• Significant of historical copper and gold intercepts at Mt Cannindah including 82m @ 2.32% Cu, 0.88 g/t Au and 42.1 g/t Ag, along with 36m @ 8.65 g/t Au and 52m @ 4.90g/t Au.
• The existing JORC resource for the main Mt Cannindah mine portion of the project is 14.5Mt @ 1.09% CuEq (JORC 2012)
• Previous geological interpretation of key targets within this gold earing porphyry copper system reveals similarities to the style of mineralisation at Newcrest’s Cadia and Ridgeway Cu/Au deposits in NSW.
• In October 2021, the company recorded 282m @ 0.94% Cu, 0.3g/t Au, 19g/t Ag (1.28% CuEq) from new drilling.
• In November 2021, exceptional, thick copper intersections at Mt Cannindah (HOLE 3) aggregating to 493m @ 1.17% Copper Equivalent (0.89% Cu, 0.26 g/t Au, 15.2 g/t Ag).

Geological interpretation of key targets within this gold bearing porphyry copper system reveal similarities to the style of mineralisation at Newcrest’s Cadia and Ridgeway Cu/Au deposits in NSW.

Historical drilling within the area of Mt Cannindah North returned very interesting gold grades worthy of further investigation as it relates to the gold system at Mt Cannindah, such as QMCMDD025 (20cm @ 46.4 g/t Au & 98.2 g/t Ag at 245m), in QMCMRC016 (2m @ 2.54 g/t Au, 8.9 g/t Ag & 0.39% Cu from 16 to 18m, and 3m @ 5.28 g/t Au, 7.2 g/t Ag & 0.32% Cu from 25-28m) and in RC53 (4m @ 1.8 g/t Au from 116 to 120m), and in CM21 (10m @ 2.29 g/t Au, 12.6 g/t Ag & 0.33% Cu from 12 to 22m).

Cannindah has completed its first phase of the drilling program at its flagship Mt Cannindah Cu/Au project located in Queensland,
Australia.

The new drilling has resulted in an expansion of the previously reported 2011 Mineral Resource Estimates (MRE). The new MRE now stands at a substantial 14.5Mt @ 1.09% copper equivalent at a cut off grade of 0.3% CuEq.
A significant majority of the MRE classified under the 2012 JORC Code & Guidelines as Measured and Indicated.

The updated MRE represents a:

183% increase in overall tonnes;
117% increase in copper metal;
229% increase in gold ounces;
148% increase in silver ounces;

Importantly the resource starts at surface, remains open along strike and at depth;
The MRE assumes that mineral resources will be extracted via open pit method, with a maximum pit floor of 350M below surface to take into account reasonable prospects of economic extraction;
Additional drilling is now planned to further grow the MRE and test other high priority IP targets proximal to the Mt Cannindah resource area.