Castillo Copper : Mt Oxide - Flapjack Prospect - Large IOCG Target Identified

CASTILLO COPPER

LIMITED

ASX Release

20 May 2020

CASTILLO COPPER

LIMITED

ACN 137 606 476

Level 26

140 St Georges Terrace

Perth WA, 6000

Australia

Tel: [phone]

Fax: [phone]

Contact:

Simon Paull

Managing Director

E-mail:

[e-mail]

For the latest news:

www.castillocopper.com

Directors / Officers:

Rob Scott

Simon Paull

Gerrard Hall

Issued Capital:

825.2 million shares

245.5 million options

93.7 million performance shares

ASX Symbol:

CCZ

Large mineralised system, with IOCG targets,

identified at Mt Oxide pillar

1. Detailed work on Flapjack (an IOCG target), within the Mt Oxide pillar, has interpreted it to be part of a larger mineralised system that comprises the Crescent1 (IOCG) and Johnnies2 (shear- hosted copper/supergene ore) prospects

1. This is a significant development which further enhances the exploration upside and potential scale for the Mt Oxide pillar

1. Flapjack, which is within a zone of structurally controlled ENE trending haematitic-quartz veins, is on a circa 10km alteration trend that follows fault lines that closely passes Johnnies2 then connects with the IOCG target zone in the Crescent prospect1

1. Historic reports3 on the Flapjack prospect verify the presence of gold within the haematitic-quartz veins and a distinct chlorite alternation which is a potential indicator for IOCG mineralisation

1. Encouragingly, high-grade surface assays for coincident gold- copper occurrences provide further support to the presence of potential IOCG mineralisation:
2. • Rock chip: up to 1.37ppm Au and 606ppm Cu3
   • Stream sediment: up to 820ppb Au and 50ppm Cu3
   • Soil: up to 81ppb Au and 292ppm Cu3

1. Around 600m south-west of Flapjack's soil-grid is a 250m by 150m sub-surface anomaly, discovered by an aeromagnetic GEOTEM survey and on the fault line, which is a future primary drill target, subject to follow up field work verification3

1. While the current focus is progressing the Big One Deposit and the Arya prospect drilling campaign, discovering a large mineralised system, comprising Flapjack, Crescent and Johnnies, will generate a significant number of future drill targets

***

Castillo Copper's Managing Director Simon Paull commented: "As we wind up the current geological review on the eight prospects across the Mt Oxide pillar, we continue to be surprised to the upside by the findings. Having

1. large relatively under-explored mineralised system, comprising three prospects that are known IOCG and shear-hosted copper targets, still leaves plenty of work ahead to extend these areas materially. Our teams are now working at a rapid pace to secure the necessary approvals to commence drilling at the Arya prospect and Big One Deposit."

Castillo Copper Limited ("CCZ") is delighted to announce a large mineralised system has been identified at the Mt Oxide pillar which captures the Flapjack, Crescent and Johnnies prospects.

LARGE MINERALISED SYSTEM

A closer review of the Flapjack prospect has verified it is within a zone of structurally controlled ENE trending haematitic-quartz veins. More significantly, based on interpretations by CCZ's independent geology consultant (through analysing historic geophysics and geochemical data3), the Flapjack and Crescent prospects, which are circa 6km apart, are on the same fault system (Figure 1).

This is a significant finding as the Flapjack and Crescent prospects are both prospective IOCG targets. Further work, specifically targeting the trajectory of this fault, will be required to determine the extent and scale of prospective IOCG mineralisation, allowing test-drill targets to be formulated.

Incrementally, factoring in Johnnies, a shear-hosted copper / supergene ore target, proximity to the fault line, there is anecdotal evidence all three prospects are sub-components of a larger mineralised system. Holistically, this significantly enhances Mt Oxide pillar's exploration upside, especially IOCG potential, through providing further targets to investigate along the prospective mineralised trend.

FIGURE 1: FAULT INTERPRETATION LINKING FLAPJACK & CRESCET PROSPECTS

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

2

For the Flapjack prospect specifically, historic geology reports3 confirm the presence of haematitic-quartz veins laced with gold and a distinct chlorite alteration which is an indicator for prospective IOCG mineralisation.

More specifically, high-grade surface assay results for coincident gold-copper occurrences highlight key evidence supportive for IOCG mineralisation including:

o Stream sediment: up to 820ppb Au, 50ppm Cu, 57ppm Pb & 374ppm Zn3;

o Soil: up to 81ppb Au, 292ppm Cu, 212ppm Pb & 803ppm Zn3; and

o Rock chip: up to 1.37ppm Au, 606ppm Cu, 981ppm Pb & 463ppm Zn3.

In 1992, a previous historic tenure holder conducted an aeromagnetic GEOTEM survey which identified a sub-surface magnetic anomaly circa 250m by 150m. Notably, the anomaly - called PC13 - is 600m southwest of the main soil grid within the Flapjack prospect1.

A follow up field trip is necessary to conduct incremental soil sampling above PC13, which is on the southern edge of the trendline that is interpreted to connect the Flapjack and Crescent prospects, to reconcile its suitability as a future primary drill target.

