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Altona Mining: TURKEY CREEK – Erste Vorratsschätzung

TURKEY CREEK – ERSTE VORRATSSCHÄTZUNG

– Erzvorrat Turkey Creek von 11,3 Mio. Tonnen mit 0,46 % Kupfer für 52.100 Tonnen enthaltenes Kupfer.

– Die Lagerstätte Turkey Creek liegt unmittelbar neben der geplanten Aufbereitungsanlage.

– Erzvorrat des Kupferprojekts Cloncurry liegt bei 86 Mio. Tonnen mit 0,50 % Kupfer und 0,07 g/t Gold für 427.000 Tonnen enthaltenes Kupfer und 205.000 Unzen enthaltenes Gold.

– Vorratszunahme verlängert die Lebensdauer der Mine auf 13 Jahre.

– Vorratszunahme wird Projektrenditen verbessern.

– Turkey Creek wird bei Beginn des SRIG-Joint-Venture in die Projektoptimierung eingeschlossen.

– Investitions- und Betriebskosten haben sich erwartungsgemäß seit 2012 DFS und 2014-Update verbessert.

Altona Mining Limited (Altona oder das Unternehmen – http://www.commodity-tv.net/c/mid,3159,Companies_und_Projects/?v=286622) gibt die erste Erzvorratsschätzung für die Lagerstätte Turkey Creek bekannt. Diese Lagerstätte liegt auf dem sich zu 100 % im Besitz des Unternehmens befindlichen Kupferprojekts Cloncurry in der Nähe von Mt Isa, Queensland.

Das Kupferprojekt Cloncurry ist Gegenstand eines geplanten 330-Mio.-AUD-Joint-Venture (JV) mit Sichuan Railway Investment Group (SRIG) (siehe Pressemitteilung vom 2. Juni 2016 für weitere Informationen über das SRIG-JV).

Das geplante Bergbauprojekt Little Eva liegt innerhalb des Projekts Cloncurry. Turkey Creek liegt 1,5 km östlich der geplanten Tagebaumine Little Eva und innerhalb von 650 m einer geplanten Aufbereitungsanlage mit einer Kapazität von 7 Mio. Tonnen pro Jahr, die auf den gewährten Abbaukonzessionen liegt (Abbildungen 1 und 3).

Folgend die Vorratsschätzung:

11,3 Mio. Tonnen mit 0,46 % Kupfer Kupfer für 52.100 Tonnen enthaltenes Kupfer.

Diese Erzvorratsschätzung wurde basierend auf der Integration in den Minenplan der Mine Little Eva durchgeführt. Der Minenplan für die Entwicklung der Mine Little Eva wurde in dem der ASX am 13. März 2014 vorgelegten Update der endgültigen Machbarkeitsstudie dargestellt. Die Tagebaugrube Turkey Creek wird 1,15 km lang und 175 m tief sein (Abbildung 2) und Sulfiderz an die geplante nahe gelegene Aufbereitungsanlage Little Eva liefern. Zurzeit sieht der Minenzeitplan den Abbau von Turkey Creek gegen Ende der Projektlaufzeit vor.

Der Vorrat basiert auf Ressourcen, die mit einem unteren Cut-Off-Gehalt von 0,3 % ausgewiesen wurden und als vermutliche Ressource klassifiziert ist (siehe Pressemitteilung vom 18. März 2015). Eine detaillierte Zusammenfassung der dahinterstehenden Daten und der Methodik finden Sie in Tabelle 3 (Tabelle 1 des JORC Code 2012).

Der Vorrat besteht vollständig aus Sulfiderz, das zwischen 25 m und 160 m unter der Oberfläche lagert. Eine Oxidationszone, die sich von der Oberfläche bis in Tiefen von 25 m bis 45 m erstreckt, wurde in die Schätzung nicht eingeschlossen, da im Rahmen der Flotationstestarbeiten (Sulfidierung) keine akzeptablen Ausbringungsraten erzielt wurden.

Folgend der gesamte Erzvorrat des Projekts Cloncurry:

86 Mio. Tonnen mit 0,50 % Kupfer, 0,07 g/t Gold für 427.000 Tonnen enthaltenes Kupfer und 205.000 Unzen enthaltenes Gold.

