TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

Jun 6, 2021

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ASX Announcement

Media Release

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NEW DISCOVERY AT QUORN WITH VISIBLE COPPER SULPHIDES INTERSECTED TO 200M

7 JUNE 2021

Duke Exploration (ASX Code: DEX) is excited to announce that all planned exploration RC holes drilled at Quorn intersected visible copper mineralisation in stacked mineralised zones with widths up to 53 m, like the geometry of the copper, silver and gold mineralisation at Mt Flora from surface to 230 m depth. This announcement is to provide hole details and geological information from the logging to date as of 4 June to provide geological context before the assays are finalised in July.

Highlights

• Exploration RC drilling has started testing the electrical geophysical targets at Quorn and Absolon, with three holes completed for 747 m of a planned nine-hole 2,000 m exploration drilling programme.

• Historic copper, silver and gold drill intersections confirmed at Quorn and new mineralisation intersected at depth, to the south and northeast, with all holes intersecting visible copper mineralisation supported by pXRF analysis.

• Up to 140 m widths of copper sulphide mineralisation, in the form of chalcopyrite, has been logged in the exploration holes at Quorn from the surface to a vertical depth of 200m over a length of 400 m and a width of 200 m, confirming, as interpreted from the 3D IP, that Quorn has the potential to be a larger mineralised system than Mt Flora.

• First samples submitted for analysis, with first assays expected in July.

• Exploration drilling of the conductive anomalies at Quorn provides more evidence that 3D IP can directly map the presence of copper and silver mineralisation in the region around the Bundarra pluton contact at the surface and to a depth of around 300m.

• Down hole data is being acquired to help better understand the geometry and controls on the mineralisation intersected, which will allow the planning of pattern drilling for resource development at Quorn.

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• Follow up exploration drilling of the 3D IP targets at Quorn and the pole-dipole conductive and chargeability anomaly south of Absolon is continuing with the rig moving to the pole-dipole conductive anomaly target south of Absolon.

Details of the work reported in this announcement are outlined in Appendix 1 - JORC Code, 2012 Edition, Checklist of Assessment and Reporting Criteria.

Commenting on progress – Philip Condon, MD:

“The preliminary results of logging the samples from the exploration drilling at Quorn, which is supported by pXRF analysis, is very exciting and beyond our expectations. We can already see from the preliminary exploration drilling that the exploration target listed in our prospectus at Quorn will be met and potentially exceeded as drilling of the new zones of mineralisation discovered in the exploration holes progresses (2,000,000-4,300,000 tonnes at 0.3-0.6% Cu for 6,000-25,800 tonnes of copper, 10-15g/t Ag for 643,000-2,000,073 ounces of silver and 0.2-0.3g/t Au for 12,000-41,000 ounces of gold. See www.duke-exploration.com.au to download the Independent Geologists Report for the details of the Exploration Target). The results from the exploration drilling and electrical geophysical surveys at Quorn have increased our confidence that additional new discoveries will continue to be made around the remaining 46 km perimeter of the Bundarra Pluton contact as our regional exploration progresses.”

Future Work Programme

• Deliver Interim Maiden Resource at Mt Flora by end of June.

• Complete Phase Two RC drilling at Mt Flora and start resource estimate update by the end of the June Quarter.

• Complete exploration drilling at Quorn to test the 3D IP anomalies and potential resource drilling following assay results.

• Complete exploration drilling to test the south Absolon pole-dipole anomaly target.

• Extend the gradient array and pXRF soil sampling to cover anomalous areas from the Quorn surveys that are open to the east, north and south.

• Complete electrical geophysical and pXRF soil surveys over the Rogers areas, to allow the next phase of exploration drill planning to be completed.

• Finalise land access and drill planning at the Prairie Creek gold target.

This announcement has been authorised for release by the Board.