FIGURE 2: SUB-SURFACE ANOMALY "PC13" RELATIVE TO FLAPJACK SOIL GRID

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

Figures 3-6 below are Isopach contour maps for the Flapjack prospect comprising gold-copper-lead-zinc readings. These highlight the concentration and surface mineralisation trends from the soil data based on gold - the dimensions reach circa 800m ENE by 300m NNW (refer to Appendix B for further information). The historic exploration3 at Flapjack could have followed the ENE mineralisation to the east or west, particularly for anomalous gold. Incrementally, it is unclear why the magnetic anomaly that initially identified near surface conductivity at Flapjack, PC13, did not undergo surface sampling.

Meanwhile, replacement carbonate mineralisation within the Quilalar Formation appears to explain the occurrence of elevated zinc-lead at the Flapjack prospect.

3

FIGURE 3: FLAPJACK - ASSAYED GOLD SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

FIGURE 4: FLAPJACK - ASSAYED COPPER SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

4

FIGURE 5: FLAPJACK - ASSAYED ZINC SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

FIGURE 6: CRESCENT - ASSAYED LEAD SOIL SAMPLE ISOPACH

Source: Xplore Resources (refer Reference 1 and Appendices B & C for further information)

5

To recap, CCZ commissioned an independent geology consultant to review all eight prospects at the Mt Oxide pillar (refer Appendix A), as they can potentially deliver high-grade, near surface deposits that could be suitable for multiple open-pit operations. So far, there has been adequate historic geochemical and geophysics data3 to determine preliminary test-drill targets.

This release continues the review that is drilling down into target areas across the Mt Oxide pillar.

FIGURE 7: MINERALISATION SUMMARY FOR THE MT OXIDE PILLAR PROSPECTS

The Wall	Mt Isa style mineralisation
Pancake	Mt Isa style mineralisation with IOCG potential
Johnnies	Shear-hosted copper and supergene ore potential
Crescent	IOCG target with Mt Isa style mineralisation potential
Flapjack	IOCG target with Mt Isa style mineralisation potential
Arya	Sizeable massive sulphide anomaly with IOCG potential
Big One Deposit	Shallow high-grade supergene ore up to 28.4% Cu from drilling intercepts*
Boomerang Mine	Historically produced circa 4,211t high-grade oxide ore grading circa 6% Cu,
	with an output of circa 251t Cu*

Source: CCZ geology team (* Refer ASX Releases - 14 January, 10 & 19 February 2020)

Next steps

The geology team are working towards securing necessary approvals to commence drilling operations at targets within the Arya prospect and Big One Deposit.

For and on behalf of Castillo Copper

Simon Paull

Managing Director

6

ABOUT CASTILLO COPPER

Castillo Copper Limited (ASX: CCZ) is a base metal explorer primarily focused on copper then zinc & nickel.

The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by three core pillars:

1. Pillar I: The Mt Oxide project 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.

1. Pillar II: Four high-quality prospective assets across Zambia's copper-belt which is the second largest copper producer in Africa.

1. Pillar III: Cangai Copper Mine in northern New South Wales, which is one of Australia's highest grading historic copper mines.

In addition, Castillo Copper is progressing a dual listing on the Standard Board of the London Stock Exchange.

References

1. CCZ ASX Release - 28 April 2020
2. CCZ ASX Release - 6 April 2020
3. Mount Isa Mines ("MIM") Exploration Reports 1993-98 which comprise:
4. 1. M.I.M Exploration Pty Ltd, 1998. Exploration Permit for Minerals No. 7804 "Fiery Creek" Queensland. Final Report. QDEX
      Report number: 30006.
   2. M.I.M Exploration Pty Ltd, 1996. Exploration Permit for Minerals No. 7676 "Pandanus Creek", Queensland. Final Report. QDEX Report number: 27982.
   3. M.I.M Exploration Pty Ltd, 1994. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek".
      Annual Report for the 12 months ended February 25, 1994. QDEX Report number: 25492.
   4. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek".
      Annual Report for the 12 months ended February 25, 1993. QDEX Report number: 24522.
   5. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7448 "Lagoon Creek". Second Annual Report 18 May 1991 to 17 May 1992, Queensland Australia. QDEX Report number: 24523.

Competent Person Statement

The information in this report that relates to Exploration Results for the Mt Oxide pillar Crescent prospect contained in this announcement is based on a fair and accurate representation of the publicly available information at the time of compiling the ASX Release, and is based on information and supporting documentation compiled by Nicholas Ryan, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Nicholas Ryan is Consultant Resource Geologist employed by Xplore Resources Pty Ltd. Mr Ryan has been a Member of the Australian Institute of Mining and Metallurgy for 14 years and is a Chartered Professional (Geology). Mr Ryan is employed by Xplore Resources Pty Ltd. Mr Ryan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Ryan consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.

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

7

APPENDIX A: MT OXIDE PILLAR

Source: CCZ ASX Release - 14 January 2020 & CCZ geology team

8

APPENDIX B: FLAPJACK - GOLD-COPPER-ZINC-LEAD SURFACE MINERALISATION PLANS

FIGURE B1: GOLD ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 & Appendix C)

FIGURE B2: GOLD SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

9

FIGURE B3: GOLD STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B4: COPPER ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

10

FIGURE B5: COPPER SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B6: COPPER STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

11

FIGURE B7: ZINC ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B8: ZINC SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

12

FIGURE B9: ZINC STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B10: LEAD ROCK CHIP DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

13

FIGURE B11: LEAD SOIL THEMATICS

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

FIGURE B12: LEAD STREAM SEDIMENT DATA

Source: Xplore Resources (for data sources refer Reference 1 and Appendix C for further information)