Eine vollständige Aufschlüsselung der Vorratsschätzung finden Sie in Tabelle 1. Die Erzvorratsschätzung ist in der Ressourcenschätzung Turkey Creek eingeschlossen (Tabellen 2 und 3).

Ein Neuentwurf der Infrastrukturanordnung für das Projekt wurde angefertigt, um eine Tagebaumine auf Turkey Creek (Abbildung 3) unterzubringen. Eine Nachbesserung für die Umweltbehörde wurde ebenfalls angefertigt, um die Änderungen im Betriebsplan zu berücksichtigen.

Die aktuelle Lebensdauer der Mine beträgt 11 Jahre und in Anbetracht der Bemessungskapazität der Aufbereitungsanlage von 7 Mio. Tonnen pro Jahr wird Turkey Creek die Lebensdauer der Mine um ungefähr zwei Jahre verlängern. Die zusätzlichen Jahre und der Aufschub der Aufbereitung von niedrig-haltigem Haldenmaterial werden die Projektrenditen gegen über jenen im Update der endgültigen Machbarkeitsstudie angegebenen verbessern.

Der Finanzabschluss der geplanten Joint-Venture-Transaktion mit SRIG wird für den 31. Oktober 2016 anvisiert. Eine Optimierung des Projekts ist nach Beginn des JV beabsichtigt, um Turkey Creek in den Minenplan aufzunehmen und die Kosten und andere Eingangsgrößen im 2012-DFS und seinem 2014-Update zu überarbeiten. Man erwartet eine wesentliche Verbesserung der Investitions- und Betriebskosten.

Für Fragen wenden Sie sich bitte an:

Alistair Cowden
Managing Director
Altona Mining Limited
Tel: +61 8 9485 2929
altona@altonamining.com

David Tasker
Professional Public Relations
Perth
Tel: +61 8 9388 0944
David.Tasker@ppr.com.au

Jochen Staiger
Swiss Resource Capital AG
Tel: +41 71 354 8501
js@resource-capital.ch

Über Altona

Altona Mining Limited ist ein an der ASX notiertes Unternehmen, das sich auf das Projekt Cloncurry in Queensland, Australien, konzentriert. Das Projekt beherbergt Mineralressourcen, die ungefähr 1,65 Mio. Tonnen Kupfer und 0,41 Mio. Unzen Gold enthalten. Die erste vorgesehene Entwicklung ist die Kupfer-Gold-Tagebaumine Little Eva und Aufbereitungsanlage mit einer Kapazität von 7 Mio. Tonnen pro Jahr. Altona hat eine Rahmenvereinbarung mit Sichuan Railway Investment Group zur vollständigen Finanzierung und Entwicklung von Little Eva geschlossen. Little Eva ist genehmigt mit einer geplanten Jahresproduktion1 von 38.800 t Kupfer und 17.200 Unzen Gold über mindestens 11 Jahre. Eine endgültige Machbarkeitsstudie wurde im März 2014 veröffentlicht.

1Bitte beziehen Sie sich auf die ASX-Pressemitteilung Cost Review Delivers Major Upgrade to Little Eva vom 13. März 2014, die die Information bezüglich dieses Produktionsziels und die prognostizierte Finanzinformation, die auf diesem Produktionsziel basiert, zusammenfasst. Das Unternehmen bestätigt, dass alle wesentlichen Annahmen, die das Produktionsziel unterstützen und die auf diesem Produktionsziel basierenden Finanzprognosen, die in der oben genannten Pressemitteilung erwähnt werden, weiterhin gültig sind und sich nicht wesentlich geändert haben.

Aussage der kompetenten Person

Die Informationen in dieser ASX-Pressemitteilung, die sich auf Explorationsziele, Explorationsergebnisse, Mineralressourcen oder Erzvorräte beziehen, basieren auf Informationen, die von Herrn Roland Bartsch, B Sc (Hons) MAusIMM, MAIG und Dr. Alistair Cowden BSc (Hons), PhD, MAusIMM, MAIG zusammengestellt wurden. Herr Bartsch und Dr. Cowden sind Vollzeit-Mitarbeiter des Unternehmens und verfügen über ausreichendes Wissen und Erfahrung über diesen hier vorliegenden Vererzungs- und Lagerstättentyp. Ihre Tätigkeiten qualifizieren sie als kompetente Personen gemäß den Regeln des 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Herr Bartsch und Dr. Cowden stimmen den hier eingefügten Informationen, die auf ihren Informationen basieren, in Form und Kontext je nach Erscheinen zu.

