REG - New Frontier Mineral - Copper Recovery Testing
03/07/2025 07:00
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RNS Number : 4385P New Frontier Minerals Limited 03 July 2025
New Frontier Minerals Limited / Index: LSE & LSE / Epic: NFM / Sector:
Industrial Metals and Mining
3 July 2025
New Frontier Minerals Limited
("NFM" or the "Company")
Copper Recovery Testing Supports Mt Kelly Pathway and MOU with Austral
Resources
New Frontier Minerals Limited (ASX: NFM) is pleased to announce highly
encouraging preliminary metallurgical results from bulk samples collected from
legacy stockpiles at the Big One Deposit, part of the Company's 100% owned NWQ
Copper Project located in north-west Queensland (Figure 1).
A total of 12 composite samples collected from three ex-mine stockpile sites
were submitted for geochemical analysis and subsequential metallurgical leach
testing by New Frontier Minerals at ALS, Mt Isa. Testing focused on
determining the leachability of copper via sulphuric acid and cyanide
reagents, simulating standard copper heap leach and vat leach processing
options.
Highlights
• Bulk samples collected from historical stockpiles at
the Big One Deposit for preliminary sequential metallurgical test work returns
high copper recovery rates
• Sulphuric acid leach indicative recoveries range from
83% to 99% Cu, confirming potential for conventional acid leach processing
• Assays from 12 selective grab samples return copper
grades ranging from 3.9% to 11.85%
• Bulk sample testing supports advancement of Big One as
near-term production asset under Mt Kelly MOU with Austral Resources Ltd (ASX:
AR1), fast-tracking NFM's pathway to production
• Positioned in Australia's premier copper province, the
NWQ Copper Project features world- class infrastructure and vast exploration
potential across more than 20 under-explored targets
Chairman Gerrard Hall commented: "These initial metallurgical results mark an
exciting step forward in unlocking value from the Big One Deposit. Achieving
theoretical potential recoveries of over 95% in most samples using
conventional acid leach methods reinforces the potential viability of the Big
One deposit and our stockpile strategy to fast-track production.
Importantly, these results support our partnership with Austral Resources and
the processing optionality offered through their Mt Kelly facility. As we
continue to progress mining approvals and expand metallurgical test work, we
remain focused on advancing the Big One Deposit into a potential near-term
source of high-grade copper production."
Metallurgical Test Work Overview
Metallurgical test work of approximately 12 composite samples from three
historical copper-bearing stockpiles at the Big One Deposit has now been
completed (Figure 2). These samples, totalling approximately 200 kg, were
collected from previously mined material located adjacent to the open pit and
represent a range of visually mineralised lithologies including siltstone,
greywacke, sandstone, and altered trachyte dykes.
The purpose of the program was to assess the leachability of copper under
conventional processing conditions, ahead of a potential fast-track production
scenario in collaboration with Austral Resources via the Mt Kelly Processing
Plant. ALS Mt Isa conducted the test work using a sequential copper assay
suite, targeting total copper, acid-soluble copper, cyanide-soluble copper,
and residual copper fractions.
The metallurgical investigation forms a key part of assessing how well the
mineralised stockpile material aligns with processing conditions at Austral
Resources' Mt Kelly facility. See appendix D for full assays.
Figure 1: NWQ Copper Project in Mt Isa Copper Belt. Gunpowder denotes location
of Mt Kelly Processing Plant.
Key Results
Sulphuric Acid Leach:
Sulphuric acid leaching of the samples that assayed between 3.9% and 11.85%
copper returned significant recoveries ranging from 83.18% to 99.09%, with
over two-thirds of the samples achieving greater than 95% recovery. These
results indicate the copper minerals are predominantly amenable to
conventional acid leaching methods commonly used in heap or vat leach
operations.
Cyanide Leach:
Selected samples (notably 2C and 2D) displayed cyanide-leachable Cu values
above 10%, indicating the presence of copper sulphide minerals, such as
covellite, chalcocite, bornite or potentially native copper. These minerals
are not readily soluble in acid but respond to cyanide leaching, suggesting
that a minor portion of the copper inventory may require alternative or
supplemental recovery methods.
