CuFe : Tennant Creek JORC 2012 Resource Statement (Re-Release)

RE-RELEASEOF ASX ANNOUNCEMENT

ASX ANNOUNCEMENT

26 July 2022

onlyCuFe Ltd (ASX: CUF) (CuFe or the Company) refers to its ASX Announcement released on 17 June 2022 entitled 'Tennant Creek JORC 2012 Resource Statement.' The Company advises that the announcement has been updated to comply with the JORC code and to comply with the requirements of ASX Listing Rule 5.8.1. A copy of the updated ASX Announcement is attached.

useAnnouncement released with authority of the CuFe Board of Directors.

Yours faithfully CuFe Ltd

personalAntony Sage

Executive Chairman

For

CuFe Ltd ABN: 31 112 731 638	T [phone]
32 Harrogate St, West Leederville,	E [e-mail]
Western Australia 6007	cufe.com.au

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ASX ANNOUNCEMENT

26 July 2022

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TENNANT CREEK JORC 2012 RESOURCE STATEMENT

CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to announce it has upgraded the existing resources previously stated in compliance with JORC 2004 to JORC 2012 for its 60% owned Tennant Creek deposits (Orlando, Gecko and Goanna).

The Company engaged Mr Ian Glacken from Snowden Optiro Consultants to conduct a review of the stated 2004 resources and complete the necessary additional requirements to allow reporting under JORC 2012 requirements. The original resource estimates were generated by Optiro Pty Ltd between 2011 and 2013.

The following summary of mineralisation at Orlando, Gecko and Goanna is provided in accordance with the requirements of Chapter 5.8.1 of the ASX Listing Rules.

Project Summary

The relative locations of the Orlando, Goanna and Gecko deposits at Tennant Creek (Figure 1) is shown in Figure 2. The deposits are approximately 25 km to the northwest of the Tennant Creek township.

Figure 1

Location of CuFe projects

CuFe Ltd ABN: 31 112 731 638	T [phone]
32 Harrogate St, West Leederville,	E [e-mail]
Western Australia 6007	cufe.com.au

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ASX Announcement - 26 July 2022

Figure 2

Location of the Orlando, Gecko and Goanna deposits within the Tennant Creek Field

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Geology and Geological Interpretation

Host lithologies in the region consist of a sedimentary sequence of shales, siltstones and greywackes with some intercalated haematite-rich shale units. The iron oxide pods which dominantly host gold and copper mineralisation comprise varying amounts of magnetite-haematite-quartz and chlorite, and are irregular in shape, typically sub-vertical and with an east-west strike. A distinct alteration halo typically surrounds the ironstones, and consists of strongly chloritised and often sheared sediments from a few centimetres to 10 m thick. The copper mineralisation occurs as thin, near vertical lenses, within and transgressive to the iron- oxide pods, and often continues into the adjacent chlorite-altered sediments.

Gold and copper mineralisation at Orlando is hosted in southeast-northwest trending lenses controlled by two shear zones, which strike east-southeast. The gold and copper mineralisation is associated with elevated concentrations of arsenic, cobalt and bismuth. The main copper mineral is chalcopyrite, which has been oxidised to a number of secondary copper minerals, including malachite, chalcocite and covellite, within the weathered horizon. The weathering profile extends down to 120 m below surface.

The Gecko and Goanna mineralisation is hosted in a similar orientation to Orlando, although offset to the east-northeast, in a sequence of lenses controlled by a series of subparallel and subvertical shear zones, locally called the Gecko Corridor. The lenses are coincident with the shear zones and mineralisation is hosted in sulphide and quartz-sulphide tension vein arrays and sulphide rich brecciated ironstone lenses. The major lithological units found within the shear zones are chlorite altered lithologies, fault breccias, mylonites and lesser sheared ironstone lenses. The Goanna mineralisation is dominantly copper, with only minor intercepts containing gold. The depth of oxidation varies in depth from 50 m to up to 150 m below surface.

Sampling and Sub-sampling techniques

Mineralisation at Orlando, Gecko and Goanna has been defined by surface diamond, underground diamond and reverse circulation (RC) drilling, carried out over a number of separate campaigns.

