Maiden Resource at Copperhead

RNS Number : 3641F

Rockfire Resources PLC

21 March 2022

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"") (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

21 March 2022

Rockfire Resources plc

("Rockfire" or the "Company")

Maiden Resource at Copperhead Confirms Large Mineral System

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce that the Company's 100% owned Copperhead Cu-Mo-Ag Deposit in Queensland, Australia, has delivered a maiden JORC (2012) Mineral Resource of 120,000 tonnes of copper equivalent.

Highlights

· Mineral Resource of 64 million tonnes @ 0.19 % Cu EQ ^[1] for 120,000 tonnes of Cu Eq. in the Inferred category.

Mineral Resource Statement (effective date 14th March 2022)
Cut-off (Grade Cu Eq %)	Resource Category	Tonnage (Mt)	Grade				Contained Metal
			Cu Eq %	Cu %	Mo %	Ag (g/t)	Cu Eq (Kt)	Cu (Kt)	Mo (Kt)	Ag (M oz)
0.13	Inferred	64	0.19	0.12	0.015	0.55	120	80	9.4	1.1

· The mineral resource remains open to the north, east, west and at depth, leaving scope for significant, further resource increases.

· This resource comprises five diamond drill holes drilled by Rockfire, which were designed to validate historical drilling results and to attain a JORC resource. Both aims have been comprehensively accomplished.

· The extent and tenor of mineralisation at Copperhead have yet to be fully tested. Copper mineralisation starts at surface and continues for at least 400 m vertically below surface.

· With continued exploration success and expansion of the resource, Copperhead demonstrates potential to form a low-cost, bulk-tonnage, open cut mining scenario.

· The copper price remains robust with the continued strong demand for electric vehicles and green energy, including wind turbines and solar panels.

· Copperhead is situated approximately 250 km by road from Australia's largest copper smelter near Townsville.

An oblique cross section through the drilling at Copperhead can be viewed by following this link. 
http://www.rns-pdf.londonstockexchange.com/rns/3641F_1-2022-3-20.pdf

David Price, Chief Executive Officer of Rockfire, commented:

"We are delighted to have delivered this maiden resource on time and within budget. It was a primary aim of the Company to realise a maiden copper resource at Copperhead and I congratulate the team on the dedication they have put into achieving this milestone. Rockfire has JORC gold resources, JORC silver resources and now a JORC copper resource in its portfolio, creating diverse material value across the Company's project base.

"This maiden resource highlights the potential size of Copperhead, with each hole intersecting copper over varying intervals. Some of the impressive intervals encountered during the maiden drill programme include 501 m @ 0.14% CuEq., 357 m @ 0.11% CuEq., 185 m @ 0.20% CuEq. and 370 m @ 0.20% CuEq. Higher-grade copper values were encountered up to a peak of 2.28% Cu in individual, metre-long samples.  

"This is a great start for Copperhead and more resources are expected to be discovered to the north, east, west and at depth. A northeast preferred structural orientation remains open, with highly anomalous soil samples vectoring towards a regional-scale gravity low. More than 3,000 copper-bearing veins have been measured in core, with many of the veins hosting sericite/muscovite alteration and quartz. This suggests drilling has occurred in the upper (quartz/sericite) levels of a classic porphyry system and above the porphyry source itself.

"Rockfire's inaugural drilling programme at Copperhead was designed to validate the historical drilling from 1972. During our recent drilling, the extent of copper mineralisation was expanded beyond the historical drilling limits and grades were sampled and confirmed throughout the entirety of each hole, rather than selective and sporadic interval sampling, as was the methodology in 1972.

"Copperhead now shows promising signs of being a significant copper discovery. Rockfire has drilled five holes to achieve a maiden Inferred Resource and further drilling is expected to increase the footprint of mineralisation, providing increased tonnage to an already impressive 64.0 million tonnes. The eventual size of Copperhead is yet to be defined.

"Rockfire is in an enviable position of being well-funded and with cumulative JORC resources in Queensland of:

· 130,000 ounces of gold at Plateau

· 800,000 ounces of silver at Plateau

· 120,000 tonnes of copper equivalent at Copperhead (comprising 80,000 tonnes of copper, 9,000 tonnes of molybdenum and 1.1 million ounces of silver).