14

FIGURE B13: ROCK CHIP ASSAY DATA*

	SAMPLE			EASTING (mE)			NORTHING (mN)			Cu (ppm)			Pb (ppm)			Zn (ppm)			Au (ppm)
				MGA94 zone 54			MGA94 zone 54
	QQ86385			333397			7894022			8			BDL			21			0.009
	QQ86386		333342	7893982		18			28		17			0.002
	QQ86387			333172			7893772			12			5			78			0.004
	QQ86427		333332	7893772		5			12		55			0.01
	QQ86428			333287			7893772			606			404			128			0.015
	QQ86431		333172	7893822		3			139		463			0.002
	QQ86432			333197			7893822			3			9			44			0.001
	QQ86433		333157	7893772		6			95		111			0.046
	QQ86434			333137			7893747			4			69			160			0.001
	QQ86435		333122	7893672		9			21		58			1.37
	QQ86436			333212			7893602			16			6			168			0.001
	QQ86437		333197	7893582		15			15		24			0.365
	QQ86438			333222			7893572			8			BDL			19			0.002
	QQ86439		333122	7893572		48			5		159			0.011
	QQ86440			333122			7893647			5			5			46			0.07
	QQ86441		333172	7893672		10			156		237			0.005
	QQ86442			333162			7893697			2			14			121			0.001
	QQ86443		333082	7893697			BDL		9		121			0.001
	QQ86444			333147			7893712			2			BDL			37			0.001
	QQ86445		333172	7893622		9			BDL	45			0.371
	QQ86446			333247			7893582			9			BDL			15			0.001
	QQ86447		333347	7893822			BDL		9		88			0.001
	QQ86448			333322			7893822			3			9			207			0.001
	QQ86449		333372	7893872		4			11		101			BDL
	QQ86450			333372			7893832			2			19			296			0.001
	QQ86451		333322	7893722		2			BDL	66			BDL
	QQ86452			333497			7893722			41			9			134			BDL
	QQ86455		333457	7893722		6			6		49			0.008

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	SAMPLE			EASTING (mE)			NORTHING (mN)			Cu (ppm)			Pb (ppm)			Zn (ppm)			Au (ppm)
				MGA94 zone 54			MGA94 zone 54
	QQ086455			333457			7893722			6			6			49			0.008
	QQ098444		333317	7893757		71			12		23			0.165
	QQ097811			333465			7894161			BDL			BDL			BDL			Not Tested
	QQ097916		333530	7894203		21			18		63			BDL
	QQ 98427			333437			7893854			6			6			9			0.002
	QQ 98428		333462	7893780		27			31		79			0.007
	QQ 98429			333462			7893722			49			12			52			0.009
	QQ 98430		333567	7893791		11			157		321			0.001
	QQ 98431			333608			7893840			3			53			213			BDL
	QQ 98432		333315	7893708		85			981		56			0.007
	QQ 98433			333459			7893994			23			22			99			0.001
	QQ97664		333490	7893969		22			3		9			0.021
	QQ97809			332889			7894338			52			3			99			BDL
	QQ97810		333492	7894130		46			3		19			BDL

• = Source: Compiled by Xplore Resources (for data sources refer Reference 1 and Appendix C for further information) Note: (1) BDL = Below Detectable Limit (testing at Analabs Townsville)
  Note: (2) NT = Not Tested for a repeat gold (Au ppb) at ALS

16

APPENDIX C: JORC Code, 2012 Edition - Table 1 - M.I.M. Exploration Pty Ltd Surface Sampling Summary

Primary source of information and data are QDEX reports, the five (5) QDEX reports that were reviewed for this ASX Release and the accompanying JORC Code

(2012) Table 1 are:

1. M.I.M Exploration Pty Ltd, 1998. Exploration Permit for Minerals No. 7804 "Fiery Creek" Queensland. Final Report. QDEX Report number: 30006.
2. M.I.M Exploration Pty Ltd, 1996. Exploration Permit for Minerals No. 7676 "Pandanus Creek", Queensland. Final Report. QDEX Report number:
   27982.
3. M.I.M Exploration Pty Ltd, 1994. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek". Annual Report for the 12 months ended February 25, 1994. QDEX Report number: 25492.
4. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7676 "Pandanus Creek", and 7804 "Fiery Creek". Annual Report for the 12 months ended February 25, 1993. QDEX Report number: 24522.
5. M.I.M Exploration Pty Ltd, 1993. Exploration Permit for Minerals Nos. 7448 "Lagoon Creek". Second Annual Report 18 May 1991 to 17 May 1992,
   Queensland Australia. QDEX Report number: 24523.

