TRUE NORTH COPPER LIMITED — Capital/Financing Update 2022

Jun 1, 2022

ASX ANNOUNCEMENT | ASX: DEX

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02/06/2022

BUNDARRA PRIMARY TARGET QUORN RC DRILLING PROGRAM UPDATE

Significant Breccia Mineral System Copper Intersections Confirmed at ‘Quorn’; Resource Delineation Next Step

Duke Exploration Limited (ASX: DEX) (“Duke”) is pleased to announce further preliminary results from the reverse circulation (RC) drilling program that commenced in February 2022 at its flagship Bundarra project. This update is for 9 drill holes totalling 1627 m that have been completed at the Quorn Prospect. The Quorn investigation is part of the scout drilling program focussed on primary targets located in the southwestern portion of the Bundarra Intrusive Complex (BIC).

KEY POINTS

• The Quorn drilling has tested both breccia and peripheral structurally controlled copper mineralisation.

• Significant developments have been the intersection of highly anomalous copper mineralisation with associated hematite dusting which extends the downhole extent of the Quorn mineral system to over 300m. The hematite dusting alteration style is a common element of Iron Oxide Copper Gold (IOCG) mineral systems, and the Quorn intersections require more drilling and petrochemical evaluation.

• The following significant intercepts are highlighted:

Hole ID	From (m) To (m) Width (m)	From (m) To (m) Width (m)	From (m) To (m) Width (m)	Cu % Host Rock	Cu % Host Rock
BNRC019	4	45	41	0.58	Breccia
	180	211	31	0.40	Breccia
	244	247	3	0.45	Breccia
	277	295	18	0.29	Hematite
BNRC023	13	18	5	0.49	Porphyry
BNRC024	107	113	6	0.37	Shear Zone
BNRC025	197	205	8	0.43	Breccia
	284	307	23	0.19	Hematite
	315	334	19	0.45	Hematite
BNRC026	133	141	8	0.62	Shear Zone
BNRC027	34	50	16	0.33	Breccia
BNRC028	28	43	15	0.26	Breccia
	50	60	10	0.22	Breccia

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Duke Exploration Limited | ABN: 28 119 421 868
P.O. Box 2057 Ascot QLD 4007
E: info@duke-exploration.com.au | www.duke-exploration.com.au
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KEY POINTS

• Follow up resource delineation drilling is planned on Quorn to further evaluate the hematite alteration “flush” at depth plus the dimensions and copper tenor of both the breccia and shear hosted targets.

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Figure 1: Cross Section showing the features of the Quorn mineral system – breccia zone extending down to intense hematite – silica alteration zone (open ended; 19m @ 0.45% Cu; 18m @ 0.29% Cu)) with visible chalcopyrite and cross cutting porphyry plus Hornfels hosted mineralisation (8m @ 0.43% Cu; 16m @ 0.33% Cu).

The Quorn investigation is part of the scout drilling focussing on primary targets that are located in the southwestern portion of the (BIC). These targets were previously identified as a direct result of the extensive exploration program conducted in Q3 and Q4, 2021 including soil sampling, geological ground truthing and assessment, Gradient Array Induced Polarisation surveys, VTEM and airborne magnetics analysis over the entire BIC plus a 5-hole diamond drilling campaign completed in January 2022.

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

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Commenting on the Quorn RC Drilling results to date – Philip Condon, MD:

“We are very pleased to report the first pXRF results from the Quorn RC drilling program. Quorn is part of the first round of RC scout drilling and follows the successful diamond drilling campaign during Q4 2021 and Q1 2022 outside of our Mt Flora resource area. These drilling results are very encouraging in two primary ways. The first is the confirmation that the Quorn Breccia mineral system appears to be intermittently mineralised to over 300m depth and is open ended at present. Secondly, the deeper intersections starting at around 300m vertical depth of zones of intense hematite – silica alteration are indicating affinities to an IOCG mineral system. This is an extremely exciting development and will be followed up with further diamond drilling. The RC priority target scout drilling program elsewhere on the Bundarra property is continuing with drilling on the priority targets on the northern side of the BIC currently underway.