"Rockfire's management is very pleased with the progress being made by the Company across its portfolio and we wish to thank all our shareholders for their continued support as we create and sustain further value in our projects. The continued addition of mineral resources to our Company builds value and ultimately shareholder wealth. I would like to emphasise that Rockfire has sufficient funding to maintain our current exploration momentum. We will continue to keep the market up to date as our work progresses."

Qualified Person Statement:

Information in this announcement that relates to exploration results and the Mineral Resource Estimate is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and a "Qualified Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

For further information on the Company, please visit  www.rockfireresources.com  or contact the following: 
 

Rockfire Resources plc:	[e-mail]
David Price, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: [phone]
John Depasquale / George Payne (Corporate Finance) Matt Butlin / Kelly Gardner (Sales and Corporate Broking)
Yellow Jersey	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

Notes to Editors

Rockfire Resources plc (LON: ROCK) is an exploration company with a portfolio of 100%-owned near-surface gold and large-scale copper projects in Queensland, Australia. The gold project is located within 50 km of two operating gold mines and the Company's copper projects lie within 250 km of Australia's largest copper refinery.

The Plateau Gold Deposit is part of the Lighthouse Tenement and bears significant geological similarities to the nearby Mt Wright gold mine (45km to the northeast), where 1.5 million ounces of gold have been mined. More than 14,000 m have been drilled within the Lighthouse tenement.

Drilling to date at the Company's copper projects, Copperhead and Copper Dome (35 km and 85 km southwest of the town of Proserpine respectively), are indicative of large-scale porphyry targets. Both projects have been drilled by previous explorers but remain under-explored, leading the Board to believe that they demonstrate significant exploration upside potential.

Rockfire Resources has adopted a strategy of growth based on advancing exploration across its existing portfolio of projects, as well as the continual assessment of opportunities to acquire outstanding strategic mineral projects worldwide.

The Company is led by a highly skilled management team, with a proven track record in exploring and discovering projects.

Background to Copperhead

The Copperhead Project is located ~35 km southwest of the town of Proserpine and is held by BGM Investments Pty Ltd, a 100% owned subsidiary of Rockfire Resources plc.

The Copperhead drilling database consists of 3,144.8 m of diamond drilling in 10 holes. The surface geochemistry was utilised to provide approximate surficial extents to the mineralisation.

· A mineral Resource has been completed for the Copperhead Deposit, totalling 64 Mt @ 0.19 % Cu EQ ^[1] for 120,000 t of Cu Eq. in the inferred category.

Mineral Resource Statement (effective date 14th March 2022)
Cut-off (Grade Cu Eq %)	Resource Category	Tonnage (Mt)	Grade				Contained Metal
			Cu Eq %	Cu %	Mo %	Ag (g/t)	Cu Eq (Kt)	Cu (Kt)	Mo (Kt)	Ag (M oz)
0.13	Inferred	64	0.19	0.12	0.015	0.55	120	80	9.4	1.1

Notes:

1.  Mr Edward Fry, MAusIMM (CP) is responsible for this Mineral Resource statement.

2.  Mr Edward Fry is a full-time employee and shareholder of Rockfire Resources plc.

3.  The Mineral Resource is reported using a cut-off grade approximated for the open pit mining method.

4.  Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

5.  Figures may not compute due to rounding to 2 significant places.

6.  The Copper equivalency formula is as follows:

Copper equivalent metal prices as of 17 February 2022
	A	B		C
	Grade (ppm)	Metal Price (US$)	B Unit	Factor	C Unit
1	Cu	10045	US$/t	1000000	ppm/t
2	Mo	18.92	US$/lb	454	ppm/lb
3	Ag	22.89	US$/oz	31.10348	ppm/t
	Copper equivalent formula
	Cu Eq = (1A x 1B/1C + 2A x 2B/2C + 3A x 3B/3C) / 1B x 1C

Mineral Resource Sensitivity Analysis (Cut-off grade)