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Philip Condon Managing Director p.condon@dukeexploration.com.au Ph +61 417 574 730

Toko Kapea Chairman t.kapea@dukeexploration.com.au Ph+64 27 534 2886

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Technical Information

Quorn and Absolon Preliminary Exploration Drilling Results

As reported in the announcement of 29 April, four RC holes for 900 m were planned at Quorn and two RC holes for 600 m at Absolon. These holes were designed to test the potential for copper, silver and gold mineralisation spatially associated with the recently reported 3D IP conductivity and pXRF copper soil anomalies and collect detailed down hole geophysical, geochemical and optical data to better understand the geology (Figure 1 and Figure 2). These data will be used to confirm the lithological and geometric relationships of the known copper, silver and gold mineralisation at Quorn, which will lead to planning of a first phase of pattern resource development drilling.

Three holes were also planned for 900 m, to test the significant conductivity and chargeability anomalies in the near surface to 250 m depth just to the south of Absolon (Figure 1, Figure 2 and Figure 3). This anomaly is within the Bundarra pluton and just to the south of a near surface conductive anomaly in the Absolon GAIP survey. This is the largest and most depth extensive conductivity anomaly mapped at Bundarra to date, has never been tested before and could lead to the discovery of a new style of mineralisation at Bundarra that, based on the pole-dipole anomalies could be more extensive than the targets currently being tested at Bundarra, including Quorn (Figure 3).

Figure 1. Location map of Quorn target area in relation to Bundarra regional survey areas, IP line in relation and VTEM anomalies.

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Figure 2. Location of completed holes at Quorn and planned holes at Absolon in relation to historic drill holes and granodiorite contact.

Figure 3. Line 652850 E IP inversion results, showing main target for exploration drilling of the new anomaly south of Absolon. Conductivity (inverse of resistivity) and Chargeability sections top and bottom panels respectively (See Figure 1 for location).

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Three exploration RC holes for 747 m have been completed at Quorn to 4 June (Figure 4 and Figure 5; Table 1), with all holes intersecting sulphide mineralisation in drill chips (Figure 6). Copper sulphide mineralisation in the form of chalcopyrite was logged in all the exploration holes at Quorn from the surface to a vertical depth of 220 m over a length of 240 m and a width of 360 m, confirming as interpreted from the 3D IP that Quorn has the potential to be a larger mineralised system than Mt Flora.

Hole QNRC002 was planned to twin and test deeper than the historic intersection of 44.0 m at 0.48 % Cu and 12.2 g/t Ag from 16 m in MFP1 (Figure 4 and Figure 5). Visual logging supported by pXRF analysis confirms the width of the mineralised intersection in MFP1 and also suggests that similar mineralisation occurs as stacked zones for an additional 140 m beneath the historic intersection, giving a potential mineralised intersection of nearly 200 m (Figure 5). The geometry of stacked zones of mineralisation in this hole appears to be like the ore body geometry at Mt Flora.

Figure 4. Detailed map of location of completed holes at Quorn in relation to historic drill holes and granodiorite contact.

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Exploration drilling of the conductive anomalies at Quorn confirm the ability of 3D IP to directly map the presence of copper and silver mineralisation in the region around the Bundarra pluton contact at the surface and to a depth of around 300 m. Down hole data is being acquired to better understand the geology and the geometry of the copper sulphides and controls on the mineralisation intersected, which will allow the planning of pattern drilling to start resource development work at Quorn.

The results from the drilling even at this early stage at Quorn are another significant step forward in developing a successful mining operation at Bundarra and is providing more confidence in the project hosting additional resources of copper, silver and gold to that already found at Mt Flora. The scale of the mineral system at Quorn and the number of new targets around Quorn suggest that a near surface long life mining operation may be present at Bundarra, particularly when the other electrical geophysical targets are included.

Follow up exploration drilling of the 3D IP targets at Quorn and the pole-dipole conductive and chargeability anomaly south of Absolon is continuing with the rig moving to the pole-dipole conductive anomaly target south of Absolon. The first samples from the exploration drilling at Quorn have been submitted to the laboratory in Townsville for analysis, with first assays expected by the end of July,

Figure 5. Drill section of the first exploration hole at Quorn where visible chalcopyrite (copper and silver) was logged relative to historic holes, 3D IP conductivity model and the granodiorite contact.

