The 
                      information.                                                       analyte was then presented to a 
                                                                                         graphite-furnace 
                                                                                         AAS (method AR25/GF) for gold analysis, with 
                                                                                         the detection limit for this method being 1 
                                                                                         ppb Au. 
 
                                                                                         1,743 unique surface geochemistry samples - 
                                                                                         historical company samples (Anglo Gold(11) 
                                                                                         ). The majority of the geochemical sampling 
                                                                                         had been completed by Anglo Gold Ashanti 
                                                                                         Australia 
                                                                                         focussed solely on gold mineralisation. This 
                                                                                         program was not specifically targeting 
                                                                                         lithium, 
                                                                                         though results show elevated lithium, 
                                                                                         including 
                                                                                         over 40ppm (Figure 1). It is apparent that 
                                                                                         outcropping granite and/or pegmatites may 
                                                                                         have 
                                                                                         been a hindrance to soil sampling in areas 
                                                                                         and in fact contributed to less sampling near 
                                                                                         known pegmatites. Rock chip sampling was not 
                                                                                         conducted in the area as granites/pegmatites 
                                                                                         were historically not considered a target. 
                                                                                         Low-impact surface sampling by LV-mounted 
                                                                                         mechanical 
                                                                                         auger was completed by Prodrill Pty Ltd. 
                                                                                         Auger 
                                                                                         holes were drilled to a maximum depth of 
                                                                                         2.5m, 
                                                                                         with single samples taken from the zone of 
                                                                                         greatest carbonate reactivity down-hole. 
                                                                                         Samples 
                                                                                         were not sieved and averaged approximately 
                                                                                         300-500g. Sample hole locations were acquired 
                                                                                         using a GPS device attached to a Trimble 
                                                                                         Nomad 
                                                                                         rugged PDA. Standards and blanks were 
                                                                                         routinely 
                                                                                         submitted approximately every 50 samples as 
                                                                                         part of quality control. 
                                                                                         Auger Samples were sent to Genalysis in Perth 
                                                                                         for preparation and analysis. Samples were 
                                                                                         dried in an oven at 100 degrees and then 
                                                                                         pulverised 
                                                                                         in an LM2-sized robotic mill to a nominal 
                                                                                         size 
                                                                                         of -75 microns. The milled pulps were weighed 
                                                                                         out at 25g and underwent stepwise aqua regia 
                                                                                         digestion in a temperature-controlled 
                                                                                         laboratory. 
                                                                                         The analyte was then presented to a 
                                                                                         graphite-furnace 
                                                                                         and AAS for gold analysis (method code 
                                                                                         B25/EETA 
                                                                                         or B/ETA), followed by ICP mass spectrometry 
                                                                                         (B25/MS) and optical emission spectrometry 
                                                                                         (method code B25/OES) for multi-element 
                                                                                         analysis. 
               ============================================================  ========================================================= 
 Drilling 
  techniques          *    Drill type (eg core, reverse circulation, open-h          *    Picasso 
                     ole 
                           hammer, rotary air blast, auger, Bangka, sonic, 
                     etc)                                                           Regional aircore drilling and auger soil sampling 
                           and details (eg core diameter, triple or standar         was undertaken within tenements E15/946 and 
                     d                                                              E63/1083-1084 (Now part of Picasso) in late 
                           tube, depth of diamond tails, face-sampling bit          2010. 
                     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                *    Picasso 
                      sample recoveries and results assessed. 
 