FUTURE WORK PROGRAM – Quorn Prospect

Future work at Quorn will involve a combination of the following:

• Deepening by 150-200m one of the RC drillholes by diamond drilling to explore the Hematite dusting alteration and related chalcopyrite mineralisation;

• 3-D Geological modelling of the breccia, shear zones and alteration;

• Whole rock geochemical analyses of the altered intrusive at depth;

• Resource delineation drilling to an Inferred category (Phase 1) followed by Phase 2 to Indicated if results warrant; and

• Integration of Quorn geological data into assisting targeting for the Quorn N scout drilling.

Cautionary Statement

Duke is doing its best to mitigate the impact of slow lab turnaround time and as such has taken the decision to report preliminary portable X-Ray Florescence (pXRF) analyser readings taken from each metre of RC drill chips, which are indicative of the presence and tenor of copper mineralisation.

The pXRF measurements of copper from RC chips are preliminary in nature and should be considered as an indication of the expected order of magnitude from final laboratory analysis. Previous data collected by Duke shows a strong positive correlation between pXRF and laboratory analyses for copper from RC drilling in the BIC. The analyses that are the subject of this report are all from samples that have been submitted for laboratory analysis and final results will be reported when available. It is expected that the final results will vary from those reported here.

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

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This announcement has been authorised for release by the Board.

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Philip Condon Managing Director

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

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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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Bundarra RC Drilling Update

The current RC drilling program is scout testing high ranking prospects that are the most likely areas to host significant mineralisation with high grade and/or a large extent. New targeting techniques have been tested and confirmed through recent diamond drilling, which provided important geological and structural information. Structural and alteration targets generated from a recent geophysics data synthesis and interpretation are also being integrated into the drilling program[1] . This update presents results to date of pXRF analyses of RC chips for the Quorn Prospect (Figure 2 and 2).

The current RC drilling has successfully increased the vertical extent of the Quorn mineral system from 100 m to over 300 m. Newly discovered zones at depth are related to a very siliceous intrusive with ubiquitous hematite dusting and broad zone of copper mineralisation (see below).

Shear hosted mineralisation is also apparent peripheral to the Quorn breccia. Future resource delineation drilling is planned for Quorn during Q3 and Q4 2022.

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Figure 2: Location of the Quorn Prospect current RC drill holes relative to the BIC and Mt Flora.

• 1 20220518 DEX Bundarra Geophysical Data Synthesis Generates New Copper Targets.

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

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Figure 3: Completed holes drilled to date in the Quorn Prospect, southwestern part of the BIC, corresponding with Table 1.

Table 1: Drill hole collar details (GDA94 MGA94 Zone 55) of exploration holes shown in Figure 3.

Prospect	Hole ID	Easting	Northing	RL (masl)	RL (masl)	Depth (m)	Azimuth	Dip
Quorn	BNRC018	653694	7569771		314	205	140.59	-55
Quorn	BNRC019	653759	7569517		337	301	168.59	-78
Quorn	BNRC022	653259	7570072		292	125	140.59	-60
Quorn	BNRC023	653251	7570081		290	55	140.59	-65
Quorn	BNRC024	653687	7569593		327	151	140.59	-60
Quorn	BNRC025	653690	7569593		327	349	140.59	-60
Quorn	BNRC026	653778	7569670		340	247	140.59	-55
Quorn	BNRC027	653704	7569538		322	97	350	-78
Quorn	BNRC028	653692	7569517		323	97	270.59	-55

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

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Quorn

Summary of Previous Duke Drilling

Quorn was first tested by the first Bundarra exploration scout drilling programme as announced on 28 July 2021[2.] A total of four exploration RC, one diamond and one water bore holes were drilled that all intersected copper, silver and gold mineralisation, including better results of:

• QNRC001 4.0 m at 2.66 % Cu, 4.51 g/t Ag from 199.0 m;

• QNRC002 11.0 m at 1.04 % Cu, 14.70 g/t Ag from 122.0 m;

• QNRC002 27.0 m at 0.58 % Cu, 14.86 g/t Ag from 26.0 m, and

• QNRC004 45.0 m at 0.28 % Cu, 6.24 g/t Ag from 41.0 m.

