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REG - Castillo Copper Ltd - Update on Big One Deposit

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RNS Number : 9421C  Castillo Copper Limited  28 February 2022

28 February 2022

 

CASTILLO COPPER LIMITED

("Castillo" or the "Company")

 

Castillo Provides Maiden Mineral Resource Estimate for Big One Deposit

 

Castillo Copper Limited (LSE and ASX: CCZ), a base metal explorer primarily
focused on copper across Australia and Zambia, is delighted to report a maiden
JORC 2012 compliant MRE for the Big One Deposit.

 

Highlights

·    Modelling the 2020-21 reverse circulation and diamond core drilling
campaigns(2) at the Big One Deposit produced a maiden JORC 2012 compliant MRE
at 2.1Mt @ 1.1% Cu for 21,886t contained metal

·    In calculating the MRE, the geology team primarily used data from the
2020-21 reverse circulation and diamond core drilling campaigns to model the
final outcome

·    In addition, there is an estimated 2,459kg (2.1Mt @ 1.2g/t Ag) of
contained silver metal credits that modestly boost the overall result

·    The underlying orebody - which commences from surface - is not fully
defined, as it remains open to the east, north and down dip

·    Castillo's geology team have already mapped out the next drilling
campaign (slated to start once ground conditions improve), which will target
extending the known orebody:

o  The campaign comprises infill drilling around the known orebody
(drill-holes 301RC, 303RC & 318R(2)); and

o  Drill-testing a significant bedrock conductor, north of the line of lode,
which is larger than the known orebody along strike(2)

·    With plans underway to develop the Big One Deposit's full potential,
especially given strong demand for copper globally(1), the Board will review
the requirements to apply for a mining lease and map out viable routes to
market via utilising third party processors

·    In New South Wales, Castillo's geology team are working on modelling
a JORC 2012 compliant MRE (cobalt focused) on the BHA Project(3) and will then
review Cangai Copper Mine has an inferred MRE at 3.2Mt @ 3.35% Cu for 108,000t
contained metal(4)

 

Dr Dennis Jensen, CEO of Castillo Copper, commented: "The Board is delighted
to announce the maiden JORC 2012 compliant mineral resource estimate (MRE) for
the Big One Deposit is 2.1Mt @ 1.1% Copper, which translates to 21,886t
contained metal. Encouragingly, with the underlying deposit open to the north,
east and down dip the next drilling campaign will focus exclusively on
extending the known orebody. In addition, the underlying copper orebody
commences from surface which is a significant positive attribute if the
project is fully developed. Concurrently, against a backdrop of strong global
demand for copper(1), the Board is investigating potential routes to market
via utilising third party processors and applying for a mining lease."

 

BIG ONE DEPOSIT

Figure 2: Resource Tonnages Big One Deposit

 Tenure Name  Ore Type  Inferred (Mt)  Indicated (Mt)  Measured (Mt)  Copper Grade (%)  Silver Grade (g/t)  Contained Copper (t)  Contained Silver (kg)
 Mine Dumps   Oxidised  0              0.007           -              1.2               4.0                 86                    29.6
 Mine Insitu  Oxidised  1.7            0               -              1.0               1.1                 17,000                1,870
 Mine Insitu  Fresh     0.4            0               0              1.2               1.4                 4,800                 560
 Sub-Totals             2.1            0.007           0                                                    21,886                2,459

Note: Cut-off grade 0.45% Cu Source: CCZ geology team

A key feature of the Big One Deposit is the copper orebody commences from
surface - this is a significant positive in the event the prospect is fully
developed. The reporting contains a small-indicated tonnage estimate from
ex-mine dump material accurately mapped by drone survey and channel sampling
(Appendix D).  However, the full extent of the underlying copper orebody is
still undetermined at this stage as it remains open to the east, north and
down dip.  A detailed evaluation of the geology, block model, and mineral
resource estimate methodology is given in Appendices A, B. C and E below.

As such, Castillo's geology team have mapped out the next drilling campaign
that will specifically target extending the known copper orebody through the
following actions:

·    Infill drilling focused around known high-grade copper mineralisation
which includes drill-holes 301RC, 303RC & 318R(2); and

·    Drill-testing the sizeable bedrock conductor north of the line of
lode that is potentially larger than the known orebody along strike(2).

The timing for the next campaign getting underway is contingent on a
significant improvement in ground conditions.

With current plans to fully develop the Big One Deposit's potential, the Board
intends map out optimal routes to market through utilising third party
processors. In addition, the Board will review the key requirements necessary
to apply for a mining lease.

 

Next steps

In Queensland:

·          Assay results for Arya Prospect.

·          Big One Deposit - drilling campaign once ground
conditions allow.

In NSW:

·          JORC 2012 compliant MRE for the BHA Project East Zone.

·          Review of Cangai Copper Mine JORC 2012 compliant MRE.

In Zambia:

·          Complete geophysical report on the Mkushi 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/
(https://castillocopper.com/investors/announcements/)

 

For further information, please contact:

 

 Castillo Copper Limited                                             +61 8 6558 0886 
 Dr Dennis Jensen (Australia), Chief Executive Officer                

 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)                    "Copper is the new oil" Goldman Sachs
(18 May 2021) Available at:
https://www.goldmansachs.com/insights/podcasts/episodes/05-18-2021-nick-snowdon.html

2)                    CCZ ASX Release - 30 November 2021

3)                    CCZ ASX Release - 15 February 2022

4)                    CCZ ASX Release - 6 September 2017

 

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 a director of ROM Resources, a company which is a shareholder of
Castillo Copper Limited.  ROM Resources provides ad hoc geological
consultancy services to Castillo Copper Limited.  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.

 

 

 

 

 

APPENDIX A: BIG ONE DEPOSIT MODELLING & MRE

CCZ's 100%-owned Big One Deposit and surrounding prospects within tenement EPM
26574 covers an area of 323.4 square kilometres. Whilst some areas have been
selectively drill-tested, most of the tenement package surrounding the
historic mine has not been subject to well targeted and methodical exploration
work.  Further drilling is warranted along the orebody to the east, north and
downdip, as it is not fully defined.  Furthermore, there are strong
historical surface copper anomalies in the north-west and south-east of EPM
26574 which should be covered by detailed geological mapping and soil sampling
and then drill testing.

Recent work has involved extensive creation of a new database, geological
block model and MRE.

A maiden 2012 JORC Inferred Resource of 2.1Mt @ 1.1% Cu (Table 1) is reported
at this stage and a well-placed drilling program focussing on diamond coring
has the potential to greatly increase this number and confidence class, as the
deposit is open to the east and downdip.  The resource estimate includes some
areas adjacent to, and downdip of, the main resource shell which have
sufficient information that allows estimation of an Exploration Target
mid-range of 0.76Mt @ 0.8-1.2 % Cu (Table A-1).  Further, a new, small,
Indicated MRE of ex-mine stockpiles has been included.

TABLE A-1:  RESOURCE TONNAGES BIG ONE DEPOSIT
 Tenure Name  Ore Type  Exploration Target Range Low (Mt)  Exploration Target Range High (Mt)  Exploration Target Range Mid (Mt)  Inferred (Mt)  Indicated (Mt)  Measured (Mt)  Copper Grade %  Silver Grade  Contained Copper (t)  Contained

                                                                                                                                                                                                g/t                                 Silver (kg)
 Mine Dumps   Oxidised  0                                  0                                   0                                  0              0.007           -              1.2             4.0           86                    29.6
 Mine Insitu  Oxidised  0.02                               0.10                                0.06                               1.7            0               -              1.0             1.1           17,000                1,870
 Mine Insitu  Fresh     0.2                                1.2                                 0.7                                0.4            0               0              1.2             1.4           4,800                 560
 Sub-Totals             0.22                               1.3                                 0.8                                2.1            0.007           0                                            21,886                2,459.6

Source: Castillo Copper geology team

A forward geological work program, including a ground geophysical campaign has
been planned (magnetics and gravity), more reverse circulation drilling to the
immediate north and east of Big One Deposit, and deep core drilling at the
dyke.  A detailed drilling plan has been established with an initial 6-hole
campaign followed by a larger program to convert the Exploration Target to a
JORC Resource.

 

 1  It should be noted that the Exploration Target tonnage range quoted above
are conceptual in nature and there has been insufficient exploration to define
a copper resource.  Although a preliminary analysis was undertaken,
insufficient data exists to confidently correlate mineralised horizons within
the Exploration Target area.  It is uncertain whether further exploration may
lead to the reporting of a JORC-standard resource however there is some
evidence to support the current exploration tonnage calculations, and the
sufficient mineralised thicknesses interpreted from historical drilling to
warrant further investigation in some areas.

 

Location and Scope

CCZ has been exploring the Big One Deposit and historical mine within EPM
26574, some 160km north of Mt Isa in Northwest Queensland, Australia.

The Board has prioritised geological modelling and JORC (2012) Code estimation
for an inaugural resource for the Big One Deposit and commissioning an infill
drilling campaign. The primary reasons for taking this stance are:

·    Recent and historical drilling campaigns have intersected relatively
shallow copper mineralisation; and

·    There is a significant bedrock conductor, north of the line of lode,
which is larger than the anomaly drilled in 2020 that is yet to be
drill-tested.

 

2021 Work Programme

After a first stage of drilling in late 2020, a second tranche of drilling was
completed between June to August 2021, with the salient outcomes being noted
below:

·    The 2021 drilling program concluded on the 20 August 2021, with the
CCA with the landowner ending 30 August 2021. A total of 20 reverse
circulation drill holes (including one pre-collar) for 2,631.85 m was
completed and one partially HQ diameter diamond-cored for 32.13m of core was
secured.

·    Most holes were downhole geophysically logged with deviation,
caliper, natural gamma, and several had acoustic scanner tools run.  About
25% of the holes collapsed so coverage downhole is variable.  The ground
around the dyke is quite fractured and jointed.

·    A review of the geological logging found that most lithologies
adjacent to the dyke were found to be fine-grained, with the feldspar
alteration early relating to dacite intrusives both in the dacite and at
varying distances into the wall rocks on both sides.  Further, there is
mainly greenish sericite (very fine-grained mica) alteration of the dacite and
some thin veins of the same in the wall rock sandstones and siltstones.
There can be local epidote and chlorite alteration of the dacite, but it is
not pervasive as first logged.  If mineralization is present, it is later and
overprinting the early alteration in the dyke.  In BO_321RC pyrolusite,
rather than chalcocite was present in thin veins in the sandstone/quartzite.

·    Both 2020 and 2021 drillhole collars were ground DGPS surveyed, and a
small drone survey produced an orthophoto image of Big One Deposit dyke area
with a high accuracy.  When compared to handheld GPS measurements errors were
small (± <1m).

·    All RC chips were passed for analysis, and where geological logging
did not identify visible sulphide or carbonate mineralisation 4m composites
were forwarded, else 1m samples were reduced to 2-3kg for laboratory assaying
for 48 elements.  All chips were tested with the handheld magnetic
susceptibility meter.  One metre RC chip samples from drillhole BO_315RC were
scanned using the portable XRF gun.

·    The best intersections are reported below (Table A-2), with a
complete list of assay results is given in the end of hitch report.

·    Analysis of the assay data has shown that that the porphyritic dacite
dyke can be characterised by high chromium and lithium lab assay levels
compared to background (up to six times for Cr and ten times for Li).

·    Drillholes 315-318RC, 326RC, 327RC, 332RC, and 333RC had significant
mineralisation.  For the most part the other holes were drilled into various
southern IP anomalies, and where there were no dyke intersections, there was
little mineralisation recorded visually nor returned from the lab assays.
The HQ diamond core hole, BO_334DD, whilst intersecting 9m of dacite dyke, was
only mineralised at the top of the dyke (Table A-2).

