TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

Aug 3, 2021

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ASX Announcement

Media Release

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EXPLORATION DRILLING STARTED AT PRAIRIE CREEK GOLD PROJECT

04 AUGUST 2021

Highlights

Duke Exploration (ASX Code: DEX) is pleased to announce that it has commenced exploration diamond drilling at the Company’s Prairie Creek Gold Project in Central Queensland, targeting a 1.6 km long 200m wide NE trending gold soil anomaly (0.5 – 5.0 g/t Au). A zone of outcropping epithermal veining with visible gold is associated with the soil anomaly, which has historic drill results, including 52m @ 2.11g/t Au including 10m @ 3.2g/t Au and 6m @ 6.55g/t Au.

• Three diamond drill holes for a total of 350 m have been planned to confirm the historic drill results and better understand the geology controlling the gold mineralisation at Prairie Creek. The planned holes are spaced 40m apart and will target a 120m wide zone of surface gold mineralisation on top of the ridge at the Prairie Creek Prospect.

• The diamond drill rig has been mobilised to site and drilling started on Saturday 31 July 2021.

• The main aims of the drilling are to test historic drill hole results, collect petrophysical downhole survey data on all diamond holes, review and categorise the relevant rock classes present downhole, review orientations of structures and mineralisation downhole and review and interpret the controls on gold mineralisation.

• The drilling is planned to be completed by the end of August, with assay results available from mid-September. This programme will be followed by grid exploration RC drilling along the gold soil anomaly constrained by the interpreted geometry and control on the gold mineralisation derived from the logging and analysis of the diamond drilling.

Duke Exploration Limited ABN 28 119 421 868 PO Box 2057 Ascot QLD 4007 AUSTRALIA www.duke-exploration.com.au

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Commenting on progress – Philip Condon, MD:

“It is exciting to add the gold potential at Prairie Creek to our active exploration program while the drilling at Bundarra is on a short pause to allow maintenance to be carried out on the RC drill rig. Given the historic results at Prairie Creek, we are confident that the drilling will provide us with the geological information to better assess the gold resource development potential at the Prairie Creek Project and the best way to develop it. Regional exploration is continuing at the Bundarra Project, with the aim to collect pXRF soil samples over the entire area of the Bundarra pluton starting with its prospective approx. 50 km contact zone, in the next three months. From the soil results to date we are confident this will allow us to optimise how we prioritise the next targets for resource development, including the new mineralisation discovered 300m to the north of Mt Flora.”

Future Work Programme

• Start extension RC resource drilling at Mt Flora and the Quarry Anomaly to test the new mineralisation discovered to the north, aiming to update and increase the Mt Flora resource by the end of the year,

• Continue accelerated pXRF soil sampling, to be completed by the end of the year, to sample the entire Bundarra Pluton to help prioritise resource development work,

• Start exploration diamond drilling to collect geological data to help prioritise resource development work of the anomalies around Absolon, Quorn and Rogers,

• Start development RC drilling to determine the highest priority target for resource development drilling,

• Complete drilling of the Prairie Creek gold target.

This announcement has been authorised for release by the Board.

Philip Condon

Managing Director p.condon@duke-exploration.com.au Ph +61 417 574 730

Toko Kapea Chairman

t.kapea@duke-exploration.com.au Ph +64 27 534 2886

Duke Exploration Limited www.duke-exploration.com.au

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Drone picture of location and access to the Prairie Creek prospect with planned drill collar locations and drilling starting at Prairie Creek

Mineralisation intersected in the top 10m with epithermal quartz veins and alteration associated with sulphides

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Technical Information

Prairie Creek Gold Project Exploration Drilling Details

The Prairie Creek Project is located 120 km southwest of Gladstone and 25 km southwest of Biloela, central Queensland, in EPM 26852 (Figure 1). This part of Central Queensland is prospective for epithermal gold mineralisation like the Cracow epithermal gold deposit 80 km to the south.