Mineral Resource Statement (effective date 14th March 2022)
Cut-off (Grade Cu Eq %)	Resource Category	Tonnage (Mt)	Grade				Contained Metal
			Cu Eq %	Cu %	Mo %	Ag (g/t)	Cu Eq (Kt)	Cu (Kt)	Mo (Kt)	Ag (M oz)
0.15	Inferred	48	0.21	0.14	0.016	0.59	100	160	7.7	0.9
0.14	Inferred	54	0.2	0.13	0.016	0.57	110	160	8.4	1
0.13	Inferred	64	0.19	0.12	0.015	0.55	120	150	9.4	1.1
0.12	Inferred	70	0.19	0.12	0.014	0.54	130	140	9.9	1.2
0.11	Inferred	80	0.18	0.12	0.014	0.52	140	140	10	1.3
0.1	Inferred	88	0.17	0.11	0.013	0.51	150	130	12	1.4
0.05	Inferred	110	0.15	0.099	0.012	0.47	170	120	13	1.7
0	Inferred	110	0.15	0.097	0.011	0.47	170	110	13	1.7

· The Mineral Resource Estimate follows the 2012 edition of the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition)

· The estimation process utilised Inverse Distance Powered method

· The Mineralised zones were modelled using a soft boundary determined wireframe in Micromine

· The lithological interpretation consisted of two rock units (a pre-mineralised igneous suite of gabbros/tonalites) and a post mineralisation dolerite dyke

· The Reasonable Prospects for Eventual Economic Extraction are based solely on an open pit scenario utilising the 0.13 % Cu Eq base-cut. The base-cut was chosen given the high current copper price.

Notes:

1.  Mineral Resources do not demonstrate economic viability.

2.  Rounding may result in apparent summation differences between tonnes, grade and contained metal content.

1.  JORC Code, 2012 Edition - Table 1 Report:  Copperhead Resource Mar 15, 2022

1.1.  Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Sampling was completed using Diamond Drilling (DD). A total of 10 drill holes exist for the project, of which 8 were used in the mineral estimate. DD core was transferred to core trays for logging and sampling. Half core was sampled typically on a 1m basis.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Core is aligned and measured by tape, comparing back to down hole core blocks consistent with industry practice where observed.
	Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Diamond drilling sampling was completed by respected companies to an assumed industry standard, The sample is crushed and pulverised to produce an approximate ~200g pulp sub sample to use in the assay process. Historical assays fail to denote the assay method used.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core 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).	Only diamond drilling was used at the Copperhead Prospect. All diamond drill holes NQ with a HQ collar. Historical drill core was unable to be located.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Recovery was excellent for both diamond core. The majority of the core contains photographic records.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	For diamond drilling the contractors adjust their rate of drilling and method if recovery issues arise. All recovery is recorded by the drillers on core blocks. This is checked and compared to the measurements of the core by inter-block run lengths.
	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.	There is no known relationship between sample recovery and grade, sample recovery is high
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All diamond core is logged for, lithology, veining, alteration, mineralisation and structure where recorded.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	All logging is quantitative where possible, qualitative elsewhere.
	The total length and percentage of the relevant intersections logged.	100% of the drill core is logged
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	The historical diamond core was half sampled approximately every 30 m. T-tests indicate that their drill assays are not significantly different from Rockfire's drill assays. The Rockfire drill sampling was completed by using a core saw to ½ sample the core, which was ¼ sampled every 30 m for QAQC purposes.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	NA.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Sample preparation was not observed but is assumed best industry practice at that time and deemed adequate.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Field control samples and blanks were utilised were taken for the recent ROCK DD sampling every 30m. It is unknown from literature if historical duplicates were taken. It is assumed that they were not.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate / second-half sampling.	Field duplicate samples were utilised were taken for the recent ROCK DD sampling every 30m. It is unknown from literature if historical duplicates were taken. It is assumed that they were not.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate as assumed Industry practice.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	QAQC analysis for the control samples indicate that the lab was in control for the analyses. No significant contamination was recorded in the blank samples. The duplicates show reasonable correlation.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical tools were used to determine any element concentrations
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Certified reference materials (CRMs) were historically not inserted into the sample sequence. The recent ROCK drilling incorporated a standard every 30m. Blanks and standards are placed in the analysis runs by the Laboratories under their own QA/QC programs.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	All significant intersections are verified by internal ROCK geologists during the drill hole validation process.
	The use of twinned holes.	One ROCK hole twinned a historical diamond drill hole. The holes show relative similar geology and grade trends.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Geological logging was captured using paper logs and entered later into excel templates. Both a hardcopy and electronic copy of these are stored, as well as being loaded into the database using manual techniques. The CP has verified this data on approximately 5 % of the samples. Assay files are received in csv format for new holes and copied direct into the excel log. The Geologist then checks the assays against historical logs. A geologist then checks that the results have been inserted correctly. Hardcopy and electronic copies of these are stored. No adjustments are made to this assay data. Visual checks are conducted as part of the validation process of the data in Micromine software.
	Discuss any adjustment to assay data.	No adjustments, only the first primary lab assays are used. Where there are duplicate samples, a simple average of the two samples is used.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Handheld GPS and high-resolution drone air photographs were used to locate the drill holes. Reviews of the historical literature highlight with limited downhole surveys were recorded.
	Specification of the grid system used.	Holes are based on the Map Grid of Australia 94, zone 55.
	Quality and adequacy of topographic control.	Topographic control is derived from 3D drone photography.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Exploration result data spacing can be highly variable, from 1 m up to 150 m
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Drill hole spacing across the prospect is not systematic and is variable in nature.
	Whether sample compositing has been applied.	Over 99% of the sample lengths were 1m, only minimal compositing to the 1m length occurred.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The orientation of the drill holes are oblique to the strike and also in opposite directions. No significant difference was noted in the differing hole orientations.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Given the style of mineralisation (close spaced sheet vein broad porphyry) and the steepness of the broad mineralised zones no material sampling bias is considered to have been introduced by the drilling orientation.
Sample security	The measures taken to ensure sample security.	Samples were managed at site and hand delivered to ALS by ROCK staff. No record of the historical chain of custody measures were observed in the historical literature
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Review of historical sampling is considered meeting industry practice by previous operators.

