RAIDEN RESOURCES LIMITED — Management Reports 2019

Oct 17, 2019

RAIDEN REPORTS ON A NEW PROSPECT, "ROSOMAN" ON THE ZLATUSHA PROJECT IN BULGARIA

HIGHLIGHTS

• Initial review and field visit confirm a porphyry copper and epithermal gold alteration system;
• Historical rock sampling indicates elevated Cu-Au values, which are coincidental with a large alteration zone at the Rosoman prospect; and
• Rosoman prospect located in Cretaceous 'elephant country' of Western Tethyan Metallogenic Belt

Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to report on the results from a review of historical data and a reconnaissance field visit to the Rosoman prospect located on the Zlatusha project in Bulgaria. As detailed in the Company's 15 July 2019 ASX announcement, the Company has an option to earn up to a 75% project interest in the Zlatusha project.

Dusko Ljubojevic, Managing Director of Raiden commented:

"Guided by historic data and QX Metals Ltd previous work, the Company is excited to present the data in relation to a large area of outcropping quartz-sericite-pyrite alteration, with coincident elevated gold and copper values from rock chip sampling. It is shaping up to be an important addition to our growing pipeline of quality gold and copper targets. The Rosoman target is located in the prolific Cretaceous geology within Western Tethyan Metallogenic Belt, which hosts Tier one deposits within Serbia and Bulgaria, and is therefore highly significant for the Company."

QUICK STATS

ASX Code: RDN Shares on Issue: 410.4 million Market Cap: $3.28 million Cash: $1.75m (at 30 June '19)

BOARD & MANAGEMENT

Non- Executive Chairman Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Non-Executive Directors Mr Martin Pawlitschek

Company Secretary Ms Kyla Garic

ASSET PORTFOLIO

Stara Planina - Serbia (JV with local entity – path to 100% - 46km2 )

Donje Nevlje - Serbia (100% – 74km2 )

Majdanpek West - Serbia (Rio JV - 100% - 76km2 )

Zupa - Serbia (100% Raiden – 85km2 )

Pirot - Serbia (Executing Application – 16km2 )

Bor – Serbia (Partially granted/ pending application - 100% - ~28km2 )

Vuzel - Bulgaria (JV with local entity – path to 100% ~26.5 km2 )

Kalabak - Bulgaria (JV with local entity – path to 75% ~191 km2)

Zlatusha - Bulgaria (JV with local entity – path to 75% ~195 km2)

Significant further ground holding currently under review.

Work Program Status

The Company's geologists reviewed geological maps and exploration data from a historical outcrop sampling program, followed up with a reconnaissance visit to the Zlatusha project area. Information in this announcement is based on this work. As follow up, the Company plans to investigate the availability of further historical exploration data and reports housed by the Bulgarian Ministry of Energy. Field mapping and geochemical sampling will commence, as soon as the exploration agreement is signed by the Bulgarian Minister of Energy (The Zlatusha license has been awarded to Zelenrok, a 100% subsidiary of QX Metals Ltd and Zelenrok is awaiting the execution of the 'Exploration Agreement' by the Minister of Energy. The Exploration Agreement defines the rights and responsibilities of the exploring party).

Rosoman Prospect

The Rosoman Prospect lies in the central part of the Zlatusha Project area northwest of Sofia, and was first defined when Bulgarian State agencies mapped a 1.4 km2 zone of intense hydrothermal alteration in andesitic agglomerate, tuff and ash, coinciding with a conspicuous copper and gold stream sediment anomaly. The alteration zone occurs adjacent to sub-volcanic porphyritic andesites and diorites, referred to in the literature as "Timocite" and shown in Figure 1. Notably, all major copper and gold deposits along strike to the northwest and southeast of Zlatusha in the prolific Timok Magmatic Complex and in the Panagyrishte Belt are spatially associated with Timocite rocks. Extensions of the Rosoman hydrothermal systems may exist to the west and east, where soil cover may conceal extensions of this alteration system.

QX Metals Ltd ("QX"), the holder of the Zlatusha licence, previously conducted a limited (14 samples) reconnaissance outcrop sampling program over a small portion of the prospect and mapped the alteration zone in more detail (Figure 2). The program mapped out an epithermal alteration system consisting of argillic and phyllic (quartz-sericite-pyrite) alteration. Outcrop samples taken from the area returned elevated concentrations of gold (up to 1.3 ppm) and copper (up to 549 ppm).