·    The best, deepest, mineralisation was BO_318RC with 16m (apparent)
from 166 to 182m @ 0.59% Cu, including 3m from 176-179m @ 1.76% Cu. The
mineralisation appears best developed over a 400m strike length of the 1,200m
mapped extent of the dyke where it intersects at a sharp angle with a major
regional fault.  In this region the mineralisation extends beyond the
confines of the 6m wide dyke into the country rock of quartzites and
siltstones.

·    Generally, the IP anomalies near the southern side of the dyke have
only returned minor copper anomalies (<500ppm).

 

TABLE A-2: BIG ONE 2021 DRILLING BEST INTERSECTIONS
 Drillhole  From (m)  To (m)  Apparent Length (m)  Cu (%)  Notes
 BO_315RC   61.0      69.0    8.0                  0.50%   Visual mineralisation 62-69m
 including  65.0      68.0    3.0                  1.22%
 BO_316RC   137.0     146.0   9.0                  0.64%   Visual mineralisation 129-146m
 including  141.0     146.0   5.0                  1.06%
 BO_317RC   88.0      97.0    9.0                  1.42%   Visual mineralisation 90.5-103m
 including  92.0      96.0    4.0                  3.06%
 including  92.0      93.0    1.0                  9.19%   Also 3.4 g/t Ag
 BO_318RC   166       182     16.0                 0.59%
 including  176       179     3.0                  1.76%
 BO_323RC   64        65      1.0                  0.06%
 BO_323RC   94        96      2.0                  0.11%
 BO_326RC   100       104     4.0                  0.56%
 including  100       101     1.0                  1.58%
 BO_327RC   93        98      5.0                  0.77%
 including  95        97      2.0                  1.57%
 BO_327RC   103       104     1.0                  0.43%
 BO_327RC   122       123     1.0                  0.11%
 BO_333RC   42        45      3.0                  0.15%
 including  43        44      1.0                  0.31%
 BO_334DD   86.43     87.43   1.0                  0.52%
 including  86.93     87.43   0.50                 1.02%

Source: Castillo Copper geology team

Mapping and rock chip sampling was carried out along the IP traverse lines
with several high copper values returned from laboratory assay.  The
stockpile sampling was a standout with more material and good grades evident
than originally envisaged.  Accurate volumes were calculated from the drone
survey.  The was a total 7,407t @1.17% Cu estimated over the 12 stockpiles,
with the highest value lab assay 3.89% Cu.  There will need to be further
metallurgical testing and a mining lease applied for and granted to access
this material, however.

 

Geology Review

Post the field logging some drillholes and RC chips were reviewed by Dr P
Gregory of GeoDiscovery (Gregory 2021), who noted the ferruginous fine-grained
nature of the sandstones and siltstones does not aid recognition of K-feldspar
alteration which is just a more subtle pink rather than red brown. Most
lithologies adjacent to the dyke were fine-grained, with the feldspar
alteration early relating to dacite intrusives both in the dacite and at
varying distances into the wall rocks on both sides.  Further, there is
mainly greenish sericite (very fine-grained mica) alteration of the dacite and
some thin veins of the same in the wall rock sandstones and siltstones.
There can be local epidote and chlorite alteration of the dacite, but it is
not pervasive as first logged.  If mineralisation is present, it is later and
overprinting the early alteration in the dyke. In BO_321RC pyrolusite, rather
than chalcocite was present in thin veins in sandstone/quartzite.

Additionally, Gregory (2021) noted there is likely orthoclase in some of the
sandstones that may not be alteration, just of a primary origin and that
confuses the picture. Most common is quartz veining that is extremely
fine-grained and chalcedonic. So, one cannot rule out that perhaps epithermal
character may locally be present.  Recording of probable K-feldspar-albite
alteration is important, as while some is obviously related to the known dyke,
if other zones away from the dyke are noted, then the possibility of
relationship to buried intrusives is there.  But so far, Castillo can't be
sure that the dyke is necessarily the source of the copper, or whether fluids
from below (metamorphic fluid from Eastern Creek Volcanics reservoir)
fortuitously used this conduit.

The western extent of the dyke may run into a poorly exposed intrusive (hint
of oval pattern and perhaps different character on Google satellite image).
The objective of the planned mapping and sampling grid is to see if there is
any evidence of intrusive or ironstone lag material or even poorly exposed
gossan (collect any ferruginous material or interesting rocks for analysis).

In BO_323RC close observation did detect very fine chalcopyrite and possibly
chalcocite and digenite, maybe a touch of covellite, but not in great
quantities. The alteration picture is certainly early albite and overprinting
K-feldspar (orthoclase).  The albite is usually a pale pink to even pale
green, but distinction between albite and K-feldspar can be difficult.
Logging did see chalcopyrite in a K-feldspar vein and in a quartz, vein
cutting albite-altered host.  There was also some dissemination in the
albite-altered host, but extremely fine.  Castillo's logging suggests that if
you haven't got dacite or albite or K-feldspar altered rocks, you won't find
mineralisation as these are the ground preparation for later overprinting
mineralising fluids using the same conduits.

While albite can be more distant from the dacite, orthoclase is more
proximal.  One other comment is whether K-feldspar alteration exists in
medium-grained sandstones well into the hanging wall to the west of the
dacite.  Most of the albite and K-feldspar alteration near the dyke is in
fine-grained sandstone or siltstone, not coarse sandstone which does not seem
to be present there.  But one needs an open mind in that porous sandstone
beds could show conversion of white feldspar to pink-red feldspar if K-rich
fluids did move along porous beds.

A series of cross-sections has been previously generated to illustrate the
mineralisation detected.

 

Stockpile Sampling

Twelve separate stockpile samples have been mapped and sampled and were
covered by the drone survey, from which accurate volumes were estimated.  All
of the stockpiles originated from historic mining Pits 1-3 and were mostly
comprised of mineralised reject material (cupriferous dyke and quartzite) from
the 1990's mining.

Initial XRF readings on some indicated high copper (highest 3.84%).  All
twelve separate stockpiles were grab sampled at regular spacings across the
base of each stockpile, with multiple samples collected across each stockpile.
Samples were dispatched to lab on the Monday 23 August and received on the 3
September 2021.  The XRF readings were vindicated with laboratory assays
returning copper values as high as 3.89%.

 

Similar calculations for the other stockpiles (see Appendix C, D; and JORC
Table 1) resulted in a total accumulation of 7,407t @ average of 1.17%Cu.
Further metallurgical testing would be required to verify recoveries, and a
valid mining lease will be required to exploit this on-surface resource.

 

Modelling and Insitu Mineral Resource Estimate
Geological Modelling

Recent work included collating all surface sampling data sets and contouring
significant anomalous elements (Au, Ag, Co, Zn, and Cu). A database of 79
drill-holes was created, and geological block model (20m x 20m x 2m) of the
Cu, Au, Ag, and Co mineralisation at Mt Norma using the mine planning software
Datamine's Minescape Block Model module.

 

The original investigations suggested that on rough estimation the resource
was about 100,000-150,000t Indicated and 2-3Mt Inferred and some Exploration
Target.  As time went on, the mineral resource estimate was downgraded to a
smaller Inferred tonnage (with the initial Inferred tonnes downgraded to
Exploration Target) due to the following factors:

·    Lack of an available previous computer-based geological models, with
only vague hardcopy estimates reported.

·    Uncertainty as to levels and georeferencing of the open-cut mining
component, especially the lack of any referenced mapping made available by
previous owners.

·    Lack of accurately located historical mining sampling and assays
resulting from any grab or channel samples

·    Lack of data for some of the non-CCZ drilling (lithology, some
discrepancy from plans on locations, lack of QA/QC.

The interpolator used was a simple inverse distance squared due to mediocre
semi-variogram modelling (insufficient sample pairs for ordinary kriging).
The first search ellipse is orientated 350 degrees and has a radius of 40m,
the second pass 55m.  The interpolation bias is in the Y and Z directions,
being smallest in the X direction.

 

Estimation Methodology

The mineral resource was constrained to mineralisation envelopes or lodes in
3D that were created using a nominal 0.45 % Cu cut-off.  To maintain
continuity of interpretation, some drill intercepts <0.45% Cu were included
within lode wireframes.  Copper, silver, and gold was interpolated into the
block model.  Where drill density decreased, extrapolation was restricted to
a distance generally equal to half the typical hole spacing i.e., if holes
were spaced at 50m the interpretation extended 25m beyond the last hole.  A
top cut of 12% Cu was applied.

The resource blocks were estimated using Inverse Distance Squared (IDS) at a
parent block size of 40m by 40m by 5m sub-blocked to 10m by 10m by 2.5m using
1m fixed-length composites.  Each lode was estimated independently using hard
boundaries, i.e., only composites that fell within the lode shell.  IDS
validation included:

·    visual examination of the estimated block grades against the drill
hole assays on plan and in section.

·    comparing 1m composite and IDS block statistics by lode and by swath
plots.

No material issues were noted.

The Big One Deposit is characterised by deep, irregular weathering down the
main shear structure and variable weathering in the parent rock.  In situ
bulk density was assigned to each block based on the degree of oxidation noted
in geological logs, which was modelled as a surface.  The oxide-fresh rock
boundary (BOCO) has been selected at the interface of moderate and partially
weathered material. Typically, the mineralised oxide zone is a mix of weakly
to strongly oxidised material with only minor amounts of completely oxidised
material.  Oxidised and fresh lode material were assigned bulk densities of
2.45 t/m(3) and 2.65 t/m(3) respectively, which is considered conservative.
Laboratory-derived bulk density testing were available from BO_334DD which
showed an average of 2.70 for unmineralised rock.

 

Cut-off Grades

A 0.45% Cu cut-off grade was assumed for potential open pit material down to
the 160 m RL, around 60m below the lowest part of the historic pit.  Below
this level the stripping ratio is likely to be too high for open pit
extraction.  These cut-off grades are preliminary in nature and are subject
to confirmation by feasibility work on the project.

 

Classification Criteria

Mineral Resource classifications were assigned on a block-by-block basis using
estimation outputs.  Inferred resource blocks required the closest sample
within 55m on the second pass, an average sample distance <35m, and a
minimum of three drill-hole samples, with the remaining blocks between 55-90m
assigned to Exploration Target.

 

Resource estimate

Due to the uncertainty with the location of some historical holes (excluded
from the modelling) and the distribution of drilling, only an Inferred
Resource of 2.1Mt @ 1.1% Cu is reported at this stage, which compares
favourably to several previous non-JORC estimates.  A well-placed drilling
program has the potential to greatly increase this number and confidence
class, as the deposit is open to the north, south, and downdip.

The resource estimate includes some areas adjacent to, and down-dip to, the
main resource shell which have sufficient information that allows estimation
of an Exploration Target(2) mid-range of 0.76Mt @ 0.8 to 1.2% Cu (Table
A-3).  Recent resource estimates of mine stockpiles have also been included,
and 6,500t of previously mined material has been deducted from the oxidised
ore estimate.  About 70% of the insitu ore is oxidised and the remainder
fresh sulphide (chalcocite).

TABLE A-3:  RESOURCE TONNAGES BIG ONE PROJECT
 Tenure Name  Ore Type  Exploration Target Range Low (Mt)  Exploration Target Range High (Mt)  Exploration Target Range Mid (Mt)  Inferred (Mt)  Indicated (Mt)  Measured (Mt)  Copper Grade %  Silver Grade  Contained Copper (t)  Contained

                                                                                                                                                                                                g/t                                 Silver (kg)
 Mine Dumps   Oxidised  0                                  0                                   0                                  0              0.007           -              1.2             4.0           86                    29.6
 Mine Insitu  Oxidised  0.02                               0.10                                0.06                               1.7            0               -              1.0             1.1           17,000                1,870
 Mine Insitu  Fresh     0.2                                1.2                                 0.7                                0.4            0               0              1.2             1.4           4,800                 560
 Sub-Totals             0.22                               1.3                                 0.8                                2.1            0.007           0                                            21,886                2,459.6

Source: CCZ geology team

2 It should be noted that the Exploration Target tonnage range quoted above
are conceptual in nature and there has been insufficient exploration to define
a copper resource.  Although a preliminary analysis was undertaken,
insufficient data exists to confidently correlate mineralised horizons within
the Exploration Target area.  It is uncertain whether further exploration may
lead to the reporting of a JORC-standard resource however there is some
evidence to support the current exploration tonnage calculations, and the
sufficient mineralised thicknesses interpreted from historical drilling to
warrant further investigation in some areas.