                                                                                    Drilling to blade refusal was utilised to identify 
                 *    Measures taken to maximise sample recovery and ensure         the distribution of anomalous gold. Collar 
                      representative nature of the samples.                         locations were surveyed using a hand-held GPS 
                                                                                    with a nominal accuracy of +10 m. Drill holes 
                                                                                    were pegged in the field using GPS and then 
                 *    Whether a relationship exists between sample recovery         the actual location of the hole was picked 
                      and grade and whether sample bias may have occurred           up after drilling . 
                      due to preferential loss/gain of fine/coarse 
                      material. 
               ============================================================  ========================================================= 
 Logging 
                  *    Whether core and chip samples have been geologically          *    Picasso 
                       and geotechnically logged to a level of detail to 
                       support appropriate Mineral Resource estimation, 
                       mining studies and metallurgical studies.                    Aircore drilling was geology, Alteration and 
                                                                                    weathering logged 
 
                  *    Whether logging is qualitative or quantitative in 
                       nature. Core (or costean, channel, etc) photography. 
 
 
                  *    The total length and percentage of the relevant 
                       intersections logged. 
               ============================================================  ========================================================= 
 Sub-sampling 
  techniques      *    If core, whether cut or sawn and whether quarter,            *    Picasso 
  and sample           half or all core taken. 
  preparation 
                                                                                   Aircore Samples were collected from the cyclone 
                  *    If non-core, whether riffled, tube sampled, rotary          in single meter intervals and laid on the ground 
                       split, etc and whether sampled wet or dry.                  in rows of ten for geological logging. Four-meter 
                                                                                   composite samples weighing approximately 3kg 
                                                                                   in total were collected from the sample piles 
                  *    For all sample types, the nature, quality and               using a scoop and submitted for gold analysis. 
                       appropriateness of the sample preparation technique.        The magnetic susceptibility of these samples 
                                                                                   was measured, in the bag, with a KT9 magnetic 
                                                                                   susceptibility meter 
                  *    Quality control procedures adopted for all                  Auger Samples were sent to Genalysis in Perth 
                       sub-sampling stages to maximise representivity of           for preparation and analysis. Samples were 
                       samples.                                                    dried in an oven at 100 degrees and then pulverised 
                                                                                   in an LM2-sized robotic mill to a nominal size 
                                                                                   of -75 microns. The milled pulps were weighed 
                  *    Measures taken to ensure that the sampling is               out at 25g and underwent stepwise aqua regia 
                       representative of the in situ material collected,           digestion in a temperature-controlled laboratory. 
                       including for instance results for field                    The analyte was then presented to a 
                       duplicate/second-half sampling.                             graphite-furnace 
                                                                                   and AAS for gold analysis (method code B25/EETA 
                                                                                   or B/ETA), followed by ICP mass spectrometry 
                  *    Whether sample sizes are appropriate to the grain           (B25/MS) and optical emission spectrometry 
                       size of the material being sampled.                         (method code B25/OES) for multi-element analysis 
               ============================================================  ========================================================= 
 Quality 
  of assay       *    The nature, quality and appropriateness of the                 *    Picasso 
  data and            assaying and laboratory procedures used and whether 
  laboratory          the technique is considered partial or total. 
  tests                                                                             . A 750g composite sample of the last meter 
                                                                                    (or two meters, if bottom of hole sample recovery 
                 *    For geophysical tools, spectrometers, handheld XRF            is inadequate) in each hole was collected using 
                      instruments, etc, the parameters used in determining          a scoop and submitted for multi-element analysis. 
                      the analysis including instrument make and model,             Blanks and standards were routinely submitted 
                      reading times, calibrations factors applied and their         for quality control purposes, at a nominal 
                      derivation, etc.                                              ratio of 1 in 40 samples. 
                                                                                    All aircore samples were submitted to Genalysis 
                                                                                    Intertek Laboratory Services for analysis. 
                 *    Nature of quality control procedures adopted (eg              At the laboratory, samples were dried in an 
                      standards, blanks, duplicates, external laboratory            oven at 120 degrees and then pulverised in 
                      checks) and whether acceptable levels of accuracy (ie         an LMS mill to a nominal size of -75 microns. 
                      lack of bias) and precision have been established.            The milled pulps were weighed out (to 25g) 
                                                                                    and underwent stepwise aqua regia digestion 
                                                                                    in a temperature-controlled laboratory. The 
                                                                                    analyte was then presented to a graphite-furnace 
                                                                                    AAS (method AR25/GF) for gold analysis, with 
                                                                                    the detection limit for this method being 1 
                                                                                    ppb Au. 
                                                                                    All Auger Samples were sent to Genalysis in 
                                                                                    Perth for preparation and analysis. Samples 
                                                                                    were dried in an oven at 100 degrees and then 
                                                                                    pulverised in an LM2-sized robotic mill to 
                                                                                    a nominal size of -75 microns. The milled pulps 
                                                                                    were weighed out at 25g and underwent stepwise 
                                                                                    aqua regia digestion in a temperature-controlled 
                                                                                    laboratory. The analyte was then presented 
                                                                                    to a graphite-furnace and AAS for gold analysis 
                                                                                    (method code B25/EETA or B/ETA), followed by 
                                                                                    ICP mass spectrometry (B25/MS) and optical 
                                                                                    emission spectrometry (method code B25/OES) 
                                                                                    for multi-element analysis 
               ============================================================  ========================================================= 
 Verification 
 of sampling     *    The verification of significant intersections by               *    Picasso 
 and assaying         either independent or alternative company personnel. 
 