A recent visit by Raiden's technical team to the Zlatusha area confirmed that the Rosoman Prospect contains geological features typically associated with mineralised porphyry systems. Outcrops of silicified porphyritic diorite stocks and volcano-clastic rocks in the area of interest exhibit large scale pervasive phyllic alteration with stockwork, quartz-pyrite veining and abundant anhydrite (Figures 3 and 4). The altered rocks also contain 1% to 3% disseminated sulphides, mainly in the form of pyrite, but also containing chalcopyrite. On the basis of these observations the Company believes that this alteration system is prospective for both high-sulphidation epithermal gold mineralisation and porphyry copper mineralisation.

Raiden's near-term exploration program over the Rosoman Prospect will commence as soon as the exploration agreement has been signed by the Minister of Energy and will include a soil geochemical survey and geophysical evaluations, with the objective of advancing the prospect to a drill decision as soon as possible.

Figure 1: The location of the Rosoman Prospect in the Zlatusha permit area. The prospect was first defined when Bulgarian State agencies mapped a 1.4 km2 zone of intense hydrothermal alteration. The zone occurs adjacent to sub-volcanic porphyritic andesites and diorites, referred to in the literature as "Timocite" and shown in red. It is important to note that in the Timok Magmatic Complex and the Panagyrishte Belt (see also Figure 6) along strike to the northwest and southeast of Zlatusha, all major copper and gold deposits are spatially associated with Timocite

Figure 2: Rosoman Prospect quartz-sericite-pyrite (phyllic) alteration mapping and the results of QX's limited reconnaissance outcrop sampling program. The diagrams show gold (top) and copper (bottom) concentrations. The prospect is defined by a 1.5 km x 1 km zone of intense alteration. The results demonstrate that the phyllic alteration zone coincides with elevated concentrations of gold and copper.

Figure 3: Rosoman Prospect (Left) Anhydrite is an abundant mineral component of the altered rocks at Rosoman. (Right) Large scale intense and pervasive phyllic alteration outcropping in the Rosoman Prospect area

Figure 4: Outcrops in the Rosoman prospect. Top: Limonite (likely after pyrite) stockwork. Bottom: Quartz-pyrite veining and disseminated pyrite in porphyritic diorite

Cautionary Statement

The Company cautions that the sampling results are historical in nature and have not been verified by the Company. Data from the QX program has not been independently verified and no original pulps are available to the Company for assay verification. The Company therefore only considers the historical data as an indication of prospectivity and presence of gold and copper mineralisation within the Zlatusha permit.

About the Zlatusha Project

Corporate

The Company announced on 15 July 2019 that it has signed an Option agreement with QX over the Zlatusha project in Bulgaria. QX, a TSX-V listed Company, is the 100% holder of the Zlatusha license, through its 100% owned Bulgarian entity, Zelenrok EOOD. The agreement provides Raiden with an opportunity to earn up to 75% in the Zlatusha project. Key terms of the agreement are set out in the Company's 15 July 2019 ASX announcement.

Location, Geological Setting and Belt Potential

The Zlatusha license (195 km2 ) is northwest of Sofia and lies within an established copper porphyry and epithermal gold belt, between the Timok Magmatic Complex in Serbia and the Panagurishte District in Bulgaria (Figures 5 and 6), both of which are considered world class Cu-Au districts. The project was selected for application based on the presence of prospective geology, consisting of Cretaceous arc magmatic rocks and epithermal and porphyry related alteration systems. Several separate magmatic-hydrothermal centres with outcropping copper-gold mineralization have been identified within the permit area.

The project area lies within a post-collisional pull-apart basin, comprising Cretaceous volcanic and sedimentary rocks intruded by later porphyritic diorite stocks and dykes. This geological setting is similar to the settings of the Cukaru Peki deposit, 165 kilometres to the northwest in eastern Serbia, and the Chelopech mine, 45 kilometres to the east in Bulgaria's Panagurishte trend.