 

 

APPENDIX B:  JORC TABLE 1

The following JORC Code (2012 Edition) Table 1 is primarily supplied for the
provision of the final release of data for the 2021 Drilling Program at the
Big One Deposit. There is additional commentary provided at the end of Section
2.

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

Section 1 Sampling Techniques and Data
 Criteria                                                 JORC Code explanation                                                            Commentary
 Sampling techniques                                      ·    Nature and quality of sampling (eg cut channels, random chips, or           ·      For the 2021 program, samples are taken off a cyclone for every
                                                          specific specialised industry standard measurement tools appropriate to the      metre drilled, put through a three tier, 87.5/12.5 splitter where
                                                          minerals under investigation, such as down hole gamma sondes, or handheld XRF    approximately 2.5 kg of RC chip samples were collected for every metre
                                                          instruments, etc). These examples should not be taken as limiting the broad      drilled.  The remainder was bagged separately and stored in case additional
                                                          meaning of sampling.                                                             sub sampling is required before the end of the program.

                                                          ·    Include reference to measures taken to ensure sample representivity         ·      Weights recovered from riffle splitting varied between 1-2kg for
                                                          and the appropriate calibration of any measurement tools or systems used.        both the 1970 and 1993 drilling programs.

                                                          ·    Aspects of the determination of mineralisation that are Material to         ·      For the 2021 program, samples were also composited every four
                                                          the Public Report.                                                               metres where visual inspection did not initially indicate copper

                                                                                mineralisation.  All samples were collected to maximise optimal
                                                          ·    In cases where 'industry standard' work has been done this would be         representation for each sample.
                                                          relatively simple (e.g., 'reverse circulation drilling was used to obtain 1 m

                                                          samples from which 3 kg was pulverised to produce a 30 g charge for fire         ·      Each metre sample had an amount removed for washing and cleaning
                                                          assay'). In other cases, more explanation may be required, such as where there   and sieving then place into metre allocated chip trays. These chips were
                                                          is coarse gold that has inherent sampling problems. Unusual commodities or       logged on site by the rig geologists and those logs have been saved into a
                                                          mineralisation types (e.g., submarine nodules) may warrant disclosure of         spreadsheet and stored on the Company server. Any visible mineralisation,
                                                          detailed 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.
 Drilling techniques                                      ·    Drill type (e.g., core, reverse circulation, open-hole hammer, rotary       ·      Reverse Circulation, RC, and HQ-sized diamond wireline drilling
                                                          air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple   techniques were utilised for all holes drilled at the Big One Deposit.
                                                          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 sample recoveries and       ·      For the 2021 program, within acceptable industry standard limits,
                                                          results assessed.                                                                all samples collected were of near equal mass and recoveries were also within

                                                                                acceptable limits for RC drilling and all recorded in the daily logs.  Every
                                                          ·    Measures taken to maximise sample recovery and ensure representative        effort was made on site to maximise recovery including cleaning out the sample
                                                          nature of the samples.                                                           trays, splitter and cyclone and ensuring that the drillers progressed at a

                                                                                steady constant rate for the rig to easily complete each metre effectively.
                                                          ·    Whether a relationship exists between sample recovery and grade and
                                                          whether sample bias may have occurred due to preferential loss/gain of
                                                          fine/coarse material.
 Logging                                                  ·    Whether core and chip samples have been geologically and                    ·      For all drilling programs, every metre drilled and sampled was
                                                          geotechnically logged to a level of detail to support appropriate Mineral        logged geologically in accordance with industry-wide acceptable standard for
                                                          Resource estimation, mining studies and metallurgical studies.                   RC logging and the logging was qualitative in nature with every metre logged.

                                                                                Unfortunately, lithology dictionaries and descriptions varied between
                                                          ·    Whether logging is qualitative or quantitative in nature. Core (or          programs.  The 2021 programs also recorded visible sulphide and carbonate
                                                          costean, channel, etc) photography.                                              concentrations and alteration minerals, such as orthoclase, epidote, chlorite,

                                                                                and sericite.
                                                          ·    The total length and percentage of the relevant intersections logged.
 Sub-sampling techniques and sample preparation           ·    If core, whether cut or sawn and whether quarter, half or all core          ·      For the 2021 program, samples with pXRF copper <200ppm will be
                                                          taken.                                                                           composited every four metres and all samples were collected to maximise

                                                                                optimal representation for each sample.  If XRF is not available, then all
                                                          ·    If non-core, whether riffled, tube sampled, rotary split, etc and           samples with no visible mineralisation will be sampled as above.
                                                          whether sampled wet or dry.

                                                                                ·      Each metre sample had an amount removed for washing and cleaning
                                                          ·    For all sample types, the nature, quality, and appropriateness of the       and sieving then place into metre allocated chip trays. These chips were
                                                          sample preparation technique.                                                    logged on site by the rig geologists and those logs have been saved into a

                                                                                spreadsheet and stored on the Company server. Any visible mineralisation,
                                                          ·    Quality control procedures adopted for all sub-sampling stages to           alteration or other salient features were recorded in the logs. Industry wide,
                                                          maximise representivity of samples.                                              acceptable, standard practices were adhered to for the drilling and sampling

                                                                                of each metre as per the Drilling and Sampling Procedures set out before
                                                          ·    Measures taken to ensure that the sampling is representative of the         commencement of the drilling programme.
                                                          in-situ material collected, including for instance results for field

                                                          duplicate/second-half sampling.                                                  ·      Any reporting of significant mineralised intervals was on a

                                                                                received apparent thickness x interval calculation (i.e., thickness averaged).
                                                          ·    Whether sample sizes are appropriate to the grain size of the
                                                          material being sampled.
 Quality of assay data and laboratory tests               ·    The nature, quality and appropriateness of the assaying and                 ·      CCZ's DDH and RC holes will be assayed by an independent
                                                          laboratory procedures used and whether the technique is considered partial or    laboratory, ALS at Mt Isa, Townsville, or Brisbane Australia. Methods used
                                                          total.                                                                           were as follows:

                                                          ·    For geophysical tools, spectrometers, handheld XRF instruments, etc,        o  Gold - by method Au-AA25 30g charge (fire Assay with AAS finish);
                                                          the parameters used in determining the analysis including instrument make and

                                                          model, reading times, calibrations factors applied and their derivation, etc.    o  High gold values within oxide zone/supergene zone may need further testing

                                                                                by method Au-SCR21.
                                                          ·    Nature of quality control procedures adopted (eg standards, blanks,

                                                          duplicates, external laboratory checks) and whether acceptable levels of         o  Copper and 32 other - by method ME-ICP41 (HF-HN03-HCL04 acid digest, HCL
                                                          accuracy (i.e. lack of bias) and precision have been established.                leach and ICP-AES finish).

                                                                                                                                           o  Over-limit copper (>10,000 ppm  0.01% ) to be re assayed for copper by
                                                                                                                                           method Cu-OC62 (HF-HN03-HCL04 acid digest, HCL leach and ICP-AES finish).

                                                                                                                                           ·      These analytical methods are considered as suitable 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.
 Verification of sampling and assaying                    ·    The verification of significant intersections by either independent         ·      All CCZ's DDH and RC hole assay results from ALS have been
                                                          or alternative company personnel.                                                reviewed by two independent consultant geologists. Assays from the BO_334DD

                                                                                have recently been resolved.
                                                          ·    The use of twinned holes.

                                                                                ·      For current the rock chip sampling, Independent Laboratory
                                                          ·    Documentation of primary data, data entry procedures, data                  assaying by ALS has confirmed, within acceptable limits, the occurrences of
                                                          verification, data storage (physical and electronic) protocols.                  high-grade copper inferred from the initial XRF readings.  Laboratory

                                                                                standards and duplicates were used in accordance with standard procedures for
                                                          ·    Discuss any adjustment to assay data.                                       geochemical assaying.
 Location of data points                                  ·    Accuracy and quality of surveys used to locate drill holes (collar          ·      All twenty holes done by CCZ in 2021 have had their location
                                                          and down-hole surveys), trenches, mine workings and other locations used in      surveyed by GPS and will, at then, at the completion of drilling, were
                                                          Mineral Resource estimation.                                                     surveyed by differential GPS by independent licensed surveyors (GMC Surveys).

                                                          ·    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
                                                          ·    Quality and adequacy of topographic control.                                Datum.

                                                                                                                                           ·      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 ±20m whereas
                                                                                                                                           it is about ±12m that for the 1993 holes.
 Data spacing and distribution                            ·    Data spacing for reporting of Exploration Results.                          ·      The final 20 RC holes were part of a 35-hole program that was set

                                                                                out on a nominal 100m pattern or to redrill 2020 holes that were found to be
                                                          ·    Whether the data spacing, and distribution is sufficient to establish       too short.  The 1970 drilling was set at a 30m spacing and the 1993 drilling
                                                          the degree of geological and grade continuity appropriate for the Mineral        also at a 50m spacing.  At the completion of all the planned holes, the
                                                          Resource and Ore Reserve estimation procedure(s) and classifications applied.    drillhole collars were differentially surveyed by an independent, licensed

                                                                                surveyor and the grid pattern verified.  A drone survey over a 2.3Ha area was
                                                          ·    Whether sample compositing has been applied.                                flown over the exploration area and covered the outcrop length of the dyke.
                                                                                                                                           Data was supplied as spot height clouds, orthophoto and topographic contours
                                                                                                                                           in DXF / DWG format.
 Orientation of data in relation to geological structure  ·    Whether the orientation of sampling achieves unbiased sampling of           ·      The current CCZ RC drilling programme has had all holes oriented
                                                          possible structures and the extent to which this is known, considering the       to intersect the mineralised structure/zone subsurface perpendicularly and
                                                          deposit type.                                                                    therefore does not constitute any perceived bias.  The typical dip direction

                                                                                of the new drillholes is 335-350 deg (Grid North).
                                                          ·    If the relationship between the drilling orientation and the

                                                          orientation of key mineralised structures is considered to have introduced a     ·      Rock chip samples have also been taken at areas of interest from
                                                          sampling bias, this should be assessed and reported if material.                 observed mineralisation along the line of lode of the mineralised dyke,
                                                                                                                                           secondary structures, and surrounding spoil heaps.
 Sample 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 dispatch to the laboratory in person by
                                                                                                                                           the field personnel.
 Audits or reviews                                        ·    The results of any audits or reviews of sampling techniques and data.       ·      This will be done once all 28 holes in CCZ's Stage 2021 program,
                                                                                                                                           and their assay results have been verified.

                                                                                                                                           ·      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.

 

Section 2 Reporting of Exploration Results

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

 Criteria                                                          JORC Code explanation                                                            Commentary
 Mineral tenement and land tenure status                           ·    Type, reference name/number, location and ownership including               ·      The following mineral tenures are held 100% by subsidiaries of
                                                                   agreements or material issues with third parties such as joint ventures,         Castillo Copper Limited, totalling an area of 736.8 km(2) in the "Mt Oxide
                                                                   partnerships, overriding royalties, native title interests, historical sites,    North Project":
                                                                   wilderness or national park and environmental settings.

                                                                                o  EPM 26574 (Valparaisa North) - encompasses the Big One historical mineral
                                                                   ·    The security of the tenure held at the time of reporting along with         resource, Holder Total Minerals Pty Ltd, granted 12-June-2018 for a 5-year
                                                                   any known impediments to obtaining a licence to operate in the area.             period over 100 sub-blocks (323.3Km(2)), Expires 11-June-2023.