• BNDD001 15.4 m @ 1.07 % Cu, 9.52 g/t Ag from 32.0 m; and

• 22.35 m @ 0.71 % Cu, 23.11 g/t Ag from 85.3 m

(Including 3.1 m @ 1.77 % Cu, 56.7 g/t Ag from 93.0 m)

Diamond drillhole BNDD001 was drilled south from the centre of the mapped Quorn breccia outcrop that forms a roughly northeast trending 130 m by 100 m ellipsoid shape. The drill hole confirmed two distinct mineralisation styles and orientations at Quorn that can be seen in outcrop and down hole:

• the top 130 m comprises an angular breccia with clasts of foliated metasediment and granodiorite in a matrix of hydrothermal infill minerals, and

• a lower +120 m section of the hole that is dominated by strongly deformed hornfels argillite dipping northwest with isolated 1 – 2 m wide porphyry intrusions. Mineralisation below the breccia zone comprises 1 – 10 cm thick chalcopyrite-pyrite-pyrrhotite veins associated with hematite-magnetite alteration within foliated metasedimentary rock. Vein-style copper mineralisation was intersected in the bottom 120 m of the hole dipping northward, comparable to mineralisation in historic workings in granodiorite on the eastern side of the Quorn Prospect.

Current Duke Drilling

The current RC drilling has followed up on these intersections in terms of testing the Quorn breccia at depth and laterally, as well as peripheral structurally controlled copper mineralisation targets. Four of the drilled holes targeted the Quorn breccia including BNRC019, 25, 27 & 28. The RC drilling has successfully increased the vertical extent of the Quorn mineral system from 100 m to approximately 300 m below surface. Newly discovered zones at depth include 31m @ 0.4% Cu from 180 m and 18m @ 0.29% Cu from 277 m in BNRC019 and 19m @ 0.45% Cu from 315 m in BNRC025.

BNRC025 was planned to test the down dip extent of the breccia zone drilling from outside the mapped breccia at surface. The hole intersected a unique hematite altered siliceous unit underneath the Quorn breccia that has abundant sulphides. The unit has pervasive pyrite with zones of chalcopyrite. This hole was drilled in place of BNRC024 which was abandoned due to drilling mechanical issues.

• 2 Duke ASX announcement 28th July 2021 “Quorn And Absolon Drilling Results Confirm Resource Potential”

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

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BNRC019 was drilled from the centre of the Quorn breccia down plunge to test the depth extent and attempt to drill through the hematite altered siliceous unit. The silicious unit remains open laterally and at depth.

BNRC026 was drilled to test the lateral extent of the Quorn breccia. The Quorn breccia was not intersected, but an 8 m wide shear hosted mineralised zone was drilled returning 8m @ 0.62% Cu from 133 m. BNRC018 was drilled north of the Quorn breccia to test a resistivity high VTEM anomaly, thought to be associated with brecciation. The hole did not intersect breccia but a 3m wide shear hosted mineralised zone was drilled returning 3m @ 0.42% Cu from 194 m. These drill holes confirm shear hosted mineralised zones are present surrounding the Quorn breccia.

BNRC022 and BNRC023 were planned to test a pXRF Cu soils anomaly 600 m NW of the Quorn breccia. The holes did not intersect a breccia zone and the mineralisation is interpreted to be linked with porphyry intrusives cross cutting the Permian hornfels sediments. Mineralised zones were intersected near surface in both holes returning 5m @ 0.49% Cu from 13 m in BNRC023 and 6m @ 0.22% Cu from 6 m in BNRC022.

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Figure 4: Quorn mineralised area highlighting the location of the drill holes relative to the hornfels ridge line. Aerial drone image looking NNE, not to scale.

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

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Figure 5: Cross Section showing the features of the Quorn mineral system – breccia zone extending down to intense hematite – silica alteration zone (open ended; 19m @ 0.45% Cu; 18m @ 0.29% Cu)) with visible chalcopyrite and cross cutting porphyry plus Hornfels hosted mineralisation (8m @ 0.43% Cu; 16m @ 0.33% Cu).

Table 2: Significant pXRF intersections from Quorn RC drill holes, using a pXRF 0.1% Cu cut off, with a minimum width of 1 metre and including 3 metres of internal waste. Significant intersections are defined as width x Cu% > 0.5.