Prospect	Phase	Hole	Type	Easting	Northing	RL	Depth	Az	Dip	Status
Quorn Quorn	E1 E1	QNRC001 QNRC002 QNRC003	RC RC RC	653,633 653,715 654,013	7,569,444 7,569,533 7,569,493	316 322 410	249 249 249	90 90 180	-55 -55 -55	Mineralised Mineralised Mineralised
Quorn	E1

Table 1. Drill collar details (MGA94 Zone 55) of exploration holes at Quorn (Figure 2 and Figure 4).

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Figure 6. Chalcopyrite logged from drilling at Quorn.

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:

• § EPM26499, EPM27474 and EPM 27609 – Bundarra Project (100% owned copper exploration project near Mackay, Queensland),

• § 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.

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The highest priority 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 historic data from the mine at the Mt Flora Prospect has 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 historic mining, geology and geophysics.

Our aim in the next two years is to develop an Indicated Mineral Resource at the Mt Flora Prospect to allow feasibility studies to be undertaken and o delineate additional Inferred Mineral Resources from the current known exploration target areas. 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).

Competent person statement

The information in the ASX announcement is based on information compiled by Dr Gregor Partington, who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Dr Gregor Partington has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which 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’ (the JORC Code).

Dr Gregor Partington is engaged by Duke Exploration as Operations Manager and consents to the inclusion of the information in the ASX announcement in the form and context in which it appears.

Drilling first exploration hole at the Quorn prospect and logging system for exploration drilling at Quorn analysing sample chips, using pXRF.