                                                                                                                                                    o  EPM 26462 (Big Oxide North) - encompasses the 'Boomerang' 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 (216.5 Km(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 (74.2 Km(2)), Expires 12-Aug-2023; and

                                                                                                                                                    o  EPM 27440 (The Wall) - An application lodged on the 12-Dec-2019 over 70
                                                                                                                                                    sub-blocks (~215 Km(2)) by Castillo Copper Limited.  The tenure was granted
                                                                                                                                                    on the 18(th of) March 2021.

                                                                                                                                                    ·      A check on the tenures in 'granted' status was completed in
                                                                                                                                                    'GeoResGlobe' on the 12(th of) Feb 2022.
 Exploration done by other parties                                 ·    Acknowledgment and appraisal of exploration by other parties.               ·      Historical QDEX / mineral exploration reports have been reviewed
                                                                                                                                                    for historical tenures that cover or partially cover the Project Area in this
                                                                                                                                                    announcement. Federal and State Government reports supplement the historical
                                                                                                                                                    mineral exploration reporting (QDEX open file exploration records).

                                                                                                                                                    ·      Most explorers were searching for 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 <50m in supergene ore at Mt Oxide
                                                                                                                                                    Pillar") released on the ASX by CCZ on the 14-January-2020.

                                                                                                                                                    ·      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.
 Geology                                                           ·    Deposit type, geological setting, and style of mineralisation.              ·      The Mt Oxide North project is located within the Mt 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
                                                                                                                                                    limestones.

                                                                                                                                                    ·      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 deposits.

                                                                                                                                                    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; and

                                                                                                                                                    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
                                                                                                                                                    pits.

                                                                                                                                                    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 17-July-2020.
 Drill hole Information                                            ·    A summary of all information material to the understanding of the           ·      For the current program, all drillhole information was coded to
                                                                   exploration results including a tabulation of the following information for      the same formatted spreadsheets used by CCZ, being hand-encoded from hard-copy
                                                                   all Material drill holes:                                                        reports, plans, and cross-sections.

                                                                   o  easting and northing of the drill hole collar                                 ·      For CCZ's current drilling program, this information has been

                                                                                recorded in formatted spreadsheets during the drilling and will be checked and
                                                                   o  elevation or RL (Reduced Level - elevation above sea level in metres) of      verified at the conclusion of the current program. The current reported holes
                                                                   the drill hole collar                                                            (315-317RC) are listed in Appendix 2, with previous drilling collars listed in

                                                                                the 11(TH) and 26th July ASX release and in Tables B2-2 and B2-3.
                                                                   o  dip and azimuth of the hole

                                                                                ·      A summary of the holes drilled are given at the end of Appendix
                                                                   o  down hole length and interception depth                                       C.

                                                                   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 aggregation methods                                          ·    In reporting Exploration Results, weighting averaging techniques,           ·      Queries on some assays are currently pending on CCZ's current
                                                                   maximum and/or minimum grade truncations (e.g., cutting of high grades) and      drilling program.
                                                                   cut-off grades are usually Material and should be stated.

                                                                                ·      For historical surface sampling, Independent Laboratory Assay
                                                                   ·    Where aggregate intercepts incorporate short lengths of high-grade          results for soil and rock chip samples from the Big One Deposit were averaged
                                                                   results and longer lengths of low-grade results, the procedure used for such     if more than one reading or determination was given.
                                                                   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
                                                                   ·    The assumptions used for any reporting of metal equivalent values           results as they are directly relatable to high grade mineralisation styles
                                                                   should be clearly stated.                                                        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 used.
 Relationship between mineralisation widths and intercept lengths  ·    These relationships are particularly important in the reporting of          ·      When available, all mineralised intervals (i.e., >500ppm) have
                                                                   Exploration Results.                                                             been reported in this and previous ASX releases as the "as-intersected"

                                                                                apparent thickness (in metres) and given that most drillholes dip at -60 to
                                                                   ·    If the geometry of the mineralisation with respect to the drill hole        -70 degrees from the horizontal, true intersection widths will be calculated
                                                                   angle is known, its nature should be reported.                                   during the block modelling 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').
 Diagrams                                                          ·    Appropriate maps and sections (with scales) and tabulations of              ·      This part will be done once CCZ's current drilling program is
                                                                   intercepts should be included for any significant discovery being reported       completed, and all samples have been assayed and verified.
                                                                   These should include, but not be limited to a plan view of drill hole collar

                                                                   locations and appropriate sectional views.                                       ·      Appropriate diagrams are presented in the body and the Appendices
                                                                                                                                                    of the current ASX Release. Where scales are absent from the diagram, grids
                                                                                                                                                    have been included and clearly labelled to act as a scale for distance.

                                                                                                                                                    ·      Maps and Plans presented in the current ASX Release are in MGA94
                                                                                                                                                    Zone 54, Eastings (mE), and Northing (mN), unless clearly labelled otherwise.

                                                                                                                                                    ·      A series of cross-sections have been generated at Big One
                                                                                                                                                    displaying copper analyses in ppm to aid interpretation and exploration
                                                                                                                                                    planning (in previous ASX releases in July and August 2021)
 Balanced reporting                                                ·    Where comprehensive reporting of all Exploration Results is not             ·      Comprehensive reporting is planned once CCZ's current drilling
                                                                   practicable, representative reporting of both low and high grades and/or         program has all sample queries returned and have been verified.
                                                                   widths should be 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 Tables C2-6 through to C2-8 at the end of the next
                                                                                                                                                    section.  All intersected intervals are apparent thicknesses in metres.
 Other substantive exploration data                                ·    Other exploration data, if meaningful and material, should be               ·      Several airborne EM and magnetic surveys have been conducted
                                                                   reported including (but not limited to): geological observations; geophysical    nearby by historical explorers and Castillo Copper has conducted its own
                                                                   survey results; geochemical survey results; bulk samples - size and method of    surface sampling program prior to drilling commencing as noted above. A major
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical   IP survey was completed during May 2021 across five (5) north-east trending
                                                                   and rock characteristics; potential deleterious or contaminating substances.     survey lines (dipole-dipole array). Historical work has focussed on drilling
                                                                                                                                                    and 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.

                                                                                                                                                    ·      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 depth.

                                                                                                                                                    ·      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 / lithology.
 Further work                                                      ·    The nature and scale of planned further work (e.g., tests for lateral       ·      Future potential work is described within the body of the ASX
                                                                   extensions or depth extensions or large-scale step-out drilling).                Release, and will include:

                                                                   ·    Diagrams clearly highlighting the areas of possible extensions,             o  Detailed mapping and rock chip sampling.
                                                                   including the main geological interpretations and future drilling areas,

                                                                   provided this information is not commercially sensitive.                         o  Surface gravity and magnetic surveys, and potentially downhole EM surveys.

                                                                                                                                                    o  Diamond Coring.

                                                                                                                                                    o  Block modelling and wireframing.

                                                                                                                                                    o  Update of Resource Estimation.

 

 

 

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)

 Criteria / JORC Code Explanation                                                 Commentary
 Database integrity                                                               Historical data from hard copy reports and electronic files such as excel and

                                                                                word, have been captured within a Datamine GDB database.  Historical data has
 ·    Measures taken to ensure that data has not been corrupted by, for           been audited by ROM Resources Geologists before entered, and cross referenced
 example, transcription or keying errors, between its initial collection and      with recent data.  Data base checks have been run by ROM Resources geologists
 its use for Mineral Resource estimation purposes.                                before resource estimation commenced.  Where the location of historical drill

                                                                                holes was in question they have been removed from the model.  Reported
 ·    Data validation procedures used.                                            collars have been adjusted to the topography model (drone) where the
                                                                                  discrepancy is ±0.2m.
 Site visits                                                                      Mr Mark Biggs visited site on the 20(th of) November 2021 to observe the

                                                                                geology, as well as drilling and sampling procedures (Biggs, 2021).
 ·    Comment on any site visits undertaken by the Competent Person and the       Recommendations to: (1) collect additional bulk density data from mineralised
 outcome of those visits.                                                         lodes; and (2) employ triple tube diamond drilling methods and in split

                                                                                logging for geotechnical holes have since been implemented.  No other
 ·    If no site visits have been undertaken indicate why this is the case.       material issues were noted.
 Geological interpretation                                                        The deposits have been interpreted on vertical oblique sections at variable

                                                                                spacing by reviewing geological logging and copper grades, as well as
 ·    Confidence in (or conversely, the uncertainty of) the geological            considering interpretations from historic mining reports and previously mined
 interpretation of the mineral deposit.                                           voids.  Confidence is moderate in areas of close-spaced drilling.

 ·    Nature of the data used and of any assumptions made.                        Data has been supplied as a drill hole database, including collar, survey,

                                                                                lithology, weathering, and assay data.
 ·    The effect, if any, of alternative interpretations on Mineral

 Resource estimation.                                                             Magnetic susceptibility readings completed on the RC chips have not uniquely

                                                                                characterised mineralised zones, either within or outside the dyke
 ·    The use of geology in guiding and controlling Mineral Resource              wireframe.  The dyke is characterised by 10x Cr assay values.
 estimation.

                                                                                Alternate correlations of lodes between drill holes are possible in some
 ·    The factors affecting continuity both of grade and geology.                 places but would not materially affect the Mineral Resource estimate.

                                                                                  Mineralised lodes have been interpreted using a 0.4% nominal copper cut off
                                                                                  and aided with the use of lithology, veining, and structure to help identify
                                                                                  the key shear structures.

                                                                                  Potentially economic mineralisation not always restricted to an easily
                                                                                  identifiable sheared, porphyritic syenite or diorite.  Within the lodes
                                                                                  higher grade copper (>2%) is erratically distributed.

                                                                                  The main lode wireframe includes some barren material between copper
                                                                                  mineralisation.

                                                                                  Due to its narrow nature the orientation of interpreted lode wireframes can be
                                                                                  influenced locally due to the accuracy of down-hole surveys.
 Dimensions                                                                       The extent of Mineral Resource below the original topography is:

 ·    The extent and variability of the Mineral Resource expressed as             Main Strike = 1,200m, Depth = 200m, Width = 6 to 14m.
 length (along strike or otherwise), plan width, and depth below surface to the

 upper and lower limits of the Mineral Resource.                                  Mineralisation extends from the historical pit floor for the main lode.
 Estimation and modelling techniques                                              Block grade estimation for Cu was by inverse distance squared methods (ID2).

                                                                                ID2 was considered suitable for the style of mineralisation, size of blocks
 ·    The nature and appropriateness of the estimation technique(s) applied       relative to the drill hole spacing, and the assumed open pit and underground
 and key assumptions, including treatment of extreme grade values, domaining,     mining selectivity.
 interpolation parameters and maximum distance of extrapolation from data

 points. If a computer assisted estimation method was chosen include a            Drill holes were composited to 1m and data was interpolated using Datamine
 description of computer software and parameters used.                            Minescape Block Model software.

 ·    The availability of check estimates, previous estimates and/or mine         Hard boundaries were adopted for lode wireframes, with each lode estimated
 production records and whether the Mineral Resource estimate takes appropriate   independently.
 account of such data.

                                                                                No blocks outside the interpreted lodes were estimated.
 ·    The assumptions made regarding recovery of by-products.

                                                                                Blocks were estimated using 1 - 8 samples with a maximum of 2 samples from any
 ·    Estimation of deleterious elements or other non-grade variables of          one drill hole.
 economic significance (eg sulphur for acid mine drainage characterisation).

                                                                                A two-pass search strategy was employed with search ellipsoids orientated in
 ·    In the case of block model interpolation, the block size in relation        accordance with the average lode orientation.
 to the average sample spacing and the search employed.

                                                                                Main Lode:
 ·    Any assumptions behind modelling of selective mining units.

                                                                                Maximum search distance of 40m by 40m by 2m for search pass 1.
 ·    Any assumptions about correlation between variables.