                                                                                    No adjustment is made to any historical assay 
                 *    The use of twinned holes.                                     data. 
 
 
                 *    Documentation of primary data, data entry procedures, 
                      data verification, data storage (physical and 
                      electronic) protocols. 
 
 
                 *    Discuss any adjustment to assay data. 
               ============================================================  ========================================================= 
 Location                                                                                Picasso (refer to ASX announcement for image) 
  of data        *    Accuracy and quality of surveys used to locate drill 
  points              holes (collar and down-hole surveys), trenches, mine 
                      workings and other locations used in Mineral Resource 
                      estimation. 
 
 
                 *    Specification of the grid system used. 
 
 
                 *    Quality and adequacy of topographic control. 
               ============================================================  ========================================================= 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.            *    Picasso (refer to ASX announcement for image) 
 distribution 
 
                 *    Whether the data spacing and distribution is 
                      sufficient to establish the degree of geological and 
                      grade continuity appropriate for the Mineral Resource 
                      and Ore Reserve estimation procedure(s) and 
                      classifications applied. 
 
 
                 *    Whether sample compositing has been applied. 
               ============================================================  ========================================================= 
 Orientation 
 of data         *    Whether the orientation of sampling achieves unbiased         *    Picasso 
 in relation          sampling of possible structures and the extent to 
 to                   which this is known, considering the deposit type. 
 geological                                                                        It is apparent that outcropping granite and/or 
 structure                                                                         pegmatites may have been a hindrance to soil 
                 *    If the relationship between the drilling orientation         sampling in areas and in fact contributed to 
                      and the orientation of key mineralised structures is         less sampling near known pegmatites. Rock chip 
                      considered to have introduced a sampling bias, this          sampling was not conducted in the area as 
                      should be assessed and reported if material.                 granites/pegmatites 
                                                                                   were historically not considered a target. 
               ============================================================  ========================================================= 
 Sample 
 security         *    The measures taken to ensure sample security.                 *    Picasso 
 
 
                                                                                    Chain of Custody procedure by Anglo Gold(11) 
               ============================================================  ========================================================= 
 Audits or                                                                    No formal audit or review of sampling techniques 
  reviews         *    The results of any audits or reviews of sampling        has been 
                       techniques and data.                                    undertaken 
               ============================================================  ========================================================= 
 