Kupfer-Äquivalent

Bei Anwendung bezieht sich der Kupfer-Äquivalent auf Kupfer im produzierten Konzentrat oder im Konzentrat einer geplanten Produktion. Es bezieht sich nicht auf den Metallgehalt der Insitu Ressourcen, Vorräte oder Bohrergebnisse. Der Kupfer-Äquivalentgehalt wird für den entsprechenden Vorrat unter Berücksichtigung des Kupfergehalts aus allen Metallen (NSR) d. h. Kupfer, Zink, Gold und Silber berechnet.

Die Ausgangssprache (in der Regel Englisch), in der der Originaltext veröffentlicht wird, ist die offizielle, autorisierte und rechtsgültige Version. Diese Übersetzung wird zur besseren Verständigung mitgeliefert. Die deutschsprachige Fassung kann gekürzt oder zusammengefasst sein. Es wird keine Verantwortung oder Haftung: für den Inhalt, für die Richtigkeit, der Angemessenheit oder der Genauigkeit dieser Übersetzung übernommen. Aus Sicht des Übersetzers stellt die Meldung keine Kauf- oder Verkaufsempfehlung dar! Bitte beachten Sie die englische Originalmeldung auf www.sedar.com , www.sec.gov , www.asx.com.au/ oder auf der Firmenwebsite!

Table 1: Turkey Creek Deposit Ore Reserve

The Turkey Creek deposit Ore Reserve is reported according to the JORC Code as follows:

Class Tonnes Copper Gold ContaineContaine
(million(%) (g/t) d d
) Copper Gold

(kt) (koz)
Ore Reserve
Proven – – – – –
Probable 11.3 0.46 0.00 52.1 0
Ore Reserve 11.3 0.46 0.00 52.1 0
Total

Mining Inventory3.6 0.47 0.00 17.0 0

Notes accompanying the Ore Reserve Statement:

1. Reserves are based upon a Long Term Copper Price of US$3.00 per pound and AUD:USD of 0.80.
2. The cut-off grade is 0.16% copper.
3. Resources have been reported as Inclusive of Reserves.
4. All data has been rounded to two significant figures. Discrepancies in summations may occur due to rounding.
5. The Turkey Creek Mineral Resources are classified as Indicated and Inferred. Pit designs and pit optimisations are based on both Indicated and Inferred Mineral Resource classes.
6. The overall pit comprises 3 stages of mining. Stage 1 and 2 pits are based on a pit shell optimised on Indicated Mineral Resources only. Indicated Mineral Resources within the first two stages have all been converted to Probable Ore Reserves. All Inferred Mineral Resources and Indicated Mineral Resources within third stage are reported as Mining Inventory.

Table 2: Little Eva Project Ore Reserve

The Little Eva Project Ore Reserve is reported according to the JORC Code as follows:

Reserve Classification Tonnes CopperGold CopperGold
(%) (g/t) (tonne(ounce
s) s)

Little Eva
Proved 31,200,0.64 0.08 198,2084,700
000 0

Probable 22,200,0.50 0.09 109,9062,600
000 0

Turkey Creek
Probable
11,300,0.46 0 52,1000
000

Ivy Ann
Probable 3,500,00.60 0.08 21,0009,000
00

Lady Clayre
Probable 1,000,00.58 0.27 5,800 8,700
00

Bedford
Probable 1,430,00.87 0.20 12,4009,200
00

Total Proved and 70,630,0.57 0.08 399,40174,20
Probable Reserves 000 0 0
(excl.
stockpiles)

Little Eva Low Grade
Stockpile

Probable 15,400,0.18 0.06 28,10030,900
000

Contained Metal Including CopperGold
Stockpile (tonne(ounce
s) s)

427,00205,00
0 0

For initial disclosure of Ore Reserves other than Turkey Creek please see Altona ASX release dated 14 May 2012, subsequently updated on 13 March 2014.