Compatibility with Mt Kelly Processing:
Copper recovery testing suggests that mineralised material from the Big One
stockpiles is highly compatible with the existing processing flowsheet at
Austral Resources' Mt Kelly facility, supporting the potential for streamlined
integration into established infrastructure.
Residual Copper:
Low residual copper concentrations (<1.2%) across most samples suggest
minimal presence of resistate copper minerals (e.g., chalcopyrite or
refractory cupric phases), further supporting efficient copper recovery using
conventional processing pathways.
Figure 2: Grab samples collected from historical stockpiles at The Big One
Project, Mt Isa Copper Belt.
Copper Recovery Rates
Sample ID Received Mass (kg) Acid-Soluble Cu (CuS) % Cyanide-Soluble Cu (CuCN) % Residual Cu (CuR) %
1A 17.08 97.44 2.33 0.33
1B 16.44 99.02 0.80 0.39
1C 17.27 99.09 0.62 0.26
1D 17.98 98.84 0.80 0.31
2A 15.77 96.20 2.85 0.87
2B 18.25 92.73 6.11 1.16
2C 19.56 83.18 15.87 0.92
2D 20.05 88.70 10.87 0.46
3A 19.55 97.40 1.40 1.19
3B 14.72 98.23 1.50 0.22
3C 16.40 95.34 4.25 0.40
3D 18.77 96.29 3.23 0.48
Figure 3: Copper assays from historical stockpiles, Big One Project, Mt Isa
Copper Belt.
*CuT = Total copper from sequential leach; CuS = Sulphuric acid-soluble
copper; CuCN = Cyanide-soluble copper (indicates potential covellite/native
Cu); CuR = Residual copper (insoluble fraction).
Copper Assays
Sample ID Total Cu (CuT) % Acid-Soluble Cu (CuS) % Cyanide-Soluble Cu (CuCN) % Residual Cu (CuR) %
1A 3.90 3.80 0.091 0.013
1B 10.20 10.10 0.082 0.040
1C 6.62 6.56 0.041 0.017
1D 7.76 7.72 0.062 0.024
2A 11.85 11.40 0.338 0.103
2B 7.84 7.27 0.479 0.091
2C 10.05 8.36 1.595 0.092
2D 11.50 10.20 1.250 0.053
3A 8.08 7.87 0.113 0.096
3B 7.34 7.21 0.110 0.016
3C 6.44 6.14 0.274 0.026
3D 8.08 7.78 0.261 0.039
Figure 4: Copper assays collated from selective grab samples from historical
stockpiles, Big One Project, Mt Isa Copper Belt.
*CuT = Total copper from sequential leach; CuS = Sulphuric acid-soluble
copper; CuCN = Cyanide-soluble copper (indicates potential covellite/native
Cu); CuR = Residual copper (insoluble fraction).
Low-Cost Development Pathway through Existing Infrastructure
These initial metallurgical results reinforce the suitability of conventional
sulphuric acid leaching for the mineralised stockpile material at the Big One
Deposit. The consistently high copper recovery rates confirm strong alignment
with established hydrometallurgical practices employed at Austral Resources'
Mt Kelly Processing Plant (Figure 5). This positive correlation with Mt
Kelly's existing flowsheet design supports a streamlined development pathway
for near-term production.
Importantly, the test work outcomes are consistent with the strategic
objectives outlined in New Frontier Minerals' Memorandum of Understanding
(MOU) with Austral Resources, which provides processing optionality via the Mt
Kelly facility (refer to announcement dated 25/1/2025).
This demonstrated compatibility materially reduces barriers to production and
positions the Company to potentially capitalise on existing infrastructure,
permitting channels and operational expertise. The ability to process legacy
stockpile material as a potential starter operation enhances commercial
flexibility while broader exploration and resource growth programs continue
across the NWQ Copper Project.
Figure 5: Aerial view of Austral's Mt Kelly processing facility.
