Western Australia

Perrinvale Project

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Ground Electromagnetic (“EM”) Survey

During March 2019, a first pass ground electromagnetic (“EM”) geophysical survey was completed over parts of the Perrinvale Project area considered prospective for VMS style mineralisation. This work identified an initial eight widely-spaced geological conductors up to 3km long- associated with VMS mineralisation.

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Project updates

Preliminary RC Drilling

Three of the conductors were RC drilled in June 2019 as part of a 1,000 preliminary exploration program. The primary objective was to confirm the copper and zinc mineralisation reported in the early 1970s. In total, four areas were drilled, Schwabe plus three greenfield areas identified by the ground EM survey. Three holes were drilled at Schwabe, two to a 90m depth and one to 200m depth (with 1m sample intervals). The assay results received for two holes include hole 19PVRC002 which intersected 5.0m @ 9.8% Cu, 3.2g/t Au, 34.0g/t Ag & 3.1% Zn from 50m.

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Next Steps

Airborne Electromagnetic (“AEM”) Survey

A geophysical survey is being conducted by specialised airborne geophysics contractor, New Resolution Geophysics (“NRG”). The AEM survey will cover an area of approximately 114km2 covering a 22km strike length of the Panhandle Greenstone Belt, where at least eight potential base metal targets were identified, including the Schwabe prospect.

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Drilling Update

A High-Grade Copper Enriched VMS Discovery

“I am pleased to announce that Cobre has discovered a VMS deposit within its Perrinvale Project area in the Panhandle Greenstone Belt of Western Australia. Discovering a high-grade VMS system enriched in copper, gold, silver and zinc from our maiden drill program is a credit to our technical & exploration teams” Martin Holland – Executive Chairman & Managing Director

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