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NT MINERALS LIMITED Capital/Financing Update 2021

Oct 25, 2021

65450_rns_2021-10-25_9931c856-c56c-4eeb-af73-d7764226281c.pdf

Capital/Financing Update

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Bluff East RC Drilling Complete New VTEM Targets Defined

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ASX ANNOUNCEMENT ASX Code: RCP

26 October 2021

DIRECTORS & MANAGEMENT

Tony Kiernan Non-Executive Chairman Michael Hannington Executive Director

Bruce Hooper Non-Executive Director Daryl Henthorn Non-Executive Director

Dale Henderson Non-Executive Director

Melanie Ross Company Secretary

ASSET PORTFOLIO Redbank Tenements (Granted) Northern Territory – 10,016km²

Redbank Tenements (Applications) Northern Territory – 4,068km²

Millers Creek Project South Australia – 1,110km²

L1, 1A Agnew Way, Subiaco WA 6008

Ph: +61 8 9362 9888 [email protected] www.redbankcopper.com.au

Highlights:

  • RC drilling completed at IP targets east of Bluff Copper Deposit – key outcomes of the program include:

  • 30 holes for ~3,500m drilled

  • Average hole depth was 117m and deepest was 192m

  • Copper prospectivity in the Wollogorang Formation has been identified in this area at approximately 100m depth

  • Diamond drilling is planned for select holes to test mineralisation at greater depth following review of assay data

  • o First assays expected Q4 2021

  • Stratigraphic diamond drill hole co-funded by the NT Government has been completed to a depth of 700m:

  • Designed to test geology beneath the breccia pipes and for potential formational stratiform copper mineralisation

  • Drilling of new large-scale VTEM target (announced 22 August) delayed due to rig issue – new rig scheduled to commence drilling in November

  • VTEM survey complete highlighting additional large, late-time conductors northeast of the Bluff copper deposit:

  • Co-incident IP chargeability anomalies have been defined over the airborne conductors

  • Further dipole dipole IP (DDIP) lines are underway over a number of VTEM conductors to define a larger drill program

  • Soil sampling has defined a copper anomaly associated with the VTEM conductors with results measuring up to 300ppm Copper

Redbank Copper Limited (ASX: RCP) (‘ Redbank ’ or ‘ the Company ’) is pleased to provide the following update on exploration progress from the Company’s Redbank Copper Project in the McArthur Basin, Northern Territory.

Drilling Program Update

Redbank is pleased to report the completion of the Reverse Circulation (‘RC’) drilling program designed to test several high priority targets east of known copper mineralisation at the Bluff Deposit (see ASX release dated 31 August 2021).

A total of 30 holes were completed for ~3,500m with an average hole depth achieved of 117m and deepest hole reaching 192m. Copper prospectivity in the Wollogorang Formation has been identified in this area at approximately 100m depth.

Early observations from the field by RCP’s technical team are encouraging, with follow-up diamond drilling planned to be undertaken at select holes following a full review of assay data. Samples dispatched to the laboratory in Townsville for assaying. Redbank anticipates it will receive first assay results from this program later this quarter.

The completion of this program represents an important step in the validation of the suite of IP targets identified along an east-west structural corridor that links the existing breccia pipe copper deposits.

A RC drill rig is expected to arrive on site in mid-November and will drill the large, late-time conductors north-east of the Bluff Deposit to an initial depth of 300m (see ASX release dated 22 September). The commencement of this program has been delayed following unforeseen drill rig issues, however the replacement rig is expected to complete the program this quarter.

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ABN: 66 059 326 519

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Figure 1: RC drill rig in operation at IP targets east of the Bluff Copper Deposit

Stratigraphic Diamond Drill Hole Complete

The stratigraphic diamond drill hole (21STRAT01) located between the Azurite and Punchbowl deposits (see Figure 3) has been successfully completed to a depth of 700m. This hole has been specifically designed to target the geology beneath the breccia pipes and to test for potential formational stratiform copper mineralisation outside the known breccia pipes.

As previously reported, this drillhole is being co-funded by the Northern Territory Government’s Geophysics and Drilling Collaborations (GDC) program, which is a strong validation of Redbank’s exploration strategy and concepts.