Figure 5: Locations of the Company's projects in the Tethyan orogenic belts and relative to known porphyry and epithermal gold and copper deposits

Figure 6: Location of the Donje Nevlje project (100% Raiden) and the Zlatusha joint venture project. Raiden has a commanding position within the Western Srednogorie belt. In comparison to the Panagurishte and the Timok districts, the middle belt remains under-explored and presents the Company with an opportunity to make a considerable discovery

FOR FURTHER INFORMATION PLEASE CONTACT

DUSKO LJUBOJEVIC Managing Director RAIDEN RESOURCES LIMITED dusko@raidenresources.com.au www.raidenresources.com.au

Competent Person's Statement

The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation prepared by Mr Martin Pawlitschek, a competent person who is a member of the Australian Institute of Geoscientists (AIG). Mr Martin Pawlitschek is employed by Raiden Resources Limited. Mr Martin Pawlitschek has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr Martin Pawlitschek has provided his prior written consent as to the form and context in which the exploration results and the supporting information are presented in this announcement.

Disclaimer:

Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "potential(s)"and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events

About Raiden Resources

Raiden Resources Limited (ASX: RDN) is an ASX listed copper—gold exploration company focused on the emerging prolific Tethyan metallogenic belt in eastern Europe (Serbia and Bulgaria). The Company has signed an Earn-In and Joint Venture Agreement with Rio Tinto in respect to two licenses (Majdanpek West and Majdanpek Pojas), whereby Rio Tinto can earn a 75% project-level position in the properties, via a staged exploration commitment totalling USD$31.5 million in three stages at Rio Tinto's election.

Raiden also retains a 100% interest in the Bor and Pirot project applications, the Donje Nevlje project; the Zupa property and the Tilva Njagra project which the company considers prospective for epithermal and porphyry style copper, gold and base metal mineralisation. The Company also has executed a Joint Venture Agreement with a local vendor in relation to the Stara Planina project, which hosts two large anomalies, which the Company plans to continue exploring throughout 2019. The Company has also recently signed 3 significant transactions in Bulgaria, including the Vuzel project (epithermal gold); Kalabak project (epithermal and porphyry potential) and Zlatusha project (porphyry and epithermal potential). With the recent acquisitions, the Company has become one of the largest ground holders in the Western Tethyan belt and the Directors believe that the Company is well positioned to unlock value from this exploration portfolio.

Criteria	JORC Code Explanation	Commentary
	Nature and quality of sampling (e.g. cut channels, random chips, orspecific specialised industry standard measurement toolsappropriate to the minerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc.). Theseexamplesshould not be taken as limiting the broad meaning ofsampling.	QX Metals Corporation's Surface Rock Sampling Program("QX"): QX, formerly known as Black Sea Copper and Gold,collected 14 surface rock samples from the RosomanProspect that have been referred to in this Public Report.The sampling consisted of a mix of float and outcrop rockchip samples.
Sampling techniques	Include reference to measures taken to ensure samplerepresentivityand the appropriate calibration of any measurementtools or systems used.	The samples were collected from outcropsand rockscree/float, with the objective of defining the source ofmineralisation only. The objective of the program was notto gather representative samples within the entireprospect area. The results from the program are not beingused in any mineral resource statement and are only usedby the Company as a guide to direct further explorationefforts.
	Aspects of the determination of mineralisation that are Material tothe Public Report. In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reverse circulation drillingwas used to obtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other cases, moreexplanation may be required, such as where there is coarse goldthat has inherent sampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules) may warrantdisclosureof detailed information.	The Acme laboratory in Poland (Krakow) was instructed tocrush, split and pulverize 1kg of sample to 200 mesh forfurther analytical use (see section below).

Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotaryair blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,triple or standard tube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, by what method,etc.).	Not applicable as this public report does not refer to theresults of drilling activity.
	Method of recording and assessing core and chip sample recoveriesand results assessed.	As per the above.
Drill sample recovery	Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.	As per the above.
	Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material.	As per the above.
	Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriateMineral Resource estimation, mining studies and metallurgicalstudies.	As per the above
Logging
	Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc.) photography.	As per the above.

	The total length and percentage of the relevant intersectionslogged.	As per the above.
	If core, whether cut or sawn and whether quarter, half or all coretaken.	Not applicable as this public report does not refer to theresults of drilling activity.
	If non-core, whether riffled, tube sampled, rotary split, etc. andwhether sampled wet or dry.	As per the above.
	For all sample types, the nature, quality and appropriateness ofthe sample preparation technique.	As per the above.
Sub-sampling techniques and samplepreparation	Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.	In the laboratory the entire sample was crushed to obtainrepresentative subsamples (see below).
	Measures taken to ensure that the sampling is representative ofthe in-situ material collected, including for instance results forfield duplicate/second-half sampling.	No field duplicates were submitted.
	Whether sample sizes are appropriate to the grain size of thematerial being sampled.	Not applicable to reconnaissance outcrop sampling.