NWQ Copper Project Background
The Big One Deposit is the most advanced prospect within NFM's significant
977km² NWQ Copper Project, which is located in a Tier 1 jurisdiction and
surrounded by world-class infrastructure as well as mining operations of
majors such as Anglo American, Glencore, and Rio Tinto. It has a
JORC-compliant Mineral Resource Estimate (MRE) of 2.1 Mt at 1.1% Cu for 21,886
tonnes (see Appendix A) of contained copper metal.
Figure 6: Jointing and shearing displayed along face of Pit 1 at the Big One
Deposit.
Source: NFM Geology team, Location Figure 3: 335394 mE and 7880283 mN system
MGA94-Z54S
Next Steps
NFM's near-term plans to realise its ambitions include:
• Further metallurgical test work
• Progress Mining Lease Applications and regulatory
requirements over the Big One Deposit
• Drilling to increase the resource base at the Big One
Deposit and explore other satellite targets
• Collaborate with Austral Resources to define a
comprehensive work program focused on delivering production milestones
efficiently
**ENDS**
This announcement was approved for release by the Board of New Frontier
Minerals Limited.
For further information please contact
New Frontier Minerals Limited +61 8 6558 0886
Gerrard Hall (UK), Chairman
SI Capital Limited (Financial Adviser and Corporate Broker) +44 (0)1483 413500
Nick Emerson
St Brides Partners Ltd (Financial PR) +44 (0)20 7236 1177
Ana Ribeiro and Charlotte Page
About New Frontier Minerals
New Frontier Minerals Limited is an Australian-based focussed explorer, with a
strategy to develop multi-commodity assets that demonstrate future potential
as an economic mining operation. Through the application of disciplined and
structured exploration, New Frontier has identified assets deemed core and is
actively progressing these interests up the value curve. Current focus will be
on advancing exploration activity at the Harts Range Niobium, Uranium and
Heavy Rare Earths Project which is circa 140km north- east from Alice Springs
in the Northern Territory.
Other interests include the NWQ Copper Project, situated in the copper-belt
district circa 150km north of Mt Isa in Queensland and the Broken Hill Project
in western New South Wales.
New Frontier Minerals is listed on the LSE and ASX under the ticker "NFM".
Competent Persons Statement
The scientific and technical information in this announcement, which relates
to exploration results, metallurgical results and the geology of the deposits
described, is based on information compiled and approved for release by Mark
Biggs. Mark Biggs is a Member of The Australasian Institute of Mining and
Metallurgy (AusIMM Member # 107188) and meets the requirements of a Competent
Person as defined by the 2012 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012
Edition). Mark Biggs has 35 years of experience relevant to Rare Earth
Elements (REE), industrial mineral copper mineralisation types, as well as
expertise in the quality and potential mining methods of the deposits under
consideration. Additionally, he has 25 years of experience in the estimation,
assessment, and evaluation of exploration results and mineral resource
estimates, which are the activities for which he accepts responsibility. He
also successfully completed an AusIMM Online Course Certificate in 2012 JORC
Code Reporting. Mark Biggs is a consultant with ROM Resources and was engaged
by New Frontier Minerals Limited to prepare the documentation for several
prospects, specifically those within the Harts Range Prospects upon which the
Report is based.
Furthermore, the full nature of the relationship between himself and New
Frontier Minerals Limited has been disclosed, including any potential
conflicts of interest. Mark Biggs is a director of ROM Resources, a company
that is a shareholder of New Frontier Minerals Limited, and ROM Resources
provides occasional geological consultancy services to New Frontier Minerals
Limited.
The Report or excerpts referenced in this statement have been reviewed,
ensuring that they are based on and accurately reflect, in both form and
context, the supporting documentation relating to exploration results and any
mineral resource estimates. The release of the Report and this statement has
been consented to by the Directors of New Frontier Minerals Limited. Mr Biggs
consents to the inclusion in this announcement of the matters based on his
information and supporting documents in the form and context in which it
appears.