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Figure 1. Location of Prairie Creek project (EPM 26852)

The Prairie Creek prospect is the highest priority target within the project area (Figure 1 and Figure 2; see www.duke-exploration.com.au for project details). The prosect is highly anomalous in gold, as mapped by stream sediment and rock chip sampling and is defined by a NE trending elevated gold geochemical soil anomaly (0.5 – 5.0 g/t Au), extending over a strike length of 1.6 km and with a width of 200 m (Figure 2). The project is interpreted to be a gold rich epithermal system containing gold and base metals associated with quartz-epidote-chlorite veining (Figure 3). Historic drilling has been carried out on the southern end of the soil anomaly (Figure 2 and Figure 4), but the extent and continuity beyond this outcrop not tested. This area has seen limited drilling on only 6% of its strike length and the drilling has not tested the most anomalous part of the soil anomaly. However, significant intersections in historic drilling have been made, including 52m @ 2.11g/t Au including 10m @ 3.2g/t Au and 6m @ 6.55g/t Au.

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The diamond drill rig has been mobilised to site and drilling started on Saturday 31 July 2021. The total program comprises three diamond holes for 350 m (Table 1; Figure 2), which should be completed by the end of August, with results expected by the end of September. The main aims of exploration diamond drill programme are:

• Drill test historic drill hole results.

• Collect petrophysical downhole survey data on all diamond holes.

• Review and categorise the relevant rock classes present downhole.

• Review orientations or structures and mineralisation downhole.

• Review and interpret the controls on mineralisation.

The three diamond drill holes are spaced 40m apart and will target a 120m wide zone of surface gold mineralisation on top of the ridge at the Prairie Creek Prospect (Figure 2). The holes are optimally positioned to test the historic results to map the geometry of the veins and structures controlling the gold mineralisation and have sufficient overlap between holes to test the continuity of gold grades along strike and down dip. The holes are planned to drill east at 60° but may change based on the results from the first hole drilled. The drill strategy is to drill PLPC002 first to understand the geology and orientation of the structures. The orientation of the next two holes will be adjusted as required.

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Figure 2. Planned drill locations and access track relative to gold soil anomalies

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Figure 3. Sample of gold bearing epithermal quartz veins hosted by Torsdale Volcanics stuff

Hole ID	EAST	NORTH	RL	Dip	Azimuth	Depth
PLPC001	230170	7279384	476	-60	90	100
PLPC002	230210	7279384	483	-60	90	150
PLPC003	230250	7279384	479	-60	90	100

Table 1. Prairie Creek planned diamond drill collar details

All three holes are planned to intersect the gold mineralisation intersected by the historic drilling. The first planned hole to be drilled (PLPC002) is 10 m south of a high-grade gold zone intersected in historic drilling, which included an intersection of 1.0 m at 10.8 g/t Au in DD93GW9 from 47m (Table 1). The historic holes have been drilled in several different directions, which makes interpretation of the geometry of the gold veins difficult.

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Figure 4. Interpreted geology of the Prairie Creek prospect from four historic holes

The hole depth of the proposed holes is dependent on geology, alteration and mineralisation intersected downhole. The expected host geology includes andesitic tuffs and mixed intermediate and acid tuffs from the Torsdale volcanics. Younger granite and syenite bodies intrude the volcanic tuff at around 100m depth (Figure 4). Epithermal quartz dominated veins host the gold mineralisation (Figure 3), mainly hosted by the volcanic rocks but also occur in the underlying granite and syenite intrusives.

The drilling is planned to be completed by the end of August, with assay results available from midSeptember. This programme will be followed by grid exploration RC drilling along the gold soil anomaly constrained by the interpreted geometry and control on the gold mineralisation derived from the logging and analysis of the diamond drilling.

About Duke Exploration

Duke is an Australian exploration company with majority interests in five granted exploration tenements for copper, gold and silver exploration areas located in Queensland and New South Wales, Australia.

Duke’s key assets comprise:

• EPM 26499, EPM 27474 and EPM 27609 – Bundarra project (100% owned copper exploration project near Mackay, Queensland);

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• EPM 26852 – Prairie Creek Project (91% owned (9% Capgold) gold exploration project near Rockhampton, Queensland); and

• EL 8568 – Red Hill Project (100% owned copper exploration project near Red Hill, New South Wales).

In addition, Duke also has an interest in four New South Wales Cu-Au porphyry tenements currently operated by Lachlan Resources Pty Ltd, a wholly owned subsidiary of ASX listed Emmerson Resources (ASX:ERM). Duke currently holds a 5% interest in two of these tenements and a 10% interest in the other two tenements that is free carried to BFS.