Section 1 Sampling Techniques and Data

	Criteria			JORC Code explanation			Commentary
	Sampling			• Nature and quality of sampling (e.g. cut channels, random			• Three (3) surface sampling methods were described in the
	techniques			chips, or specific specialised industry standard measurement			current ASX Release, these are:
				tools appropriate to the minerals under investigation, such as			o	Soil Samples - Flapjack soil samples were taken on
				down hole gamma sondes, or handheld XRF instruments, etc).				multiple grid spacings, with a final 'coarse scale grid' of
				These examples should not be taken as limiting the broad				approx. 200m by 25m grid, to final 'fine scale grid' of
				meaning of sampling.
							approx. 50m by 25m grid. In some portions the grid
				• Include reference to measures taken to ensure sample
							pattern was by either DGPS navigation or set out using a
				representivity and the appropriate calibration of any
							Theodolite. Samples were collected in the minus 80#
				measurement tools or systems used.
							fraction and analysed for a standard suite of elements.
				• Aspects of the determination of mineralisation that are Material			o
						Stream Sediment Samples - were collected from
				to the Public Report.
							practically accessible locations, across active sections of
				• In cases where 'industry standard' work has been done this
							the stream/drainage channels gravel beds. Sieving the
				would be relatively simple (e.g. 'reverse circulation drilling was
							field to -2mm fraction was conducted to obtain a ~2kg
				used to obtain 1 m samples from which 3 kg was pulverised to
							sample of stream sediment material.
				produce a 30 g charge for fire assay'). In other cases more
						o Rock Chip Samples - were collected from approximately
				explanation may be required, such as where there is coarse
							a 3m radius around the recorded co-ordinate location.
				gold that has inherent sampling problems. Unusual
							The rock chip fragments that were collected to make up
				commodities or mineralisation types (e.g. submarine nodules)
				may warrant disclosure of detailed information.				the sample included fragments that approximately
								ranged from 2-5cm.
								17

• Sub-sampling occurred as described in the section 'Sub-sampling

techniques and sample preparation' in Section 1 of the current

Table 1.

• The surface sample results described in this ASX Release are

suitable for the reporting 'exploration results' for mineral

prospectivity, additional exploration work would have to be

completed in order to geologically model and then estimate a

mineral resource.

Drilling

•

Drill type (e.g. core, reverse circulation, open-hole hammer,

• Not Applicable - no Drilling results are discussed in this ASX

techniques

rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core

Release.

diameter, triple 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

•

Method of recording and assessing core and chip sample

• Not Applicable - no Drilling results are discussed in this ASX

recovery

recoveries and results assessed.

Release.

• 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

• The records for surface sampling are shown in the Appendices of

geotechnically logged to a level of detail to support appropriate

each relevant MIM historical QDEX report as .dat files.

Mineral Resource estimation, mining studies and metallurgical

• Typically for surface samples there were brief descriptions of the

studies.

lithology etc is recorded within sample ledgers/registers.

•

Whether logging is qualitative or quantitative in nature. Core (or

•

The surface sample results described in this ASX Release are

costean, channel, etc) photography.

suitable for

the reporting 'exploration results'

for mineral

•

The total length and percentage of the relevant intersections

prospectivity,

additional exploration work would

have to be

logged.

completed in order to geologically model and then estimate a

mineral resource.

Sub-

•

If core, whether cut or sawn and whether quarter, half or all

• Sub-sampling occurred in the field for soil samples where a 2kg

sampling

core taken.

sample was taken for analysis.

techniques

•

If non-core, whether riffled, tube sampled, rotary split, etc and

• The recovered samples for soil, and stream were predominantly

and sample

whether sampled wet or dry.

dry.

preparation

•

For all sample types, the nature, quality and appropriateness of

•

The surface sample results described in this ASX Release are

the sample preparation technique.

•

suitable for

the reporting 'exploration results'

for mineral

Quality control procedures adopted for all sub-sampling stages

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		•	to maximise representivity of samples.			prospectivity, additional exploration work would have to be
		Measures taken to ensure that the sampling is representative			completed in order to geologically model and then estimate a
			of the in situ material collected, including for instance results for			mineral resource.
			field duplicate/second-half sampling.
		• Whether sample sizes are appropriate to the grain size of the
			material being sampled.
Quality of		•	The nature, quality and appropriateness of the assaying and		•	Drainage samples were collected, where practical, from active
assay data			laboratory procedures used and whether the technique is			gravel beds across the section of the stream. Sieving in the field
and			considered partial or total.
				to - 2mm was carried out and approximately 2kg of material was
laboratory		•	For geophysical tools, spectrometers, handheld XRF
			submitted to Analabs Townsville for analysis.
tests			instruments, etc, the parameters used in determining the
			• The samples were then dried and sieved to -80# (or -180µm) and
			analysis including instrument make and model, reading times,
					a small aliquot was then taken and analysed for base metals by
			calibrations factors applied and their derivation, etc.
					method GA 140. This method comprises of a mix acid digest with
		•	Nature of quality control procedures adopted (e.g. standards,
				AAS (Atomic Absorption Spectroscopic) finish.
			blanks, duplicates, external laboratory checks) and whether
				• Elements analysed by this method were Cu, Pb, Zn, Fe, Mn, Co,
			acceptable levels of accuracy (i.e. lack of bias) and precision
					Ag, Ni, Mo and Cd. Not all batched, however, were analysed for
			have been established.
						all elements.
					• Gold was assessed by sampling techniques in the field then
						assayed by method GI 142 which is a cyanidation technique (BCL
						or Bulk Cyanide Leach) bottle roll which had detection limits as
						low as 0.05 ppb Au.
					•	Rock chips were collected by taking a series of chips
						approximately 2 to 5cm in diameter across approx. a 3m radius
						of the outcrop being sampled. The sample was then crushed and
						analysed for a base metal suite by method GA 140.
					• Rock chips analysed for gold were done by suite GG 326
						comprising of a 30 gram charged fire assay fusion with carbon
						rod finish with detection limits down to 0.001 ppm Au. Some
						indicator element and whole rock analysis was undertaken by
						ICP-MS at Analabs.
					• The surface sample results described in this ASX Release are
						suitable for the reporting 'exploration results' for mineral
						prospectivity, additional exploration work would have to be
						completed in order to geologically model and then estimate a
						mineral resource.
					• The Analabs analytical methods changed from March 1994, yet
						19

