REG - Cobra Resources PLC - Option to Acquire Significant Copper Project
26/08/2025 07:00
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RNS Number : 6504W Cobra Resources PLC 26 August 2025
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26 August 2025
Cobra Resources plc
("Cobra" or the "Company")
Option to Acquire Significant Copper Project
Leveraging Cobra's capability to advance a massive scale copper-gold project
in South Australia
Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, the mineral exploration and development company advancing a potentially
world-class ionic Rare Earth Element ("REEs") discovery at its Boland Project
("Boland") in South Australia, is pleased to announce it has entered into a
binding option deed on the Manna Hill Copper Project ("Option Deed"), located
in the Nackara Arc, South Australia. The project area hosts several
significant prospects with untested upside potential, capable of delivering
large scale copper discoveries.
Cobra is focused on a discovery and development strategy to identify and
advance projects capable of delivering material value to its shareholders.
Adding a significant regional copper project to the Company's portfolio, which
includes the Boland REE Project, further diversifies Cobra's commodity
exposure. This will enable the Company to deploy its technical and operational
expertise efficiently, minimising periods between work programmes by
staggering approvals, which will ultimately increase value catalysts.
Rupert Verco, Managing Director of Cobra, commented:
"Our Director, David Clarke, has worked diligently to achieve land access to
the Manna Hill Project over many years and has provided Cobra the opportunity
to advance this asset in an underexplored porphyry province in the copper
capital of Australia. Exploration to date has yielded outstanding
intersections across multiple targets. We have a tiger by the tail at Manna
Hill, and a diligent exploration strategy can deliver a major discovery.
Strategically, we pride ourselves on being efficient in our deployment of
capital and resources and are committed to advancing assets capable of
delivering significant upside to our shareholders. We are on the right path to
advance Boland towards commercialisation, and, as we progress towards
development and associated permitting, we can now achieve greater productivity
by advancing multiple projects at once; especially those on our doorstep.
Having sold our gold assets for up to A$15 million with retained upside from
Cobra's shareholding in the buyer, we are now focused on three critical
minerals for the energy transition: dysprosium, terbium and copper. South
Australia is the copper state and the upside to the Manna Hill Project is
massive. Porphyry deposits occur in clusters, and this project covers a
forgotten geological terrain: the Nackara Arc which hosts several significant
prospects capable of delivering scalable discoveries.
We aim to demonstrate the significant scale of this project by testing certain
key geological concepts that, if proven correct, can deliver a large, shallow
copper resource without significant drilling and deliver a possible porphyry
discovery."
David Clarke, Cobra Director and project vendor, commented:
"This is certainly the most prospective asset I have managed to get my hands
on in over 50 years. Rupert and the Cobra team have demonstrated significant
capability by generating a new exploration model for ionic REE mineralisation
that has ultimately led to a significant discovery at Boland.
Vending this prized asset into Cobra places it in safe hands. I look forward
to supporting the team to execute and hopefully deliver multiple discoveries
while they continue to advance the Boland Project towards economic
feasibility."
