8% Cu intersected at the Storm Copper Project, Canada 8% Cu intersected at the Storm Copper Project, Canada • Thick and high-grade near surface copper intervals continue at the 4100N Zone with intervals over 5% Cu and a peak value of 8% Cu • Drill hole SR23-13 has intersected: o 29m @ 1.2% Cu from 62.5m, including, • 3m @ 5% Cu from 86.9m, including, 1.5m @ 8.2% Cu from 86.9m • Drill hole SR23-14 has intersected: o 25.9m @ 1.3% Cu from 61m, including, • 9.1m @ 2.1% Cu from 76.2m, including, 3m @ 3.7% Cu from 82.3m • Drill hole SR23-07 has intersected: o 10.7m @ 1.3% Cu from 76.2m, including, • 4.6m @ 2.9% Cu from 76.2m, including, 1.5m @ 6.5% Cu from 76.2m • Drill hole SR23-09 has intersected: o 10.6m @ 1% Cu from 67.1m, including, • 4.6m @ 2% Cu from 71.6m • Copper mineralisation remains open in all directions • These results continue to expand the volume of the near-surface mineralisation, and provide further support for the potential of the large gravity anomaly located below the 4100N Zone.
We continue to see thick intervals of copper mineralisation hosted within predictable stratigraphic horizons. Copper grades of 8% Cu highlight the quality of the mineralisation, and there is opportunity to expand the higher-grade zones with the mineralisation open in all directions. “Our drilling this year has significantly increased the volume of the near surface mineralisation at Storm, and the scale of this alone is quickly shaping up to be what we believe will be a globally significant, low cost copper project. “The continued drilling success at the 4100N Zone provides further encouragement for the potential of the recently defined and exceptional exploration targets at depth. The largest of the geophysical targets is located directly below the 4100N Zone, and immediately adjacent to the large fault that we interpret as the main conduit for the copper mineralisation coming to surface. “We look forward to providing further updates on drilling and other exploration activities in the coming weeKS
HIGH GRADES AND THICK INTERVALS CONTINUE Assay results have been received and interpretation has been completed on drill holes SR23-07, SR23- 08, SR23-09, SR23-13, SR23-14, and SR23-15. The drill holes are located within the central part of the 4100N Zone and have been prioritised to allow resource modelling to continue on drill sections with complete data sets. The drilling results continue to demonstrate consistent copper grades and the excellent lateral continuity of the known copper mineralisation. The mineralisation is open along most sections and is defined by broad intervals of vein and fracture style chalcocite, bornite and lesser chalcopyrite hosted within a distinct, horizontally extensive dolomite. Multiple very high-grade lenses are located within the broader zones of mineralisation, and these targets and further expansion of the mineralised footprint will be a focus for follow-up drilling.
DRILL HOLE SR23-07 DETAILS SR23-07 was drilled to a downhole depth of 137.2m and is located on drill section 464,800E, the same drill section as historical drill holes ST97-14, ST99-56, and ST99-54 (Figure 2). SR23-07 intersected two horizontal zones of strong vein and fracture style copper sulphide mineralisation hosted within fractured dolomite. The grade and mineralogy are identical to that of the historical drill holes and confirm the excellent lateral continuity of the mineralisation along this section.
DRILL HOLE SR23-08 and SR23-09 DETAILS SR23-08 and SR23-09 were drilled along section 464,725E (Figure 3). The drill holes were completed to a downhole depth of 118.9m and 164.6m respectively, and were designed to test the continuity of the mineralisation between the thick intervals of copper encountered within historical drill holes ST00- 61 and ST00-62. Both drill holes intersected wide zones of vein and fracture style copper sulphide mineralisation hosted within fractured dolomite. Higher-grade zones of mineralisation (>2% Cu) are contained within the broader intervals of >1% copper sulphide mineralisation. The mineralisation on drill section 464,725E remains open to the north.
