SUMMARY
Steam Engine Gold Project
• Activities during the Quarter were primarily focussed on expediting the Steam Engine Gold Project regulatory and mining study pathways to achieve early gold production within two years.
• A Feasibility Study based on a toll treatment operation continued to progress during the reporting period.
• Assay results from 31 RC holes for a total of 2,218m were reported during the quarter, resulting in completion of the assaying program for all 2024 holes.
• Steam Engine Mineral Resource being revised and updated.
• New zones of gold mineralisation were identified at the northern ends of the Steam Engine and Eastern Ridge lodes.
• A maiden drilling program at Windmill East, 2.5kms south of the Eastern Ridge Lode, identified high grade gold lode mineralisation.
• Advanced 3D modelling of SAM geophysical data indicated that highly anomalous features resembling previously unknown gold lodes, including a potential extension of the main Steam Engine Lode, are real features and are likely to be at shallow depth. Planning and access preparation work for a drilling program commenced during the period.
Bottletree Copper Prospect
• The Company was awarded a $300,000 Collaborative Exploration Initiative (CEI) critical minerals grant for the drilling of two deep holes targeting a modelled porphyry core during the 2024 field season. The government has extended the timeframes for completion of the CEI drilling.
• Drilling of the CEI holes is planned for commencement within the following two months, subject to weather conditions and funding.
Cockie Creek Porphyry Cu-Au-Mo Prospect
• Modelling of a maiden JORC (2012) Mineral Resource Estimate is nearing completion and on track for release to the market during the second quarter of 2025.
Hall’s Reward High Grade Cu-Au-Ag Prospect
• High grade Cu-Au-Ag project located within the Greenvale Project.
• Historical small-scale mining between 1933-1957 over a strike length of 50m and to a maximum depth of 45m produced 12,800t @ 5 g/t Au, 17% Cu and 23 g/t Ag.
• Drill program being planned to test for mineralisation around the old workings and also a second lode that extends up to 2kms strike length.
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