Manna Hill Targets
The Manna Hill Project comprises Exploration Licences ("ELs") 6009, 6046 and
6646 that cover 1,855km(2) and incorporates the Anabama Granite Intrusion,
hosting multiple porphyry targets. Cobra, through the Option Period (defined
below), will prioritise exploration over three key target areas:
Blue Rose - copper-gold skarn and porphyry target, shallow, scalable and open
at depth
· Stratigraphic limestone unit hosting 1.6km of defined skarn
mineralisation with existing intersections that include:
o RABR822 47m at 2.2% Cu and 0.76 g.t Au from 11m
o RCBR025 132m at 0.52% Cu from 8m including 48m at 1.04% Cu
o RABR152 41m at 1.6% Cu from 9m including 18m at 2.03% Cu
o RABR205 43m at 0.6% Cu from 12m
o RCBR030 52m at 0.77% Cu and 0.94 g/t Au from 80m
· Untested remnant de-magnetised bullseye anomaly interpreted as the
porphyry source of skarn mineralisation
· Cobra geophysical studies define multiple possible skarn extensions
which will be the focus of exploration activities during the option period
Netley Hill - massive, shallow, 3km long chargeability anomaly associated with
intersected copper-molybdenum mineralisation
· Large ~3km long IP chargeability anomaly containing shallow Cu-Mo
mineralisation with existing intersections including:
o NTDD001 350m at 0.1% Cu & 0.05% Mo from 0m
o NETRP03 24m at 0.3% Cu & 0.02% Mo from 55m to end of hole
o NETRP14 45m at 0.02% Mo from 15m to end of hole, including 15m at 0.15%
Cu & 0.02% Mo from 45m
Golden Sophia - Carlin style gold with untested scale, walk-up drill target
· Sericitised carbonaceous peilite hosting fine gold mineralisation
where previous intersections include:
o GS2 36m at 0.6 g/t Au from 2m
o GS3 60m at 0.58 g/t Au from 10m to EOH
o GS4 34m at 0.51 g/t Au from 6m to EOH
o GS27 20m at 0.57 g/t Au from 18m
o GS29 30m at 0.61 g/t Au from 2m
o HGRC003 41m at 0.31 g/t Au from 6m
· Along-strike of the historic Wadnaminga goldfields where artisanal
mining produced over 25,000 Oz of gold
· Mineralisation proximal to a blind magnetic anomaly that may
represent the porphyry source
Follow this link to watch a short video of CEO Rupert Verco explaining the
transaction and the Manna Hill Project:
https://investors.cobraplc.com/link/rLwO0e
(https://investors.cobraplc.com/link/rLwO0e)
The Company will host a live Webinar on 3 September. Registration details will
be provided in due course via RNS Reach.
Background to the Manna Hill Project
The Nakara Arc, a Cambrian age rift system, has long been recognised for its
prospective porphyry systems. Previous work undertaken by the Geological
Survey of South Australia, academics and explorers demonstrates:
· Deep crustal architecture defined within a Geoscience South Australia
Magnetotelluric survey that defines modelled fertile, middle crust magma and
structurally controlled conduits supportive of porphyry intrusions(1)
· Geochemical and geochronological studies performed by Hong et al,
2023, demonstrate that porphyritic stocks at Anabama and Netley Hill have
formed from favourable lithospheric scale structures and simultaneously with
known porphyry systems within the Macquarie Arc such as Cadia and North
Parkes(1)
The project comprises numerous prospects with varying styles of mineralisation
including skarn, porphyry, carlin, orogenic and sediment hosted mineralisation
across 1,855 km(2) of tenure that includes the historic Wadnaminga and
Talkaboolka goldfields.
Exploration over the project has been limited over the last two decades owing
to land access. Land access has been achieved with a Native Title Mining
Agreement with the Wilyakali Traditional Owners paving the way for exploration
across this highly fertile geological province.
Located 150km south-west of Broken Hill, the township and mining asset that
was the starting point for the world's largest miner, BHP, the region is well
serviced by road and rail.
Figure 1: Location of the Manna Hill Project, South Australia and reported
copper resources
In the south of the tenements, magnetics define the Anabama Granite intrusion,
where a number of bullseye magnetic features occur in its proximity, previous
exploration and academic studies have confirmed the presence of porphyry type
Cu-Au-Mo mineralisation.
Figure 2: Total Magnetic Intensity, defining the emplacement of the Anabama
Granite, the land tenure and the position of Porphyry and Orogenic gold
prospects
Exploration Strategy During the Option Period
During the Option Period, Cobra aims to demonstrate the value of Manna Hill
Project to its shareholders by focusing on the Blue Rose prospect, where a
targeted drill programme will aim to add scale to the existing 1.6km of
drilled mineralisation. The Company has refined the geological interpretation
which supports scalable upside to existing, shallow skarn mineralisation.