The most advanced target for the Company is the Mt Flora prospect in the Bundarra project, one of the numerous Bundarra project’s prospects, which has resource development potential for copper, silver and gold. All historical data from the mine at the Mt Flora prospect have been checked in the field by diamond drilling and ground geophysics, which have confirmed the tenor and scale of copper, silver and gold mineralisation mined previously. There are five other areas with similar development potential on the Bundarra project as defined by historical mining, geology and geophysics.

Our aim is to develop an Indicated Mineral Resource at the highest priority prospect as a priority to allow feasibility studies to be undertaken to establish an economic mining operation and to delineate additional Inferred Mineral Resources from the current known exploration target areas to grow the project into the future. The Company also intends to drill the more conceptual exploration targets on the Prairie Creek project and Red Hill project (see www.duke-exploration.com.au for more project details).

The exploration and development strategies are to simultaneously carry out resource development work on those targets evaluated and ranked as high priority, starting at Mt Flora, while exploring the regional potential of the Bundarra pluton. The aim is to discover a pipeline of resource development projects around the Bundarra pluton to add to the Mt Flora project organically. pXRF soil sampling and gradient array resistivity and induced polarization (GAIP) surveys continue to be carried out to the south and east of the surveys, towards the Roger and Isens prospects. Detailed 3D IP data have been acquired, targeting the GAIP anomalies at Quorn and Absolon. The geophysical results from the Quorn target area have been used to carry out scout exploration drilling, which has intersected new zones of copper, silver and gold mineralisation outside the Mt Flora resource area.

Competent Person Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Dr Greg Partington, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of The Australian Institute of Geologists.

Dr Partington is employed by Duke Exploration Pty Ltd as a consultant through Kenex Pty Ltd. He has over 30 years of experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, 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’. Dr Partington consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Duke Exploration Limited www.duke-exploration.com.au

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Appendix 1 - JORC Code, 2012 Edition, Checklist of Assessment and Reporting Criteria

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (e.g., cut	•	Triple-tube HQ sized diamond core samples are being
techniques		channels, random chips, or specific specialised		collected via diamond drill rig. The recovery of core is
		industry standard measurement tools		measured and recorded by the driller and checked and
		appropriate to the minerals under investigation,		corroborated by the logging geologist when metre
		such as down hole gamma sondes, or handheld		marked.
		XRF instruments, etc). These examples should	•	pXRF analysis is conducted to provide indicative
		not be taken as limiting the broad meaning of		lithogeochemical data by taking 3 analyses per sample
		sampling.		interval. These analyses were taken using an Olympus
	•	Include reference to measures taken to ensure		Vanta M series XRF Analyser with all beams enabled for
		sample representivity and the appropriate		10 seconds each.
		calibration of any measurement tools or systems	•	Core is to be cut in half with half retained and half
		used.		assayed. Core to be crushed and pulverised. Gold will
	•	Aspects of the determination of mineralisation		be assayed by 50g fire assay and AAS (ALS code Au-
		that are Material to the Public Report.		AA24) and 33 other elements by four acid digestion
	•	In cases where ‘industry standard’ work has		with ICP-AES (ALS code ME-ICP61).
		been done this would be relatively simple (e.g.,
		‘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 (e.g., submarine nodules)
		maywarrant disclosure of detailed information.
Drilling	•	Drill type (e.g., core, reverse circulation, open-	•	An AED Alton track mounted diamond rig was used to
techniques		hole hammer, rotary air blast, auger, Bangka,		recover HQ sized core. 3 m rods were used, and triple
		sonic, etc) and details (e.g., core diameter, triple		tube methods were used to ensure sample recovery,
		or standard tube, depth of diamond tails, face-		especially through clay zones. Core was oriented using
		sampling bit or other type, whether core is		a reflex tool.
		oriented and if so,bywhat method,etc).
Drill sample	•	Method of recording and assessing core and	•	The drilling crew measure each run and record the
recovery		chip sample recoveries and results assessed.		amount of core recovered. This is double checked by
	•	Measures taken to maximise sample recovery		the geologist when the core is metre marked.
		and ensure representative nature of the samples.	•	Triple tubing is being used to ensure maximum sample
	•	Whether a relationship exists between sample		recovery
		recovery and grade and whether sample bias
		may have occurred due to preferential loss/gain
		of fine/coarse material.
Logging	•	Whether core and chip samples have been	•	All core is to be logged by a geologist at a centimetre
		geologically and geotechnically logged to a		resolution. Features of interest that were logged
		level of detail to support appropriate Mineral		include lithology, alteration, structure and chemical
		Resource estimation, mining studies and		composition (acquired through pXRF analysis).
		metallurgical studies.		Downhole Optical Televiewer, Acoustic Televiewer
	•	Whether logging is qualitative or quantitative in		and petrophysical logging, including magnetic
		nature. Core (or costean, channel, etc)		susceptibility, resistivity, natural gamma and density
		photography.		measurements, were also conducted and paired with
	•	The total length and percentage of the relevant		geological and geotechnical logging. This logging
		intersections logged.		provides information on structure, contacts, veining
				etc. in the form of dip and dip direction measurements
				at a 10 cm resolution.
			•	Geological logging is considered qualitative while
				structural, geochemical and geotechnical logging via
				pXRF geochemical analysis, downhole Televiewers and
				petrophysical logging is considered quantitative. All
				core trays arephotographed,as well as lithologies of

