Copper gold mineralisation at the Mount Hope North Prospect is hosted in a vein lode structure which strikes ENE and dips steeply to the south. Recent drilling has highlighted the spatial association of the mineralisation with an intrusion. Several significant new drill hole results have been received as discussed below with results from several holes awaited.

Assay results from MHRC038 have confirmed significant shallower fresh rock copper sulphide mineralisation up dip from a of previous deeper reported intersection. Mineralisation is hosted by chalcopyrite and quartz veining. The copper assay results for MHRC038 are approximately 40% higher grade than the pXRF results previously reported.

MHRC038 was drilled approximately 150m up dip from MHDD024 which intersected 44m at 1.4% Cu. A summary of results from MHRC038 are: MHRC038 42m at 1.3% Cu, 0.2 g/t Au from 105m including 21m at 2.0% Cu, 0.3 g/t Au from 107m. Assay results from MHRC035 have confirmed significant shallow copper sulphide mineralisation which is interpreted to be in the up-plunge position of previous deeper reported intersections to the southwest.

Mineralisation is hosted by chalcopyrite and quartz veining. The copper assay results for MHRC035 are approximately 85% higher grade than the pXRF results previously reported. A summary of results from MHRC035 are: MHRC035 41m at 1.8% Cu, 0.2 g/t gold from 113m including 15m at 3.4% Cu, 0.3 g/t gold from 118m.

Drill hole MHRC054 was drilled to 293m targeting a very broad (>300m wide) and strong IP chargeability anomaly in the middle of the Mount Hope Mining Lease located in between the Mount Hope Central and Mount Hope North prospects. The drill hole intersected favorable host lithologies including a thick package of biotite schist which hosted zones of minor copper sulphide mineralisation, this is unlikely to explain the strength of the IP chargeability anomaly. The drill hole did intersect an intensely altered intrusion in the last 29m of the hole.

It is important to note that a potential mineralized structure could easily have been missed in this single hole given the strong variability of mineralised vein orientations in the area. Additional drilling is being completed including a diamond tail of MHRC054 to test the intensely altered intrusion intersected at the bottom of hole and to gain important structural orientations to better target follow up drilling. Results have been received from two deep diamond holes LFDD111 and LFDD131 which targeted the down plunge extension of the Lady Fanny shoot.

Both holes intersected broad intervals of copper sulphide mineralisation approximately 300m below the level of drilling at the main Lady Fanny lode. Importantly both holes have not tested the very large and strong IP chargeability anomaly due to the mineralised structure being further west than predicted, therefore intersecting the structure deeper down the holes. The Lady Fanny northern plunge IP chargeability anomaly remains a fantastic and highly prospective target that will form part of the continued exploration and expansion drill programs in 2023.

It is also important to note that there is not yet a single drill hole north of Lady Fanny and given the presence of very strong chargeability anomalies over greater than 1.2km strike directly north of Lady Fanny, there remains good potential for defining northern extensions to the defined Lady Fanny mineralisation. The Burke & Wills lode forms a continuous high-grade shoot which has now been drilled over a 260m strike and remains completely open along strike and at depth. Strong copper gold mineralisation was intersected on the southern end of the Burke & Wills lode with pXRF results of 6m at 3.7% Cu from 77m including 3m at 6.1% Cu from 77m recorded in BWRC030.

A total of 8 RC holes for 1,188m targeted the Shamrock Prospect in a maiden drilling program of wide spaced RC drilling. Results from the drilling have been received, revealing a greater than 750m corridor of copper gold sulphide mineralisation with results up to 7m at 1.1% Cu from 76m including 4m at 1.5% Cu from 76m (Figure 13). Copper gold mineralisation is interpreted to be controlled by a NNE striking structure with NNW striking mineralised splays.

The first pass drilling results are considered to be encouraging considering the very wide hole spacing of up to 380m. A single vertical RC drill hole was drilled targeting a Nil Desperandum style breccia shoot orientation. Favorable host lithologies were intersected including biotite schist however no significant copper sulphide mineralisation was intersected.

Importantly no source for the strong IP chargeability anomaly was intersected in the drill hole and given the success of IP in the area, the source of the Lady Don IP anomaly remains a highly prospective target. The Lady Don historical workings are located immediately west of the drill hole and will be directly targeted in 2023. Results have been received from two diamond drill holes and one RC drill hole completed targeting the Duchess Prospect.

Hole DCDD002 was drilled under the main Duchess mine shaft, representing the first drill hole to target beneath the historically mined high-grade deposit. The hole intersected an intensely oxidised fault gauge zone from 638.7m to 663.4m and was forced to be abandoned. Assay results from this fault zone were only weakly elevated in copper.

Further up the hole, a zone of copper sulphide mineralisation was encountered with results of 1.9m at 1.1% Cu from 374.8m including 0.6m at 2.7% Cu from 374.8m. Hole DCDD003 targeted the western IP anomaly, intersecting broad zones of variably disseminated chalcopyrite, pyrite and pyrhotite within quartzite and amphibolite. Results of up to 2.4m at 0.5% Cu, 0.01 g/t Au from 404.6m were recorded.