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Cayley Lode Discovery – Where is the Gold?

➢ Selected drill core samples scanned at 100µm looking for gold ‘peaks’

➢ Those gold ‘peaks’ then scanned at 25µm to identify the deportment / association of the gold

✓ Of the ‘normal’ Cayley Lode mineralisation, typically 0.1-0.5g/t but can be up to 5.0g/t, gold is

most commonly associated with bornite and chalcopyrite

X However, for extremely high grades (say +10g/t), it would appear the gold is associated with a

late quartz-pyrite phase probably related to a cooler base-metal / precious metal style of

mineralisation

X The quartz-pyrite associated high-grade gold is unlikely to report to a sulphide concentrate

❖ The implication is that the high gold grades must be tightly constrained / severely top-cut in the

resource to ensure the ‘unrecoverable’ (rare) high grades are not smeared through the Mineral

Resource estimate so that they are not misrepresented as recoverable metal

❖ There is an option to include a gravity circuit in the process plant design to capture the high-

grade gold - bonus

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