                                                                                Maximum search distance of 55m by 55m by 4m for search pass 2.
 ·    Description of how the geological interpretation was used to control
 the resource estimates.

 ·    Discussion of basis for using or not using grade cutting or capping.

 ·    The process of validation, the checking process used, the comparison
 of model data to drill hole data, and use of reconciliation data if available.
 Moisture                                                                         Resource tonnages are estimated on a dry in situ basis (air-dried).

 ·    Whether the tonnages are estimated on a dry basis or with natural
 moisture, and the method of determination of the moisture content.
 Cut-off parameters                                                               Reporting cut-off grades of 0.65% Cu for open pit and will require

                                                                                confirmation through feasibility work.
 ·    The basis of the adopted cut-off grade(s) or quality parameters
 applied.
 Mining factors or assumptions                                                    Big One has previously been selectively mined by open cut mining methods.  A

                                                                                total of 6,500t of ore @ 6% Cu has been deducted from the resource estimate to
 ·    Assumptions made regarding possible mining methods, minimum mining          reflect this.
 dimensions and internal (or, if applicable, external) mining dilution. It is

 always necessary as part of the process of determining reasonable prospects      Portions of the remaining resources are considered to have sufficient grade
 for eventual economic extraction to consider potential mining methods, but the   and continuity to be considered for both selective open cut and underground
 assumptions made regarding mining methods and parameters when estimating         mining but will require confirmation through feasibility work.
 Mineral Resources may not always be rigorous. Where this is the case, this

 should be reported with an explanation of the basis of the mining assumptions    No mining parameters or modifying factors have been applied to the Mineral
 made.                                                                            Resources.
 Metallurgical factors or assumptions                                             Metallurgical test work and the treatment process and metallurgical recovery

                                                                                will need to be confirmed through feasibility work.
 ·    The basis for assumptions or predictions regarding metallurgical
 amenability. It is always necessary as part of the process of determining
 reasonable prospects for eventual economic extraction to consider potential
 metallurgical methods, but the assumptions regarding metallurgical treatment
 processes and parameters made when reporting Mineral Resources may not always
 be rigorous. Where this is the case, this should be reported with an
 explanation of the basis of the metallurgical assumptions made.
 Environmental factors or assumptions                                             Big One is a lapsed Mining License with an EA in place (only on the EPM).

 ·    Assumptions made regarding possible waste and process residue               Historically, ore processing and tailings storage has been conducted off-site,
 disposal options. It is always necessary as part of the process of determining   various third-party options are available for offsite ore processing and
 reasonable prospects for eventual economic extraction to consider the            tailings storage.
 potential environmental impacts of the mining and processing operation. While

 at this stage the determination of potential environmental impacts,              Mining has previously taken place at Big One with no significant environmental
 particularly for a greenfields project, may not always be well advanced, the     impediments.
 status of early consideration of these potential environmental impacts should
 be reported. Where these aspects have not been considered this should be
 reported with an explanation of the environmental assumptions made.
 Bulk density                                                                     Bulk dry density has been determined from 0.3m unmineralised core from

                                                                                BO_334DD, which gave an average of 2.70 kg/m(3) Measurements would been taken
 ·    Whether assumed or determined. If assumed, the basis for the                during the 1992-1996 open cut mining operation, which have not been sighted.
 assumptions. If determined, the method used, whether wet or dry, the frequency

 of the measurements, the nature, size and representativeness of the samples.     Average density measurements were assigned to the Big One model as follows;

                                                                                Oxide non-lode = 2.45 t/m(3), Oxide lode = 2.55 t/m(3), Fresh = 2.65.
 ·    The bulk density for bulk material must have been measured by methods
 that adequately account for void spaces (vugs, porosity, etc), moisture and
 differences between rock and alteration zones within the deposit.

 ·    Discuss assumptions for bulk density estimates used in the evaluation
 process of the different materials.
 Classification                                                                   The resources were classified on a block-by-block basis using estimation

                                                                                outputs.  Inferred resource blocks required the closest sample within 35m, an
 ·    The basis for the classification of the Mineral Resources into              average sample distance <55m, and a minimum of 2 drill holes, with the
 varying confidence categories.                                                   remaining blocks assigned to Exploration Target ranges.

 ·    Whether appropriate account has been taken of all relevant factors          The resource classification appropriately reflects the Competent Person's view
 (ie relative confidence in tonnage/grade estimations, reliability of input       of the deposit.
 data, confidence in continuity of geology and metal values, quality, quantity
 and distribution of the data).

 ·    Whether the result appropriately reflects the Competent Person's view
 of the deposit.
 Audits or reviews                                                                The Big One Mineral Resource estimate was undertaken by an external consultant

                                                                                but has not been audited or reviewed.
 ·    The results of any audits or reviews of Mineral Resource estimates.
 Discussion of relative accuracy/ confidence                                      The relative accuracy of the Mineral Resource estimate is reflected in the

                                                                                reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code.
 ·    Where appropriate a statement of the relative accuracy and confidence

 level in the Mineral Resource estimate using an approach or procedure deemed     Detailed statistical and geostatistical methods to quantify the relative
 appropriate by the Competent Person. For example, the application of             accuracy of the resource have not been undertaken.  However, preliminary
 statistical or geostatistical procedures to quantify the relative accuracy of    statistical analysis suggests the relative error of this estimate to be
 the resource within stated confidence limits, or, if such an approach is not     ±20-30%
 deemed appropriate, a qualitative discussion of the factors that could affect

 the relative accuracy and confidence of the estimate.                            Lode geometry and grade can vary significantly over short distances, but

                                                                                continuity of mineralisation and grade is supported by close-spaced drilling
 ·    The statement should specify whether it relates to global or local          in areas classified as Inferred.
 estimates, and, if local, state the relevant tonnages, which should be

 relevant to technical and economic evaluation. Documentation should include      Drill hole data was collected and analysed using prevailing industry practices
 assumptions made and the procedures used.                                        but a small amount of drilling pre-dates 1990.  This was excluded in the

                                                                                Mineral Resource classification.  There is a small possibility of the
 ·    These statements of relative accuracy and confidence of the estimate        resource including minor amounts of undocumented underground voids from
 should be compared with production data, where available.                        historical mining, however, post mining drilling did not intersect any
                                                                                  underground voids.

                                                                                  The resource statement relates to the global resource estimate.  The grade
                                                                                  cut-offs and depth of potential open pit material used to determine the
                                                                                  Mineral Resource were assumed and require confirmation through feasibility
                                                                                  work.  The deposit is not currently being mined, but the resource estimate
                                                                                  has a lower average grade than production records for the same mineralisation
                                                                                  zone that was mined at higher elevations from 1972-1996.

 

APPENDIX C: 2021 DRILLING END OF HITCH REPORT
Detailed ground and drone survey

The surveyor (GMC Surveys) completed surveying of all forty 2020 and 2021
drillhole collars (Tables C-1, C-2). Average errors compared to the handheld
GPS readings taken whilst each hole was drilled were negligible at ±0.7m in X
and Y.

The surveyor picked up six of the 1993 drillhole collars where there was still
casing evident; these needing rehabilitation.  The average error compared to
the georeferenced 1993 coordinates (from a hard copy plan) were about ±12m in
X and Y.  The detailed drone and ground survey including building a PSM at
Big One and established that the QLD 1 Sec DEM topography model was on average
3.40m too high at the drillhole collars.

Co-ordinates of unrehabilitated historical holes was taken.

TABLE C-1: LOCATION ALL COMPLETED 2021 DRILLHOLES - GMC SURVEY
 SiteID    Easting (GDA94)  Northing (GDA94)  Collar RL (m)  Total Depth (m)  Azimuth  Dip    Note                     Comments
 BO_315RC  335416.54        7880310.99        156.13         80.00            320.8    -57.6  Redrill 201RC            Breakdowns delayed hole.
 BO_316RC  335426.88        7880296.19        156.04         155.00           349.6    -71.9  Redrill 202RC
 BO_317RC  335392.82        7880285.23        154.67         125.00           347.6    -59.6  Redrill 306RC
 BO_318RC  335431.00        7880282.63        155.58         203.00           344.2    -74.6  Redrill 203RC
 BO_319RC  335288.27        7880265.10        152.63         149.00           331.9    -72.7  Redrill 312RC
 BO_320RC  335309.56        7880203.56        155.53         83.00            329.3    -60.0  New hole                 Abandoned due to high water flow
 BO_321RC  335224.68        7880234.68        154.47         137.00           321.6    -66.0
 BO_322RC  335191.11        7880219.79        154.75         131.00           324.2    -65.4
 BO_323RC  335158.35        7880188.76        155.04         131.00           331.6    -61.9  Matched to 325RC
 BO_324RC  335118.00        7880203.00        157.00         76.00            328.2    -61.8                           Abandoned due to faulted ground and cavities
 BO_325RC  335113.69        7880291.66        151.26         130.00           164.4    -64.5  Oriented south
 BO_326RC  335175.53        7880306.22        151.81         191.00           160.4    -57.1  Oriented south           Breakdowns, abandoned due to high water flow
 BO_327RC  335333.50        7880264.58        153.26         173.00           324.4    -61.6
 BO_328RC  335376.95        7880295.83        154.36         131.00           332.6    -62.4
 BO_329RC  335402.88        7880254.32        155.84         120.00           320.4    -60.0
 BO_330RC  335412.00        7880211.00        163.00         130.00           333.2    -60.4
 BO_331RC  335275.45        7880249.48        152.89         161.00           322.6    -56.0
 BO_332RC  335294.48        7880240.07        153.76         132.00           330.8    -58.0                           Redrill of 320RC
 BO_333RC  335110.60        7880194.01        154.21         125.00           330.2    -60.3                           Redrill of 324RC
 BO_334DD  335458.29        7880313.59        157.59         104.98           335.0    -61.2  Between 207RC and 304RC  HQ cored from 68.85m; 32.31m HQ core
                                                             2,667.98

Notes:

1.        All drillholes except BO_334DD downhole geophysically logged
the entire hole.

2.        Azimuths and dips are averaged readings from downhole
deviation tool over the length of the hole.

Source: CCZ geology team

TABLE C-2: LOCATION ALL COMPLETED 2020 DRILLHOLES - GMC SURVEY
 SiteID    Easting (GDA94)  Northing (GDA94)  Collar RL (m)  Total Depth (m)  Azimuth  Dip    Note  Comments
 BO_201RC  335414.80        7880310.43        156.04         50.0             306.5    -51.6
 BO_202RC  335428.03        7880299.12        156.29         82.0             342.0    -62.2
 BO_203RC  335432.18        7880283.98        155.60         107.0            330.5    -70.5
 BO_206RC  335468.16        7880333.15        158.40         71.0             340.1    -65.5
 BO_207RC  335476.25        7880316.80        158.42         95.0             332.1    -61.4
 BO_211RC  335443.87        7880324.68        157.30         107.0            345.0    -67.9
 BO_213RC  335389.02        7880302.33        155.35         107.0            338.4    -69.3
 BO_301RC  335405.00        7880325.87        156.98         53.0             339.0    -66.7        Mineralised entire length
 BO_302RC  335382.75        7880316.70        156.11         59.0             342.3    -68.1
 BO_303RC  335425.16        7880339.52        158.31         53.0             342.6    -60.8        Mineralised entire length
 BO_304RC  335448.96        7880312.64        157.18         107.0            340.8    -65.3
 BO_305RC  335461.65        7880346.92        159.13         53.0             340.5    -69.0
 BO_306RC  335391.40        7880285.01        154.58         107.00           337.4    -70.1
 BO_307RC  335481.53        7880361.85        160.40         91.00            336.4    -69.2
 BO_308RC  335339.75        7880305.93        153.40         53.0             335.8    -65.3
 BO_309RC  335350.03        7880291.61        153.31         77.0             346.5    -68.5
 BO_310RC  335347.89        7880277.61        153.62         107.0            336.1    -66.9
 BO_311RC  335281.18        7880275.09        152.02         59.0             336.8    -66.7
 BO_312RC  335286.17        7880264.98        152.23         83.0             344.0    -65.3
 BO_313RC  335209.65        7880258.84        153.98         59.0             344.8    -66.8
 BO_314RC  335221.14        7880250.74        153.92         71.0             330.2    -63.2
                                                             1,651

Notes:

1         All drillholes except BO_314RC downhole geophysically
logged.

2         Azimuths and dips are averaged readings from downhole
deviation tool over the length of the hole.

Source: CCZ geology team

BO_315, 16, 17, 18, and 327RC have been the standouts so far. In addition,
minor mineralisation was observed in BO_323RC, 324RC, 325RC, and 333RC.