Orlando

• 2012/13 RC and diamond drilling was used to obtain samples generally over a length of 1 m.
• RC samples were composited over 3 m intervals.

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• Generally half core samples from diamond drilling were crushed, sub-sampled and pulverised to produce a 50 g charge for analysis.
• The majority of the data is from RC and diamond drilling carried out prior to 1980. This was generally as samples over 1 m intervals.

Gecko

• A large quantity of historical drilling was used for the Gecko (Anomaly 3, L25 and K44 Lower) resource updates. The drilling type has not been recorded, but in all cases the data is from underground diamond holes, which have been drilled from underground drilling platforms, with a small number of surface holes.

Goanna

• The drilling is a combination of diamond and RC. 36 holes intersect the Goanna mineralisation.
• Industry standard practices were used to obtain representative 1m samples for RC drilling; half core diamond samples were taken using a core diamond saw.
• Gold grades are low (averaging 0.2 g/t) in the resource estimate, thus there are no issues known with coarse gold.

Drilling Techniques

Orlando

• RC and diamond drilling with HQ, NQ and PQ core diameter.
  Gecko
• Underground and surface diamond drilling with HQ and NQ core diameters. Goanna

The 36 holes defining the Goanna resource comprise 16 RC (1m samples) and 20 diamond holes, many with RC pre-collars. No orientated core was used but some of the diamond holes had wedges taken for additional sampling.

Sample Analysis Methods

All projects

Standard analysis procedures were used for gold and total copper, along with bismuth, iron, lead and zinc. Copper was mainly assayed using assay digest followed by ICP-OES, with gold mainly being assayed using fire assay followed by AAS.

Estimation Methodology

Orlando

Optiro was provided with all necessary information to enable interpretation, including a fully validated drill hole database and wireframes of the weathering surfaces. The database contained copper grades from 4,217 samples and gold grades from 3063 samples, with drill lines spaced between 10 and 20m and hole spacing between 20 and 30m. Density data was estimated from 1,953 measurements taken from 33 diamond drill holes which were subdivided into weathering zones and mineralized/unmineralized material, with average densities being allocated for each distinct material type. Interpretation of mineralized zones used a 0.5% copper cut-off and a 0.5 g/t gold cut-off. There was no correlation between gold and copper in the statistical analysis so they were modelled independently, although there was some overlap of copper and gold mineralized zones in places.

Estimation was controlled by 8 separate mineralized domains with 4 for copper and 4 for gold, all constrained with hard boundaries (wireframes). Interpolation was carried out using ordinary kriging guided by variograms calculated for each domain; and three search passes were used according to the variogram models. Figure 3 shows the copper mineralisation solids at Orlando, together with the existing underground workings and development, looking north. The gold mineralisation solids sit in a similar location but are not entirely coincident with the copper zones.

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Figure 3	Orlando lenses 2 and 7 copper mineralisation solids, looking north, with existing workings and
development

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Gecko

The Gecko resource was estimated in July 2011. Optiro was provided with all necessary information to enable interpretation, including a fully validated drill hole database and wireframes of the weathering surfaces. The database contained copper grades from 4,721 holes and 18,290 samples. No gold values were estimated. Density data was estimated from 803 samples (717 mineralised). Interpretation used a 1.0% copper cutoff and defined a steeply-dipping deposit, generally associated with ironstone. A lower grade halo was also interpreted in some sections of the deposit using a 0.3% copper cutoff (encompassing the higher grade material). The Gecko mineralisation occurs in three distinct areas - Anomaly 3 (shown in Figure 4), L25 and K44 Lower. The majority of the copper mineralisation is in Anomaly 3.

Estimation was controlled by 9 separate mineralized domains representing different sections of the deposit, all constrained with hard boundaries (wireframes). Interpolation was carried out using ordinary kriging, guided by variograms calculated for each domain; three search passes were used according to the variogram models. Top cuts were used to limit the influence of outlier samples in the interpolation.

Figure 4

Gecko Anomaly 3 copper mineralisation with drilling, looking north

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