DRILL HOLE SR23-13 DETAILS Drill hole SR23-13 was completed on the same section (465,050E) as drill holes SR23-03 and SR23-04 (Figure 4). The drill hole is located to the north of SR23-03 (67m @ 1.1% Cu), and was drilled to a downhole depth of 175.3m. The drill hole confirmed the extension of the thick mineralisation to the north and intersected a broad interval of strong copper sulphide mineralisation with three higher grade bands. The lower, 1.5m thick band, consists of very dense chalcocite veining and averages 8.2% Cu. Importantly, SR23-13 remains open to the north in an area with significant EM anomalism.
RILL HOLE SR23-14 and SR23-15 DETAILS SR23-14 and SR23-15 were drilled to test continuity along the East-West main strike of the mineralisation. The holes were drilled to a downhole depth of 160m and 166.1m respectively. The drill holes have successfully confirmed the consistency of the copper mineralisation between the historical sections and increased the resource confidence in the central part of the 4100N Zone. Drill hole SR23-14 has intersected as single, very wide interval of vein and fracture style copper sulphide mineralisation with individual assays up to 4.9% Cu. Drill hole SR23-15 has also intersected a wide zone (30m) of >0.5% Cu mineralisation with higher-grade bands of >1% Cu mineralisation toward the base of the interval.
4100N ZONE – TIP OF THE ICEBERG? The new drill hole data at the 4100N Zone is helping to further the understanding of the geological setting and mineralisation processes of the Storm copper system. The drilling is revealing a laterally extensive zone of mineralisation that displays many of the features of a typical sediment hosted copper deposit, including multiple stacked copper horizons. The recent gravity survey data has highlighted a large and dense body underneath the 4100N Zone (see ASX announcement dated 9 June 2023: Breakthrough Gravity Results at Storm Copper) which is interpreted to potentially represent a larger accumulation of copper sulphides (Figure 5). Importantly, the geology of the 4100N displays marked similarities to that observed in drilling that has tested deeper parts of the system, drill hole ST22-10 which was drilled to the west and below the stratigraphic level of the 4100N Zone. The drill hole was targeting a large EM anomaly and intersected typical sediment hosted mineralogy including chalcopyrite, pyrite, sphalerite, and galena. At the 4100N Zone and elsewhere at Storm, this mineral assemblage is located peripheral to a much larger and higher-grade core dominated by chalcocite, bornite and covellite.
The geological similarities and spatial association between the 4100N Zone and ST22-10 suggests that the two types of mineralisation may be related and form part of a large, stacked copper system which hosts number of prospective stratigraphic horizons (Figure 6
STRONG EVIDENCE OF A MAJOR COPPER SYSTEM The drilling and geophysical evidence is strongly supporting the potential for a large-scale copper system within the Storm Project area. The geology of the area displays all the elements required in the sediment-hosted ore forming process: permeable carbonate rocks to act as a fluid conduit and host mineralisation, hydrocarbons to reduce metal-bearing fluids and force metal precipitation, sulphur source from bitumen and sour gas, proximity to faults known to be an effective source for plumbing, all within a favourable structural setting. A distinct zonation of metal and mineralogy is also observed at Storm. The zonation appears as a large copper-rich core (chalcocite, bornite and covellite) that gives way laterally and vertically to thinner peripheral zones of copper-iron (chalcopyrite), iron (pyrite), zinc (sphalerite) and minor lead (galena). This zonation provides a powerful vector for exploration. These key features are similar to many of the world’s major sediment-hosted copper systems, including the deposits of the Kalahari Copper Belt (Botswana) and Central African Copper Belt (DRC, Zambia)
FORWARD PROGRAM • The drilling at the 4100N Zone will be followed by resource definition drilling at the 2200N and 2750N Zone, where drilling by American West Metals during 2022 intersected high-grade copper sulphides close to surface including 41m @ 4.18% Cu from 38m (ST22-05) downhole. • Processing and interpretation of the MLEM data is almost complete. Drilling is being planned to follow-up any new MLEM anomalies. • Diamond drilling has been scheduled to test the large geophysical copper targets below the near-surface mineralisation defined in recent EM and gravity surveys. • The ore sorting, beneficiation and process optimisation continues on a range of ore types. • An environmental baseline survey will begin in the Storm area during Q3 2023. Investors can expect regular updates on the progress of drilling as well as announcements for the assay results when they become available.
Let The Drills Be Our Friends
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