Duke Exploration : DEX Significant Copper Intercepts in first two Diamond Holes

KEY POINTS

Diamond drill holes at Quorn and Isens prospects intersected significant zones of copper mineralisation with highly encouraging grades.

Quorn drill hole BNDD001 passed through a broad interval of altered breccia with visible copper oxides and sulphides in two main zones:

15.4 m @ 1.07 % Cu, 9.52 g/t Ag from 32 m

And 22.35 m @ 0.71 % Cu, 23.11 g/t Ag from 85.3 m Including 3.1 m @ 1.77 % Cu, 56.7 g/t Ag from 93 m

Isens drill hole BNDD002 intersected two significant zones of copper mineralisation within sulphide veins:

3.73 m @ 0.46 % Cu, 4.26 g/t Ag from 38.94 m And 6 m @ 1.04 % Cu, 9.34 g/t Ag from 109 m Including 3.7 m @ 2.06 % Cu, 13.95 g/t Ag from 110.66 m

BNDD002 was terminated early due to poor ground conditions and may not have reached the main zone of mineralisation exploited by the historic Isens mine.

The current RC drilling program includes follow-upholes at both prospects, which will test the extents of mineralisation.

Duke Exploration Limited | ABN: 28 119 421 868

P.O. Box 2057 Ascot QLD 4007

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SIGNIFICANT COPPER INTERCEPTS IN FIRST TWO DIAMOND DRILL HOLES

7/3/2022

Media Release

ASX ANNOUNCEMENT | ASX: DEX

onlyDuke Exploration Limited (ASX: DEX) ("Duke" or "the Company") is pleased to announce assay results from the first two holes of the latest five-hole diamond drilling program completed end of January- hole one at Quorn and hole two at Isens. The purpose of the five-hole program was to confirm the

usegeological composition of the various complex mineralised zones and to test the exploration model the Company has developed over the last eight months being used to identify potential mineralised prospects suitable for drill testing. The drilling in both holes has intersected significant zones of copper mineralisation, in two distinct styles.

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Commenting on the first assays of the recently completed diamond drilling program - Philip Condon, MD:

"These assay results are highly encouraging in multiple ways. The thickness and grade of the intercepts are significant in themselves, the confirmation of our targeting model allowing further enhanced onlymineralised prospect identification accuracy, and a deeper understanding of the complex geology in the mineralised zones complementing our prospect targeting and prioritisation. With the follow up 46- hole RC drilling campaign currently underway, these mineralised targets will be further tested for scale along with the other recently announced primary targets. It's early days yet but it looks like we might

have a very exciting few months ahead of us."

For personal use

This announcement has been authorised for release by the Board.

Philip Condon	Toko Kapea
Managing Director	Chairman
[e-mail]	[e-mail]
Ph [phone]	Ph+64 27 534 2886

Duke Exploration Limited

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Quorn and Isens Exploration Diamond Drilling Results

Laboratory assays from the first two exploration diamond drilling holes completed at Quorn and Isens have been finalised (Figure 1). The main aim of the drilling was to confirm the lithological and geometric relationships of any copper and silver mineralisation within the Quorn Breccia (BNDD001) and the Isens historic mine lode only(BNDD002). Duke's newly developed targeting technique using pXRF soils combined with conductivity modelling from gradient array IP data would also be tested (see announcement "New Geophysical Modelling Demonstrates Expanded Prospectivity At Bundarra And Drilling Update At Quorn And Isens Prospects" for more details regarding

the targeting technique1).

The two holes are part of a larger drill program comprising five diamond holes that concluded on 31 January (Figure 1). Drilling was completed over 48 days averaging 18.2 m per day, including break downs and weather delays. Significant rain delayed the program in December and no drilling was undertaken over the Christmas

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period. Assay results were further delayed due to unforeseen issues at ALS Laboratories. The remaining three drill
holes from Rogers are currently being processed and analysed at ALS Laboratories.
		Table 1. Drill hole collar details (MGA94 Zone 55) of exploration holes at Quorn and Isens (Figure 1).
		Prospect		HoleID	Easting		Northing		RL		Depth (m)			Azimuth	Dip
personalFor		Quorn		BNDD001	653,749		7,569,524		338		252.70			181	-60
	Isens		BNDD002	658,280		7,567,616		366		147.70			329	-55

Figure 1. Locations of drilled and planned exploration diamond drill holes, Q4 2021 and Q1 2022.

