Demetallica Limited reported its inaugural JORC 2012 Mineral Resource estimate (MRE) for the Jericho copper-gold deposit, the cornerstone asset of the Chimera Polymetal Project. The MRE of 14.1 million tonnes with grades of 1.46% Cu, 0.29 g/t Au and 1.6 g/t Ag at 0.85% Cu cut-off delivers 62% increase in contained copper, at improved copper grade, as estimated by the independent Competent Person (iCP). Jericho is located 65km south-east of Cloncurry in Queensland and within 4km of the Eloise copper-gold mine operated by AIC Mines Limited.

Prior to its recent drilling campaign undertaken between April through August 2022, Demetallica estimated an Exploration Target for Jericho in the range of 13-15Mt @ 1.3-1.5% Cu and 0.29-0.32g/t Au. Drill results from the 2022 program of 56 holes informed the new MRE of 14.1 million tonnes at 1.46% Cu, 0.29 g/t Au and 1.6 g/t Ag, applying an 0.85% Cu cut-off. The Jericho MRE is hosted within two parallel lodes, J1 and J2, approximately 120 metres apart, bounded within 2,600m and 1,800m of strike respectively.

Copper mineralisation is typified by massive to semi-massive chalcopyrite (copper sulphide) and pyrrhotite (iron sulphide) veins and breccia zones in discrete shear zones. Jericho's lodes are open along strike and down dip beyond the extents of the current Mineral Resource boundary. The geology of the Jericho deposit is very well understood with the same technical team remaining involved in the project from pre-discovery and through 4 years of exploration work.

Gratifyingly, the revised Jericho MRE lands precisely within the previously defined Exploration Target range, demonstrating very high fidelity of the geological model and drill targeting. Jericho is open along strike and down dip with mineralisation known to occur for 3.5km of strike. Exploration potential exists in both J1 and J2 lodes, all within the 2,600m extent of MRE wireframes.

Additionally, J2 shows exploration potential at shallow depth where geological modelling has interpreted the existence of mineralisation, yet wide drill hole spacing prevents any copper block grade interpolation.