Table 3: Summary of Little Eva Project Resources and Reserves

Tonnes Copper Gold ContainedContained
(million(%) (g/t) Copper Gold
)
(t) (oz)
RESOURCES
Measured 37.1 0.60 0.09 222,000 112,000
Indicated 73.0 0.52 0.07 376,000 158,000
Inferred 40.1 0.52 0.11 208,000 138,000
Total 150.2 0.54 0.09 807,000 409,000
RESERVES
Proven 31.0 0.64 0.08 198,000 84.7
Probable 39.4 0.51 0.07 200,000 89.5
Sub Total 70.6 0.57 0.08 399,000 174.2
Probable 15.3 0.18 0.06 28,000 31,000
(stockpile)

Total 86.0 0.50 0.07 427,000 205,000
Mining 5.5 0.49 0.08 27,000 14,000
Inventory

http://www.irw-press.at/prcom/images/messages/2016/36180/21062016_DE_AOH0766_First Reserve Estimate for Turkey Creek.001.jpeg

Figure 1: Project layout with new infrastructure
http://www.irw-press.at/prcom/images/messages/2016/36180/21062016_DE_AOH0766_First Reserve Estimate for Turkey Creek.002.png

http://www.irw-press.at/prcom/images/messages/2016/36180/21062016_DE_AOH0766_First Reserve Estimate for Turkey Creek.003.png

Figure 2: Turkey Creek open pit (brown) and resource outlines by JORC class and mineralisation type
http://www.irw-press.at/prcom/images/messages/2016/36180/21062016_DE_AOH0766_First Reserve Estimate for Turkey Creek.004.jpeg

Figure 3: Little Eva and Turkey Creek open pit mine and infrastructure layout

Table 3: Table 1 of the JORC Code, 2012 Edition

The table below is a description of the assessment and reporting criteria used in the Turkey Creek Mineral Resource and Reserve estimation that reflects those presented in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012).

Section 1: Sampling Techniques and Data
Criteria Commentary
Sampling The drilling dataset incorporates 53 Reverse
technique Circulation (RC) holes for a total of 7,814
s m
etres drilling.
Samples were collected at 1m intervals to
obtain an average 3-4kg weight sample for
analysis.

Samples were collected directly using a rig
mounted cyclone and cone splitter into
pre-numbered calico bags; packed by Altona
staff in

bulka bags and shipped by truck for analysis.
All samples were analysed at ALS laboratories
in Townsville.

Drilling RC using 5.5 face sampling hammers.
techniqueHoles were drilled at a dip angle of ~-60o to
s intersect mineralisation at optimal true
width
angles.

Drill Recovery was visually estimated and recorded.
sample Recoveries are considered to be excellent
recovery averaging > 90%, and typically 100%. Lower
recoveries were recorded occasionally in the

hole collars (top few metres).
The majority of the samples were dry.
Individual samples were collected into the
cyclone prior to cone splitting. Cyclone and
sampling equipment was checked and cleaned
after each
rod.

Sample bias due to preferential loss/gain for
fine/coarse material is considered well
within acceptable limits.

Logging Logging was completed by Altona Mining
geologists at the rig using Altona standard
logging
procedures.

Representative RC sample chips have been
retained for all holes in chip
trays.

Logging is qualitative and quantitative
including, colour, lithology, mineralisation,
alteration, sulphide and oxide mineralogy,
sulphide and oxide amount, texture, grain
size and
structure.

Sub-sampliNo drill core.
ng The RC samples were split to 87.5%: 12.5%
technique ratio using a cyclone and
s and cone
sample .
preparatiSplitter to obtain a 3-4kg sample for
on analysis. The samples were sent to ALS
Laboratories in Townsville for sample
preparation and analysis. ALS is an
independent commercial certified laboratory
that uses industry standard sample
preparation including drying, crushing and
pulverisation.