1.2.  Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The Copperhead prospect is situated on EPM 25531, which is 100% owned by BGM Investments Pty Ltd (a wholly owned subsidiary of ROCK). No material third party issues exist at Copperhead.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	EPM 25531is in good standing with the Queensland Government. No impediments have been identified to date.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Exploration has been completed by other parties including Carpentaria Exploration pty ltd (exploration arm of MIM). The historical work was completed using a local grid. All relevant data was recorded in annual exploration reports. The data has been validated by ROCK staff and is considered to be of a high quality. ROCK commenced compilation of all the paper data in 2017 to support the generation of technical information and the new mineral resource. The local grid was constrained using GPS located historical and current topographical features.
Geology	Deposit type, geological setting and style of mineralisation.	The deposit is considered as being a deep seated sheeted vein Cu-Mo-Ag porphyry.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following 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.	CH DH MASTER ASSAY CH DH MASTER COLLAR CH DH MASTER GEOLOGY CH DH MASTER MSUS CH DH MASTER SG CH DH MASTER SURVEY Please contact the company if you require more detailed information.
	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 Person should clearly explain why this is the case.	Not Applicable
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	All diamond core results have been reported using the from-to weighting method in the Micromine software. The cut of grade for the mineral resource estimate is discussed below.
	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.	Given the mineralisation style, sampling a 1m intervals was considered representative and appropriate.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	N/A
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Downhole lengths have been reported
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The drilling intersects the known mineralisation at high angle
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').	To be noted as required and all lengths are considered as downhole lengths.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Diagrams have been attached for geometry in plan  view
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Mineralisation for low grades and high grades are highlighted
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No additional relevant information exists at this time.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further work is planned in 2022 to enhance understanding of the deposit.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	See 3D section in Appendix 1