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				interest in the core.
Sub-	•	If core, whether cut or sawn and whether	•	Core is sawn in half, with half retained in trays, and the
sampling		quarter, half or all core taken.		other half assayed. Sampling is considered
techniques and sample	• •	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and		representative of the in-situ lithologies collected and the consistent half-core sampling.
preparation		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 beingsampled.
Quality of	•	The nature, quality and appropriateness of the	•	Gold to be assayed by 50g fire assay and AAS (ALS
assay data		assaying and laboratory procedures used and		code Au-AA24) and 33 other elements by four acid
and laboratory	•	whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld		digestion with ICP-AES (ALS code ME-ICP61). ME- ICP61 is a near total method, with only the most resistive minerals partially dissolved.
tests		XRF instruments, etc, the parameters used in	•	A pXRF Vanta m-series analysed each sample using 3
		determining the analysis including instrument		beams in geochemistry mode. Each beam was set to
		make and model, reading times, calibrations		10 seconds for a total of 30 seconds and targeting 39
		factors applied and their derivation, etc.		elements. pXRF readings were taken at a rate of three
	•	Nature of quality control procedures adopted		per sample interval on the core. It is recognised this is
		(e.g., standards, blanks, duplicates, external		an imperfect method and is only used to give an
		laboratory checks) and whether acceptable		indication of geochemistry while waiting for laboratory
		levels of accuracy (i.e., lack of bias) and		assay results.
		precision have been established.
Verification	•	The verification of significant intersections by	•	Drilling is ongoing.
of sampling		either independent or alternative company	•	No data will be adjusted.
and assaying	•	personnel. The use of twinned holes.
	•	Documentation of primary data, data entry
		procedures, data verification, data storage
		(physical and electronic) protocols.
	•	Discuss anyadjustment to assaydata.
Location of	•	Accuracy and quality of surveys used to locate	•	The drillholes have been pegged using a Garmin GPS
data points		drill holes (collar and down-hole surveys),		unit. The holes will be located by a surveyor at the end
		trenches, mine workings and other locations		of the programme. Downhole surveys including a
		used in Mineral Resource estimation.		downhole gyro will be used on all holes.
	•	Specification of the grid system used.	•	The grid system is MGA94 Zone 56
	•	Quality and adequacy of topographic control.	•	Topographic control has been adopted from a recent
				aerial lidar survey. The topographic control is
				considered to be highly accurate.
Data spacing	•	Data spacing for reporting of Exploration	•	The drilling is to be carried out on a 40m spaced line.
and		Results.	•	No physical compositing of samples will occur in this
distribution	•	Whether the data spacing and distribution is		drilling.
		sufficient to establish the degree of geological
		and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
	•	Whether sample compositinghas been applied.
Orientation	•	Whether the orientation of sampling achieves	•	The drilling has been planned near perpendicular
of data in		unbiased sampling of possible structures and		based on the current geological understanding. The
relation to geological	•	the extent to which this is known, considering the deposit type. If the relationship between the drilling		drill direction of the final two holes drilled in the programme will be adjusted based on the interpretation of the first hole drilled.
structure		orientation and the orientation 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.	•	All samples are being collected form the drill rig and
security				taken to a core logging yard located on the same
				property as the drilling. Once logged the core will be
				transported to ALS via Followmont. The samples will