 

Results for major copper mineralisation of holes completed have now been
received from the laboratory, as summarised in Table C-3.

TABLE C-3: BO_315-334DD LABORATORY ANALYSIS - COPPER ASSAY COMPARISON
 Drillhole  From (m)  To (m)  Apparent Length (m)  Cu (%)  Notes
 BO_315RC   61.0      69.0    8.0                  0.50%   Visual mineralisation 62-69m
 including  65.0      68.0    3.0                  1.22%
 BO_316RC   137.0     146.0   9.0                  0.64%   Visual mineralisation 129-146m
 including  141.0     146.0   5.0                  1.06%
 BO_317RC   88.0      97.0    9.0                  1.42%   Visual mineralisation 90.5-103m
 including  92.0      96.0    4.0                  3.06%
 including  92.0      93.0    1.0                  9.19%   Also 3.4 g/t Ag
 BO_318RC   166       182     16.0                 0.59%
 including  176       179     3.0                  1.76%
 BO_319RC   -         -       0                    -       All samples <500ppm.
 BO_320RC   -         -       0                    -       Abandoned shallow; All samples <500ppm.
 BO_321RC   -         -       0                    -       All samples <500ppm.
 BO_322RC   -         -       0                    -       All samples <500ppm.
 BO_323RC   64        65      1.0                  0.06%
 BO_323RC   94        96      2.0                  0.11%
 BO_324RC   46        49      3.0                  0.05%   Abandoned shallow; All other samples <500ppm.
 BO_325RC   88        89      1.0                  0.05%   All other samples <500ppm.
 BO_326RC   100       104     4.0                  0.56%
 including  100       101     1.0                  1.58%
 BO_326RC   102       103     1.0                  -       0.15ppm Au
 BO_326RC   141       144     3.0                  -       0.16ppm Au
 BO_327RC   93        98      5.0                  0.77%
 including  95        97      2.0                  1.57%
 BO_327RC   103       104     1.0                  0.43%
 BO_327RC   122       123     1.0                  0.11%
 BO_328RC   -         -       0                    -       All samples <500ppm.
 BO_329RC   -         -       0                    -       No dyke; All samples <500ppm.
 BO_330RC   -         -       0                    -       No dyke; All samples <500ppm.
 BO_331RC   75        76      1.0                  0.05%
 BO_332RC   110       111     1.0                  0.05%
 BO_333RC   42        45      3.0                  0.15%
 including  43        44      1.0                  0.31%
 BO_334DD                                                  In the RC section, all samples <500ppm. Cored section not received yet.

Source: CCZ geology team

 

 

The major dyke and halo intersections are listed in Table C-4 below, followed
by Table C-5, which documents the qualitative assessment of mineral ranges
present for drillholes, from the geologist's logs.

TABLE C-4:  MAJOR DYKE AND HALO INTERSECTIONS
 Borehole  From (m)  To (m)  Apparent Thickness (m)  Comments
 BO_315RC  58.0      61.0    2.0                     Quartzite
 BO_315RC  61.0      69.0    8.0                     Trachyte to porphyry dacite
 BO_315RC  69.0      71.0    2.0                     Quartzite
 BO_316RC  113.0     120.0   7.0                     Quartzite
 BO_316RC  129.0     146.5   17.5                    Trachyte to porphyry dacite
 BO_317RC  11.0      13.0    2.0                     Haematite-rich Shale
 BO_317RC  20.0      24.0    1.0                     Quartzite; Pyrolusite
 BO_317RC  42.0      43.0    1.0                     Quartzite; Pyrolusite
 BO_317RC  65.0      66.0    1.0                     Quartzite; Pyrolusite
 BO_317RC  75.0      76.0    1.0                     Siltstone; Potassic Alteration
 BO_317RC  90.5      103.0   12.5                    Andesite dyke, plus sericite and chrysocolla
 BO_317RC  103.0     105.0   2.0                     Quartzite
 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
 BO_322RC  57        73.5    16.5                    Dacitic
 BO_323RC  8         9       1.0                     Dacitic, pervasive orthoclase
 BO_323RC  82        97      15.0                    Dacitic, some orthoclase
 BO_324RC  3         6       3.0                     Quartzite
 BO_324RC  33        40      7.0                     Fractured quartzite
 BO_324RC  41        53      12.0                    Dacite
 BO_325RC  2         4       2.0                     Dacite
 BO_325RC  45        46      1.0                     Dacitic
 BO_326RC  5         9       4.0                     Dacite
 BO_326RC  27        28      1.0                     Quartzite with abundant pyrite
 BO_326RC  134       161     27.0                    Dacite
 BO_327RC  84        98      14.0                    Dacite
 BO_327RC  98        99      1.0                     Quartzite
 BO_328RC  62        73.5    11.5                    Dacite
 BO_328RC  101       102     1                       Dacite
 BO_329RC                    0                       No igneous intrusions
 BO_330RC  70        75      5.0                     No igneous intrusions; but skarn
 BO_330RC  81        82      1.0                     Skarn
 BO_330RC  100       102     2.0                     Skarn
 BO_330RC  122       125     3.0                     Skarn
 BO_331RC  58        59      1.0                     Dacite
 BO_331RC  75.5      83.5    8.0                     Dacite
 BO_331RC  114.5     116     1.5                     Dacite and skarn
 BO_332RC  81.5      94.5    13.0                    Dacite
 BO_332RC  108.5     111     2.5                     Dacite
 BO_333RC  37        42      5.0                     Dacite
 BO_333RC  45        46      1.0                     Dacite
 BO_334DD  86.49     95.52   9.03                    Dacite

Source: CCZ geology team

 

TABLE C-5: QUALITATIVE ASSESSMENT OF MINERALS IN DRILL-HOLES 315RC TO 334DD
 Borehole  From (m)  To (m)  Apparent Thick. (m)  Magnetite  Epidote (%)  Sericite (%)  Sulphides (%)  Comments

                                                  (%)
 BO_315RC  58.0      61.0    2.0                             0-1          1-3                          Quartzite, very weakly mineralised
 BO_315RC  61.0      69.0    8.0                             1-2          1-8           1-4            Trachyte to porphyry dacite
 BO_315RC  69.0      71.0    2.0                                          1-5           0-1            Quartzite, very weakly mineralised
 BO_316RC  113.0     120.0   7.0                                          1-15          0-1            Quartzite, very weakly mineralised
 BO_316RC  129.0     146.5   17.5                            1-5          1-10          1-7            Trachyte to porphyry dacite
 BO_317RC  11.0      13.0    2.0                  1-3                                                  Haematite-rich Shale
 BO_317RC  20.0      24.0    1.0                  0-1                                                  Quartzite; 0-2% Pyrolusite
 BO_317RC  42.0      43.0    1.0                                                                       Quartzite; 0-2% Pyrolusite
 BO_317RC  65.0      66.0    1.0                                                                       Quartzite; 0-2% Pyrolusite
 BO_317RC  75.0      76.0    1.0                                                                       Siltstone; 3-5% Potassic Alteration
 BO_317RC  90.5      103.0   12.5                 0-2        1-15         1-3           1-4            Andesite dyke, plus sericite and chrysocolla
 BO_317RC  103.0     105.0   2.0                             1-2                                       Quartzite, very weakly mineralised
 BO_318RC  89        100     11                   1-3        1-3          1-2           0-1                                     Drilled next to 203RC, Dacitic
 BO_318RC  153       187     34                   1-5        1-5                        1-15                                    Dacitic, some orthoclase
 BO_319RC  55        64      9                    1-10       1-5          1-3           0-10                                    Drilled next to 312RC. 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
 BO_320RC  79        80      1                    5-10                                                                          Quartzite. new hole abandoned at 83m due to high water flow; 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
 BO_322RC  57        73.5    16.5                 1-10       0            1-2           0-5                                     Dacitic
 BO_323RC  8         9       1.0                  1-20       1-2          0             3-5                                     Dacitic, pervasive orthoclase
 BO_323RC  82        97      15.0                 1-10       1-5          0             0-3                                     Dacitic, some orthoclase
 BO_324RC  3         6       3.0                  1-5        0            1-3           1-5                                     Quartzite
 BO_324RC  33        40      7.0                  1-10       0            0             1-2                                     Fractured quartzite
 BO_324RC  41        53      12.0                 2-15       1-5          1-5           1-6                                     Dacite; hole abandoned at 76m
 BO_325RC  2         4       2.0                  5-10       0            0             1-5                                     Dacite
 BO_325RC  45        46      1.0                  1-5        1-5          1-5           1-3                                     Dacitic
 BO_326RC  5         9       4.0                  5-10       0            0             1-3                                     Dacite
 BO_326RC  27        28      1.0                  0-5        0            1-5           0-1                                     Quartzite with abundant pyrite
 BO_326RC  96        100     4.0                  0-5        0-2          1-5           1-3                                     Dacite
 BO_326RC  134       160     26.0                 0-25       1-5          0-10          1-6                                     Dacite
 BO_327RC  60        68      8.0                  0-10       1-3          0-2           1-5                                     Dacite
 BO_327RC  81        90      8.0                  0-15       1-5          0-3           1-5                                     Dacite
 BO_327RC  90        99      9.0                  0-20       1-3          0             5-10                                    Quartzite
 BO_328RC  5         6       1.0                  0          0            0             5-6                                     Azurite
 BO_328RC  63        65      2.0                  0          0            0             0-2                                     Dacite
 BO_328RC  65        66      1.0                  0          0            0             1-3                                     Dacite
 BO_328RC  66        68      2.0                  0          0            0             0-2                                     Also 2% chlorite
 BO_329RC  29        32      3.0                  0-5        0            0             0                                       Goethite
 BO_329RC  116       117     1.0                  0          2-10         0             0-1                                     Quartzite
 BO_330RC  58        60      2.0                  0          0            0             0-2                                     Chalcopyrite and Chalcocite
 BO_330RC  60        61      1.0                  0          0            0             0-1                                     Sphalerite
 BO_330RC  70        75      5.0                  0          0            0             0                                       Skarn 2-6% garnet
 BO_330RC  110       111     1.0                  0          0            0             0-2                                     Chalcopyrite
 BO_330RC  127       128     1.0                  0          0            0             0-2                                     Chalcopyrite
 BO_330RC  131       132     1.0                  0          0            0             0-2                                     Chalcopyrite
 BO_330RC  133       134     1.0                  0          0            0             0-2                                     Chalcopyrite
 BO_331RC  58        59      1.0                  0          0            0             0-1                                     Dacite
 BO_331RC  75.5      83.5    8.0                  0          0-1          1-5           0-3                                     Dacite
 BO_331RC  104       105     1.0                  0          0            0             0-1                                     Quartzite
 BO_331RC  114.5     116     1.5                  0          0            2-15          0                                       Skarn, Garnet 1-2%
 BO_332RC  81.5      94.5    13.0                 0-1        0-3          1-5           1-2                                     Dacite
 BO_332RC  102       103     1.0                  0          0            0-2           0-2                                     Quartzite
 BO_332RC  108.5     111     2.5                  0          1-10         1-5           0-2                                     Dacite
 BO_332RC  120       122     2.0                  0          0            0             0-1                                     Quartzite
 BO_333RC  11        13      2.0                  0          0            0             0-2                                     Siltstone
 BO_333RC  19        21      2.0                  0          0            0             0-2                                     Quartzite
 BO_333RC  26        27      1.0                  0          0            1.5           0-2                                     Quartzite
 BO_333RC  37        42      6.0                  0-1        1-5          1-10          0-3                                     Dacite
 BO_333RC  45        46      1.0                  0          0-5          1-3           0-3                                     Dacite
 BO_333RC  104       108     4.0                  0          0            0             0-1                                     Quartzite, 1-3% chlorite
 BO_333RC  117       118     1.0                  0          0            0             0-1                                     Quartzite
 BO_334DD  71        78      6.0                  0-1        0-2          0-2           0-1                                     Quartzite
 BO_327RC  86.49     95.52   9.03                 0-5        1-5          1-10          0-3                                     Dacite