Sample size >3kg is considered representative
for typical copper mineralisation at

Roseby area.
Quality All samples were analysed at ALS laboratories
of assay in
data and Townsville.
laborator
y Samples were analysed using an Aqua Regia diges
tests t using ICPAES and ICP-MS (method code:
ME-MS41) for 51 elements. This included
copper, with a detection

limit of 0.2 ppm. Data reported from Aqua Regia
digestion should be considered as
representing only the leachable portion of a
particular

analyte.
On return of Cu values >1% a second series of
analyses were undertaken. This involved an
ore grade Aqua

Regia digestion (method code: ASY-AR01)
followed by ICPAES analysis, optimised for
accuracy and precision at high concentrations
(method code:
ME-OG46).

Gold was analysed via a fire assay (30g) with
an AAS finish, with a lower detection limit
of 0.01 ppm and upper detection limit of 100
ppm.

Quality Control included: standards (certified
reference materials) from

Geostats Ltd. Standards were inserted into the
sampling sequence at 1:20 ratio and included
representative material for copper, gold and
blanks; and field duplicates taken using a
riffle splitter on site for every 20th
sample. Laboratory umpire checks were also
carried out on sample pulps. The standards
were inserted into each sample batch to test
the accuracy of the laboratory
analysis.

All duplicate and reference data display
acceptable accuracy and precision.

No samples were analysed by an umpire
laboratory.

No geophysical tools were used to determine
the results reported
here.

VerificatiResults were checked by several Altona
on of personnel.
sampling
and No twinned holes.
assaying All field logging data was done using laptop
and uploaded into the company

Datashed database and validated by company
database
personnel.

All assay files were received in digital
format from ALS Laboratories. Data was
uploaded into the Altona

Datashed database and validated by company
database personnel. No manual data inserts
took
place.

No adjustments have been applied to the
results.

Location Collar locations have been surveyed using
of data Altonas own DGPS with approximately 0.1
points metre horizontal accuracy. Elevation accuracy
is considered to be less than
0.5
metres and has been verified against detailed
ground survey previously completed in the
area.

Down hole surveys were completed at the end of
each hole within drill rods by Altona
personnel using a non-magnetic Gyro tool for
azimuth and
dip.

The Grid is GDA94 MGA Zone 54.

Data 100 metre (section spacing along strike) and
spacing 50m (down dip) with typically two or three
and holes per
distribut section.
ion
Consistent 1m sample intervals are maintained
through the mineralised
domains.

Unmineralised samples (determined in the field
using a

Niton handheld XRF device) were composited for
check analysis into 3m intervals by the
laboratory in accordance with standard Altona
procedures.

OrientatioMineralisation strike is approximately north –
n of south and swings to the east in the

data in northern part of the deposit. Drilling was
relation towards the west or north as deemed
to appropriate. Drilling was completed generally
geologica at -60 degree dip and with changing dip of
l the mineralisation true widths are estimated
structure to be 80% of the down

hole intercepts in the north, 90% in the
central area and 80% in the south.

No bias is considered to result from drilling
direction.

Sample Samples from RC drilling are collected and
security bagged into pre-numbered calico bags at the
drill site during the drilling operation.
Unique sample number was retained during the
whole
process.

Samples were collected and delivered to ALS as
they were collected.

Samples were stored in Altona facilities in
Cloncurry prior to the transport to
Townsville.

All samples were then catalogued and sealed
prior to dispatch to laboratory by Altona
staff.

Audits or QA/QC samples are routinely monitored by the
reviews database manager and geologist on a batch and
campaign basis. The accuracy of key elements
such Cu and Au, was acceptable and the field
duplicate assay data was unbiased and shows
an acceptable level of
precision.

No external audits or reviews have been
undertaken.

Section 2: Reporting of Exploration Results
Criteria Commentary
Mineral Turkey Creek is within Mining Lease 90125 and
tenement Green Hills within Mining Lease 90124. Both
and land MLs are 100% owned by Altona Mining Ltd.
tenure
status
No joint ventures apply.
There are agreements in place with the native
title holders, the

Kalkadoon people and with landholders.
No significant historic sites or national
parks are located within the reported
exploration
sites.

Both Mining Leases were granted in late 2012
and are in good
standing.