Initial due diligence performed by Cobra's technical team has focussed on
structural control of skarn copper-gold mineralisation at the Blue Rose
Prospect where:
· Mineralisation is hosted within the footwall of a stratigraphically
bound limestone unit where it intersects a large remanet de-magnetised low
associated with an expected porphyry intrusion
· A single diamond hole targeting the porphyry intrusion intersected
multiple quartz monzonite dykes and strong phyllic alteration - spectral
analysis suggests close proximity to porphyry mineralisation
· Drilling has defined shallow copper-gold skarn mineralisation across
1.6km of strike east of the intrusion with intersections including:
o RABR822 47m at 2.2% Cu and 0.76 g.t Au from 11m
o RCBR025 132m at 0.52% Cu from 8m including 48m at 1.04% Cu
o RABR152 41m at 1.6% Cu from 9m including 18m at 2.03% Cu
o RABR205 43m at 0.6% Cu from 12m
o RABR030 57m at 0.77% Cu and 0.94 g/t Au from 80m
o RCBR022 80m @ 0.27% Cu incl. 15m @ 0.71% Cu, 0.17 g/t Au (1m @ 2450 ppm
Mo)
o RCBR030 : 16m @ 1.54% Cu, 0.78 g/t Au from 88m and 28m @ 1.29 g/t Au,
0.42% Cu from 104m(2)
o RCBR021 : 27m @ 1.41% Cu, 0.33 g/t Au
Figure 3: Previous exploration at the Blue Rose Skarn, significant
intersections and grade shells over gravity
Figure 4: Cross Section 429325mE Blue Rose Skarn Mineralisation - highlighting
the mineralised footwall of the limestone unit bound by carbonaceous shales
· Before the formation of the Nackara Arc, Adelaidean sediments were
highly deformed during the Delamerian Orogeny resulting in folding of
sedimentary sequences
· Re-processing of geophysical data highlights that the limestone unit
hosting skarn mineralisation is folded (syncline), highlighting the further
potential to host mineralisation within the fold hinge (at depth), within the
northern limb and as continuities to the west of the porphyry intrusion
Figure 5: Gravity "edge" imagery where heat colours highlight the contrast
within specific gravity. The zones of high contrast are interpreted to
represent the limestone unit that hosts skarn mineralisation. Areas shaded in
red are target zones that will be tested for continuity and scale
A heritage clearance is in place to enable a drill programme testing Blue Rose
Skarn mineralisation. Cobra will confirm the integrity of historical drilling
whilst testing the developed model for further scale by drilling:
o Zones of required infill to support a mineral resource estimate (MRE)
o The northern syncline limb
o Western extensions
o A higher-grade hinge zone at depth where fracturing and jointing generally
may improve fluid migration, resulting in high concentrations of metal
Further geophysical inversion modelling is currently underway to define the
depth of the fold hinge. Applications are being prepared to expediate this
drilling programme.
Terms of the Option Deed
Parties
· Buyer: Manna Hill Mining Pty Ltd (wholly owned subsidiary of
Cobra)
· Seller: TC Development Corporation Pty Ltd as trustee for The
Springton Trust (David Clarke, a Cobra director, is a beneficiary of the
Springton Trust "Springton")
· Licence Co.: Hamelin Gully Pty Ltd (holder of the Manna Hill
Project licences)
Grant of Option
· Seller grants Buyer an exclusive option to acquire 100% of the share
capital of the Licence Co. (the "Option Shares")
· Option Period: 12 months from commencement date
· Buyer may withdraw prior to exercising the Option with no liability
Purchase Price (upon exercise of Option)
· Contingent upon Cobra obtaining shareholder approval via a general
meeting and subject to Rule 9 takeover provisions, the consideration for the
Option shall be as follows:
o A$1,000,000 in Cobra shares (priced at 10-day VWAP before completion)
o Reimbursement of Seller's substantiated project expenditure (cash)
o 26% equity interest in any future mining SPV established to hold mining
licences where the valuation is determined through two independent valuations
o Put and call option for Cobra to acquire Springton at the average of two
independent valuations after 8 years from completion
Royalty
· Seller retains a 1% overriding royalty on production (per separate
Royalty Deed)
Obligations During Option Period
· Seller must maintain licences in good standing and not dispose of
assets
· Buyer has the exclusive right to explore at its own cost, with
authority to act as the Licence Co.'s agent for land access and regulatory
compliance
· Reporting obligations require Seller/Licence Co. to share all
material information with Buyer
Completion
· Occurs within 5 business days of exercise of the Option
· Buyer issues Cobra shares, pays the reimbursement amount, and assumes
control of Licence Co.