Forward Looking Statements
Certain information in this document refers to the intentions of New Frontier
Minerals Ltd, but these are not intended to be forecasts, forward-looking
statements, or statements about future matters for the purposes of the
Corporations Act or any other applicable law. The occurrence of events in the
future is subject to risks, uncertainties and other factors that may cause New
Frontier Minerals Ltd's actual results, performance, or achievements to differ
from those referred to in this announcement. Accordingly, New Frontier
Minerals Ltd, its directors, officers, employees, and agents, do not give any
assurance or guarantee that the occurrence of the events referred to in this
announcement will occur as contemplated. The interpretations and conclusions
reached in this announcement are based on current geological theory and the
best evidence available to the authors at the time of writing. It is the
nature of all scientific conclusions that they are founded on an assessment of
probabilities and, however high these probabilities might be, they make no
claim for complete certainty. Any economic decisions that might be taken based
on interpretations or conclusions contained in this announcement will
therefore carry an element of risk. The announcement may contain
forward-looking statements that involve several risks and uncertainties. These
risks include but are not limited to, economic conditions, stock market
fluctuations, commodity demand and price movements, access to infrastructure,
timing of approvals, regulatory risks, operational risks, reliance on key
personnel, Ore Reserve and Mineral Resource estimates, native title, foreign
currency fluctuations, exploration risks, mining development, construction,
and commissioning risk. These forward- looking statements are expressed in
good faith and believed to have a reasonable basis. These statements reflect
current expectations, intentions or strategies regarding the future and
assumptions based on currently available information. Should one or more of
the risks or uncertainties materialise, or should underlying assumptions prove
incorrect, actual results may vary from the expectations, intentions and
strategies described in this announcement. No obligation is assumed to update
forward-looking statements if these beliefs, opinions, and estimates should
change or to reflect other future developments.
APPENDIX B: NEW SAMPLE DETAILS
Fourteen (14) sample containers of new rock chip samples (as shown in text
Figure 2) were collected at three (3) ex-mine dump sites and are listed in
Figure B1-1 below and their locations shown on the plan as Figure B1-2
following. Approximately 211 Kg was collected.
FIGURE B1-1: SAMPLE DESCRIPTIONS
Sample ID Location Easting Northing Copper Estimate Range% Description Date Collected
BOGS1 Big One 335352 7880348 2-4% Significant malachite, azurite and chalcocite mineralisation throughout the 10/05/2025
stockpile. Evidence of sheared rock. Clay altered trachyte dyke contains of
malachite and chrysocolla. Minor tenorite and cuprite present. Visible
lithologies include siltstone, greywacke, sandstone, and trachyte dyke. Some
sections of the host rock are highly silicified. ~67kg of stockpile material
has been grab sampled.
BOGS2 Big One 335453 7880348 1-3% Significant malachite and azurite mineralisation throughout the stockpile. 10/05/2025
Trace chalcocite and tenorite. Clay altered trachyte dike contains of
malachite and chrysocolla. Seems that the trachyte contains almost exclusively
chrysocolla and malachite. Trace tenorite present. Visible lithologies include
siltstone, greywacke, sandstone, phyllite/schist, trachyte dike and limestone
(minor carbonate boxwork). ~69kg of stockpile material has been grab
sampled.
BOGS3 Big One 335471 7880362 1-3% Malachite, azurite and chrysocolla comprise the copper mineralisation of this 10/05/2025
stockpile. Visible lithologies include siltstone, greywacke, sandstone, and
trachyte dike. ~65kg of stockpile
material has been grab sampled.
Note:
Visual estimates supported by PXRF readings, but NFM now has reported full
laboratory testing. Visual estimates of mineral abundance should never be
considered a proxy or substitute for laboratory analyses where concentrations
or grades are the factor of principal economic interest. Visual estimates also
potentially provide no information regarding impurities or deleterious
physical properties relevant to valuations. Assay occurred on 4 sub-samples of
about 20Kg each, with twelve (12) samples in all were assayed.
FIGURE B1-2: SAMPLE LOCATIONS
Source: NFM Geology Team, coordinate system is MGA94-Z54S
APPENDIX C: JORC CODE, 2012 EDITION - TABLE 1
The following JORC Code (2012 Edition) Table 1 is primarily supplied to
provide background for geological mapping, and rock chip sampling programs,
conducted by New Frontier Minerals Limited geology contractors during early
May 2025, and discussions about the subsequent assay results returned on the
18th June 2025.