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				not be left unattended and a chain of custody is
				maintained throughout the shipping process.
Audits or	•	The results of any audits or reviews of sampling	•	No audits have been conducted by external parties at
reviews		techniques and data.		this stage.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number, location and	•	EPM 26852 – Prairie Creek Project (91% Duke owned
tenement		ownership including agreements or material issues		and 9% Capgold) gold exploration project 120 km
and land tenure		with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national	•	southwest of Gladstone and 25 km southwest of Biloela, in central Queensland. No known impediments.
status		park and environmental settings.
	•	The security of the tenure held at the time of
		reporting along with any known impediments to
		obtaininga licence to operate in the area.
Exploration	•	Acknowledgment and appraisal of exploration by	•	The area has been explored by several companies in
done by		other parties.		the past including CRAE, ACM Gold and ActivEX. The
other				resulting work includes a total of 15 holes drilled into Prairie Creek and 3 holes drilled into Gossans West,
parties				located 5km to the north-east. A total of 1039 historic
				soil samples have been taken over Prairie Creek which
				highlighted a promising north-eastern gold trend along
				the ridgeline.
Geology	•	Deposit type, geological setting and style of	•	Prairie Creek is a highly anomalous gold prospect. It is
		mineralisation.		interpreted to sit in the middle of an epithermal system
				typified by anomalous gold and base metals, being
				confined by nature, and being associated with quartz-
				epidote-chlorite veining. The prospect was discovered
				by stream sampling followed by rock chip sampling
				and mapping. The veins are hosted by andesitic tuffs
				(pale grey) and mixed intermediate and acid tuffs (mid
				grey) but historic drilling also confirmed the vein sets
				penetrate the underlying granite and syenite intrusives.
Drill hole	•	A summary of all information material to the	•	See Figure 1, Figure 2, Figure 3 and Figure 4 and Table 1
Information		understanding of the exploration results including		in the main text.
		a tabulation of the following information for all
		Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation
		above sea level in metres) of the drill hole
		collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on
		the basis that the information is not Material and
		this exclusion does not detract from the
		understanding of the report, the Competent
		Person should clearlyexplain whythis is the case.
Data	•	In reporting Exploration Results, weighting	•	Drilling is ongoing and no assays have been finalised to
aggregation		averaging techniques, maximum and/or minimum		date.
methods		grade truncations (e.g., cutting of high 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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		examples of such aggregations should be shown
		in detail.
	•	The assumptions used for any reporting of metal
		equivalent values should be clearlystated.
Relationship	•	These relationships are particularly important in	•	These are the first holes drilled into the prospects and
between		the reporting of Exploration Results.		the orientation of the mineralisation is not known. The
mineralisati on widths	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		holes are thought to be drilling perpendicular to the mineralisation based on interpretation of the historic drilling.
and	•	If it is not known and only the down hole lengths
intercept		are reported, there should be a clear statement to
lengths		this effect (e.g., ‘down hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and	•	See Figure 1, Figure 2, Figure 3 and Figure 4 and Table
		tabulations of intercepts should be included for		in the main text.
		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	•	Drilling is ongoing and no assays have been returned
reporting		Results is not practicable, representative reporting		to date.
		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,	•	A desktop study was completed to map the geology
substantive		should be reported including (but not limited to):		at a local and regional scale and delivered 2D
exploration data		geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test		geological maps and 3D geological models.
		results; bulk density, groundwater, geotechnical
		and rock characteristics; potential deleterious or
		contaminatingsubstances.
Further	•	The nature and scale of planned further work (e.g.,	•	Depending on the results from the diamond drilling, a
work		tests for lateral extensions or depth extensions or		grid pattern RC drill programme will be planned to test
		large-scale step-out drilling).		the anomalous soil results trending north-east from
	•	Diagrams clearly highlighting the areas of possible		the Prairie Creek prospect (Figure 2).
		extensions, including the main geological
		interpretations and future drilling areas, provided
		this information is not commerciallysensitive.

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