· Seller delivers corporate records, resignations of directors, and
evidence of expenditure
Mining SPV & Future Structure
· If Cobra declares a JORC resource and is granted mining licences:
o Mining SPV ownership: 74% Buyer / 26% Seller
o Put and Call options allow either party to require sale of the 26% at a
value determined by independent valuation
o Consideration may be paid in Cobra or SPV shares
Regulatory Compliance
· Completion maybe subject to rules of the London Stock Exchange and
Australian Foreign Investment Review Board (FIRB) approvals if required
Warranties
· Standard mutual warranties on power and authority
· Seller warrants clear title to shares, licences, and all mining
information
Termination & Withdrawal
· Option lapses if not exercised within Option Period
· Buyer may withdraw at any time before exercise without liability
· Termination requires return of confidential information and
withdrawal of personnel
Disclaimers
Copper equivalent estimates presented in Figure 4 do not contain metallurgical
recoveries and are therefore not a true reflection of economics - they have
been used to simplify the presentation of down hole intersections. The formula
for calculating the intersections is: CuEq% = Cu% + ((Au (g/t) x
(US$3,000/31.10348) / (US$9,000/100)) + ((Mo % x (US$40,000/100) /
($9,000/100))
References
1. Wei Hong, Adrian Fabris, Tom Wise, Allan S Collins, Sarah Gilbert,
David Selby, Stacey Curtis and Anthony Reid, 2023 Economic Geology.
"Metallogenic Setting and Temporal Evolution of Porphyry Cu-Mo Mineralisation
and Alteration in the Delamerian Orogen, South Australia: Insights From
Zircon, U-Pb, Molybdenite Re-Os, and In Situ White Mica Rb-Sr Geochronology."
2. Collar coordinates for RCBR030 has not been verified within the
database but was announced on 8 July 2002:
asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=text&issuerId=558&announcementId=493738&documentDate=2002-07-08&documentNumber=219186
(https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=text&issuerId=558&announcementId=493738&documentDate=2002-07-08&documentNumber=219186)
The Boland Project
Cobra's unique and highly scalable Boland discovery is a strategically
advantageous ionic rare earth discovery where high grades of valuable heavy
and magnet rare earths occur concentrated in a permeable horizon confined by
impermeable clays. Bench scale ISR testing has confirmed that mineralisation
is amenable to ISR mining. ISR has been used successfully for decades within
geologically similar systems to recover uranium within South Australia.
Results of this metallurgical test work support that, with minor optimisation,
ISR techniques should enable non-invasive and low-cost production of critical
REEs from Cobra's Boland discovery.
The Manna Hill Project
Cobra has entered a binding Option Deed to acquire the Manna Hill Project, a
forgotten porphyry province within the copper capital of Australia. The
project has the potential to deliver the next tier 1 discovery. Historical
intersections include 48m @ 2.2% Cu & 0.76 g/t Au and 132m at 0.5% Cu,
underpin the potential to deliver the next multi-million tonne copper
resource.
Further information relating to Cobra's Boland Project is presented in the
appendices.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Global Investment Strategy (Joint Broker) +44 (0)20 7048 9437
James Sheehan james.sheehan@gisukltd.com
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Kendall Hill
The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.
Competent Persons Statement
Information and data presented within this announcement has been compiled by
Mr Robert Blythman, a Member of the Australian Institute of Geoscientists
("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has
sufficient experience, which is relevant to the style of mineralisation,
deposit type and to the activity which he is undertaking to qualify as a
Competent Person defined by the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC"
Code). This includes 12 years of Mining, Resource Estimation and Exploration
relevant to the style of mineralisation.
Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an
employee of Cobra and has more than 17 years' industry experience which is
relevant to the style of mineralisation, deposit type, and activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition
of the Australasian Code for Reporting Exploration Results, Mineral Resources
and Ore Reserves of JORC. This includes 13 years of Mining, Resource
Estimation and Exploration.
About Cobra
In 2023, Cobra discovered a rare earth deposit with the potential to re-define
the cost of rare earth production. The highly scalable Boland ionic rare earth
discovery at Cobra's Wudinna Project in South Australia's Gawler Craton is
Australia's only rare earth project amenable for in situ recovery (ISR) mining
- a low cost, low disturbance method enabling bottom quartile recovery costs
without any need for excavation or ground disturbance. Cobra is focused on
de-risking the investment value of the discovery by proving ISR as the
preferred mining method and testing the scale of the mineralisation footprint
through drilling.
Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation,
including a 279,000 Oz gold JORC Mineral Resource Estimate, characterised by
low levels of over-burden, amenable to open pit mining.
Regional map showing Cobra's projects - The Boland Rare Earth Project &
The Manna Hill Copper Project
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Appendix 1: Background information - the Boland Project and ISR
· The Boland Project was discovered by Cobra in 2023. Mineralisation is
ionically bound to clays and organics within palaeochannel sands within the
Narlaby Palaeochannel
· Mineralisation occurs within a permeable sand within an aquifer that
is saltier than sea water and is confined by impermeable clays
· ISR is executed through engineered drillhole arrays that allow the
injection of mildly acidic ammonium or magnesium sulphate lixiviants, using
the confining nature of the geology to direct and lower the acidity of the
orebody. This low-cost process enables mines to operate profitably at lower
grades and lower rates of recovery
· Once REEs are mobile in solution in groundwater, it is also possible,
from an engineering standpoint, to recover the solution to surface via
extraction drillholes, without any need for excavation or ground disturbance
· The capital costs of ISR mining are low as they involve no material
movements and do not require traditional infrastructure to process ore - i.e.
metals are recovered in solution
· Ionic mineralisation is highly desirable owing to its high weighting
of valuable HREOs and the cost-effective method in which REEs can be desorbed
· Ionic REE mineralisation in China is mined in an in-situ manner that
relies on gravity to permeate mineralisation. The style of ISR process is
unconfined and cannot be controlled, increasing the risk for environmental
degradation. This low-cost process has enabled China to dominate mine supply
of HREOs, supplying over 90% globally
· Confined aquifer ISR is successfully executed globally within the
uranium industry, accounting for more than 60% of the world's uranium
production. This style of ISR has temporary ground disturbance, and the ground
waters are regenerated over time
· Cobra is aiming to demonstrate the economic and environmental
benefits of recovering ionic HREOs through the more environmentally aquifer
controlled ISR - a world first for rare earths
Figure A1: Comparison between the Chinese and the proposed Boland process for
ISR mining of REEs
Appendix 2: JORC Code, 2012 Edition - Table 3
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Drill results are historic, reported from previous explorers
specific specialised industry standard measurement tools appropriate to the across multiple company databases.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · GS Series holes have uncertain sampling methods but 2024 HGRC
meaning of sampling. series holes across reflected the grade tenor and distribution
· Include reference to measures taken to ensure sample representivity · Blue Rose drill results were undertaken over multiple generations
and the appropriate calibration of any measurement tools or systems used. with validation required. Sample lengths were between 1m and 4m. sample types
are listed as composites and splits in historically reported data for the
· Aspects of the determination of mineralisation that are Material to reported results.
the Public Report.
· NETRP series holes were completed in the late 1960s as percussion
· In cases where 'industry standard' work has been done this would be holes. Results are considered reflective of typical grades and scale but are
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m historic in nature.