Given the metallurgical objective, the sampling was intentionally biased
toward visibly mineralised material and was not conducted using a systematic
grid or spacing approach. Sample locations were recorded using handheld GPS,
and observations on lithology and mineralogy were noted at the time of
collection. The samples were then transported to Mt Isa and dispatched to
Austral Resources for laboratory testing to evaluate leachability and copper
recovery under proposed processing conditions.
These metallurgical results are preliminary in nature and are derived from
samples collected from historical stockpiles at surface. The total copper
grade of tested material differs from previous stockpile estimates and may not
be representative of the broader deposit. The purpose of the sampling program
is to assess copper recovery rate. Nonetheless, results are considered
sufficient for a first-pass assessment of leach recovery potential. Further
work will be required to evaluate key variables such as particle size
distribution, mineral liberation, and process optimisation.
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or • Rock chip samples were collected from three historical
specific specialised industry standard measurement tools appropriate to the copper-bearing stockpiles located adjacent to the Big One open pit. The
minerals under investigation, such as down hole gamma sondes, or handheld XRF stockpiles were discarded ex-mine material, as 4% Copper was the historical
instruments, etc). These examples should not be taken as limiting the broad cut-off grade.
meaning of sampling.
· The purpose of this sampling campaign was not to generate a
• Include reference to measures taken to ensure sample representivity representative geochemical dataset, but rather to obtain material for
and the appropriate calibration of any measurement tools or systems used. preliminary metallurgical testing by Austral Resources, with the aim of
assessing copper recovery potential through Mt Kelly processing facility.
• Aspects of the determination of mineralisation that are Material to
the Public Report. · Given the metallurgical objective, the grab samples were selected
majority toward visibly mineralised material, while still maintaining
• In cases where 'industry standard' work has been done this would be variances in host rock lithology and type of copper mineralisation.
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1m
samples from which 3 kg was pulverised to produce a 30 g charge for fire · The grab samples were transported to Mt Kelly processing facility
assay'). In other cases, more explanation may be required, such as where there to be assessed, then transported to ALS for full suite assays (excluding gold)
is coarse gold that has inherent sampling problems. Unusual commodities or and copper recovery estimates.
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary · Not Applicable - no exploration drilling results as none were
air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple drilled.
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 · Not Applicable - no exploration drilling results as none were
and results assessed. drilled.
• Measures taken to maximise sample recovery and ensure representative
nature of the samples.
• Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging • Whether core and chip samples have been geologically and Descriptions of the rock chip and soil samples are given in a table contained
geotechnically logged to a level of detail to support appropriate Mineral in Appendix (Figure 1-1) of this NFM's ASX Announcement dated the 10(th) of
Resource estimation, mining studies and metallurgical studies. May 2025.
• Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
• The total length and percentage of the relevant intersections
logged.
Subsampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core Assays were presented to ALS - Mt Isa, for full suite of multi-element assay
taken. and copper recovery rate estimates.
• If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
• For all sample types, the nature, quality, and appropriateness of
the sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and Analytical methods to take place at ALS are as follows:
laboratory procedures used and whether the technique is considered partial or
total. • WEI-21 - Received Weight
• For geophysical tools, spectrometers, handheld XRF instruments, etc, • CRU-32c - Crushing to sub 4mm
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. • SPL-22Y - Boyd rotary splitter
• Nature of quality control procedures adopted (eg standards, blanks, • PUL-32m - pulverizing
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. • ME-ICP49 - digest on pulps with an ICP finish for total copper and
other elements.
• CU-ME-OG62 - sequential copper analysis.
• CUS-PH06, CU-CN-PH06, CUR-PH06, and CUT-PH06 which represent the
various copper recovery methodologies utilised.