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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 channels,	•	One-metre primary samples were collected using a
techniques		random chips, or specific specialised industry standard		reverse circulation drill rig, which when split is
		measurement tools appropriate to the minerals under		approximately 10% of the total meter sample. The quality
		investigation, such as down hole gamma sondes, or		of the sample has been being actively measured using
		handheld XRF instruments, etc). These examples should		various quality control techniques, focusing on keeping
		not be taken as limiting the broad meaning of sampling.		holes dry, reducing dust loss and optimising sample
	•	Include reference to measures taken to ensure sample		delimitation. The quality of the sampling has been
		representivity and the appropriate calibration of any		independently reviewed and is deemed to be high, and
		measurement tools or systems used.		fit-for-purpose to be used in mineral resource
	•	Aspects of the determination of mineralisation that are		estimations. Various quality control metrics are actively
		Material to the Public Report.		monitored to ensure the quality of samples collected.
	•	In cases where ‘industry standard’ work has been done		Such measures include:
		this would be relatively simple (e.g., ‘reverse circulation		• Every effort is made to ensure all samples are drilled
		drilling was used to obtain 1 m samples from which 3 kg		dry and when this is not possible samples are logged
		was pulverised to produce a 30 g charge for fire assay’). In		as wet, and the quality designation ranking lowered
		other cases, more explanation may be required, such as		and considered in the resource estimation.
		where there is coarse gold that has inherent sampling		• The measuring and monitoring of total RC sample
		problems. Unusual commodities or mineralisation types		weights to measure total recovery and metre
		(e.g., submarine nodules) may warrant disclosure of		delineation of the drilling (after correcting for
		detailed information.		density based on lithology averages and volume
				differences based on bit size)
			•	pXRF analysis for some alteration and common rock-
				forming elements was carried out on every metre by
				taking a small ~25g sample from the bulk RC sample and
				analysing using an Olympus Vanta M series XRF Analyser
				with all three beams enabled with each beam set to 10
				seconds each.
			•	Calibration checks were performed by the handheld XRF
				analysers at least once fortnightly to ensure that the
				analyser was operating within factory specifications
Drilling	•	Drill type (e.g., core, reverse circulation, open-hole	•	Reverse circulation drilling equipment with face
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc) and		sampling hammers were used to collect samples. The
		details (e.g., core diameter, triple or standard tube, depth		drilling was conducted by a McCulloch DR 800 drill rig
		of diamond tails, face-sampling bit or other type, whether		with Sulli 350/1100compressor, a Mercedes powered
		core is oriented and if so, by what method, etc).		350/1100 Sulli compressor. Boosters is a Detroit 8V92
				type 650 psi to a maximum of 900psi. All drill bits used
				were face sampling Schramm 650 series 143 mm, had a
				shroud size of 141 mm, and they were sized to suit as
				they wore. Teeth are 8 PCD outer and 9 tungsten inner
				teeth. All rods were Manutech Rods which are 6 metres
				long 4 inch outside diameter. All sample hoses are 3 inch
				Inside diameter.
Drill sample	•	Method of recording and assessing core and chip sample	•	All sample recovery information was digitally recorded on
recovery		recoveries and results assessed.		the rig using locked auto-validating excel spreadsheets.
	•	Measures taken to maximise sample recovery and ensure		Samples were weighed using digital scales and recoveries
		representative nature of the samples.		were estimated based on average density of logged
	•	Whether a relationship exists between sample recovery		lithology, bit diameter (indicating volume of sample) and
		and grade and whether sample bias may have occurred		total sample weight. The recovery was constantly
		due to preferential loss/gain of fine/coarse material.		monitored using live-updating graphs indicating when
				recoveries were out of control or showing unfavourable
				trends.
			•	An auxiliary booster was used to maximise air pressure to
				improve sample recovery, which allowed holes to be
				drilled dry. Where samples were drilled wet, they have
				been logged as such. Furthermore, constant monitoring
				of recoveries via measurement and evaluation of total
				sample weights on the rig enable recoveries to be
				maximised.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			•	There is no relationship between sample recovery and
				grade and no correction or weighting factors were
				required.
Logging	•	Whether core and chip samples have been geologically	•	Chip samples have been geologically and geotechnically
		and geotechnically logged to a level of detail to support		logged to a level of detail to support mineral resource
		appropriate Mineral Resource estimation, mining studies		estimation, mining studies and metallurgical studies. All
		and metallurgical studies.		chip samples have been geologically logged to 1m
	•	Whether logging is qualitative or quantitative in nature.		resolution on the rig recording information on rock type,
		Core (or costean, channel, etc) photography.		mineralogy, mineralisation, fabrics, and textures. This
	•	The total length and percentage of the relevant		logging is paired with logging conducted using the
		intersections logged.		downhole Televiewer information which can log to at
				least 10cm resolution and records structural information
				for contacts, foliation, banding, veining etc. in the form
				of dip and dip direction measurements., resistivity,
				natural gamma and density measurements are also used
				to assist this logging.
			•	The logging for the RC drilling was qualitative for the
				geological data collection and quantitative for structural,
				geotechnical and geochemical data. A handheld XRF was
				used to collect continuous geochemical data and
				Televiewer optical and acoustic data collection allows
				the measurement of structural and geotechnical data.
			•	All one metre samples from the drilling have been
				geologically logged and the geological data recorded in
				the drill database. Subsamples were also collected and
				stored in chip trays for future reference.
Sub-	•	If core, whether cut or sawn and whether quarter, half or	•	All other samples were split using a cone splitter fixed to
sampling		all core taken.		the side of the drill rig, a device aimed at reducing
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		splitting variance. Holes were kept dry wherever possible using an auxiliary booster. The cone Splitter is able to deal with wet samples without introducing bias.
preparation		appropriateness of the sample preparation technique.		This has been independently reviewed and is considered
	•	Quality control procedures adopted for all sub-sampling		an appropriate technique to collect large-volume
		stages to maximise representivity of samples.		samples when extractor, delimitation and preparation
	•	Measures taken to ensure that the sampling is		errors are well managed.
		representative of the in situ material collected, including	•	For this project, the quality assurance and quality
		for instance results for field duplicate/second-half		control on the primary calico sample were excellent,
		sampling.		resulting in good metre delineation, minimal sample loss
	•	Whether sample sizes are appropriate to the grain size of		and good water management.
		the material being sampled.	•	RC drill chips were delivered to a cone splitter, then
				weighed on receipt at the laboratory and dried in an LPG
				oven for 24hrs @ 95° C. Samples to 3kg are full
				pulverised to 85% passing 75µm in a FLSmidth LM5 mill.
				Samples >3kg are spilt 50:50 using a 25mm aperture
				riffle splitter prior to pulverising. Samples were then
				scooped from the LM5 bowl and put into brown paper
				bags, after which the final charge weight was prepared
				by scooping from the bag using a spoon.
			•	The quality of the sampling preparation has been
				discussed in the announcement text and is considered of
				very good quality, supported by sufficient quality control
				data (duplicates). The techniques have all been
				independently reviewed and are all considered
				appropriate and fit for purpose.
			•	The sample size is considered appropriate for the
				mineralisation style.
Quality of	•	The nature, quality and appropriateness of the assaying	•	The nature of the laboratory processes has been
assay data		and laboratory procedures used and whether the		discussed in the announcement text in more detail. The
and laboratory	•	technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the		total 50g fire assay technique with aqua regia digest and AAS finish is considered appropriate for Au analysis. ME- ICP was used to analyse a total of 33 elements, including
tests		analysis including instrument make and model, reading		Cu and Ag. When a sample returned a value exceeding
		times, calibrations factors applied and their derivation,		the analysis limit of Cu or Ag, the sample was re-
		etc.		analysed using an ore grade analysis method to
	•	Nature of quality control procedures adopted (e.g.,		accurately define the final analysis grade. The quality
		standards, blanks, duplicates, external laboratory checks)		was carefully controlled by both Duke and ALS.
		and whether acceptable levels of accuracy (i.e., lack of	•	A pXRF Vanta m-series analysed each sample using 3
		bias) andprecision have been established.		beams ingeochemistrymode. Each beam was set to 10