Hole ID	From (m) To (m) Width (m) Cu % m.Cu% Mineralisation Style
BNRC018	194 197 3 0.42 1.26 Shear hosted
BNRC019	4 45 41 0.58 23.78 Breccia
	53 68 15 0.14 2.10 Breccia
	74 80 6 0.16 0.96 Breccia
	88 91 3 0.19 0.57 Breccia
	97 128 31 0.25 7.75 Breccia
	139 151 12 0.13 1.56 Breccia
	156 161 5 0.19 0.95 Breccia
	180 211 31 0.40 12.4 Breccia
	217 223 6 0.14 0.84 Breccia
	244 247 3 0.45 1.35 Breccia
	277 295 18 0.29 5.22 Breccia
BNRC022	6 12 6 0.22 1.32 Porphyry related

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Hole ID	From (m) To (m) Width (m) Cu % m.Cu% Mineralisation Style
BNRC023	13 18 5 0.49 2.45 Porphyry related
BNRC024	107 113 6 0.37 2.22 Shear hosted
BNRC025	103 105 2 0.37 0.74 Shear hosted
	117 119 2 0.37 0.74 Shear hosted
	197 205 8 0.43 3.44 Breccia
	219 221 2 0.34 0.68 Breccia
	254 261 7 0.23 1.61 Breccia
	275 279 4 0.19 0.76 Breccia
	284 307 23 0.19 4.37 Breccia
	315 334 19 0.45 8.55 Breccia
BNRC026	122 123 1 0.91 0.91 Shear hosted
	133 141 8 0.62 4.96 Shear hosted
BNRC027	0 5 5 0.22 1.10 Breccia
	34 50 16 0.33 5.28 Shear hosted
BNRC028	28 43 15 0.26 3.90 Breccia
	50 60 10 0.22 2.20 Breccia

Table 3: Other pXRF intersections from Quorn RC drill holes, using a pXRF 0.1% Cu cut off, with a minimum width of 1 metre and including 3 metres of internal waste and intersections with width x Cu% < 0.5.

Hole ID	From (m) To (m) Width (m) Cu % m.Cu% Mineralisation Style
BNRC019	168 171 3 0.14 0.42 Breccia
	263 264 1 0.22 0.22 Breccia
	268 270 2 0.16 0.32 Breccia
BNRC022	58 59 1 0.10 0.10 Porphyry related
	109 110 1 0.24 0.24 Porphyry related
BNRC024	80 81 1 0.11 0.11 Shear hosted
BNRC025	88 89 1 0.33 0.33 Shear hosted
	111 112 1 0.13 0.13 Shear hosted
	231 232 1 0.12 0.12 Breccia
	245 246 1 0.32 0.32 Breccia
	266 269 3 0.13 0.39 Breccia
BNRC026	145 146 1 0.19 0.19 Shear hosted
	155 156 1 0.13 0.13 Shear hosted
BNRC027	9 10 1 0.14 0.14 Breccia
	54 55 1 0.24 0.24 Shear hosted
	86 87 1 0.25 0.25 Shear hosted
BNRC028	0 1 1 0.16 0.16 Breccia
	79 80 1 0.41 0.41 Shear hosted

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Figure 1: RC chips from ~300m m depth in BNRC025 at Quorn highlighting a mineralised zone associated with sulphide veining and k feldspar, hematite and sericite alteration.

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

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information reviewed by Dr James Lally, 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 Lally is employed by Duke Exploration Pty Ltd as a consultant through Mining Associates Pty Ltd. He has over 25 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 Lally 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: Application of pXRF to Bundarra RC Drilling

Duke utilises a Vanta m-series pXRF for the analysis of each 1 m sample generated by the RC drilling (Figure 3). These analyses give immediate on-site indications of copper mineralisation. The analytical method involves taking a 25 g sieved undersize sample from the RC chip metre bag. This sample is held in a multipurpose plumbing cap 3 cm in diameter and 3 cm deep. The plumbing cap is placed in a purpose built custom pXRF stand to ensure every sample is analysed at the centre of the sample. The pXRF analyses each sample using 3 beams in geochemistry mode. Each beam was set to 10 seconds for a total of 30 seconds and targeting 39 elements, specifically anomalous copper. pXRF multielement data is gathered digitally from the machine and entered into the Duke drilling database for interpretation.