	The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique isconsidered partial or total.	Samples were submitted to the Krakow (Poland) branch ofaccredited Acme Mineral Laboratories of Canada. Onekilogram of sample was crushed, split and pulverized to200 mesh. Subsamples were submitted for a 30g leadcollection fire assay (AAS Finish) charge and a 0.25g 4 aciddigestion ultra-trace ICP-MS analysis (36 elements). Bothmethods are considered to report on the total elementalconcentration.The elected analytical and assaytechniques and QA/QC protocols are appropriate andadequate forthe purposes of exploration evaluation.
Quality of assay data and laboratory tests	For geophysical tools, spectrometers, handheld XRFinstruments,etc., the parameters used in determining the analysis includinginstrument make and model, reading times, calibrations factorsapplied and their derivation, etc.	There wasno reliance on such tools.
	Nature of quality control procedures adopted (e.g. standards,blanks, duplicates, external laboratory checks) and whetheracceptable levels of accuracy (i.e. lack of bias) and precision havebeen established.	QX did not submit field blanks, duplicates and standardswith the samples. Acme laboratory adhered to industrystandard insertion and reporting of laboratory duplicates,blanks and standards. Acceptable levels of repeatabilitywithin one standard deviation and a lack of crosscontamination have been observed. Further explorationactivities by Raiden will include insertions of independentfield blanks, certified standards and duplicates which willbe submitted with the field samples.

	The verification of significant intersections by either independentor alternative company personnel.	The Company has not conducted any independentverifications of the surface rock sampling work reported inthis release, nor is it aware of any other independentverifications. The Company is not using the historicalresults for any resource statements and only considers theresults as an indication of prospectivity of the area andshall be used as a guide for further more detailedexploration work.
	The use of twinned holes.	Not applicable.
Verification of sampling and assaying
	Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.	QXSurface Rock Sampling: The primary geochemical dataand primary laboratory certificates are stored in electronicformat on the server of Raiden and at the BulgarianNational Geofund. The Company is not aware of thedocumentation procedures applied by QX,but assumesthat NI-43-101 standard industry protocols were followed
	Discuss any adjustment to assay data.	There was no adjustment of assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collarand down-hole surveys), trenches, mine workings and otherlocations used in Mineral Resource estimation.	Not applicable as this release does not report on theestimation of a mineral resource.

	Specification of the grid system used.	Locations recorded during the field mapping wererecorded using a hand-held GPS. Positions were noted inthe geographical and UTM (Zone 34N) coordinatesystems. In both cases the WGS84 map datum was used.Topographic accuracy is estimated to be within 5-10meters.
	Quality and adequacy of topographic control.	Not considered relevant, as the release does not refer toany resources statement.
	Data spacing for reporting of Exploration Results.	The spacing between sampling locations was determinedby the availability of outcrop. Therefore, the results ofthis surface rock sampling program are only indicative ofthe further exploration potential in the area of interest.
Data spacing and distribution
	Whether the data spacing and distribution is sufficient to establishthe degree of geological and grade continuity appropriate for theMineral Resource and Ore Reserve estimation procedure(s) andclassifications applied.	Not applicable as this release doesnot report on theestimation of a mineral resource.
	Whether sample compositing has been applied.	Not applicable.

	Whether the orientation of sampling achieves unbiased samplingof possible structures and the extent to which this is known,considering the deposit type.	Not applicable as the surface sampling referred to hereinis point data and therefore does not have an orientation.
Orientation of data in relation to geological
structure	If the relationship between the drilling orientation and theorientation of key mineralised structures is considered to haveintroduced a sampling bias, this should be assessed and reportedif material.	As per the above.
Sample security	The measures taken to ensure sample security.	The Company does not know the exact procedures whichQX employed but assumes that standard industry Ni-43-101 procedures were applied.
Audits or reviews	The results of any audits or reviews of sampling techniques anddata.	To date no audits have been undertaken.