VTEM Survey Defines New Targets

Redbank is pleased to report that the helicopter-borne electromagnetic survey (“VTEM”) by UTS Geophysics has now been completed over a 30km x 20km area with 3,512 line kilometers flown. The survey has extended the known area of the late-time conductor defining further targets for drill testing.

The conductors are part of a large and coherent anomaly approximately 5km north-east of the existing copper mineralisation at the Redbank Project (see Figures 2 and 3). The conductors are discrete anomalies that are interpreted to occur within the Wollogorang sediment dominant Formation at approx. 220m below surface.

A series of dipole dipole IP (DDIP) lines completed over the first VTEM conductor prior to the commencement of drilling has defined a chargeability anomaly within this 1km x 1km anomaly which is the first target to drill.

A gravity survey has been completed across the anomaly with further geochemical sampling to assist in designing a larger drill program.

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Soil Survey Update

Results from the extensive regional soil sampling program are becoming available while the survey continues to the west with two field crews. Initial results have defined a copper anomaly associated with the VTEM conductors enhancing the potential for these to be associated with copper mineralisation.

Results of up to 300ppm copper are reported, these are over ten times background values in this region which are predominantly below 30ppm (see Figure 4).

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Figure 2. Redbank Project – VTEM survey channel 40 – deep conductors

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Figure 3. Redbank Project – VTEM survey – late time conductivity anomalies northeast of Bluff Deposit

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Figure 4. Location of >300ppm (0.03%) Cu soil sample anomalies

Management Commentary

Redbank Executive Director Michael Hannington commented: “We are pleased to report the completion of our maiden RC drilling program east of known copper mineralisation at the Bluff Deposit. Results from this program will provide crucial insight into the potential source of the IP chargeability anomalies highlighted along an east-west structural corridor that links the existing breccia pipe copper deposits at Redbank.

Following initial observations by our technical team, we are planning to diamond tail select drill holes to test the Wollogorang at greater depth. Samples are at the laboratory and although we are aware of processing delays, we are expecting first assays to be reported this quarter.

We have also secured a second drill rig to test the large-scale VTEM conductor reported in September down to an initial depth of 250m. We were forced to postpone the commencement of this program due to rig issues, however we are now on track to get these holes drilled in mid-November.

Results from our regional soil sampling program have also been encouraging with results indicating copper anomalies are coincident with the VTEM conductors. We now have coincident VTEM conductors, DDIP chargeability anomalies and copper in soil anomalies which greatly improves our confidence in the quality of our drill targets at Redbank.

The past year has been a foundation building period for Redbank with a tremendous amount of behind-thescenes work completed. In addition to our systematic exploration efforts, our team has also refurbished the Redbank camp, significantly improved logistics with the commissioning of the Redbank airstrip and solidified our relationships with the NT Government. All are key building blocks which pave the way for future exploration success to be delivered at Redbank.”

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Redbank Project Summary

The Redbank Project is located in the south east McArthur Basin approximately 30km west of the Northern Territory/Queensland border. In July 2020, Redbank expanded the size of the Project area and secured a district scale tenement holding by pegging open ground following work by Geoscience Australia that highlighted the prospectivity of the area for large base metal deposits between the world-class Tier 1 zinc deposits at the McArthur and Century Mines. Redbank is searching for large copper deposits to add to the existing copper inventory. Redbank holds the tenements with a 100% interest.

-ENDS-

For further information please contact:

Michael Hannington Executive Director Ph: +61 8 9362 9888

This announcement was approved and authorised for issue by the Board of RCP.

COMPETENT PERSON’S STATEMENT

The information that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Michael Hannington, a Competent Person, who is a Member of the Australian Institute of Geoscientists. Mr Hannington is the Executive Director at Redbank Copper Ltd and is employed as a consulting geoscientist by the Company. Mr Hannington has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hannington consents to the inclusion of the matters based on his information in the form and context in which it appears.