				the same collection method appears to be comparable to earlier
				years:
				• March 1994 - Jan 1996 (cr_27982) Analabs Assay methods
				employed for rock chip, soil, and stream sediment were:
				o Method GI 142 (ICP) for elements Cu, Pb, Zn, Fe, Mn, Co,
				P, & As;
				o Method GX401 (pressed powder XRF trace
				determination) for Ba; and
				o Method GG334 (aqua regia with carbon rod finish) for
				Au.
				• Detection limits across any year were suitable for detecting
				'Trace Elements'. 'Ore grade' testing occurred when either,
				visible base metal minerals were present and/or were Cu, Pb, or
				Zn, exceeded 10,000ppm of the respective element.
				• The surface sample results described in this ASX Release are
				suitable for the reporting 'exploration results' for mineral
				prospectivity, additional exploration work would have to be
				completed in order to geologically model and then estimate a
				mineral resource.
	Verification		• The verification of significant intersections by either	• Independent verification of surface samples had been completed
	of sampling		independent or alternative company personnel.	for selected gold assay values.
	and		• The use of twinned holes.	• Analabs Townsville Assays checked against ALS Townsville Assays
	assaying
		• Documentation of primary data, data entry procedures, data	when high Au values were returned for stream sediment
			verification, data storage (physical and electronic) protocols.	samples. The two sets of assay results generally showed an
			• Discuss any adjustment to assay data.	acceptable correlation, and this matched observations
				historically reported by MIIM.
				• The surface sample results described in this ASX Release are
				suitable for the reporting 'exploration results' for mineral
				prospectivity, additional exploration work would have to be
				completed in order to geologically model and then estimate a
				mineral resource.
	Location of	• Accuracy and quality of surveys used to locate drill holes (collar	• Flapjack soil samples were taken on multiple grid spacings, with
	data points	and down-hole surveys), trenches, mine workings and other	a final 'coarse scale grid' of approx. 200m by 25m grid, to final
			locations used in Mineral Resource estimation.	'fine scale grid' of approx. 50m by 25m grid. One soil sample
			• Specification of the grid system used.	dataset had the sample locations digitised from a map, with the
			• Quality and adequacy of topographic control.	assay values contained in a .dat file.
				• In some portions the grid pattern was by either DGPS navigation
				20

					or set out using a Theodolite. Samples were collected in the
					minus 80# fraction and analysed for a standard suite of elements.
					• For rock chip samples, and stream sediment samples, positions
					were recorded by handheld GPS with areas highlighting
					anomalies sometimes returned to for additional sampling and
					locations checked by handheld GPS.
					• Locational Data was recorded in local grid and/or AMG84 zone
					54 Easting (mE) and Northing (mN). There was no topographical
					control used for locations.
					• The Flapjack location dataset as a whole is anticipated on average
					to have a +/-20m horizontal level of accuracy in sample locations
					and range up to a +/-15m of accuracy in sample locations for
					vertical accuracy, for all files with the exception of the digitised
					soil sample locations are assumed to have a horizontal accuracy
					of +/- 35m.
					• Surface sample and assay data had been prepared and compiled
					into MapINFO 2019 (64 bit - Release Build 58: 12345.67), any
					translation of co-ordinate data utilised the Discover package, an
					add on to MapINFO.
					• The surface sample results described in this ASX Release are
					suitable for the reporting 'exploration results' for mineral
					prospectivity, additional exploration work would have to be
					completed in order to geologically model and then estimate a
					mineral resource.
Data		• Data spacing for reporting of Exploration Results.			• Flapjack Soil samples initially covered a grid, with lines that were
spacing		• Whether the data spacing and distribution is sufficient to			spaced that approximately 200m apart east-west, and 25m,
and		establish the degree of geological and grade continuity			which was refined in locations to approximately 50m by 25m (or
distribution		appropriate for the Mineral Resource and Ore Reserve			less). The soil sample data spacing is considered appropriate for
		estimation procedure(s) and classifications applied.			defining grade and trend of the base metal assay values for Zn,
		• Whether sample compositing has been applied.
				Pb, & Cu, and for Gold (Au).
					• Flapjack rock chip and stream sediment samples were taken at
					areas of interest and not confined by gridding.
					• There was no sample composing applied to surface samples
					collected for Flapjack.
					• The surface sample results described in this ASX Release are
					suitable for the reporting 'exploration results' for mineral
					prospectivity, additional exploration work would have to be
				21