Notes:

1.        Samples have been taken at 1m intervals.

2.        Mineralisation estimated from field geologists rock chip
estimates.

3.        True vertical depths will be calculated by Minescape block
model procedures.

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

Source: CCZ geology team

 

 

 

 

 

TABLE C-6: IP SURVEY TRAVERSE LINES (>100PPM CU)

 Line_SiteID  X         Y          Z      Cu_Pxrf_  Lab_Au_   Lab_Ag_  Lab_Co_  Lab_Cu_  Rock Description

                                          ppm       ppm       ppm      ppm      ppm

 300_02       335244.6  7880365.7  155.7  55.5      0.01      0.05     9        180      Weathered light grey, brown quartzite
 300_03       335254.3  7880342.6  155.0  49.5      <0.01     0.01     9        144      Strongly weathered fine grained siltstone with secondary haematite
 300_12       335341.3  7880135.1  160.2  62        <0.01     0.07     16       135      Weathered pink partly albite altered sandstone with manganese? staining
 400_16       335356.0  7880358.0  157.0  146       <0.01     0.09     8        165      Strongly weathered fine grained ferruginous sandstone with some secondary
                                                                                         haematite veins
 400_17       335366.0  7880335.0  156.0  615       <0.01     0.74     31       8,260    Weathered locally spherulitic? dacite, part sericite altered and
                                                                                         sericite-epidote alteration of spherules. Some dark grey haematite after
                                                                                         sulphide veins
 400_18       335376.0  7880312.0  156.0  101       <0.01     0.03     4        117      Medium grained white quartzite (all quartz)
 400_19       335385.0  7880289.0  156.0  738       <0.01     0.06     17       164      Medium grained pink ferruginous sandstone
 500_05       335458.1  7880373.9  165.2  222       0.01      0.01     21       405      Weathered ferruginous siltstone
 500_06       335467.7  7880350.8  162.7  2,422     <0.01     0.49     46       3,180    Chrysocolla-stained strong albite-K-feldspar altered siltstone with relict
                                                                                         haematite after oxidised chalcopyrite?
 500_07       335477.4  7880327.8  160.9  578       0.01      0.48     37       6,430    Pink, brown weathered siltstone
 600_12       335540.6  7880435.6  190.8  103       <0.01     0.01     7        115      Strongly weathered light to medium brown, medium grained
                                                                                         quartz-feldspar-clay-feldspar sandstone with haematite and goethite
 600_13       335550.3  7880412.6  186.5  236       0.06      0.02     7        333      Strongly weathered pitted red brown to light brown quartzite with quartz and
                                                                                         intergranular clay
 600_14       335559.9  7880389.5  182.3  1,049     <0.01     0.21     168      4,000    Strongly albitised siltstone with traces of malachite on surface, part
                                                                                         botryoidal fine-grained haematite after possible sulphide vein

Source: CCZ geology team

 

 

 

TABLE C-7:  LAB ASSAY FOR 2022 DRILLHOLE SITES
 SiteID      X       Y        Z    Cu_Pxrf_ppm  Lab_Au_ppm  Lab_Ag_ppm  Lab_Co_ppm  Lab_Cu_ppm  Rock Description
 2021_BO_03  335532  7880325  160  28           0.02        0.02        7.9         21.7        Pink fine grained finely bedded siltstone
 2021_BO_11  335574  7880283  160  20           0.01        0.01        0.6         6           Quartz vein in white quartzite with some secondary haematite
 2021_BO_15  335325  7880173  160  27           0.02        0.01        13.3        33.2        Weathered finely bedded pink haematitic siltstone
 2021_BO_20  335470  7880108  160  26           0.01        0.01        1.5         5.7         Dark brown weathered spotted pink quartzite with spots after garnet?
 2021_BO_21  335437  7880411  160  62           0.01        0.01        5.8         34.2        Dark brown strongly weathered goethitic sandstone
 2021_BO_23  335625  7880553  160  18           0.01        0.01        1.1         6.3         Pink quartz-feldspar quartzite
 2021_BO_24  335560  7880585  160  22           0.02        0.01        0.8         4.1         Coarse pink quartzite with secondary limonite-haematite
 2021_BO_25  335297  7880695  160  17           0.02        0.01        1.1         4.3         Medium grained white quartzite
 2021_BO_26  335173  7880308  160  22           0.01        0.02        0.7         9.4         Brown spotted fine grained quartz-feldspar sandstone with dark brown secondary
                                                                                                limonite after garnet?
 2021_BO_27  335054  7880242  160  30           0.01        0.04        8.5         155         Light brown strongly weathered fine grained limonitic sandstone
 2021_BO_28  334943  7880188  160  28           0.01        0.01        2           14.3        Coarse to medium grained weathered white quartzite with secondary iron
 2021_BO_29  335170  7880512  160  25           0.02        0.02        6.8         10.5        Weathered red brown ferruginous siltstone
 2021_BO_30  335287  7880218  160  34           0.01        0.01        6.3         20.8        Weathered fine grained haematitic sandstone with some goethite
 2021_BO_31  335268  7880500  160  34           0.02        0.01        3.4         6.8         Weathered pink, brown fine-grained sandstone
 2021_BO_32  335055  7880054  160  37           0.01        0.02        21.3        17.3        Weathered medium brown fine gained siltstone

Notes:

1.        Locations for 2022 drilling sites listed in the Table 5 are
shown on Figure 6.

2.        All coordinates in MGA94-Zone 54.

Source: CCZ geology team

 

 

 

 

Individual Drillhole Commentary

Most drill-holes intersected the trachyte - porphyritic dacite dyke and
associated mineralisation within and surrounding the dyke, except for those
holes drilled to test IP anomalies south of the dyke. The first five holes
were re-drills of 2020 holes that didn't drill deep enough or were orientated
incorrectly.  As these five sites deeply affected the preliminary block
geological model, it was important to get these holes completed first.

BO_315RC

The redrill of BO_201RC was delayed by breakdowns, but was eventually
completed to 80m, intersecting the dyke and significant mineralisation from
62-69m.  The original hole was only drilled to 52m.

BO_316RC

The redrill of BO_202RC was completed to 155m, intersecting the dyke and
significant mineralisation from 129-146m, but solid mineralisation from
137-146m.  Scattered thin, minor mineralisation was returned above and below
the dyke.

BO_317RC

This hole was the redrill of BO_306RC Whilst the dyke was intersected between
90.5m and 103m, significant copper mineralisation was intersected between 88 -
97m, averaging 1.42% Cu over the 9m (apparent thickness).  The hole was
completed to 125m with only minor mineralisation noted below the dyke.

BO_318RC

BO_318RC was commenced with groundwater (low flowrate) intersected at 45m, and
then an intrusive body (not visibly mineralised) at 89 to 100m where it was
predicted at approximately 160m.  It is possible that there are several
generations of dykes or a possible sill development.

The hole ended at a depth of 203m early the next afternoon after intersecting
a second intrusion 154-190m (36m thick).  Chalcopyrite and chalcocite
mineralisation were clearly 176-180m, and heavy alteration
(epidote/orthoclase) were noted elsewhere in the intrusion. Magnetic
Susceptibility readings were taken on all samples from this drillhole.

 

BO_319RC

BO_319RC was completed at a depth of 149m.  Intrusive complex, with up to
four intervals intersected between 50m and 100m.  Some mineralisation was
observed.  Sampling and magnetic susceptibility testing have been completed.

BO_320RC

BO_320RC intersected alteration from 45-60m, including suspected sulphide
mineralisation at 52m (5% sulphides).  Significant water flows were
intersected at 73m, the driller reported a fast penetration rate, but samples
returned appeared like the surrounding host rock.  A high-water flow was
recorded at just above 1L/sec (approximately 1,000 gal/hr).  Unfortunately,
the hole was abandoned at 83m due to sample integrity issues because of this
high-water flow.

BO_321RC

The rig moved to BO_321RC and drilled to 65m by end of shift.  Alteration was
noted around 50m.  The hole was eventually completed to a depth of 137m,
where water flows were intersected from 65m (intrusion boundary) and again at
88m; with a combined flow rate of approximately 1L/sec.  Mineralisation was
observed around and throughout the intrusion.

BO_322RC

BO_322RC was completed the planned depth of 131m. The dacite dyke was
intersected from 57 to 73.5m (16.5m), with visible orthoclase up to 10% within
and on the margins of the dyke and chalcocite and other sulphides up to 5%.

BO_323RC

BO_323RC progressed smoothly and was drilled to 101m. The dacite dyke was
intercepted from 82 to 97m (15m).  Low levels of sulphides, epidote and
orthoclase were noted throughout BO_323RC, including 1m of 5% chalcocite at
9m.

BO_324RC

BO_324RC and drilled to 65m before encountering drilling difficulties (air
circulation loss due to ground conditions - cavities or faulting).  The hole
was eventually abandoned at 76m.  Sulphides noted at 3-6m, and 33-40m at up
to 5%.  The dacite dyke was evident from 41 to 54.5m (13.5m).

BO_325RC

Rig 18 drilled BO_325RC to a depth of 130m.  Only thin intrusive material was
noted between 2-4m and 45-46m. Possible, weathered sulphides were also
encountered near surface. Extensive low-grade orthoclase alteration was noted
but only limited mineralisation intersected.  Water flows caused sampling
problems for the drillers deeper than 100m (excessively wet samples in
places), and the interval between 126-130m could not be sampled.  Mag
susceptibility readings were recorded along the length of the hole.

BO_326RC

Drilling completed at BO_326RC to 191m.  A pervasive but largely
unmineralised orthoclase alteration was recorded, at shallow depths, except
for some possible sulphides at 9m and pyrite at 28m.  Some sulphides (1-5%)
were observed between 61m and 105m.  Acid igneous intrusions were intersected
between 5-8m, 96-100m, and 134-160m.  Mag susceptibility readings were
variable and recorded along the length of the hole.

Water was intersected at 47m, with flows steadily increasing.  The drillhole
terminated 9m shallower than planned due to a slow penetration rate from water
flows.

BO_327RC

Drilling at site 2021_BO05/BO_327RC intersected intrusions noted at 60-68m and
81-90m. Some mineralisation noted throughout drillhole, but a notable
intersection occurred between 89-99m.  BO_327RC completed around mid-day.
No further geology of note intersected except minor mineralisation at 162.
Water flow rate at TD 0.4L/second.

BO_328RC

Drilling finished at the site of 2021_BO14/BO_328RC. Extensive low-grade
orthoclase alteration was noted, with intrusive material at 63-68m but only
minor mineralisation noted.

BO_329RC

2021_BO10/BO_329RC completed mid-afternoon 22 July 2021. Extensive, but
generally low intensity orthoclase alteration noted.  Drilling was completed
early afternoon but was blocked for logging at 27m immediately after rig
relocated site.

BO_330RC

Borehole 2021_BO13/BO_330RC drilled to a depth of 112m, with approximately 18m
more to drill until a TD of 130m is reached.  Limited mineralisation was
observed.  Water was intersected at 48m and further flows at 96m (2.0
l/sec).  Borehole BO_330RC was completed mid-morning.  Water slowed
drilling.  Limited mineralisation again was observed throughout hole.