DISCLAIMER

This announcement contains certain forward-looking statements. Forward looking statements include but are not limited to statements concerning Redbank Copper Limited’s (‘Redbank’s’) planned exploration program and other statements that are not historical facts including forecasts, production levels and rates, costs, prices, future performance or potential growth of Redbank, industry growth or other trend projections. When used in this announcement, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Redbank. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg cut channels, random chips, or Soil samples have been collected from the Redbank Project in 2021,
techniques specific specialised industry standard measurement tools appropriate principally on 500x500m spacing. Material was collected from a depth
to the minerals under investigation, such as down hole gamma of up to 20cm, sieved to -2mm with up to 500g placed in a pre-
sondes, or handheld XRF instruments, etc). These examples should numbered bag for analysis.
not be taken as limiting the broad meaning of sampling. Collection of samples was completed by Redbank staff and specialist
Include reference to measures taken to ensure sample representivity contractors. Samples were located with hand-held GPS and each
and the appropriate calibration of any measurement tools or systems location photographed, with additional sample data recorded at the
used. point of collection.
Aspects of the determination of mineralisation that are Material to the
Public Report.
In cases where ‘industry standard’ work has been done this would be
relatively simple (eg ‘reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge
for fire assay’). In other cases more explanation may be required,
such as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed information.
Drilling Drill type (eg core, reverse circulation, open-hole hammer, rotary air Drilling reported separately
techniques blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or other
_type, whether core is oriented and if so, by what method, etc). _
Drill sample Method of recording and assessing core and chip sample recoveries Drilling reported separately
recovery and results assessed.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.

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Criteria JORC Code explanation Commentary
Logging Whether core and chip samples have been geologically and Drilling reported separately
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
The total length andpercentage of the relevant intersections logged.
Sub-sampling
If core, whether cut or sawn and whether quarter, half or all core
Drilling reported separately
techniques taken.
and sample If non-core, whether riffled, tube sampled, rotary split, etc and
preparation whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material
being sampled.
Quality of The nature, quality and appropriateness of the assaying and All soils analyses are undertaken by Intertek Genalysis using method
assay data laboratory procedures used and whether the technique is considered 4A/MSQ48
and partial or total. Samples are prepared in Intertek’s specialist soils laboratory in
laboratory For geophysical tools, spectrometers, handheld XRF instruments, etc,
Townsville, Queensland. Whole samples are subject to drying,
tests the parameters used in determining the analysis including instrument crushing and milling (90% passing 75um).
make and model, reading times, calibrations factors applied and their Prepared sub-samples are sent to Perth (100g) to complete a Four
derivation, etc. Acid digest and then 48 Element Analysis Package (4A/MSQ48) using
Nature of quality control procedures adopted (eg standards, blanks, the Agilent 8900 ISP-MS instrument (colloquially known as the “triple
duplicates, external laboratory checks) and whether acceptable levels
quad”).
of accuracy (ie lack of bias) and precision have been established. The 4A/MSQ48 comprises a complete, multi-acid digest of 0.2g
samples with Hydrofluoric, Nitric, Perchloric and Hydrochloric acids in
Teflon Tubes. Analysis is completed by Inductively Coupled Plasma
Mass Spectrometry.
Control samples are inserted at a rate of 6%
The control sample procedures adopted are:
-
Blanks inserted at sample number ID ending in 20 and 70.
-
Commercially sourced Certified Reference Materials (CRM)
inserted at sample number ID endingin 25 and 75.

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Criteria JORC Code explanation Commentary
-
Field duplicates every 50 samples at 00 and 50
External checks returned results within acceptable limits and have
been reviewed by the competent person
Multi-element analysis include low level detection of the following 48
elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe,
Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S,
Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr). Only
elements of exploration interest have been reported in text.
Verification of
The verification of significant intersections by either independent or
Soil samples logged via a ToughBook with GPS locations and OCRIS
sampling and alternative company personnel. software to record meta-data, which includes a photograph of the soil
assaying The use of twinned holes. sample bag and a photograph of the landscape for each soil site. The
Documentation of primary data, data entry procedures, data data collected is validated via the exporting tool of the OCRIS software.
verification, data storage (physical and electronic) protocols. Sampling data is then double checked on excel spreadsheet and
Discuss any adjustment to assay data. locations are validated on MapInfo based on the proposed 500m x
500m grid.
Followingfinal checks,data is inserted into the database.
Location of Accuracy and quality of surveys used to locate drill holes (collar and Handheld GPS is used to locate the soil sampling, using the projection
data points down-hole surveys), trenches, mine workings and other locations system MGA1994 zone 53. The coordinates are reprojected to
used in Mineral Resource estimation. MGA2020 zone 53 and recorded to the database.
Specification of the grid system used.
Quality and adequacy of topographic control.
Data spacing Data spacing for reporting of Exploration Results. Soil samples are collected on 500x500m grids, 500m spaced samples
and Whether the data spacing and distribution is sufficient to establish the on tracks and lesser 100x100m infill.
distribution degree of geological and grade continuity appropriate for the Mineral Existing soil data is not applicable to a mineral resource estimate.
Resource and Ore Reserve estimation procedure(s) and No sample compositing has been applied.
classifications applied.
Whether sample compositing has been applied.
Orientation of Whether the orientation of sampling achieves unbiased sampling of Orientation of sampling is chosen for convenience and is not
data in possible structures and the extent to which this is known, considering expected to create any bias with mineralised structures.
relation to the deposit type. .
geological If the relationship between the drilling orientation and the orientation
structure of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample The measures taken to ensure sample security. Individual samples are collected in snap-seal plastic /calico bags and
security delivered to Townsville by local transport companies. No chain of
custody security has been documented.