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there · NETDD holes were diamond holes that were half core samples to 1m
is coarse gold that has inherent sampling problems. Unusual commodities or length.
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. · Select review of sampling data provided indicates the retained
data is of good quality.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary RAB, AC, RC, percussion and diamond drilling methods have all been used with
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or AC and RC being the dominant drill methods on a per m basis. Further
standard tube, depth of diamond tails, face-sampling bit or other type, assessment of the drilling methods will be undertaken during data validation
whether core is oriented and if so, by what method, etc). and migration. Select review of drilling data provides indicates the retained
data is of good quality.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Sample recovery data is limited.
results assessed.
· Blue Rose prospect, sample codes L.N.R. are less than 0.1% of
· Measures taken to maximise sample recovery and ensure representative assessed data.
nature of the samples.
· Netley Hill, Diamond drilling appears to have excellent
· Whether a relationship exists between sample recovery and grade and recoveries based on core photos with NTRP sewries holes not expected to have
whether sample bias may have occurred due to preferential loss/gain of recovery data
fine/coarse material.
· At Golden Sophia, 2024 HGRC drilling had consistent good
recoveries as reported in sampling with historic GS drilling expected to be
comparable.
Logging · Whether core and chip samples have been geologically and · A review of historic logging has determined the quality of
geotechnically logged to a level of detail to support appropriate Mineral logging to be good.
Resource estimation, mining studies and metallurgical studies.
· Translation of logging codes to a uniform code library across
· Whether logging is qualitative or quantitative in nature. Core (or the project will be undertaken to ensure consistency of historic logging for
costean, channel, etc) photography. future interpretation.
· 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 · Sample data is historic and all processes and proceduresare
taken. unknown. There is records of sample splits being sent for lab analysis after
initial composite sampling had taken place. Core samples are reported to be
· If non-core, whether riffled, tube sampled, rotary split, etc and half core sent to the lab
whether sampled wet or dry.
· Further validation of the data will be undertaken during the data
· For all sample types, the nature, quality and appropriateness of the validation and migration.
sample preparation technique.
· Sampling technique is not expected to have applied a bias to
· Quality control procedures adopted for all sub-sampling stages to results.
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Laboratory analysis is from cetified labs and most certificates
laboratory procedures used and whether the technique is considered partial or are on file therefore analysis is expected to be of adequate quality
total.
· NETRP series holes have limited associated lab data but are
· For geophysical tools, spectrometers, handheld XRF instruments, etc, considered to be refective of in situ grades and acceptable to report in a
the parameters used in determining the analysis including instrument make and historic context.
model, reading times, calibrations factors applied and their derivation, etc.
· Historic lab certificates indicate analytical methods have been
· Nature of quality control procedures adopted (eg standards, blanks, primarily 4 acid digest for ore grade copper and a mixture of aqua regia and
duplicates, external laboratory checks) and whether acceptable levels of fire assay for gold. Other elements assayed have been a mixture of aqua regia
accuracy (ie lack of bias) and precision have been established. digest and 4 acid digest. These techniques are acceptable in this geological
setting with 4 acid digest preferred.
· Standards, blanks and duplicates have been included in some
historic lab jsubmissions.
Verification of sampling and assaying · The verification of significant intersections by either independent · Historic data has been compiled from multiple open file and
or alternative company personnel. historic company sources
· The use of twinned holes. · For Blue Rose, drill results are geologically consistent across
multiple historic drill programs managed by different companies and different
· Documentation of primary data, data entry procedures, data drill techniques
verification, data storage (physical and electronic) protocols.
· For Netley Hill, NETRP holes are considered historic and
· Discuss any adjustment to assay data. indicative, NETDD holes are considered to be of high quality.
· Data validation will be completed on compiled data during a
database migration to ensure appropriate confidence in results is applied.
· Historic lab certificate results will be used as a primary source
for a large portion of assay data
· Significant intersections have been prepared by Mr Robert
Blythman and reviewed by Mr Rupert Verco
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Drillhole collars have been picked up by GPS post 2003 based on
and down-hole surveys), trenches, mine workings and other locations used in historic reporting
Mineral Resource estimation.
