Bridging Report EL 29689 Copper Queen - Virgina for the period 20 August 2013 to 31 January 2015

Abstract

EL 29689 'Copper Queen - Virginia' is located approximately 100 km northeast of Alice Springs. Vehicle access into the area is reasonable, via the Stuart Highway and Plenty Highway to Mt Riddock Station and then by station tracks. During the reduced bridging period 2014-2015 Core undertook a reconnaissance phase one drilling program within EL 29689 at the Virginia Prospect and at the Copper Royals target area. This reconnaissance program drilled 18 RC holes (12 at Virginia, 6 at Copper Royals area) and intersected a thin ~3-6m low grade copper body at the Virginia Prospect. Core interprets this result as a demonstration of the mineralisation model within the Riddock Amphibolite in the Irindina Province, however the initial results at Virginia are not worthy of immediate follow up drilling. During this bridging period Core undertook an electromagnetic (EM) airborne survey over the Virginia Prospect and the Copper Royals area as part of a collaborative research initiative with the CSIRO (see Figure 1.1). Only preliminary results were available before the end of the bridging period with Core expecting processed and modelled data from the CSIRO during the first year of the grouped reporting, Albarta North GR 359. Core will assess the results of the processed data to determine if any anomalism is interpreted to be sourced from sulphides and as such is a follow up drilling target.