Ann: Mundarlo VMS Drilling Underway, page-7

Mundarlo Timeline

6th of April - Follow Up Extensional Drilling

23rd of May - Sulphide source confirmed for Large EM conductor

Findings

• Initial drilling tested the near surface (and southern edge) of the modelled MLEM conductor and has confirmed it has a sulphide-bearing source
• EM conductor is discrete on the target horizon, but also large, with modelled EM plates up to 1km and dip extends of 600m
• Exhalite units are commonly present adjacent to and in the periphery of massive sulphide lenses in VMS systems
• In the VMS model mineralisation is zoned with copper sulphides towards the centre near the feeder zone, grading out to zinc, and then iron-rich sulphides on the margins

Next steps

• Petrological & litho-geochemical studies and refining of target

19th of September - Initial RC/DDH hole targeting centre of large EM conductor

Target

• Targeting VMS style base metal mineralisation down-dip/plunge from massive and semi massive pyrite (up to 13m thick)
• Depth of 500m and is targeting the centre of large modelled EM plate
• A down-hole survey is expected to be undertaken

Other commentary

• NSW Geological Survey Mapping (this is brand new)
  • Mapping has resulted in an understanding that project rocks are of an older age, similar to Collerina and considered for similar precursor Besshi-type VMS systems
• Petrological Observations
  • Confirming Besshi-type VMS systems
• Litho-geochemical Observations
  • Initial drilling by Helix was potentially drilled in the periphery of a VMS system and that the system is most likely in-situ to its depositional position
• Structural Observations
  • ...but also subsequent structural remobilisation of any early mineralisation, and/or deformation related emplacement of sulphide-rich mineralising fluids.

With prior drilling, apparently hitting the top/edge of a large EM target. NSW government helping out with new mapping coupled with Helix undertaking 3 futher confirmation studies just on Mundarlo.

But the one thing I have observed is Helix noting VMS. Mundarlo VMS Drilling Underway whilst previously Drilling Commencing at Mundarlo Copper Project

Patience still required as results may take some time but gee, some visuals would be nice but not always released by Helix nor ASX companies.

Banker