Criteria	JORC Code Explanation	Commentary
	Type, reference name/number, location and ownershipincluding agreements or material issues with third partiessuch as joint ventures, partnerships, overriding royalties,native title interests, historical sites, wilderness or nationalpark and environmental settings.	km2 ZlatushaRaiden Resources has an interest in the 195projectunder an earn-in and option agreement with the holder of theZlatushaproject, QX Metals. Under the Agreement Raiden has aright to earn in up to a 75%interest in the ZlatushaLicence, bycompleting a NI-43-101 compliant Pre-Feasibility study.
		A small portion of the project area falls within a "Special Area ofConservation" under the European Ecological Network,NATURA2000 (Law on Biological Diversity). The Company will comply withall applicable environmental legislation and expects thatexploration activities in the protected zone will not be affected.
Mineral tenement and land tenure status		Under the Bulgarian Law forMineral Resources, on expiration of theinitial three-year exploration period, the holder of the explorationpermit is entitledto apply for arenewal of the exploration licensefor a further 2-year period atthe Bulgarian Ministry of Energy("Ministry").For the renewal applicationto be considered theapplicant has to:
		•Demonstrate that work program for the previous periodhas been completed;•Submit the application for the renewal of the licence to theMinistry 30 days before the expiration of theinitial3-yearperiod. With the request for the renewal, the applicant isrequired to submit a final report on all exploration results;and•Submit an exploration program for the next 2-yearperiod.

Geology	Deposit type, geological setting and style ofmineralisation.	This information has been provided in the main part of this publicreport.
Drill hole Information	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.If the exclusion of this information is justified on the basisthat the information is not Material and this exclusiondoes not detract from the understanding of the report, theCompetent Person should clearly explain why this is thecase.	Rock sampling assay results and sample locations referred to in thispublic release are presented in Figure 2.
Data aggregation methods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengthsof high-grade results and longer lengths of low graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.The assumptions used for any reporting of metalequivalent values should be clearly stated.	Any grade information reported in this release is considereduseful, qualitative information by the CP. The data is suitable forplanning of additional work that will lead to a drill decision. Thedata available is insufficient to be included in a mineral resource.No metal equivalent formulas were used in reporting of anyhistorical intercepts, or results.

This table applies to Zlatusha exploration prospect at western Bulgaria

Section 2 Reporting of Exploration Results

Relationship between mineralisation widthsand intercept lengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect(e.g. 'down hole length, true width not known').	Not applicable as this public release does not report on the resultsof drilling.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported.These should include,but not be limited to a plan view of drill hole collarlocations and appropriate sectional views.	Figure 2above shows the locations and Cu and Au concentrationsfor the rock samples referred to in this public release.
Balanced reporting	Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both lowand high grades and/or widths should be practiced toavoid misleading reporting of Exploration Results.	The company is still in the process of acquiring additional historicalexploration data fromBulgarian Ministry of Energy (NationalGeofundand Geology). The reporting in this public release coversthe area of the company's current focus. Further data analysis andinterpretation may result in the definition of new target areas.
Other substantive exploration data	Other exploration data, if meaningful and material, shouldbe reported including (but not limited to): geologicalobservations; geophysical survey results; geochemicalsurvey results; bulk samples –size and method oftreatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics;potential deleterious or contaminating substances.	•The information provided in this public release is partiallybased on observations made when the company's technicalteam visited the Zlatushapermit area.•Geologicalinformation provided in Figure2is based onpublished geological maps: Geological Map of the Republic ofBulgaria (1:50,000), K-34-47-B, Ministry of Environment andWater, Bulgarian National Geological Survey.

		•In this public release the term "Timocite" is used for UpperCretaceoussub-volcanicporphyriticbiotite-hornblendeandesites and diorites. This terminology and a more detaileddescription of the rocks concerned has been discussed byMiodrag Banješević (2010) in ANNALES GÉOLOGIQUES DE LAPÉNINSULE BALKANIQUE (71: 13-22pp): Upper Cretaceousmagmatic suites of the Timok Magmatic Complex.Noinformation is available on metallurgy, ground water, bulkdensity or rock stability.•Integration and interpretation of the various data sets is ongoing.
Further work	The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).	On final grant of the project by the Ministry of Energy, Raiden'sexploration programfor the Zlatushawill include geologicalmapping and surface sampling to further evaluate the epithermal
	Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretationsand future drilling areas, provided this information is notcommercially sensitive.	gold and copper porphyry potential of the permit. The company isalso considering aground geophysical survey to assist with furthertargeting, prior to drill testing the most promising targets.