Verification of sampling and assaying • The verification of significant intersections by either independent Independent Laboratory assaying by ALS will take place at the ALS Mt Isa
or alternative company personnel. facility, where duplicates, standards, and blanks (water) have added to the
reporting output.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar The spatial location for the rock chips and soils collected on May 10th, 2025,
and down-hole surveys), trenches, mine workings and other locations used in by handheld GPS (-/+ 5m accuracy) [MGA94 Zone54]: The table of reported rock
Mineral Resource estimation. chip locations and descriptions are given in throughout the ASX release and in
Figure A1-1 (at the end of the section).
• Specification of the grid system used.
• Quality and adequacy of topographic control.
Data spacing and distribution • Data spacing for reporting of Exploration Results. Grab samples were selected from historical stockpiles toward visibly
mineralised material, while still maintaining compositional variances in
• Whether the data spacing, and distribution is sufficient to lithological units and types of copper mineralisation. The samples are not
establish the degree of geological and grade continuity appropriate for the sufficient to establish a degree of geological continuity.
Mineral Resource and Ore Reserve estimation procedure(s) and classifications
applied.
• Whether sample compositing has been applied.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of Grab samples were collected from ex-mine historical stockpiles, and as such
possible structures and the extent to which this is known, considering the NFM is unable to make inferences based on original orientation of sampled
deposit type. material.
• 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. The rock chip samples taken during the historical fieldwork were securely
locked within the vehicle on site until delivered to Mt Kelly by the field
personnel for despatch to the laboratory (ALS - MT Isa) by courier.
Audits or reviews The results of any audits or reviews of sampling techniques and data. · The sampling techniques and the data generated from the laboratory
assay results have been peer reviewed by consultant geologists independent of
New Frontier Minerals Pty Ltd (Audax Resources and ROM Resources) familiar
with the overall NWQ Project and deemed to be acceptable.
· No other external audits sampling techniques and data have yet been
planned or undertaken.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The following mineral tenures are held 100% by subsidiaries of
agreements or material issues with third parties such as joint ventures, New Frontier Minerals Limited, totalling an area of 736.8 km2 in the "NWQ
partnerships, overriding royalties, native title interests, historical sites, Mineral 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 (323.3Km2), Expires 11-June-2028.
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 Km2), Expires:
28-Aug-2027.
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 (128.8Km2), Granted: 12-June-2018, Expires:
11-June-2028.
o EPM 26513 (Torpedo Creek/Alpha Project) - Granted 13-Aug-2018 for a 5-year
period over 23 sub-blocks (74.2 Km2), Expires 12-Aug-2028; and
o EPM 27440 (The Wall) - An application lodged on the 12-Dec-2019 over 70
sub-blocks (~215 Km2) by New Frontier Minerals Limited. The tenure was granted
on the 18th of March 2021.
· A check on the tenures in 'granted' status was completed in
'GeoResGlobe' on the 12th of May 2025.
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 NFM'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 NFM on the 14-January-2020.
· The SRK Independent Geologists Report released by NFM 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
New Frontier Minerals Limited" Prepared as part of the New Frontier Minerals
Limited (ASX: NFM, LSE: NFM) LSE Prospectus, with the effective date of the
17-July-2020.
Geology Deposit type, geological setting, and style of mineralisation. · The NWQ Mineral 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 NFM 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 NFM 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 (062o to 242o) that is intruded by a
porphyry dyke.
o The mineralised porphyry dyke is vertical to near vertical (85o), 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 NFM 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 NFM 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 NFM 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 New Frontier
Minerals Limited" Prepared as part of the New Frontier Minerals Limited (ASX:
NFM, LSE: NFM) 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 • No drilling was undertaken in this sampling program.
exploration results including a tabulation of the following information for
all Material drill holes:
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, • Copper grades are reported in this ASX release as per the received
maximum and/or minimum grade truncations (e.g., cutting of high grades) and laboratory report, i.e., there was no cutting of high-grade copper results as
cut-off grades are usually Material and should be stated. they are directly relatable to high grade mineralisation styles readily
visible in the relevant samples and modelling has yet not commenced.