				completed in order to geologically model and then estimate a
				mineral resource.
Orientation		• Whether the orientation of sampling achieves unbiased		• For 'Flapjack' rock chips and stream sediment samples, there was
of data in		sampling of possible structures and the extent to which this is		no fixed orientation as these methods were used in the first
relation to		known, considering the deposit type.		instance to define distinct areas of anomalisms.
geological		• If the relationship between the drilling orientation and the		• For soil samples at specific localities, the grid was often oriented
structure		orientation of key mineralised structures is considered to have		to cover the approximate trend of the anomalism(s) highlighted
		introduced a sampling bias, this should be assessed and
			from earlier regional soil sampling and/or rock chip sampling.
		reported if material.
			• The surface sample results described in this ASX Release are
				suitable for the reporting 'exploration results' for mineral
				prospectivity, additional exploration work would have to be
				completed in order to geologically model and then estimate a
				mineral resource.
Sample		• The measures taken to ensure sample security.		• There is no record of sample security methods were employed in
security				the field or by transport to the laboratory and measures taken in
				the laboratory by earlier explorers.
				• Given the provenance of the data from a large mining entity and
				the remoteness of the location, historical sample security is
				deemed adequate for the reporting of surface assay grades and
				trends.
				• The surface sample results described in this ASX Release are
				suitable for the reporting 'exploration results' for mineral
				prospectivity, additional exploration work would have to be
				completed in order to geologically model and then estimate a
				mineral resource.
Audits or		• The results of any audits or reviews of sampling techniques		• To date there are no known external audits or review reports
reviews		and data.		completed of the sample techniques and resultant data
				generated from the historical research of earlier explorers'
				records.

Section 2 Reporting of Exploration Results

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

	Criteria		JORC Code explanation		Commentary

22

Mineral		•	Type, reference name/number, location and ownership			• The following mineral tenures are held 100% by subsidiaries of
tenement			including agreements or material issues with third parties such			Castillo Copper Limited, totalling an area of approximately 961km2
and land			as joint ventures, partnerships, overriding royalties, native title			in the "Mt Oxide project":
tenure			interests, historical sites, wilderness or national park and			o EPM 26574 (Valprasia North) - encompasses the Big One
status		•	environmental settings.				historical mineral resource, Holder Total Minerals Pty Ltd,
		The security of the tenure held at the time of reporting along
					Granted 12-June-2018 for a 5 year period over 100 sub-
			with any known impediments to obtaining a licence to operate
						blocks (323.3Km2), Expires 11-June-2023.
			in the area.			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 (216.5Km2),
							Expires: 28-Aug-2022.
						o	EPM 26525 (Hill of Grace) - encompasses the Arya
							significant aeromagnetic anomaly, Holder: Total Minerals
							Pty Ltd for a 5 year period over 38 sub-blocks (128.8Km2),
							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
							(74.2Km2), Expires 12-Aug-2023; and
						o EPMA 27440 (The Wall) - An application lodged on the 12-
							Dec-2019 over 70 sub-blocks (~215Km2) by Castillo
							Copper Limited.
Exploration		•	Acknowledgment and appraisal of exploration by other parties.		• A selection of historical QDEX / mineral exploration reports have
done by						been reviewed for historical tenures that cover or partially cover
other						the Project Area in this announcement. Federal and State
parties						Government reports supplement the historical mineral
						exploration reporting (QDEX open file exploration records).
						• Most explorers were searching for Cu-Au-U and/or Pb-Zn-Ag, and
						in particular, proving satellite deposit style extensions to the
						several small sub-economic copper deposits (e.g. Big Oxide and
						Josephine).
						• With the Mt Oxide 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 typically less than 50m).
						• The Mt Oxide project tenure package has a significant opportunity
							23

		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.
		• The five (5) historical exploration reports generated by MIM that
		contributed information and data to this ASX Release are detailed
		in the Appendix C preamble to the JORC 2012 Code Table 1.
		• 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 26462. The following unpublished work is acknowledged
		(and previously shown in the reference list):
		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.
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 similar to
		that of the Broken Hill Block in western New South Wales.
		• The Mt Oxide 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 a number of tight syncline-
		anticline structures along its length.
		• The Desktop studies commissioned by CCZ on the granted mineral
		24

tenures described four main styles of mineralisation account for the majority of mineral resources within the rocks of the Mt Isa Province (after Withnall & Cranfield, 2013).

1. 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;

1. 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.

1. 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

• 1. 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:
• 1. Stratabound copper mineralisation within ferruginous sandstones and siltstones of the Surprise Creek Formation.

25

1. Disseminated copper associated with trachyte dykes.

1. Copper-richiron stones (possible IOCG) in E-W fault zones; and

• 1. 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."):
• 1. 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.

1. The mineralised porphyry dyke is vertical to near vertical (85o), with the 'true width' dimensions reaching up to 7m

at surface.

1. 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.

1. 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

26

carbonaceous.

1. 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

1. 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

• 1. 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 Cuco, and Ag.
• Desktop studies commissioned by CCZ have determined the Boomerang prospect contains:
• 1. Secondary copper staining over ~800m of strike length.
  1. Associated with a major east-west trending fault that juxtaposes the upper Suprise Creek Formation sediments against both the underlying Bigie Formation and the upper Quilalar Formation units.

27

		• At the 'Flapjack' prospect there is the potential for:
		o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from
		replacement carbonate mineralisation, particularly the
		Quilalar Formation;
		o Thermal Gold Aurole 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 chloride rich fluids.
		• At the 'Crescent' prospect there is the potential for:
		o Skarn mineralisation for Cu-Au and/or Zn-Pb-Cu from
		replacement carbonate mineralisation, particularly the
		Quilalar Formation; and
		o Thermal Gold Aurole 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.
		• All 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.
Drill hole	• A summary of all information material to the understanding of	• Not Applicable - no Drilling results are discussed in this ASX
Information	the exploration results including a tabulation of the following	Release.
	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
		28