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Figure 3: pXRF Vanta m-series analysing a sample at the drill rig to provide rapid indicated mineralisation grades.

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

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Appendix 2: 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
		investigation, such as down hole gamma sondes, or		quality of the sample has been being actively measured
		handheld XRF instruments, etc). These examples		using various quality control techniques, focusing on
		should not be taken as limiting the broad meaning of		keeping holes dry, reducing dust loss and optimising
		sampling.		sample delimitation. The quality of the sampling has
	•	Include reference to measures taken to ensure sample		been independently reviewed and is deemed to be
		representivity and the appropriate calibration of any		high, and fit-for-purpose to be used in mineral
		measurement tools or systems used.		resource estimations. Various quality control metrics
	•	Aspects of the determination of mineralisation that are		are actively monitored to ensure the quality of samples
		Material to the Public Report.		collected. Such measures include:
	•	In cases where ‘industry standard’ work has been done		- Every effort is made to ensure all samples are
		this would be relatively simple (e.g., ‘reverse		drilled dry and when this is not possible samples
		circulation drilling was used to obtain 1 m samples		are logged as wet, and the quality designation
		from which 3 kg was pulverised to produce a 30 g		ranking lowered and considered in the resource
		charge for fire assay’). In other cases, more		estimation.
		explanation may be required, such as where there is		- The measuring and monitoring of total RC
		coarse gold that has inherent sampling problems.		sample weights to measure total recovery and
		Unusual commodities or mineralisation types (e.g.,		metre delineation of the drilling (after correcting
		submarine nodules) may warrant disclosure of detailed		for density based on lithology averages and
		information.		volume differences based on bit size).
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,		drilling was conducted by a McCulloch DR 800 drill rig
		depth of diamond tails, face-sampling bit or other		with Sulli 350/1100 compressor, a Mercedes powered
		type, whether core is oriented and if so, by what		350/1100 Sulli compressor. Boosters is a Detroit 8V92
		method, etc).		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	•	Method of recording and assessing core and chip	•	All sample recovery information was digitally recorded
sample		sample recoveries and results assessed.		on the rig using locked auto-validating excel
recovery	•	Measures taken to maximise sample recovery and ensure representative nature of the samples.		spreadsheets. Samples were weighed using digital scales and recoveries were estimated based on
	•	Whether a relationship exists between sample		average density of logged lithology, bit diameter
		recovery and grade and whether sample bias may		(indicating volume of sample) and total sample weight.
		have occurred due to preferential loss/gain of		The recovery was constantly monitored using live-
		fine/coarse material.		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.
			•	There is no relationship between sample recovery and
				grade and no correction or weighting factors were
				required.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Logging	•	Whether core and chip samples have been	•	Chip samples have been geologically and
		geologically and geotechnically logged to a level of		geotechnically logged to a level of detail to support
		detail to support appropriate Mineral Resource		mineral resource estimation, mining studies and
		estimation, mining studies and metallurgical studies.		metallurgical studies. All chip samples have been
	•	Whether logging is qualitative or quantitative in nature.		geologically logged to 1m resolution on the rig
		Core (or costean, channel, etc) photography.		recording information on rock type, mineralogy,
	•	The total length and percentage of the relevant		mineralisation, fabrics, and textures. This logging is
		intersections logged.		paired with logging conducted using the 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	•	All other samples were split using a cone splitter fixed
sampling		or all core taken.		to 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
preparation		appropriateness of the sample preparation technique.		bias. This has been independently reviewed and is
	•	Quality control procedures adopted for all sub-		considered an appropriate technique to collect large-
		sampling stages to maximise representivity of samples.		volume samples when extractor, delimitation and
	•	Measures taken to ensure that the sampling is		preparation errors are well managed.
		representative of the in situ material collected,	•	For this project, the quality assurance and quality
		including for instance results for field		control on the primary calico sample were excellent,
		duplicate/second-half sampling.		resulting in good metre delineation, minimal sample
	•	Whether sample sizes are appropriate to the grain size		loss and good water management.
		of the material being sampled.	•	RC samples were delivered to a cone splitter, then a
				25g pulverised sample was taken as a representative
				portion to analyse using a pXRF Vanta m-series. The
				sample consisted of sieved pulverised fine material
				collected from a sieve undersize collected from the
				1m sample collection bag – this mitigates any large
				rock chips influencing the pXRF analysis. Due to the
				nature of the sample procedure it is possible the small
				sample size does not accurately reflect the large metre
				sample. A calico bag representing the sampled metre
				was sent to the lab. No pXRF duplicates or replicate
				samples were taken.
Quality of	•	The nature, quality and appropriateness of the	•	A pXRF Vanta m-series analysed each sample using 3
assay data		assaying and laboratory procedures used and whether		beams in geochemistry mode. Each beam was set to
and laboratory	•	the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining		10 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
tests		the analysis including instrument make and model,		prolene pXRF windows were changed upon noticing
		reading times, calibrations factors applied and their		any imperfection on the surface. The 25g sample
		derivation, etc.		taken from the metre bag was held in a multipurpose
	•	Nature of quality control procedures adopted (e.g.,		plumbing cap 3cm in diameter and 3cm deep. The
		standards, blanks, duplicates, external laboratory		plumbing cap was placed in a purpose build custom
		checks) and whether acceptable levels of accuracy		pXRF stand to ensure every sample analysed the
		(i.e., lack of bias) and precision have been established.		centre of the sample. The pXRF machine was kept
				under a gazebo to reduce the temperature and avoid
				overheating. No standards were used or analysed to
				adjust the data.
			•	No standards, assay repeats or blanks were used
				during collection of pXRF data.
			•	Examination of previous pXRF results on RC chips
				from Bundarra drillingusingthe same sub-sampling