1 Duke ASX announcement 17th December 2021 "New Geophysical Modelling Demonstrates Expanded Prospectivity At Bundarra And Drilling Update At Quorn And Isens Prospects"

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QUORN

Quorn was tested by the first Bundarra exploration scout drilling program as announced on 28 July 20212. A total of four exploration holes and one water bore hole were drilled that all intersected copper, silver and gold mineralisation, including better results of:

only	•	4.0 m at 2.66 % Cu, 4.51 g/t Ag and 0.54 g/t Au from 199.0 m in QNRC001,
•	5.0 m at 0.28 % Cu, 6.24 g/t Ag and 0.01 g/t Au from 41.0 m in QNRC004.
	•	11.0 m at 1.04 % Cu, 14.70 g/t Ag and 0.07 g/t Au from 122.0 m in QNRC002,
	•	27.0 m at 0.58 % Cu, 14.86 g/t Ag and 0.05 g/t Au from 26.0 m in QNRC002 and

BNDD001 was drilled south from the centre of a mapped breccia outcrop that forms a roughly northeast trending 100 m by 50 m ellipsoid shape. The drill hole confirmed two distinct mineralisation styles and orientations at Quorn that can be seen in outcrop and down hole. The top 130 m comprises an angular breccia with clasts of usefoliated metasediment and granodiorite in a matrix of hydrothermal infill minerals. The lower 120 m section of the hole does not contain any brecciaed intervals and is dominated by strongly aligned hornfels argillite dipping northwest with isolated 1 - 2 m wide porphyry intrusions. Mineralisation below the breccia zone comprises 1 - 10 cm thick chalcopyrite-pyrite-pyrrhotite veins associated with hematite-magnetite alteration within foliated metasedimentary rock. Vein-style copper mineralisation was intersected in the bottom 120 m of the hole dipping northward, comparable to mineralisation in historic workings in granodiorite on the eastern side of the Quorn

prospect.

personalThe upper portion of the diamond hole is oxidised to approximately 70 m depth down hole. The best mineralised intercept in oxidised material contains abundant copper oxide minerals including malachite and azurite, returning

15.4 m @ 1.07 % Cu from 32 m depth (Figure 2 and Table 2). The best mineralised intercept within fresh rock was associated with brecciated metasediment and granite with pyrite - chalcopyrite rich infill that returned 22.35 m @ 0.71 % Cu from 85.3 m depth, including 3.1 m @ 1.77 % Cu from 93 m.

For

Figure 2. Quorn BNDD001 mineralised zones intersected downhole showing breccia style mineralisation.

2 Duke ASX announcement 28th July 2021 "Quorn And Absolon Drilling Results Confirm Resource Potential"

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Table 2. Significant intersections from Quorn drill hole BNDD001, using a 0.2% Cu cut off, with a minimum width* of 1 metre

and including 3 metres of internal waste. High grade intersections are generated using a 1% Cu cut off.

		From (m)	To (m)	Width (m)		Cu %	Ag g/t
only
	14.65	23.00	8.35		0.41	11.45
	32.00	47.40	15.40		1.07	9.52
	Including	34.20	40.00	5.80		2.02	10.98
		57.00	58.00	1.00		0.40	8.40
		74.00	75.00	1.00		0.48	15.10
		85.30	107.65	22.35	0.71	23.11
	Including	93.00	96.10	3.10		1.77	56.69
use	Including	101.00	102.00	1.00		2.30	56.00
Including	106.00	107.00	1.00		1.37	33.20
	120.00	121.30	1.30	0.44	10.00
		131.10	133.10	2.00		0.40	6.71
		178.50	179.50	1.00		0.30	10.50
		183.00	185.00	2.00		0.45	13.25
		245.00	249.00	4.00		0.21	0.25
For personal		*Downhole lengths, true width of mineralisation is uncertain at this stage.

Figure 3. Completed drill hole locations at Quorn including historic drill holes, breccia outcrop and granodiorite contact.

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