Bridging Report EL 28136 Blueys Bridging Period Year 4 (2015-2015)

Abstract

EL 28136 'Blueys' lies 90 km east-northeast of Alice Springs, adjacent to the Historic Arltunga Reserve. Blueys is a known Cu-Ag prospect. Previous workers have drilled the main prospect, but no resource has been established. Sporadic, minor intersections of anomalous mineralisation were encountered beneath the surface dolomitic outcrops at the Blueys Prospect during previous explorers initial shallow phases of Airtrack and Reverse circulation drilling. Deeper diamond holes have been drilled into SkyTEM anomalous within the tenement (away from main Blueys Prospect) intersecting pyritic shales within the Bitter Springs Formation overlying the Heavitree Quartzite, no significant mineralisation was recorded. During this bridging period Core undertook extensive exploration on EL 28136. During the previous reporting year Core had identified the Blueys and Inkheart Prospects as drill ready targets. During this bridging period Core drilled 13 reverse circulation (RC) holes into the Blueys Prospect and 22 RC holes at the Inkheart Prospect, over two phases of drilling. Core also collected a further five rock chip samples from the Inkheart Prospect, undertook a petrological study on five drill chip samples from the Inkheart Prospect, fully rehabilitated both phases of drilling and became 100% owners of the tenement after a purchase agreement was finalised with the former joint venture holders. The work program on EL 28136 has identified high grade thin Pb + Ag + Cu Zn Sb secondary mineralisation at shallow depths at the Blueys Prospect and moderate to high grade primary Pb + Zn + Ag Cu Sb mineralisation at the Inkheart Prospect. Core believes that these two prospect are formed during the same mineralisation event. Mineralisation at Inkheart is associated with quartz carbonate veining within a bleached foliated shale of the Bitter Springs Formation (BSF). It is unclear whether the mineralisation is locally controlled by structures or compositional factors within the BSF. Core has hypothesized that the primary mineralisation at Inkheart is related to fluid movement along the bounding structures which form the contacts between the BSF, Heavitree Quartzite (HTQ) and the Aileron Province basement units. Core's further exploration planning within EL 28136 is focused on diamond drilling at the Inkheart Prospect to test the contact between the BSF and the HTQ at depth to test for evidence of fluid flow and/or mineralisation. Diamond core would also allow the company to further understand the characteristics of the mineralised quartz veining within the BSF. Core also plans on undertaking a phase of regional exploration over the untested mapped BSF within EL 28136 using reconnaissance mapping and surface geochemical surveys.