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Criteria JORC Code explanation Commentary
Audits or The results of any audits or reviews of sampling techniques and data.
All sampling, sub sampling and assay techniques in respect to the
reviews exploration has been reviewed by the competent person.
No other review of sampling techniques has taken place.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

  • Criteria JORC Code explanation Commentary MineralType, reference name/number, location and ownership including  The Redbank Project is in the Northern Territory and 100% owned by tenement and agreements or material issues with third parties such as joint Redbank Operations Pty Ltd a wholly owned subsidiary of Redbank land tenure ventures, partnerships, overriding royalties, native title interests, Copper Limited. See Table 1 below status historical sites, wilderness or national park and environmental settings.

  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. Table 1: Redbank Tenement Summary

The Redbank Project is in the Northern Territory and 100% owned by The Redbank Project is in the Northern Territory and 100% owned by The Redbank Project is in the Northern Territory and 100% owned by The Redbank Project is in the Northern Territory and 100% owned by The Redbank Project is in the Northern Territory and 100% owned by
Redbank Operations Pty Ltd a wholly owned subsidiary of Redbank
Copper Limited. See Table 1 below
Table 1: Redbank Tenement Summary
No. EL_ML Area km2
Grant date
Expiry date
1 MLN634 0.1618
12-Mar-73
31-Dec-28
2 MLN635 0.1618
12-Mar-73
31-Dec-28
3 ELR94 38.8
10-Aug-89
9-Aug-24
4 EL31316 6.3
6-Feb-17
5-Feb-23
5 EL32715 715.79
15-Aug-02
26-Apr-27
6 EL24654 1576.63
5-Dec-05
4-Dec-22
7 EL32323 788.31
10-Sep-20
9-Sep-26
8 EL32324 690.56
10-Sep-20
9-Sep-26
9 EL32325 778.85
10-Sep-20
9-Sep-26
10 EL31236 788.31
In Application
11 EL31237 595.97
In Application
12 EL32460 788.31
In Application
13 EL32461 788.31
In Application
14 EL32462 788.31
In Application

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Criteria
JORC Code explanation
Commentary Commentary
15 EL32463 318.48 In Application
16 EL32464 690.56 30-Mar-21 29-Mar-27
17 EL32465 778.85 30-Mar-21 29-Mar-27
18 EL32466 788.31 30-Mar-21 29-Mar-27
19 EL32467 788.31 30-Mar-21 29-Mar-27
20 EL32468 788.31 24-May-21 23-May-27
21 EL32469 788.31 30-Mar-21 29-Mar-27
22 EL32470 577.05 30-Mar-21 29-Mar-27
23 EL32471 220.73 30-Mar-21 29-Mar-27
Total
granted
10016
Total in
application
4068
Total 14084
Exploration
done by other
parties
Acknowledgment and appraisal of exploration by other parties.
Copper mineralisation was first discovered at Redbank in 1916. The
Redbank area has been subject to an almost continuous history of
discovery, small scale prospecting and mining.
The Redbank area has been systematically explored by numerous
companies since 1969. Prominent amongst these were Newmont
(1971-1972), Triako Mines NL (1972-1983) with various JV partners
(Amax Iron, Aquitane Australia Minerals) and Alameda with CRA
Exploration.
Previous work included, geologic mapping, soil geochemistry,
airborne and ground geophysics, extensive drilling campaigns and
early non-JORC resource calculations (1970’s to 1980’s) and
rudimentary2004JORC estimates (1989-2004).SRKConsulting