· Prior to 2003, drillholes were reported as NOM
· Specification of the grid system used.
· Field validation of historic collars shows historic holes were
· Quality and adequacy of topographic control. within 10-20m consistently and generally within 5m
· NETRP series holes have not been field validated and are
considered spatially indicative. Limited historical surface evidence indicates
the program occurring in the correct area.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · All reported results are being reported as historic in nature
with no resource classification applied at this stage.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · Preliminary review of the historic data available has the
Resource and Ore Reserve estimation procedure(s) and classifications applied. potential to be used in a resource estimation, particularly at Blue Rose once
historic data validation has been completed.
· Whether sample compositing has been applied.
· Significant intersections have been calculated as downhole length
weighted averages.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Intersections are expected to be oblique to mineralization.
possible structures and the extent to which this is known, considering the
deposit type. · Drill orientation is not expected to have introduced bias to
grades reported
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · Samples are considered historic, no tampering with samples is
expected.
· HGRC series drillholes were zip tied in polyweave bags and sent
directly to the lab by Hamelin Gully contractors from the drill site in zip
tied Bulka bags.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · A full review of historic data is underway to ascertain historic
data confidence. Preliminary findings have shown drilling and assay data is of
a good quality and appropriate for further use.
Appendix 3: Section 2 reporting of exploration results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · EL's 6009, 6046 and 6646 are 100% Owned by Hamelin Gully Pty Ltd
agreements or material issues with third parties such as joint ventures, and are in good standing
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · A Native Title Mining Access Agreement is in Place between
Hamelin Gully and the Wilyakali Traditional Owners. A 1% over riding royalty
· The security of the tenure held at the time of reporting along is in place between Hamelin Gully and David Clarke,
with any known impediments to obtaining a licence to operate in the area.
·
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · A multitude of historic explorers have undertaken exploration
over the area.
· PacMag, Giralia, Lynas, Dominion, Panda and Hamelin Gully have
completed a number of geophysical, surface and drillhole exploration programs
across the tenement package. The tenement package has also had government
exploration undertaken over the Netley Hill, Anabama Hill and Blue Rose
Project areas. Exploration has primarily been focused on porphyry- skarn
copper and gold mineralization. Iron ore exploration has been undertaken on
the periphery of the exploration package
Geology · Deposit type, geological setting and style of mineralisation. · Mineralisation is associated with the Anabama Granite and
adjacent Adelaidean metasediments within the Nackara Arc of the Delamerian
Orogen.
· Deposit styles include:
· Porphyry Cu-Mo systems with greisen overprint hosted within the
granite.
· Skarn and replacement (manto-style) Cu-Au mineralisation
developed in carbonate metasediments proximal to intrusive contacts.
· Structurally controlled quartz-reef/orogenic gold styles within
folded Adelaidean sequences, analogous to the Manna Hill goldfield.
· Geological setting is characterised by early Palaeozoic granite
intrusion into Adelaidean platform sediments, with contact-related alteration
and deformation associated with the Delamerian Orogeny.
· Styles of mineralisation include disseminated and stockwork
sulphides (chalcopyrite, pyrite, molybdenite), carbonate
replacement/recrystallisation with sulphides, and quartz-sulphide reef systems
in shear/fold settings
Drillhole Information · A summary of all information material to the understanding of the · see appendix 3
exploration results including a tabulation of the following information for
all Material drill holes: · A full review and validation of all historic data is currently
being undertaken prior to the full report of all historic data.
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly explain
why this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Significant intersections are calculated as length weighted
maximum and/or minimum grade truncations (eg cutting of high grades) and averages.
cut-off grades are usually Material and should be stated.
· Only metal equivalent values were applied within the cross
· Where aggregate intercepts incorporate short lengths of high section (Figure 4) to simplify overlapping intersections. The formula applied
grade results and longer lengths of low grade results, the procedure used for does not include metal recoveries and is therefore not a true representation
such aggregation should be stated and some typical examples of such of mineral economics. Applied formula is:
aggregations should be shown in detail.