Section 2 Reporting of Exploration Results

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

 
 Criteria         JORC Code explanation                                              Commentary 
 Mineral                                                                                        Picasso (refer to ASX 
  tenement          *    Type, reference name/number, location and ownership                    announcement for image) 
  and land               including agreements or material issues with third                     The area has been 
  tenure status          parties such as joint ventures, partnerships,                          classified entirely as 
                         overriding royalties, native title interests,                          'minimal 
                         historical sites, wilderness or national park and                      use' by the Australian 
                         environmental settings.                                                Government's Department 
                                                                                                of Agriculture and Water 
                                                                                                Resources, which are 
                    *    The security of the tenure held at the time of                         areas of land that are 
                         reporting along with any known impediments to                          largely unused. 
                         obtaining a licence to operate in the area.                            Synergy Prospecting Pty 
                                                                                                Ltd ("Synergy 
                                                                                                Prospecting") 
                                                                                                holds one (1) Western 
                                                                                                Australia ("WA") 
                                                                                                Exploration 
                                                                                                Licence ("E") 63/1888, 
                                                                                                the Picasso project 
                 =================================================================  ==================================== 
 Exploration 
  done by           *    Acknowledgment and appraisal of exploration by other              *    Picasso 
  other parties          parties. 
 
                                                                                          Historic exploration data was 
                                                                                          compiled from 
                                                                                          DMP open file (WAMEX) reports 
                                                                                          and other sources. 
                                                                                          Exploration has occurred 
                                                                                          within the project 
                                                                                          area for at least 40 years 
                                                                                          with many companies 
                                                                                          exploring for a number of 
                                                                                          different commodities 
                                                                                          during that time. Goldfields, 
                                                                                          Newmont, Sipa, 
                                                                                          Avoca and WMC amongst others, 
                                                                                          explored for 
                                                                                          lode style gold mineralization 
                                                                                          whereas Epsilon 
                                                                                          and CRA explored for 
                                                                                          uranium/lignite in 
                                                                                          palaeo-channels. 
                                                                                          Asarco, as one of the earlier 
                                                                                          explorers in 
                                                                                          the area explored for 
                                                                                          palaeo-placer deposits 
                                                                                          of both gold and uranium. 
                 =================================================================  ==================================== 
 Geology 
                    *    Deposit type, geological setting and style of                     *    Picasso 
                         mineralisation. 
 
                                                                                          Pegmatites occur in the 
                                                                                          greenstones at the 
                                                                                          Mt Belches-Bald Hill pegmatite 
                                                                                          belt. Further, 
                                                                                          pegmatites have also been 
                                                                                          mapped in the Archaean 
                                                                                          granite in the Picasso 
                                                                                          Project. There are a 
                                                                                          large number of pegmatite 
                                                                                          occurrences, with 
                                                                                          69 government mapped 
                                                                                          pegmatites throughout 
                                                                                          the Picasso Project area. The 
                                                                                          majority of the 
                                                                                          pegmatites occur in the east 
                                                                                          of the project 
                                                                                          area, though pegmatites are 
                                                                                          also recorded in 
                                                                                          the south and west of the 
                                                                                          project. 
                 =================================================================  ==================================== 
 Drill hole 
  Information           *    A summary of all information material to the                   *    Picasso 
                             understanding of the exploration results including a 
                             tabulation of the following information for all 
                             Material drill holes:                                         Reported in attached Table B1 
 
 
                       o easting and northing of the drill hole collar 
                       o elevation or RL (Reduced Level - elevation 
                       above sea level in metres) of the drill hole 
                       collar 
                       o dip and azimuth of the hole 
                       o down hole length and interception depth 
                       o hole length. 
                        *    If the exclusion of this information is justified on 
                             the basis that the information is not Material and 
                             this exclusion does not detract from the 
                             understanding of the report, the Competent Person 
                             should clearly explain why this is the case. 
                 =================================================================  ==================================== 
 Data                                                                                           Picasso (refer to ASX 
 aggregation        *    In reporting Exploration Results, weighting averaging                  announcement for image) 
 methods                 techniques, maximum and/or minimum grade truncations 
                         (eg cutting of high grades) and cut-off grades are 
                         usually Material and should be stated. 
 
 
                    *    Where aggregate intercepts incorporate short lengths 
                         of high grade results and longer lengths of low grade 
                         results, the procedure used for such aggregation 
                         should be stated and some typical examples of such 
                         aggregations should be shown in detail. 
 