1.3.  Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.	All data is stored in a digital database with logging and assays being compared to original logs and assay sheets. Validation is also done against old paper plans. Downhole validation checks are made when loading into Micromine software.
	Data validation procedures used.	All data is manually validated and only approved data is used for the resource estimation.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	Site visits were undertaken by the Competent Person.
	If no site visits have been undertaken indicate why this is the case.	NA
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.	The geological interpretation is very simple and has high confidence.
	Nature of the data used and of any assumptions made.	The interpretation is primarily supported by Geological logging of drill core and geologic mapping.
	The effect, if any, of alternative interpretations on Mineral Resource estimation.	No alternative interpretations have been completed to date.
	The use of geology in guiding and controlling Mineral Resource estimation.	The geology (sulphide/gossanous rich fault zones) and alteration logging was used in determining the unmineralised domain which overprints the mineralisation. The mineralised zone is modelled using a soft boundary and is independent of the host geology.
	The factors affecting continuity both of grade and geology.	The deposit is a sheeted vein porphyry system. Faults, fractures and veins are the main drivers. No material relationship
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	Mineralisation has been identified over a strike length approximately of 700m and over a down hole depth of approximately 400m to date. Due to the lack of outcrop, it is unclear how far or how many additional mineralised zones exist.
Estimation and modelling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.	Drill holes were composited into 1.0m intervals down hole within each interpreted domain. The average grade and total length of the composite data was compared against the average grade and total length of the uncomposited data to check the compositing process. The distribution of composite lengths were checked to ensure that the majority of the composites were close to the targeted length. Anisotropic inverse distance power (IDW to the power of 2) was the estimating method used. Search distances used for estimation based on the drill spacing and target definition levels. Grades were estimated into 10x10x10m panels.
	The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.	No previous JORC Mineral Resource estimate for Copperhead exists. A check estimate against the wireframe grade tonnage report was completed. No material unexplainable difference was observed.
	The assumptions made regarding recovery of by-products.	100% recovery of by-products has been assumed
	Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).	No deleterious elements are estimated in the model
	In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.	10x10x10m panels. Search ellipsoids are (Axis 1) 130 m (Axis 2) 130 m by 5 m (Axis 3)
	Any assumptions behind modelling of selective mining units.	NA
	Any assumptions about correlation between variables.	Visualisation in Micromine of block grade versus drill hole grade comparisons.
	Description of how the geological interpretation was used to control the resource estimates.	Mineralised zones were constrained according to grade and structural features. There is a post mineralisation dolerite dyke which was modelled and this zone was excised from the mineralisation model
	Discussion of basis for using or not using grade cutting or capping.	Top-cuts were applied to the sample data based on Log Probability plot statistical analysis of the data total domain
	The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	The estimated grades were assessed against sample grades and against the wireframe grade tonnage report
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	Tonnes were assumed to be dry in situ
Cut-off parameters	The basis of the adopted cut-off grade(s) or quality parameters applied.	Cut-off grades for reporting the base resource were developed using a Copper Price of $USD 10,100. A cut-off grade of 1300 Cu Eq was adopted as the base for reporting
Mining factors or assumptions	Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	No assumptions made for mining apart from a minimum 1 metre composite at grade and supporting geology .
Metallurgical factors or assumptions	The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	No metallurgical test work historical or current exists for the prospect and considered contained gold metal.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	Given the early-stage nature of the prospect, no environmental factors or concerns are observed at current.
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.	Bulk density measurments were recorded for all ROCK drill holes. The method used for determining the SG was the weight in air vs the weight in water method.
	The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.	No/minimal voids are encountered or anticipated.
	Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	No materially different zones were encountered.
Classification	The basis for the classification of the Mineral Resources into varying confidence categories.	The entirety of the resource is classified as inferred. This is because there is sufficient geochemical knowledge at surface to delineate the deposit's surface extent. There is sufficient drilling at depth to characterise the mineralisation beneath this footprint to infer that mineralisation continues. There is insufficient data to predict which reasonable confidence what that grade. As such, none of the resource was included in the indicated category.
	Whether appropriate account has been taken of all relevant factors (i.e.. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).	Yes, the deposit is a bulk tonnage Cu-Mo-Ag deposit and as such sufficient account has been taken for all relevant factors.
	Whether the result appropriately reflects the Competent Person's view of the deposit.	This mineral resource estimate is considered representative as an early-stage prospect.
Audits or reviews	The results of any audits or reviews of Mineral Resource estimates.	The resource model has not had external reviews.
Discussion of relative accuracy/ confidence	Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.	Given the deposit is a bulk tonnage Cu-Mo-Ag sheeted porphyry system, only minimal variation is predicted which the currently defined zones. The descriptive statistics indicate that there is a low <1.2 CoV for Cu, which indicates drilling into a system with minimal variation, i.e., only one mineralising event. The structurally controlled nature of the sheeted veins indicates that variation within the currently drill sections of the deposit will probably not be large. The surface extent is controlled by the surface geochemistry and the drilling provides confidence level to a standard of an inferred resource.
	The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.	The estimate is considered to be a global estimate.
	These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	No production data is available

 

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