· CuEq% = Cu% + ((Au (g/t) x (US$3,000/31.10348) / (US$9,000/100))
· The assumptions used for any reporting of metal equivalent values + ((Mo % x (US$40,000/100) / ($9,000/100))
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting · Intercept lengths are oblique to mineralization with downhole
of Exploration Results. lengths reported only
· If the geometry of the mineralisation with respect to the drill · Further review of historic data is required before determining
hole angle is known, its nature should be reported. true drillhole width
· 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 · Relevant diagrams have been included in the announcement.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar · Exploration results are not being reported for existing mineral
locations and appropriate sectional views. resources.
· Additional collar locations in diagrams reflect spatial location
of historic data under review.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Significant intersections have been reported to highlight
practicable, representative reporting of both low and high grades and/or exploration potential of the project. Upon completion of historic data review,
widths should be practiced to avoid misleading reporting of Exploration further reporting of existing results will be reported
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Completion of historic exploration data is underway. All
reported including (but not limited to): geological observations; geophysical meaningful results will be released once the historic data review has been
survey results; geochemical survey results; bulk samples - size and method of completed.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for · Finalisation of historic data review.
lateral extensions or depth extensions or large-scale step-out drilling).
· Planning for RC and diamond drilling at Blue Rose and Netley Hill
· Diagrams clearly highlighting the areas of possible extensions, Prospects underway; Drilling will aim to confirm geological interpretations
including the main geological interpretations and future drilling areas, and validate pervious intersections
provided this information is not commercially sensitive.
Appendix 3. Collar locations of reported intersections
BHID Easting Northing Elevation Dip Azimuth Length
BRDD003 429020 6388425 240 -60.8 172 227.8
BRRB11 428922 6388377 239 -90 0 48
BRRC18 429052 6388338 238 -90 0 100
GS2 437060 6398114 287 -60 340 40
GS27 437151 6398102 285 -60 162 40
GS29 437160 6398064 285 -60 162 40
GS3 437067 6398084 287 -60 344 70
GS4 437075 6398046 286 -60 343 40
HGRC0003 437090 6398076 286 -60 345 124
NTDD001 411017 6370179 280 -90 0 350
NETRP14 410433 6370263 280 -90 0 76
NETRP03 411053 6370125 280 -90 0 79
RABR186 429372 6388377 235 -90 0 40
RABR150 429272 6388357 237 -90 0 47
RABR151 429322 6388382 236 -90 0 60
RABR152 429372 6388357 236 -90 0 50
RABR155 429372 6388347 236 -60 172 23.5
RABR187 429372 6388297 237 -90 0 40
RABR191 429272 6388337 237 -90 0 37
RABR198 428822 6388403 239 -90 0 54
RABR203 428922 6388327 238 -90 0 51
RABR205 429022 6388352 239 -90 0 55
RABR209 429172 6388327 237 -90 0 59
RABR211 429321 6388278 237 -90 0 19
RABR212 429322 6388252 237 -90 0 63
RABR213 429322 6388227 236 -90 0 42
RABR214 429472 6388402 232 -90 0 46.5
RABR523 428872 6388327 238 -90 0 72
RABR609 428722 6388302 240 -90 0 54
RABR822 429348 6388361 236 -90 0 59
RBBR18 429322 6388177 235 -90 0 12
RCBR019 429322 6388337 237 -90 0 122
RCBR021 429127 6388342 238 -90 0 152
RCBR022 429122 6388377 238 -60 172 122
RCBR023 429122 6388327 238 -60 172 116
RCBR025 429322 6388377 236 -60 172 140
RCBR026 429322 6388327 237 -60 172 116
RCBR027 429422 6388352 234 -60 172 110
RCBR029D 429322 6388427 236 -60 172 219
RCBR030 429122 6388427 238 -60 172 188
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