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				seconds for a total of 30 seconds and targeting 39
				elements, specifically anomalous copper. The pXRF
				Vanta m-series was calibrated once a week and the
				prolene pXRF windows were changed upon noticing any
				imperfection on the surface. A blank standard was
				analysed once a week or following the prolene window
				change.
			•	QC samples were inserted in the form of Certified
				Reference Materials, blanks, crush duplicates and pulp
				duplicates. The results showed the laboratory delivered
				consistent results throughout the campaign. Bias and
				variance acceptance testing showed positive results,
				with the only issue noted the elevated variability in
				pulps.
Verification	•	The verification of significant intersections by either	•	All significant intersections were inspected and verified
of sampling		independent or alternative company personnel.		by the Competent Person.
and	•	The use of twinned holes.	•	The data is collected via Duke Exploration Ltd.’s auto-
assaying	•	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)		validating, controlled spreadsheets with drop down menu entry. These sheets are loaded into an Access
		protocols.		database using automatic scripting and are then
	•	Discuss any adjustment to assay data.		subjected to a range of further tests for errors. Any
				issues were communicated to site within 24 hours and
				resolved before the data was accepted. The data is then
				validated within the database and brought into
				Micromine and further visual checks conducted. One
				database administrator conducts all data merging and
				storage into the database to ensure the integrity of the
				data.
			•	No data has been adjusted.
Location of	•	Accuracy and quality of surveys used to locate drill holes	•	The drill holes have been accurately surveyed using a
data points		(collar and down-hole surveys), trenches, mine workings		mmGPS in MGA 94/Zone 54.
		and other locations used in Mineral Resource estimation.	•	Downhole survey data was collected using a North
	•	Specification of the grid system used.		seeking solid state gyro during the downhole data
	•	Quality and adequacy of topographic control.		acquisition. The gyro results were checked by the down
				hole surveyor by comparing them with the deviation
				data obtained with other down hole tools (OPTV and
				ATV) and by duplicating a total of three surveys. The
				location accuracy of sample data points is considered by
				the Competent person to be highly accurate and
				properly quality controlled.
			•	Topographic control has been adopted from a recent
				aerial geophysical programme and has been corrected
				to height values from the DGPS survey. The topographic
				control is considered to be highly accurate.
Data	•	Data spacing for reporting of Exploration Results.	•	The drilling reported has been carried out on a
spacing and	•	Whether the data spacing and distribution is sufficient to		60mx60m grid. The holes are drilled to an average depth
distribution		establish the degree of geological and grade continuity		of around180m.
		appropriate for the Mineral Resource and Ore Reserve	•	Geological and grade continuity has been confirmed
		estimation procedure(s) and classifications applied.		across the 60m drill spacing.
	•	Whether sample compositing has been applied.	•	No physical compositing of samples has occurred in this
				drilling.
Orientation	•	Whether the orientation of sampling achieves unbiased	•	The drilling orientation has been determined via
of data in		sampling of possible structures and the extent to which		Televiewer structural interpretation and hole are
relation to geological	•	this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to		oriented perpendicular to the main banding and veins. Where the terrain is challenging the drill pads were moved along the line and the drill dip was steepened to
structure		have introduced a sampling bias, this should be assessed		intersect the drill target at depth. In these circumstances
		and reported if material.		the drill intersection is not perpendicular to the
				geological structures or mineralisation, particularly
				where the holes are vertical.
			•	There is no apparent bias in any of the drilling
				orientations used.
Sample	•	The measures taken to ensure sample security.	•	All samples were removed from site on the day of drilling
security				and stored inside a secure warehouse facility. The
				samples were transported by a certified freight company
				to ALS Laboratories. The samples are not left unattended

