Monza Delivers 70.8m Copper-Gold Hit

Key Concepts

• Porphyry Copper-Gold Mineralization: A type of large-tonnage, low-to-medium grade mineral deposit formed by hydrothermal fluids.
• Copper Equivalent (CuEq): A metric used to express the total value of a deposit by converting all contained metals (gold, molybdenum, etc.) into the equivalent value of copper.
• Maiden Drilling Campaign: The initial phase of drilling on a specific target to confirm geological models.
• Mineralized Strike: The horizontal length of a geological formation that contains mineral deposits.
• JORC Resources: Mineral resources classified according to the Joint Ore Reserves Committee code, ensuring transparency and reporting standards.
• Step-out Drilling: Drilling outside the known mineralized zone to test the extent of the deposit.

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1. Monza Project Overview and Drilling Results

The Monza target, discovered in 2008, is a high-priority focus within the Gilmore project. While holes one and two were abandoned, Hole 3 successfully confirmed the continuity of shallow, high-grade copper-gold porphyry mineralization, specifically testing the eastern down-plunge extensions of historical hole TMZ06.

• Historical Performance: Monza has demonstrated significant potential through historical results, such as hole TMZ D1, which yielded 150m at 1.6% CuEq, including a high-grade intercept of 12.7m at nearly 9% copper and 6g/t gold starting at 65m depth.
• Comparative Context: The speaker highlights that while the world-renowned Cadia mine (25km away) operates at depths of 2km with head grades of 0.5–0.6% CuEq, Monza is yielding "bonanza grades" near the surface, suggesting the viability of an open-cut operation.
• Current Status: Eight holes have been drilled; one assay is received, with seven pending. Results are expected through June and July.

2. The Gilmore Project Framework

The Gilmore project spans a 600 sq km tenement holding featuring a mineralized corridor exceeding 40km in length. It is divided into three zones: North, Central, and South.

• Central Zone: Contains 17km of mineralized strike with at least 13 targets, including three JORC-compliant deposits totaling 117 million tons. The geological setting is compared to Evolution Mining’s North Parkes copper-gold complex.
• Southern Zone: Recent drilling at the Dam and Gijibang deposits has been highly successful. At the Dam deposit, four of the first five holes returned intersections exceeding 100 gram-meters at ~1g/t gold equivalent.
• Specific Data: Hole 5 at the Dam returned 114m at 1.19g/t AuEq, extending the high-grade core to over 400m within a 1.2km strike. Nine holes are currently pending assay results.

3. Strategic Methodology and Next Steps

The company is currently executing a 30,000-meter drilling campaign projected to span the next 18 months.

• Focus Areas: The strategy prioritizes the Central and Southern zones, where the density of mineralized targets is highest.
• Resource Expansion: Beyond testing new targets, the company plans to conduct step-out drilling on the five existing JORC deposits. The objective is to enlarge the mineralized footprint and upgrade the classification of current resources.
• Operational Outlook: The company anticipates a consistent "news flow" over the next year and a half as assay results from the pending holes are released and the drilling campaign progresses.

4. Synthesis and Conclusion

The Gilmore project represents a significant exploration opportunity characterized by high-grade, near-surface mineralization that contrasts favorably with deeper, lower-grade regional operations like Cadia. By leveraging a 40km mineralized corridor and focusing on both the expansion of existing JORC resources and the testing of new targets in the Central and Southern zones, the company aims to establish a substantial open-cut mining footprint. The immediate focus remains on processing the backlog of assay results and continuing the 30,000m drill program to validate the economic potential of these targets.