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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				and analysis techniques shows a strong positive linear
				correlation with laboratory assay results (slope of 0.87
				and R2of 0.77)
Verification	•	The verification of significant intersections by either	•	The data is collected via Duke Exploration Ltd.’s auto-
of		independent or alternative company personnel.		validating, controlled spreadsheets with drop down
sampling and	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical		menu entry. These sheets are loaded into an Access database using automatic scripting and are then subjected to a range of further tests for errors. Any
assaying		and electronic) protocols.		issues were communicated to site within 24 hours and
	•	Discuss any adjustment to assay data.		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	•	The drill holes have been accurately surveyed using a
data points		holes (collar and down-hole surveys), trenches, mine		mmGPS in MGA 94/Zone 54.
		workings and other locations used in Mineral	•	Downhole survey data was collected using a North
		Resource estimation.		seeking solid state gyro during the downhole data
	•	Specification of the grid system used.		acquisition. The gyro results were checked by the
	•	Quality and adequacy of topographic control.		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 program 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 120 m
spacing	•	Whether the data spacing and distribution is sufficient		spaced holes. The holes are drilled to an average depth
and distribution		to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and	•	of around 250 m. No physical compositing of samples has occurred in this drilling.
		classifications applied.
	•	Whether sample compositinghas been applied.
Orientation	•	Whether the orientation of sampling achieves	•	The drilling orientation has been determined via
of data in		unbiased sampling of possible structures and the		Televiewer structural interpretation and hole are
relation to geological	•	extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and		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
structure		the orientation of key mineralised structures is		to intersect the drill target at depth. In these
		considered to have introduced a sampling bias, this		circumstances the drill intersection is not
		should be assessed and reported if material.		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
security				drilling 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 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. Internal review by various company

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Criteria

JORC Code explanation

Commentary

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 the
land tenure status		with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental	•	tenement have native title interests with the Barada Barna people. No known impediments.
		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	•	Production at Mt Flora began in the 1880s. Numerous
done by other		other parties.		shafts, to a maximum depth of 38 m, adits and surface
parties				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 program 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 500 m of the contact
				zone between the Bundarra Granodiorite and Back
				Creek Group sediments. Argillite has been contact
				metamorphosed to an andalusite hornfels argillite, for
				a 800m thick hornfels zone surrounding the
				granodiorite. Mineralisation at Mt Flora occurs in
				structurallycontrolled lodes,which crosscut the