		Person should clearly explain why this is the case.
Data		• In reporting Exploration Results, weighting averaging		• No data aggregation methods are utilised in the current ASX
aggregatio		techniques, maximum and/or minimum grade truncations (e.g.		Release, due to the fact that the sampling types are surface
n methods		cutting of high grades) and cut-off grades are usually Material		samples (soil, rock, stream sediment, etc.).
		and should be stated.
		• Where aggregate intercepts incorporate short lengths of high
		grade results and longer lengths of low grade results, the
		procedure used for such aggregation should be stated and
		some typical examples of such aggregations should be shown
		in detail.
		• The assumptions used for any reporting of metal equivalent
		values should be clearly stated.
Diagrams		• Appropriate maps and sections (with scales) and tabulations		• Appropriate diagrams are presented in the body and the
		of intercepts should be included for any significant discovery		Appendices of the current ASX Release. Where scales are absent
		being reported These should include, but not be limited to a		from the diagram, grids have been included and clearly labelled to
		plan view of drill hole collar locations and appropriate sectional		act as a scale for distance.
		views.
			• Maps and Plans presented in the current ASX Release are in
				MGA94 Zone 54, Eastings (mN), and Northing (mN), unless clearly
				labelled otherwise.
				• The surface sample results described in this ASX Release are
				suitable for the reporting 'exploration results' for mineral
				prospectivity, additional exploration work would have to be
				completed in order to geologically model and then estimate a
				mineral resource.
Balanced		• Where comprehensive reporting of all Exploration Results is		• For the purposes of Balanced Reporting it is reiterated that the
reporting		not practicable, representative reporting of both low and high		information and data displayed in the current ASX Release is
		grades and/or widths should be practiced to avoid misleading		pertaining to a spatial subset placed on and surrounding Flapjack
		reporting of Exploration Results.		prospect - based on the following spatial bounds from MGA94
				zone 54:
				o	Easting minimum:	332,293.27mE
				o	Easting maximum:	334,641.96mE
				o	Northing minimum:	7,892,920.55mN
				o	Northing maximum:	7,894,603.15mN
				• ' Flapjack' soil assay values are summarised from the data files
				submitted with the historical MIM reports (refer to Section 2,
				subsection "Exploration done by other parties"), appropriate
						29

plans of the distribution of soil samples and associated geochemical values are displayed in the release and its appendices:

Flapjack statistics summary - assayed soil samples

	Descriptor:	Cu (ppm)	Pb (ppm)	Zn (ppm)	Au (ppb)	Ag (ppm)
	Minimum	4	5	7	1	0.2
	Maximum	292	212	803	81	0.6
	Average	30.2	36.8	153.9	11.5	0.29
	Std. Dev.	26.3	35.9	126.8	15.9	0.15
	Count	459	455	459	305	8

• 1. Note (1): 459 soil samples were collected over the "Flapjack" prospect. o Note (2): 4 soil samples were 'Below Detectable Limit' for Lead (Pb ppm).
     o Note (3): Only 445 soil samples were assayed for Gold (results presented in Au ppb), 140 assays were 'Below Detectable Limit'.
     o Note (4): Although all soil samples were assayed for Silver (Ag ppm) only eight
  2. 1. retuned a result above the detectable limit.
• Appropriate soil assay isopach / contours have been generated to demonstrate the trend of the soil data, there are not geologically modelled surfaces for the purposes of mineral resource estimation. The isopachs were developed in MapINFO 2019 (64 bit
• • Release Build 58: 12345.67). The parameters for generating the isopachs / contours were to use the 'Nearest Neighbour' raster method, automatic cell size, with a 200m search radius, average smoothing set to level 2, with "Near" clipping set to 8 respectively.
• A Summary of 'Flapjack' Rock Chip assay data and location data is presented in "Appendix B14: Rock Chip Assay Data", a statistical summary is presented below:

Flapjack statistics summary - assayed rock chip samples

	Descriptor:	Cu (ppm)	Pb (ppm)	Zn (ppm)	Au (ppb)
	Minimum	2	3	9	1
	Maximum	606	981	463	1,370
	Average	32.8	67.5	101.4	74.1
	Std. Dev.	96.4	176.2	95.9	246.0
	Count	39	35	41	34

30

o

Note (1): 42 rock chip samples were collected over the "Flapjack" prospect.

o

Note (2): 1 rock chip sample in the Flapjack area did not appear to be tested for

Gold (Au ppb) after assay for base metals all returned 'Below Detectable Limits'.

o

Note (3): 41 rock chip samples were assayed for Silver (Ag ppm), 33 rock chip

samples were discovered to be 'Below Detectable Limits' for Silver (Ag ppm), 8

samples were 'Not Tested' and the single assay result above BDL was 4.3ppm

Ag.

o

Note (3): 41 rock chip samples were assayed for Gold (Au ppb), 7 were

discovered to be 'Below Detectable Limits' for Gold (Au ppb).

• The surface sample results and/or isopach / contours presented

and described in this ASX Release are suitable for the reporting

'exploration results' for mineral prospectivity, additional

exploration work would have to be completed in order to

geologically model and then estimate a mineral resource.

• 'Flapjack' stream sediment assay values are summarised from the

data files submitted with the historical MIM reports (refer to

Section 2, subsection "Exploration done by other parties"),

appropriate plans of the distribution of soil samples and

associated geochemical values are displayed in the release and its

appendices:

Flapjack statistics summary - assayed stream sediment samples

Descriptor:

Cu (ppm)

Pb (ppm)

Zn (ppm)

Au (ppb)

Minimum

10

3

15

1.4

Maximum

50

57

374

820

Average

27.0

17.7

130.7

168.6

Std. Dev.

