Exploration Potential

Los Mantos has known mineralisation with active small-scale surface and underground copper mine operations. Verbal communications with the mine operator indicates average grades of 1.5 – 2.0% Cu are being exploited with high-grade operations averaging 3.8 – 4.2% Cu. Sampling of mineralised mantos horizons by the Company has confirmed these indicate copper grades. Depth continuity of mineralisation has been confirmed in excess of 200m vertical from development exposures throughout the project.

Multiple stacked, moderate dipping, tabular mantos horizons outcropping semi-continuously over 2km N-S have been observed by geologists during field reconnaissance mapping (upper horizons 2-3m in true width, lower horizon +6m in true width), with indications of additional horizons at depth and elsewhere in the project.

Hot Chili sampling of the deeper and wider Mantos horizon (+6m in true width) in sulphide material at the southern end of project recorded results of over 1% Cu, 440ppm U, 4060ppm Mo, and very high REE.

We interpret significant potential for uranium up-side at depth in the project, with ground scintillometer work and multi-element geochemistry indicating uranium concentration is increasing at depth in closer proximity to the granitoid contact on the southern extent of the project.

The geological controls and metal association seen at Los Mantos provide a direct analogue to the Candelaria IOCG deposit. Many of the key features evident at Candelaria are also evident at Los Mantos, and these similarities can be used to guide ongoing work at Los Mantos.

No drilling has ever been undertaken over Los Mantos and minimal work is required to prepare for drill readiness.