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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 assumed the
				mineralisation is the same as Quorn.
Drill hole	•	A summary of all information material to the	•	See Figures 1 - Figure 10 and Tables 1 – Table 7 in the
Information		understanding of the exploration results including a		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 whythis is the case.
Data	•	In reporting Exploration Results, weighting averaging	•	Significant pXRF intersections were calculated using a
aggregation		techniques, maximum and/or minimum grade		pXRF 0.1% Cu cut off, with a minimum width of 1
methods		truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.		metre and including 3 metres of internal waste. No grade capping was applied.
	•	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 clearlystated.
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 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 Figures 1 – Figure 10 in the main text.
		tabulations of intercepts should be included for any
		significant discovery being reported These should
		include, but not be limited to a plan view of drill hole
		collar locations and
	•	appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration	•	No assays have been returned for the current drilling.
reporting		Results is not practicable, representative reporting of		The pXRF results are reported in place due to
		both low and high grades and/or widths should be		extended lab waiting times.
		practiced to avoid misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and material,		Synthesis of geophysical data
substantive		should be reported including (but not limited to):	•	The primary Cretaceous Bundarra Igneous Complex
exploration data		geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk		(BIC) comprises 4 main poly- phase plutons, with potential concealed, variably magnetic plutons and satellite stocks to the east (trending NNW along a
		density, groundwater, geotechnical and rock		possible early orogen-parallel fault zone) and
		characteristics; potential deleterious or		southwest (concealed and associated with localised
		contaminating substances.		domal folding of Blenheim Fm (Pb) sediments. The
				Bg2 & Bg4 plutons are sub-circular, magnetically
				zoned (particularly the latter), and appear potentially
				as a second phase of emplacement into the Bg1 & Bg3
				plutons.
			•	The BIC also includes numerous small-scale, sub
				elliptical to subcircular (and occasionally magnetically
				zoned)bodies;these mayinclude syn- topost-

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Criteria	JORC Code explanation	Commentary	Commentary
			primary- phase intrusive stocks (including possible
			porphyries?), and hydrothermal alteration zones
			(breccias etc?).
		•	The potential subsurface extent of the main plutonic
			complex below hornfelsed Pb sediments has been
			highlighted in the magnetic interpretation; however,
			there are ambiguities as to whether some of the
			magnetic zonation in these areas lies within the
			granitoids, or in the overlying hornfelsed sediments (a
			combination of both is probable).
		•	The BIC appears to be emplaced along a broad NE-
			trending structural corridor, with the Bg2 & Bg4
			plutons emplaced along a major ENE-trending
			transfer structure / bend along the main fault system
			(NE-1 FZ). The NE-trending structural corridor may
			represent an earlier Palaeozoic basement-basin fault,
			reactivated during and post- emplacement of the BIC.
			The faults are partially obscured by the intrusions.
		•	The main NE-1 and NE-2 FZs are associated with a
			major ENE-trending horsetail splay of fault strands
			(transfer zone) intersecting Bg4, and a N-trending
			corridor of reverse faults acting as a linking zone
			between the main NE-faults. The N-trending
			structural corridor is coincident with the Mt Flora Cu
			mineralisation.
		•	Other key structures in the district include a series of
			N-S, NW-SE and E-W trending structural corridors;
			these may represent deeper-seated, long lived fault
			zones, with potential to have influenced
			emplacement of 2nd order intrusions and/or
			hydrothermal alteration (and mineralising?) fluids.
		•	A series of 63 target zones for potential Cu, Cu-Au
			mineralisation (porphyry, hydrothermal breccia,
			polymetallic vein etc styles) have been selected based
			on lithological, structural and (where available)
			alteration criteria (from the available geophysical and
			geochemical datasets).
		•	The target zones and rankings should be reviewed
			and updated with any further data available, and
			compared to currently existing targets from previous
			studies.
			Metallurgical Testwork
		•	A desktop study was completed by Core Metallurgy
			Pty Ltd, using the most recent drill data and 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 was to produce
			indicative flowsheets and the associated capital and
			operating costs to subsequently evaluate the
			feasibility and economic 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 supplyand

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Criteria	JORC Code explanation	Commentary	Commentary
			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.

• 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 around the Bundarra Intrusive Complex (BIC) to test large-scale step-out drilling). results returned from the geophysical survey

• • Diagrams clearly highlighting the areas of possible synthesis, pXRF soil surveys and mapping and extensions, including the main geological integrating the structural studies with drill targeting. interpretations and future drilling areas, provided this information is not commercially sensitive.

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