BO_331RC

Rig relocated to site 2021_BO06/BO_331RC; one of the two remaining drill sites
targeting the western IP anomaly and drilled to a depth of 53m.  Limited
mineralisation or alteration observed.

Drilling of BO_331RC around midday.  Alteration and mineralisation observed
in patches from 60m to the intrusion at 81m, strong alteration from 76-81.
Patchy mineralisation only below the intrusion from 83m, possible garnet skarn
observed at 116m.

BO_332RC

Rig 18 moved to 2021_BO17/BO_332RC, located on the southern IP anomaly.  No
mineralisation or major alteration observed in first 29m drilled.  Drilling
of 2021_BO09/BO_332RC was completed, the second of the two holes testing the
southern IP anomaly.  Some mineralisation and alteration were observed,
largely around the intrusive at 85-94m.

BO_333RC

Rig 18 moved to 2021_BO09/BO_333RC to redrill the hole previously abandoned
(BO_324RC) due to ground stability issues.  Stability problems encountered
again at 28m; drilling continued to 53m at end of day.  Mineralisation,
alteration and intrusive all were observed.  Drilling was completed with
noted ground instability throughout the hole.  Mineralisation was noted in
the middle of the hole, with some trace sulphides through to the tail.  The
water flow slowed drilling.  Due to ground conditions the hole was too
unstable to be geophysically logged to total depth.

BO_334DD

As expected, only minor mineralisation encountered in the pre-collar (trace
chalcopyrite at 62-64m in fractures).  Fractured ground conditions impacting
on production rates and water loss. The driller was required to use the water
truck to keep sumps full throughout the day, delaying dispatch of samples to
ALS Mt Isa.

BO_334DD was cored from a depth of 59m, about 25m above the predicted
intrusive start depth.  At the end of the first run, the core barrel
separated at the back reamer and was left downhole when the drill crew pulled
drill rods.  Several recovery options were investigated.  Significant
fracturing and faulting were observed, with consistent chalcopyrite traces
from 71-78m. Stronger sericite alteration and chalcocite/other sulphides noted
at depths closer to the intrusive. Fractured ground and associated downhole
water loss slowed drilling.

The geophysical logger logged deviation on the cored section of BO_334DD from
59-78m. Top section to be logged after HWT casing removed at hole completion.
Drilling 2021_BO01/BO_334DD was completed 19 August 2021 to a depth of
104.98m. Minimal alteration was observed below the intrusion.  Core was
analysed with the portable XRF gun. Drillers encountered issues removing HWT
(steel) casing but after multiple attempts, casing was freed.

Whilst waiting for drillers to complete the cored hole, the geophysical logger
collected deviation data from the pre-2020 drill holes still open. On
completion of cored hole, the geophysical logger was able to collect deviation
data from that hole but had to abandon density and scanner logging due to
unstable ground conditions.  The rig relocated to a Big One groundwater well
site at the conclusion of the program.

 

 

Appendix D:  Stockpile Mapping and Sampling

TABLE D-1: STOCKPILE TONNAGE ESTIMATES

 Stockpile  Sample Id      Easting  Northing  Cu      Volume m(3)  Bulk Density (kg/m(3)  Mass (t)  Proportion.

                                              (ppm)                                                 Cu ppm
 BO_SP01    CCZBO_SP01_01  335338   7880349   25,300
 BO_SP01    CCZBO_SP01_02  335339   7880342   38,900
 BO_SP01    CCZBO_SP01_03  335340   7880349   8,560
                                              24,253  34           1.8                    61.2      200.4
 BO_SP02    CCZBO_SP02_01  335366   7880338   5,870
 BO_SP02    CCZBO_SP02_02  335369   7880343   7,530
 BO_SP02    CCZBO_SP02_03  335367   7880342   4,600
                                              6,000   33           1.8                    59.4      48.1
 BO_SP03    CCZBO_SP03_01  335444   7880380   2,330
 BO_SP03    CCZBO_SP03_02  335441   7880380   1,520
 BO_SP03    CCZBO_SP03_03  335442   7880384   5,360
                                              3,070   122          1.9                    231.8     96.1
 BO_SP04    CCZBO_SP04_01  335448   7880354   2,070
 BO_SP04    CCZBO_SP04_02  335452   7880358   22,400
 BO_SP04    CCZBO_SP04_03  335457   7880361   18,900
 BO_SP04    CCZBO_SP04_04  335463   7880363   10,800
 BO_SP04    CCZBO_SP04_05  335468   7880365   1,830
 BO_SP04    CCZBO_SP04_06  335444   7880341   958
 BO_SP04    CCZBO_SP04_07  335450   7880344   6,460
 BO_SP04    CCZBO_SP04_08  335455   7880347   9,980
 BO_SP04    CCZBO_SP04_09  335460   7880355   8,200
 BO_SP04    CCZBO_SP04_10  335472   7880367   2,980
 BO_SP04    CCZBO_SP04_11  335472   7880367   2,570
 BO_SP04    CCZBO_SP04_12  335486   7880372   10,700
                                              8,154   175          1.9                    332.5     366.0
 BO_SP05    CCZBO_SP05_01  335499   7880364   18,500
 BO_SP05    CCZBO_SP05_02  335499   7880359   17,700
 BO_SP05    CCZBO_SP05_03  335503   7880360   10,800
                                              15,667  901          2.1                    1892.1    4002.1
 BO_SP06    CCZBO_SP06_01  335516   7880367   11,650
 BO_SP06    CCZBO_SP06_02  335521   7880371   6,160
 BO_SP06    CCZBO_SP06_03  335527   7880374   14,200
                                              10,670  105          1.9                    199.5     287.4
 BO_SP07    CCZBO_SP07_01  335541   7880383   16,600
 BO_SP07    CCZBO_SP07_02  335543   7880386   9,740
 BO_SP07    CCZBO_SP07_03  335547   7880390   9,360
                                              11,900  309          1.9                    587.1     943.2
 BO_SP08    CCZBO_SP08_01  335543   7880365   8,510
 BO_SP08    CCZBO_SP08_02  335549   7880367   4,820
 BO_SP08    CCZBO_SP08_03  335557   7880370   8,090
                                              7,140   72           1.8                    129.6     125.0
 BO_SP09    CCZBO_SP09_01  335486   7880316   24,000
 BO_SP09    CCZBO_SP09_02  335491   7880307   12,150
 BO_SP09    CCZBO_SP09_03  335492   7880308   4,970
 BO_SP09    CCZBO_SP09_04  335502   7880312   7,010
 BO_SP09    CCZBO_SP09_05  335512   7880313   11,100
 BO_SP09    CCZBO_SP09_06  335514   7880316   7,440
 BO_SP09    CCZBO_SP09_07  335514   7880324   5,300
 BO_SP09    CCZBO_SP09_08  335512   7880331   3,960
 BO_SP09    CCZBO_SP09_09  335508   7880325   2,320
 BO_SP09    CCZBO_SP09_10  335502   7880321   15,750
 BO_SP09    CCZBO_SP09_11  335492   7880319   4,820
 BO_SP09    CCZBO_SP09_12  335497   7880333   7,400
 BO_SP09    CCZBO_SP09_13  335494   7880329   31,600
 BO_SP09    CCZBO_SP09_14  335490   7880327   26,300
                                              11,723  243          1.9                    461.7     730.7
 BO_SP10    CCZBO_SP10_01  335138   7880233   6,180
 BO_SP10    CCZBO_SP10_02  335137   7880221   12,900
 BO_SP10    CCZBO_SP10_03  335132   7880219   12,950
                                              10,677  1365         2.2                    3003      4328.7
 BO_SP11    CCZBO_SP11_01  335132   7880158   11,450
 BO_SP11    CCZBO_SP11_02  335133   7880160   10,550
 BO_SP11    CCZBO_SP11_03  335132   7880155   5,390
                                              9,130   224          1.9                    425.6     524.6
 BO_SP12    CCZBO_SP12_01  335095   7880129   3,810
 BO_SP12    CCZBO_SP12_02  335099   7880131   4,170
 BO_SP12    CCZBO_SP12_03  335105   7880136   1,270
 BO_SP12    CCZBO_SP12_04  335103   7880140   1,635
 BO_SP12    CCZBO_SP12_05  335095   7880144   4,090
 BO_SP12    CCZBO_SP12_06  335095   7880144   20,100
                                              5,846   13           1.8                    23.4      18.5
                                                                                          7,406.9t  11,671ppm

Notes:

1.        Stockpile volumes from Drone Survey interpretation, provided
by GSM Surveys

2.        Bulk densities estimated from proportion of rock, air, and
moisture estimated for each separate pile.

3.        Coordinate grid system is MGA94-Zone 54.

Source: CCZ geology team

 

 

 

Appendix E:  1993 WME Drilling Reconciliation

TABLE E-1:  COMPARISON OF ACTUAL VS SURVEYED WME 1993 DRILLHOLES

 

 BoreID      Current X  Current Y  Current Z  Easting   Northing   Collar AHD     Diff X  Diff Y  Located?  Casing visible?  Comments
 WME_BO_B26  335473.6   7880318.4  163.1      335474.0  7880318.0                                 Yes       Yes              In proximity to hole BO_207RC
 WME_BO_B05  335467.8   7880333.3  162.4      335468.0  7880333.0                                 Yes       Yes              In proximity to hole BO_206RC
 WME_BO_B06  335443.6   7880323.8  161.4      335444.0  7880324.0                                 Yes       Yes              In proximity to hole BO_211RC
 WME_BO_B06                                   335406.0  7880322.0                 38.0    2.0     Yes       Yes              On road, cased; UNKNOWN 1; WME_BO_B06
 WME_BO_B25  335427     7880300.2  159.4      335427.0  7880300.0                                 Yes       Yes              In proximity to hole BO_202RC. Located on site 2021_04
 WME_BO_B25                                   335413.0  7880307.0                 14.0    -7.0    Yes       Yes              On road, cased and grouted; WME_BO_B25
 FME_BO014   335425     7880343    161.1      335425.0  7880343.0                                 Yes       Yes              In proximity to hole BO_303RC that has been grouted
 WME_BO_B07  335421.8   7880316.4  159.9      335422.0  7880316.0                                 Yes       Yes              In proximity to hole BO_201RC/BO_315RC - site 2021_03
 WME_BO_B07                                   335428.0  7880331.0                 -6.0    -15.0   Yes       Yes              On road, cased and grouted; WME_BO_B07
 WME_BO_B08  335397     7880305.6  158.5      335397.0  7880306.0                                 Yes       Yes              In proximity to hole BO_302RC
 WME_BO_B10  335351.8   7880292.2  156.8      335352.0  7880292.0                                 Yes       Yes              In proximity to hole BO_309RC
 FME_BO011   335336     7880318    157.1      335336.0  7880318.0                                 Yes       Yes              In proximity to hole BO_308RC
 FME_BO006   335199     7880256    154.9      335199.0  7880256.0                                 Yes       Yes              In proximity to hole BO_313RC
 WME_BO_B16  335184.7   7880233.3  154.95     335185.0  7880233.0                                 Yes       Yes
 WME_BO_B16                                   335173.9  7880228.5  154.715        11.1    4.5     Yes       Yes              Given ID Unknown 3 - original hole ID WME_BO_B16. Deviation logged to 5m. Near
                                                                                                                             site 2021_BO08
 WME_BO_B21  335025.1   7880166.6  154.4      335025.0  7880167.0                                 Yes       Yes
 WME_BO_B21                                   335017.3  7880154.2  152.018        7.7     12.8    Yes       Yes              Given ID Unknown 4 - original hole ID Prob WME_BO_B21. Deviation logged to 2m.
                                                                   Avg. Diff (m)  13.0    -0.5

Source: CCZ geology team

 

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