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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 this
reviews		techniques and data.		stage. Internal review by various company personnel has
				occurred.

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 26499 ‘Bundarra’ is located south of Nebo, QLD,
tenement and		ownership including agreements or material issues		and is held 100% by Duke Exploration Ltd. Parts of
land tenure		with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical		the tenement have native title interests with the Barada Barna people.
status		sites, wilderness or national park and environmental	•	No known impediments.
		settings.
	•	The security of the tenure held at the time of
		reporting along with any known impediments to
		obtaining a licence to operate in the area.
Exploration	•	Acknowledgment and appraisal of exploration by	•	Production at Mt Flora began in the 1880s.
done by other		other parties.		Numerous shafts, to a maximum depth of 38 m, adits
parties				and surface workings were developed. Mining continued during the 1970s. Exploration since the
				1960s included geological mapping (Endeavour Oil
				1974-75) soil surveys (CRA Exploration 1962,
				Endeavour Oil 1974-75, Regency Resources 2005),
				rock chip sampling (Endeavour Oil 1974-75,
				Chesterfield Mining and Exploration 1983, Elliot
				Exploration 1987, Dominion Gold Operations 1991,
				Queensland Metals Corporation 1994), Geophysics
				(magnetics by Planet Metals in 1967 and Elliot
				Exploration 1987, gravity by Carpentaria Gold in
				1984, IP by Endeavour Oil in 1975, and VTEM by
				Regency in 2014). Endeavour Oil drilled six diamond
				drillholes in 1975, and Queensland Metals
				Corporation drilled two percussion holes in 1994.
				Endeavour Oil 1974-75 carried out trial underground
				mining, metallurgical test work and resource
				estimation. Endeavour Oil did extensive work at Mt
				Flora from 1974-76, including detailed 1:500 scale
				mapping, rock chip sampling, geophysics, drilling and
				extending adits and shaft sinking. Petrology was done
				on ore material taken from the base of a shaft sunk
				on the Flora lode in 1972 (Endeavour Oil, 1974). Near
				surface narrow lode mineralisation was detected in
				the Mt Flora area using IP geophysics, and Endeavour
				Oil considered IP to be a useful reconnaissance tool.
				Six diamond holes were drilled to successfully test IP
				anomalies at depth. In 1974-75 Endeavour Oil
				undertook a mining exploration programme and used
				this work to complete a resource estimate for the Mt
				Flora lodes.
			•	Elliot Exploration re-assayed the Endeavour Oil core
				for gold in 1987. In 1994 Normandy drilled two holes:
				MFP 01 and MFP 02 near the top of Mt Flora, and
				Regency Mines 2001-2013 did mapping and soil
				sampling, and apparently drilled RC holes in 2001,
				although no data were reported.
Geology	•	Deposit type, geological setting and style of	•	Copper, gold, silver and molybdenum mineralisation
		mineralisation.		at Bundarra is located within 300 m of the contact
				zone between the Bundarra Granodiorite and Back