ExplorationCRA Exploration completed soil surveys, RC
done by drilling and mapping at Turkey Creek. Soil
other survey and mapping identified the
parties mineralisation but drilling failed to
intersect mineralisation due to the wrong
drilling
direction.

Xstrata Exploration drilled two RC holes at
the southern portion of Turkey Creek in 2011
intersecting copper
mineralisation.

Altona Mining followed with seven RC holes in
2012 extending the mineralisation some
400
metres to the north.
Altona Mining completed an additional 44 RC
holes during
2014.

Geology Mineralisation is considered to be
hydrothermal,

stratabound and structurally controlled
following internal competency, chemical and
permeability contrast typical to the

Roseby area metasediments.
Mineralisation occurs both as fine grained
pervasive dissemination and coarse grained
vein hosted. Mineralisation is

sulphidic under shallow, approximately 25
metre, oxidised cap. Copper sulphides
include chalcocite, chalcopyrite and

bornite. Majority of the oxide mineralisation
consists of

copper oxides (malachite) and silicates.
Drill hole Exploration results are not being reported
Informatio for the Mineral Resource area. Drill
n
hole information is provided in the Mineral
Resource estimation
section.

Data Exploration results are not being reported
aggregatio for the Mineral Resource
n area.
methods

RelationshiExploration results are not being reported
p between for the Mineral Resource
mineralisa area.
tion
widths Drilling azimuths are considered to be
and approximately perpendicular to the strike
intercept and dip of the mineralisation resulting
lengths unbiased true
widths.

Diagrams Refer to ASX release dated 18/3/2015,
Figures 1 to
6.

Balanced Exploration results are not being reported
reporting for the Mineral Resource
area.

Other Exploration results are not being reported
substantiv for the Mineral Resource
e area.
exploratio
n
data

Further Additional work in the future will consist of
work diamond core drilling for metallurgical

testwork sampling, infill and exploration
step-out RC drilling resource definition
purposes.

Section 3: Estimation and Reporting of Mineral Resources
Criteria Commentary
Database Data used for estimation is stored within a
integrity SQL Server database and is managed using

DataShed software. The structure of the
drilling and sampling data is based on the
Maxwell Data
Model.

Drill data is logged directly into digital
logging systems and uploaded to the database
by the database administrator (Altona
Standard procedures since
2006).

Laboratory data has been received in digital
format and uploaded directly to the
database. (Altona Standard procedures since
2002).

In both cases the data was validated on entry
to the database, by a variety of means,
including the enforcement of coding
standards, constraints and triggers. These
are features built into the data model that
ensure that the data meets essential
standards of validity and
consistency.

Original data sheets and files have been
retained and are used to validate the
contents of the database against the
original
logging.

Extensive validation of existing collar,
downhole survey and assay data was
completed. Validation steps
included:

· Drillhole collar locations were compared to
the topographic surface.

· Downhole deviations of all drillhole traces
were examined and problematic surveys were
excluded.

· The downhole survey datum was checked to
ensure grid transformations were correctly
applied.

· All data (e.g. assay, bulk density, RQDs,
core recovery) was checked for incorrect
values by deriving minimum and maximum
values.

· Lithology data was checked to ensure
standard rock type codes were used.

· Meta-data fields were checked to ensure
they were populated and that the data
recorded was
consistent.

Site visitsA number of site visits have been undertaken
by Mr

Bartsch
No site visit has been undertaken by Mrs
Standing the independent consultant for the
Mineral Resource
estimate.

Geological Confidence in the geological interpretation
interpreta of the deposit is moderate to high. The
tion spatial extent and geometry of separate
lithological components is well constrained
by geological surface mapping and detailed
logging of RC chips, supported by soil
geochemistry and geophysical interpretation,
including
magnetics.

The Turkey Creek deposit, while copper dominat
ed,
is interpreted as part of the broader
Iron-Oxide-Copper Gold (IOCG) style mineral
system common to the Cloncurry district.

The deposit extends over 1.8 kilometres in
length. Mineralisation occurs at surface, is
exposed in sub-crop, and is confirmed
through drilling in the main zone down dip
to ~140 m vertical depth below
surface.

Copper occurs predominantly as primary
sulphides in fresh rock and as secondary
oxide minerals (malachite) within a thin
surficial cap.

