Cave Hill Project

Nepean South Nickel Project, Western Australia (SBR 80%)

The Company has an 80% interest in the Nepean South tenement, E15/1702, which covers a greater than 10km strike-length corridor of ultramafic rocks south of the historical Nepean Nickel (massive sulphide) Mine (past production 1.1Mt at 3.0% Ni) near Coolgardie in WA.  The Company previously completed an RC drilling program which intersected high nickel grades with elevated copper in the saprolite or weathered zone of the ultramafics (e.g., 8m @ 1.01% Ni, 0.02% Cu from 28m incl. 3m @ 1.26% Ni in NSRC0012).  The drilling also tested fresh rock below the saprolite intersections, intersecting disseminated sulphides across the ultramafic/footwall basalt contact which has confirmed that Kambalda-style channelised ultramafics (komatiites) have been intersected.  This indicates potential for Kambalda/Nepean style massive nickel sulphide accumulations at the base of the high-MgO komatiitic ultramafic in contact with the footwall basalt below.

Nepean South and Cave Hill Lithium Project (SBR 80%)

The Nepean South tenement is at the northern end of a major tenement holding comprising six granted exploration licences over a 700km² area, in one of the most highly prospective lithium regions in Australia.  Immediately to the north is the Kangaroo Hills lithium discovery of Future Battery Minerals (ASX:FBM), which has produced lithium-spodumene intersections of up to 29m @ 1.36% Li2O (see Figure 1).

The major tenement package covers a more than a 100km strike-length of interpreted greenstone lithologies (mafic and ultramafic rocks), structures and intrusive bodies of similar character to those exposed within the Widgemooltha belt immediately to the east. Several significant lithium in spodumene resources have been identified within the Widgiemooltha Lithium Corridor, including the Mt Marion Project of Mineral Resources Ltd (ASX:MIN) which has a Mineral Resource of 71.3Mt @ 1.37% Li2O, and the Dome North Lithium Project of Essential Metals (ASX:ESS) which has a Mineral Resource of 11.2Mt @ 1.16% Li2O (see Figure 1).  The tenements are also highly prospective for gold and nickel sulphides.

Ten key target areas have been identified within the Cave Hill Project tenements, associated with interpreted fault structures cutting metasedimentary rocks and greenstone lithologies, with intrusive granites that may be associated with pegmatites (Figure 1).

An extensive soil sampling program has already produced several large lithium-in-soil anomalies in the northern two tenements, E15/1702 (Nepean South) and E15/1843 (Cave Hill North) (see Figure 1 below).  Further soil sampling is in progress in the other tenement areas.  Significant lithium anomalies will be followed up with further sampling and planned aircore drilling targeting soil covered lithium bearing pegmatites.  Detailed geophysics will also be utilised to define structural targets for lithium and gold mineralisation.

Figure 1: Cave Hill Project on aeromagnetics with lithium and nickel deposits and targets

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