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Exploration

OverviewDetails

Exploration is the third limb of 29Metals’ organic growth strategy, with exploration opportunities in the prospective tenement packages around existing mining operations at Capricorn Copper and Golden Grove, as well as the regional tenement package at Redhill in Chile.

29Metals plans to take a systematic and disciplined approach to exploration seeking to identify, prioritise, test and prove economic mineralisation with the objective of:

  • increasing Mineral Resources, including re-classifying material that is currently unclassified for JORC reporting purposes into Mineral Resources;
  • increasing technical confidence to support re-classifying material classified as Inferred Mineral Resources to Measured or Indicated Mineral Resources categories, and Mineral Resources to Ore Reserves; and
  • identifying new deposits with the potential to be new ore sources at our existing producing mines (to extend mine life, provide additional operating flexibility and/or increase production) or potential new mines.
GOLDEN GROVECAPRICORN COPPERREDHILL

29Metals exploration portfolio

Golden Grove

Golden Grove

Western Australia, Australia
Golden Grove
Mining Leases
129 km2
Prospective for
C
Copper
S
Silver
Z
Zinc
L
Lead
G
Gold
Capricorn Copper

Capricorn Copper

Queensland, Australia
Capricorn Copper
Mining and Exploration Leases
1858 km2
Prospective for
C
Copper
S
Silver
C
Cobalt
L
Lead
Z
Zinc
Redhill

Redhill

Chile, South America
Redhill
Exploration and Exploitation Leases
227 km2
Prospective for
C
Copper
S
Silver
G
Gold
Capricorn Copper
Golden Grove
Redhill

29Metals holds exploration interests covering approximately 1,858 km2 within the highly prospective Western Fold Belt of the Mount Isa Inlier.

This region is host to the world class Mount Isa mine (Pb, Zn, Ag and Cu), as well as the Lady Annie, Mt Oxide, Lady Loretta and Century mines (among others).

Regional characteristics

Known Deposit types

Structurally controlled copper – examples include:

  • Mammoth, Esperanza South, Esperanza, Greenstone (Capricorn Copper)
  • Mt Oxide, Mt Kelly, Lady Annie (third-party properties)

Sediment-hosted lead, zinc, silver – examples include:

  • Mount Isa mines, George Fisher – Hilton, Lady Loretta (third-party properties)

Favourable host rocks

  • Whitworth quartzite
  • Surprise creek formation
  • McNamara group siltstones
  • Mt Isa group siltstones

Significant regional structures

Regional north-east trending faults:

  • Esperanza fault
  • Mt Gordon fault

Regional east-west trending faults:

  • Mammoth fault
  • Mammoth Extended fault
  • Investigator fault
  • Crocodile fault
  • Mt Jeanette fault
  • Mt Robert fault

The area covered by the Golden Grove mining leases, covering approximately 129 km2 has a history of discovery.

The Golden Grove mining leases cover all known occurrences of the Golden Grove formation and are also considered prospective for gold within the overlying formations. However, despite the maturity of Golden Grove as a mineral province, the Golden Grove tenements remain relatively under‑explored with limited exploration drilling undertaken outside the areas of known mineralisation at Scuddles, Gossan Hill and Gossan Valley (and immediate surrounds). In particular, historic exploration has focused on identifying sulphide mineralisation within 400 m of surface (other than at Scuddles, Gossan Hill, Gossan Valley and surrounding areas where drilling associated with known mineralisation has extended to depths up to 1.8 km).

Regional characteristics

Known Deposit types

VHMS – examples include:

  • Gossan Hill, Scuddles and Gossan Valley (Golden Grove).

Shear/vein hosted and disseminated gold – examples include:

  • Golden Dragon district (adjacent to Golden Grove) (third party property)

Favourable host rocks

  • Golden Grove formation (base metals)
  • Scuddles formation (base metals)
  • Mougooderra formation (gold)

Significant regional structures

Regional north-northwest trending shear zones:

  • Chulaar shear
  • Mougooderra shear

Redhill comprises the Cutters project, located in the area of the high‑grade historical Cutters Cove copper mine, and a prospective regional tenement package covering over 500 km strike in Chile, the largest copper mining nation globally.

Snapshot of Redhill

Location

Redhill is located in Region XII, the southernmost region of Chile, approximately 110 km southwest of the regional capital city of Punta Arenas

Ownership

100%

Minerals

  • Copper
  • Silver
  • Gold

Status

Regional exploration Conceptual mine study (Cutters Project)

Mineralisation type

Mesothermal polymetallic quartz-sulphide veins (“Cutters style”); VHMS; orogenic and epithermal gold deposits

Mineral Resource1

4.3 Mt at 1.9% Cu-eq2 (Cutters Project) (inferred category3)
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