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Criteria JORC Code explanation Commentary
completed the most recent MRE’s (JORC 2004) between 2005-2011
On 24 June 2021, Redbank announced a MRE lifting the historical
resource on the seven breccia deposits from JORC2004 to
JORC2012 and included a maiden MRE on the Sandy Flat TSF.
Geology Deposit type, geological setting and style of mineralisation. The Redbank mineralisation is consistent with breccia pipe deposits.
The Redbank mineralisation consists of at least 7 discrete
mineralised pipe-shaped deposits, although more than 50 pipe-like
breccias have been identified in the district.
Copper bearing breccia pipes of the Redbank district intrude an
interbedded sequence of palaeo-Proterozoic-aged igneous and
sedimentary rocks which have undergone regional scale potassic
alteration or metasomatism.
Breccia pipes are steeply inclined, small in size and cylindrical in
outcrop and continuing to the extent of drilling.
 The core of these pipes contains both autochthonous and
allochthonous breccias. Within the breccias clasts comprise 80% by
volume and the matrix 20% by volume. Copper mineralisation is
restricted to the matrix. Clasts are un-mineralised with no indication of
alteration from hydrothermal fluids.
Drill hole A summary of all information material to the understanding of the This announcement refers to current soil sampling results within the
Information exploration results including a tabulation of the following information Redbank Project. All historical drill intersections have been released
for all Material drill holes: to the market and current drill hole information will be reported
o easting and northing of the drill hole collar separately.
o elevation or RL (Reduced Level – elevation above sea level in Since management changes in August 2019, all available Redbank
metres) of the drill hole collar data has been recompiled. No JORC compliant drillhole or soil
o dip and azimuth of the hole sampling database was provided by previous management. The
o down hole length and interception depth Redbank project contains approximately 900 historically documented
o hole length. drill holes.
If the exclusion of this information is justified on the basis that the A complete listing of all drill hole collar details and drill hole intercepts
information is not Material and this exclusion does not detract from used in resource estimates is not appropriate for this document. All
the understanding of the report, the Competent Person should clearly drill hole information has been previously reported and its exclusion
explain why this is the case. does not detract from the understanding of this report.
Exploration has been documented in company annual reports and
announcements

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Criteria JORC Code explanation Commentary Commentary
Data In reporting Exploration Results, weighting averaging techniques, No aggregated exploration data is reported in this document
aggregation maximum and/or minimum grade truncations (eg cutting of high No metal equivalents are reported in this document
methods grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used
for such aggregation should be stated and some typical examples of
such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship These relationships are particularly important in the reporting of No drilling results are reported in this document
between Exploration Results.
mineralisation
If the geometry of the mineralisation with respect to the drill hole
widths and angle is known, its nature should be reported.
intercept If it is not known and only the down hole lengths are reported, there
lengths should be a clear statement to this effect (eg ‘down hole length, true
_width not known’). _
Diagrams Appropriate maps and sections (with scales) and tabulations of No drilling results are reported in this document
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional views.
Balanced Where comprehensive reporting of all Exploration Results is not No drilling results are reported in this document
reporting practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
Other Other exploration data, if meaningful and material, should be reported
Since the discovery of copper at Redbank considerable geological
substantive including (but not limited to): geological observations; geophysical information concerning the mineralisation and its host has been
exploration survey results; geochemical survey results; bulk samples – size and compiled. Similarly, geochemical and geophysical surveys have been
data method of treatment; metallurgical test results; bulk density, conducted to support drilling across the tenement package. This
groundwater, geotechnical and rock characteristics; potential information is well documented in company announcements and
deleterious or contaminating substances. annual reports.
Metallurgical test work on drill core samples from the Redbank
deposits has been carried out from 1970s to 2010 forming part of the
MREs.
Additional geotechnical data was added post 2005. SRK was
contracted in late 2008 to provide geotechnical studies on the
available core and outcrop, to refine slope angles in optimisation
work being undertaken on block models generated from the
resource. Geotechnical samples were submitted to SGS Rock

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Criteria JORC Code explanation Commentary
Mechanics Laboratory in Welshpool in 2009.
Further work The nature and scale of planned further work (eg tests for lateral Not applicable to this report
extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.

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