10.5

14.0

85.5

288.9

Count

21

21

21

12

o

Note (1): 24 stream sediment samples were collected over the "Flapjack"

prospect.

o

Note (2): 21 stream sediment samples were assayed for Silver (Ag ppm) all

returned results 'Below Detectable Limit'.

o

Note (3): 19 stream sediment samples were assayed for Gold (Au ppm), 10

stream sediment samples were tested and were discovered to be 'Below

Detectable Limits' for Gold (Au ppm).

• Other exploration data, if meaningful and material, should be

• GEOTEM: The airborne

electromagnetic

GEOTEM

geophysical

reported including (but not limited to): geological observations;

survey undertaken by MIM in 1992 on historical tenure EPM7676,

geophysical survey results; geochemical survey results; bulk

now significantly overlain by CCZ's tenure application EPM27440.

31

samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

A total of 828-line kilometres were flown on a SE-NW, flown by Geoterrex at a mean height of approximately 105m above the ground surface. Penetration of the GEOTEM method had been estimated to range between 200-300m below the ground surface, this is dependent on conductivity contrasts, size, and attitude of the subsurface targets. Sixteen (16) anomalies were identified, with nine (9) recommended for follow up, with only five (5) followed up by ground geophysical.

• Flapjack (PC13 anomaly) was one of the anomalies followed up by surface geophysical survey methods. The aerial geophysical survey data, or the outputs of the surface geophysical survey for
  'Flapjack' are yet to be reviewed in detail, it is anticipated that this will occur during the planning of any field exploration campaigns, particularly exploration drilling campaigns. The PC13 geophysical anomaly appears on maps in this ASX Release, the historical location marker is assumed to be at the centre of the PC13 anomaly. The anomaly is circa 400m long by 300m wide anomaly.
• Alteration observations: Ferruginous sandstones appeared to be an alteration product that was localised between the two east- north-east trending faults and comprised of abundant patchy haematisation, pervasive and as veins. Petrographic samples from within the alteration zone showed red K Feldspar haematite +/- tourmaline, altered lithologies - the alteration type, in conjunction with the Geoscience Australia IOCG prospectivity of the region requires further investigation into the Crescent prospect being part of an IOCG mineral system.
• Furthermore, the alkali minerals appeared to be zoned with sodic- dominant on the southern margin passing to potassic-dominant on the northern margin near the Crescent Prospect.
• Petrographic samples from Crescent showed similar alteration to that at the nearby Flapjack prospect (which falls within CCZ's EPMA 27440) where there was distinct red rock/green rock alteration associated with the potassic alteration of an argillaceous limestone.
• Haematite-quartzveins bear the elevated Au: the CCZ Geology
  Team's interpretation is that, in conjunction with the Geoscience Australia IOCG prospectivity work, the various descriptive geology

32

					recorded by MIM is indicative of alteration and mineralogy
					reflective of characteristics attributable to an IOCG mineral
					system.
					• Petrographic samples from the eastern portion of the Crescent
					prospect showed similar alteration to that at the nearby Flapjack
					Prospect (anomalous Au also within CCZ's EPMA 27440) where
					there was distinct red rock/green rock alteration associated with
					the potassic alteration of an argillaceous limestone. The
					mineralisation is an indicator of IOCG alteration styles, the
					presence of Haematitic-quartz veins that contain traces of gold.
					• Quartz veining is common throughout the ferruginous zone with
					several rhyolite dykes outcropping in the alteration zone which
					strike ENE and the dips in the alteration zone vary between
					steeply south dipping to steeply north dipping.
					• An alternative explanation of gold (Au) mineralisation could be at
					Crescent considered to be a thermal gold (Au) aurole
					mineralisation model/event - due to the high silica alteration in
					thermal aureole with contact of A-Type Weberra Granite - related
					to the gold (Au) mineralisation. Based on the whole rock analyses
					done by MIM where the results showed high silica (>74% SiO2).
					• Ongoing Work: Work is ongoing in reviewing the breadth of the
					information contained on QDEX for the mineral tenure
					application EPMA 27440 (The Wall), as the application had only
					been recently had the application lodged on the 12-Dec-2019.
					• In light of the aforementioned bullet point, both the requirements
					Chapter 5 of the ASX Listing Rules and the JORC Code (2012), no
					material information pertaining to the surface sample exploration
					results is known to exist within the area defined in the bounds of
					Crescent prospect (refer to the current Table 1, Section 2,
					subsection "Balanced Reporting").
Further		• The nature and scale of planned further work (e.g. tests for			• Work is ongoing in reviewing the breadth of the information
work		lateral extensions or depth extensions or large-scalestep-out			contained on QDEX for the mineral tenure application EPMA
		drilling).			27440 (The Wall), as the application had only been recently had
		• Diagrams clearly highlighting the areas of possible extensions,			the application lodged on the 12-Dec-2019.
		including the main geological interpretations and future drilling			• Future releases to the market are proposed to occur in line with
		areas, provided this information is not commercially sensitive.
				the body of the ASX Release.
				33

• Future exploration work proposed in sequence or concurrently above will complete surface sampling (rock or soil as appropriate) and an appropriate geophysical surveys over specific to be defined areas within the Mt Oxide Pillar.
• Future desktop work is anticipated to include a re-evaluation of additional QDEX data available for the prospect area, and/or a detailed drill design on specific targeted areas in the prospect.

34