 
                    *    The assumptions used for any reporting of metal 
                         equivalent values should be clearly stated. 
                 =================================================================  ==================================== 
 Relationship 
 between            *    These relationships are particularly important in the             *    Picasso 
 mineralisation          reporting of Exploration Results. 
 widths and 
 intercept                                                                                Down-hole lengths reported in 
 lengths            *    If the geometry of the mineralisation with respect to            attached Table 
                         the drill hole angle is known, its nature should be              B1 
                         reported. 
 
 
                    *    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'). 
                 =================================================================  ==================================== 
 Diagrams                                                                            Maps for Picasso Lithium Project 
                    *    Appropriate maps and sections (with scales) and             are included 
                         tabulations of intercepts should be included for any        in the announcement 
                         significant discovery being reported These should 
                         include, but not be limited to a plan view of drill 
                         hole collar locations and appropriate sectional 
                         views. 
                 =================================================================  ==================================== 
 Balanced                                                                            Not applicable. 
  reporting         *    Where comprehensive reporting of all Exploration 
                         Results is not practicable, representative reporting 
                         of both low and high grades and/or widths should be 
                         practiced to avoid misleading reporting of 
                         Exploration Results. 
                 =================================================================  ==================================== 
 Other                                                                               Commencement of due diligence on 
 substantive            *    Other exploration data, if meaningful and material,     the Picasso 
 exploration                 should be reported including (but not limited to):      Lithium Project 
 data                        geological observations; geophysical survey results; 
                             geochemical survey results; bulk samples - size and 
                             method of treatment; metallurgical test results; bulk 
                             density, groundwater, geotechnical and rock 
                             characteristics; potential deleterious or 
                             contaminating substances. 
                 =================================================================  ==================================== 
 Further                                                                                                    Commencement 
  work              *    The nature and scale of planned further work (eg                                   of due 
                         tests for lateral extensions or depth extensions or                                diligence on 
                         large-scale step-out drilling).                                                    the Picasso 
                                                                                                            Lithium 
                                                                                                            Project. 
                    *    Diagrams clearly highlighting the areas of possible                                For the 
                         extensions, including the main geological                                          Picasso 
                         interpretations and future drilling areas, provided                                Lithium 
                         this information is not commercially sensitive.                                    Project, 
                                                                                                            return of 
                                                                                                            assays for 
                                                                                                            circa 30 
                                                                                                            surface 
                                                                                                            samples. 
                 =================================================================  ==================================== 
 

TABLE B1: PICASSO DRILLING DETAILS

 
 Hole_ID    MGA_North    MGA_East    AHD_RL   Total    Dip   Azimuth   Grid_ID    DrillDate    Hole_Type 
                (m)         (m)                Depth 
                                                (m) 
  NAC087    6454217.53   432545.8     347       33     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC088    6454499.12   433188.06    345       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC089    6454964.3    434047.27    336       23     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC090    6455624.62   434645.26    329       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC091    6456451.31   435179.29    319       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC092    6457241.91   435793.71    315       48     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC093    6458064.62   436321.52    317       26     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC094    6458947.88   436697.52    319       20     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC095    6459777.13   437250.49    327       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC096    6460677.14   437633.9     329       16     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC097    6461649.86   437873.71    322       31     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC098    6462594.06   438145.5     330       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC099    6463530.86   438497.13    337       13     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC100    6464357.73   438985.3     337       31     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC101    6465223.1    439392.89    338       15     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC102    6466036.42   440055.5     334       43     -90     360     MGA51_94   12/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC103    6466702.1    440423.38    340       49     -90     360     MGA51_94   11/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC114    6461438.7    443489.47    321       13     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC115    6462329.98    443763      334       31     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC116    6463296.98   443875.8     335       13     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
  NAC117    6464132.15   444309.43    330       13     -90     360     MGA51_94   13/12/2010      AC 
           ===========  ==========  =======  =======  ====  ========  =========  ===========  ========== 
 

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