Metallica Minerals Limited has received assay results for two drill diamond holes completed at the Clermont porphyry project in April 2022. Drill holes RDD019 and RDD020 were designed to test an intense magnetic low anomaly which the Company's geologists believed represented an attractive drilling target for porphyry style copper gold mineralisation. The two holes drilled at Clermont intersected a quartz-monzonite porphyry which exhibited potassic and phyllic alteration which are characteristic of mineralised porphyry systems, with the intensity of
alteration increasing with depth. Sulphide mineralisation in the form of iron pyrite, chalcopyrite and molybdenum was also observed in the two holes. The majority of the mineralisation appears confined to fracture surfaces but mineralised quartz bearing veins (pyrite chalcopyrite) were observed and fine disseminations of pyrite, chalcopyrite and molybdenum were observed in the rock matrix. Logging and assay results show that total sulphide content of the holes varies between 0% in the top 50m of the drill holes to between 2% to 3% sulphides (S) towards the base of the holes. Anomalous copper was recorded in both drill holes with grades ranging from 5ppm Cu to 1,840ppm Cu in hole RDD019 and 2ppm to 3,460ppm Cu in RDD020, Molybdenum grades ranged from <1ppm Mo to 312 ppm Mo in RDD019 and from <1ppm Mo to 87ppm Mo in RDD020. Gold grades ranged from <0.01 to 0.11 Au in RDD019 and from <0.01 ppm Au to 1.75 g/t Au in RDD020. The assay data shows a distinct increase in copper mineralisation with hole depth, with the highest copper assays recorded at the base of each hole. This same trend is also evident with silver assays in RDD020. The highest recorded gold assays occur in the bottom 30m of RDD020, with the highest gold intercept of 2m @ 1.69 g/t Au recorded in hole RDD020 from 475m. It is significant that both RDD019 and RDD020 intersected anomalous Tin (Sn) and Tungsten (W) which can be used in porphyry models to determine which part of the porphyry system has been intersected. Sn and W grades range from 1ppm to 53ppm (Sn) and 2ppm to 179ppm indicating that the zone tested by drilling is close to or adjacent to the copper rich zone of the porphyry system. Porphyry systems are modelled as having distinct metal zonation around a copper rich core, with,
Arsenic (As) Bismuth (Bi) and Tellurium (Te) occurring distal to the copper zone and Sn and W occurring proximal to the copper rich core. Drill holes RDD019 and RDD020 were designed to test the modelled magnetic low between 300m to 500m below surface. From the results of the drilling, it is highly likely that the drill holes intersected the upper limits of the magnetic low feature. It is planned to review geochemical and petrological data from RDD019 and RDD020 in conjunction with data available from historical holes drilled on periphery of the magnetic low. This is expected to further assist in identifying which part of the mineralised porphyry system has been intersected and to aid in recommending further exploration activity.