· Where aggregate intercepts incorporate short lengths of high- grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of All the material collected in the May 2025 field trip was ex-mine dump
Exploration Results. surficial material that is highly to moderately weathered. Generally the
material is trachyte, indurated siltstones, dolomite, and quartzite showing
· If the geometry of the mineralisation with respect to the drill hole variable degrees of shearing and alteration.
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams • Appropriate maps and sections (with scales) and tabulations of · Appropriate diagrams are presented in the body and the Appendices
intercepts should be included for any significant discovery being reported of the current ASX Release. Where scales are absent from the diagram, grids
These should include, but not be limited to a plan view of drill hole collar have been included and clearly labelled to act as a scale for distance.
locations and appropriate sectional views.
· Maps and Plans presented in the current ASX Release are in MGA94
Zone 54, Eastings (mE), and Northing (mN), unless clearly labelled otherwise.
Balanced reporting • Where comprehensive reporting of all Exploration Results is not • All assay and metallurgical results that have been reported to the
practicable, representative reporting of both low and high grades and/or ASX, have been databased and verified.
widths should be practiced avoiding misleading reporting of Exploration
Results.
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 New Frontier Minerals 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 focused 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 assay and metallurgical testing of the bulk ex-mine stockpile
including the main geological interpretations and future drilling samples taken.
• areas, provided this information is not commercially sensitive. o Surface gravity and magnetic surveys, and potentially downhole EM surveys.
o Small drilling program design to target the main line-of-lode with RC and
Diamond Coring.
o Block modelling and wireframing.
o Update of 2022 Resource Estimation.
APPENDIX D: ALS ASSAY RESULTS
CRU- PUL- ME- ME- ME- ME- ME- ME- ME- ME- ME- ME- ME- CuS- CuCN- CuR- CuT-
WEI-21 QC QC ICP49 ICP49 ICP49 ICP49 ICP49 ICP49 ICP49 ICP49 ICP49 ICP49 OG62 PH06 PH06 PH06 PH06
Sample No
Recvd Wt. Pass 4mm Pass 75um
Ag As Ca Cu Fe Mg Mo Pb S Zn Cu Cu Cu Cu Cu
kg % % ppm ppm % ppm % % ppm ppm % ppm % % % % %
1A 17.08 98.3 89.3 0.9 115 0.02 38400 1.72 0.03 2 10 0.29 37 3.89 3.8 0.091 0.013 3.9
1B 16.44 93.2 84.8 1.8 523 0.02 >50000 2.89 0.02 4 9 1.08 20 10.2 10.1 0.082 0.04 10.2
1C 17.27 96.1 0.8 331 0.05 >50000 2.44 0.03 3 9 0.64 11 6.61 6.56 0.041 0.017 6.62
1D 17.98 1 460 0.02 >50000 1.33 0.02 4 7 0.81 8 7.72 7.67 0.062 0.024 7.76
2A 15.77 1.9 1330 0.06 >50000 6.16 0.14 4 28 0.88 38 11.7 11.4 0.338 0.103 11.85
2B 18.25 1.7 688 0.06 >50000 4.63 0.28 4 21 0.8 38 7.72 7.27 0.479 0.091 7.84
2C 19.56 2 365 0.02 >50000 12.05 0.02 7 13 0.92 14 10.3 8.36 1.595 0.092 10.05
11.0
2D 20.05 1.2 268 0.02 >50000 6.94 0.02 4 15 1.2 7 5 10.2 1.25 0.053 11.5
3A 19.55 0.7 457 0.02 >50000 9.03 0.02 5 25 0.55 41 8.01 7.87 0.113 0.096 8.08
3B 14.72 1 206 0.02 >50000 1.75 0.02 3 7 0.77 8 7.3 7.21 0.11 0.016 7.34
3C 16.4 1.2 342 0.04 >50000 1.3 0.02 5 9 0.78 8 6.5 6.14 0.274 0.026 6.44
3D 18.77 1.6 315 0.02 >50000 3.9 0.02 4 10 0.93 11 7.66 7.78 0.261 0.039 8.08
Australian Laboratory Services Pty Ltd Job: MI25159989
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