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CLONCURRY COPPER AND GOLD PROJECT

FLORENCE BORE NORTH AND SOUTH DEPOSITS

Mineral Resources

  • Florence Bore North and South total Inferred Mineral Resources of 1.61Mt @ 0.77% Cu and 0.15g/t Au (for 12,398t Cu and 7,607oz Au contained – ASX 30 January 2015).
  • Exploration potential for both deposits consists of possible strike extensions. In addition there is a wide zone of low grade copper mineralisation associated with the footwall host in FBS1 which remains open due to a lack of drilling - further drill testing is required.
  • Florence Bore North and South deposits have associated conductivity (SAM) anomalies. Several conductors have also been identified nearby with significant drill intersections – clear potential for further discoveries.

Figure 1. Florence Creek SAM conductivity survey with selected ActivEX drill intersections

Maiden Inferred Mineral Resource estimates (JORC Code) completed at both Florence Bore North (“FBN”) and Florence Bore South (“FBS1”) deposits located within the Cloncurry Copper and Gold Project. Total inferred mineral resources of 1.61Mt @ 0.77% Cu and 0.15g/t Au (for 12,398t Cu and 7,607oz Au contained, Table 1 - ASX 30 January 2015).

ActivEX requested independent consulting geologists H&S Consultants Pty Ltd (“H&SC”) of Brisbane, Australia to complete a resource estimate for the FBN and FBS1 deposits. The two deposits are located within the Florence Creek tenement (EPM 15285) situated about 60km southwest of Cloncurry in northwest Queensland.

EPM 15285 is located in the Eastern Fold Belt of the Proterozoic Mount Isa Inlier within the Quamby-Malbon Tectonic Zone. The Florence area is located on the margins of the Wimberu Granite and surrounding metasediments of the Malbon Group. The area is prospective for IOCG and other structurally hosted mineralisation associated with fluids emanating from the 1500Ma Wimberu Granite along northeast trending structures.

Mineralisation is related to Sub-Audio Magnetic (SAM) conductors and consists of possible skarn related copper, as chalcopyrite or oxides, depending on the depth of oxidation with significant gold associated. The deposits also contain cobalt and rare earth minerals, although these were not included in the resource estimation.

ActivEX is investigating the near surface mineralised zones for potential open pits.
The resource estimates are based on a total of 35 RC and 3 diamond drill holes for a total of 5,408m with 2,098 assay samples generally of one metre length. Mineral wireframes were developed for both deposits at a nominal 0.1% Cu cut off. Dimensions of both deposits were approximately of the order of 400m strike, 190m down dip with thicknesses ranging from a few metres to 45m. Other wireframes include surfaces for the base of alluvium cover, base of oxidation and top of fresh rock, which are based on logging codes.

A total of 618 one metre composites were extracted from the drill hole database using the mineral wireframes. No top cutting was applied to the data. Reporting of the resource estimates used a 0.5% copper cut off with a partial percent volume adjustment for the relevant mineral wireframe.

All resources are classified as inferred based on the wide drill hole spacing, the geological model, the lack of density data and the lack of grade continuity.

                                  Table 1. Resource estimate figures for                                                             Florence Bore North (FBN) and Florence Bore South 1 (FBS1)

Exploration potential for both deposits consists of possible strike extensions to the mineral structure. In addition there is a wide zone of low grade copper mineralisation associated with the footwall host in FBS1 which remains open due to a lack of surrounding drilling.

Further potential also remains with other conductivity (SAM) anomalies in the Florence area. Several nearby conductors have been drill tested and returned significant drill intersections. These and other, untested conductors demonstrate a clear potential for further discoveries.

                            Figure 2. Cloncurry Copper and Gold Project location