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				Creek Group sediments. Argillite, mudstone, siltstone
				and sandstone has been contact metamorphosed to
				an andalusite hornfels for a 800m wide zone
				surrounding the Bundarra pluton. Mineralisation at
				Mt Flora occurs in structurally controlled lodes, which
				crosscut the granodiorite-sediment contact, with
				mineralisation occurring on both sides of the contact.
				Mineralisation is hosted by faults and fractures,
				associated with sheeted quartz veins, hematite,
				limonite and pyrite. The lodes have massive sulphides
				with high copper percentages (>10%). Silver and zinc
				are present, as well as molybdenum and gold. It is
				interpreted the mineralisation at Quorn is similar.
Drill hole	•	A summary of all information material to the	•	See Figure 1, Figure 2, Figure 3, Figure 4 and Figure 5
Information		understanding of the exploration results including a		and Table 1 in the main text.
		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 clearly
		explain why this is the case.
Data	•	In reporting Exploration Results, weighting averaging	•	No intervals were composited for this
aggregation		techniques, maximum and/or minimum grade		announcement.
methods		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 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	•	These are the first holes drilled into the Quorn
between		reporting of Exploration Results.		prospect and the orientation of the copper
mineralisation widths and	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		mineralisation is not known. The holes are thought to be drilling perpendicular to the mineralisation based off 3D IP models and mapping surrounding outcrops.
intercept	•	If it is not known and only the down hole lengths are
lengths		reported, there should be a clear statement to 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, Figure 4 and Figure 5
		tabulations of intercepts should be included for any		and Table 1 in the main text.
		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	•	No assays have been returned for the current drilling.
reporting		Results is not 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,	•	A desktop study was completed by Core Metallurgy
substantive		should be reported including (but not limited to):		Pty Ltd, using the most recent drill data and
exploration data		geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock		flotation test work results to perform an order-of magnitude assessment of processing and operating options for a mine at Mt Flora. The goal of the study
		characteristics; potential deleterious or contaminating		was to produce indicative flowsheets and the
		substances.		associated capital and operating costs to
				subsequently evaluate the feasibility and economic

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www.duke-exploration.com.au

14

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				viability of producing a copper concentrate via
				conventional open pit mining and processing
				methods from deposits in the Bundarra project
				area.
			•	The cost estimates provided within the review are
				of a preliminary nature and should have an
				expected accuracy range of 25% to 45%. Scoping
				test work to assess metallurgical processing options
				was conducted by Core in May and June 2019 and
				these data were used to constrain the review.
			•	Key assumptions include all mining will be from an
				open-pit, throughput rate will be 500,000 tonnes
				per annum of sulphide ore, a concentrate grade for
				copper of 24% and silver of 398 g/t Ag, concentrate
				filter cake delivered to Mt Isa by road transport and
				a locally based drive in/out workforce is available at
				Mackay or in the surrounding area.
			•	The study considered twelve processing options
				with the Base Case capital cost estimate for the
				supply and construction of a concentrator with a
				nominal capacity of 500,000 dry tonnes per annum
				to produce a saleable rougher copper concentrate is
				estimated at approximately A$56.3 million.
			•	Order of magnitude operating costs for a greenfield
				EPCM and second-hand process plant, at A$31-34
				per tonne, were significantly lower compared to
				Builder Owner Operator (A$47-51 per tonne) and
				Contract Crushing / Direct Shipped Ore (A$65-89 per
				tonne) options.
			•	A copper cut-off grade of 0.2% Cu represents the
				economic cut-off grade for the project using the
				current copper price and cost estimates above.
Further work	•	The nature and scale of planned further work (e.g.,	•	Further work will include drilling other prospects
		tests for lateral extensions or depth extensions or		(Quorn) around the Bundarra Pluton to test results
		large-scale step-out drilling).		returned from GAIP, MLEM and 3D IP geophysical
	•	Diagrams clearly highlighting the areas of possible		surveys and pXRF soil surveys.
		extensions, including the main geological	•	Collection of GAIP data is ongoing to map conductive
		interpretations and future drilling areas, provided this		anomalies associated with historic workings and
		information is not commercially sensitive.		VTEM anomalies.
			•	The regional scale pXRF soil survey mapping Cu
				anomalies on a 80x80 grid is ongoing and eventually
				planned to cover the 50km2area of the Bundarra
				Pluton and contact zone.

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