Mineralisation is interpreted to be strataboun
d
, hosted within a sequence of interbedded meta
sediments
(biotite-schists, biotite-scapolite metasedim
ents
and marble). The host rocks are altered to
carbonate and albite-hematite dominated
assemblages.

The drilled mineralised zone has a simple
tabular geometry that displays strong
continuity, with true widths varying from
approximately 10-30 m (southern end) to
30-50 m (northern end). The main portion of
the deposit is oriented north and dips 60°
to the east; at its northern end, the strike
of the mineralisation and host stratigraphy
is folded sharply east and dips steeply
south. The broader mineralised sheet
displays an upper and lower zone of stronger
copper
mineralisation.

Copper sulphide mineralisation is dominated
by
disseminated
chalcocite and bornite, with subordinate
chalcopyrite both disseminated and in
carbonate
veinlets.

Geological interpretation was completed on a
sectional basis; from which geological
surfaces were interpolated to create 3D
solids for mineralisation and
lithology.

There are no alternative detailed
interpretations of geology. The geology
interpretation has been refined and is
believed to be highly robust.

The main mineralisation domains were defined
using grade constraints in conjunction with
lithological contacts. A nominal cut-off
grade of 0.2% Cu was used to define
boundaries between mineralised and
weakly-mineralised or

unmineralised domains.
Two main geological domains (Southern zone
and Northern fold area) were defined. The
Southern zone was sub-divided into a central
low grade domain and two higher grade
domains (footwall and hanging wall).
Statistical and boundary analysis verified
the domain
definition.

All domains were subdivided using a base of
oxidation surface to separate oxide
mineralisation and primary sulphide
mineralisation.

Dimensions The main zone of mineralisation extends over
1.8 kilometres in length and dips to the
east -60
degrees.

Mineralisation occurs at surface, is exposed
in sub-crop, and has been intersected in
drilling to ~ 140 m depth beneath the main
Southern
zone.

The deposit remains open to the east and at
depth.

Estimation Drillhole sample data was flagged from three
and dimensional interpretations of the
modelling mineralised
techniques domains.

Sample data was composited to a 1 metre downho
le
length.

Data has a low coefficient of variation and
top-cut grades were not
applied.

Copper mineralisation continuity was
interpreted from

variogram analyses to have an along strike
range of 150
m
etres to 250 metres and an across strike
range of 20
m
etres to 55 metres.
Drillhole spacing ranges from 50 metres to
100
metres
along strike; on-section spacing ranges from
25
m
etres to 50 metres. Maximum extrapolation
distance is 35
m
etres along strike and up to 50 metres depth,
in line with intersections from deeper

drillholes.
Grade estimation was into parent blocks of 10
mE
by 50 mN on 10 metre benches within the
Southern zone and into 10

mE by 25 mN by 10 mRL parent blocks within
the Northern fold area.

Estimation was carried out using ordinary
kriging at the parent block scale.

Three estimation passes were used; within the
Southern zone the first search was based
upon the

variogram ranges in the three principal
directions; the second search was two times
the initial search and the third search was
six times the initial search, with reduced
sample numbers required for estimation.

Data from the Northern fold area was unfolded
and block grades estimated in unfolded
space. Three estimation passes were used;
first search was based upon the

variogram ranges in the three principal
directions; the second search was two times
the initial search and the third search was
ten times the initial search, with reduced
sample numbers required for estimation.

66% of the block grades were estimated in the
first
pass.

Post-processing of the data by local uniform
conditioning was applied to estimate block
grades at the selective mining (SMU) scale
of 5

mE by 6.25 mN by 2.5 mRL.
The estimated copper block model grades were
visually validated against the input

drillhole data, comparisons were carried out
against the

declustered drillhole data and by northing,
easting and elevation
slices.

Moisture Tonnes have been estimated on a dry basis.
Moisture content has not been tested.
Cut-off The Mineral Resource is reported above a 0.3%
parameters copper cut-off grade and within 150 m of the
surface, to reflect current commodity prices
and open pit mining
methods.

Mining Planned extraction is by open pit mining.
factors Mining factors such as dilution and ore loss
or have not been
assumption applied
s to the resource esitmate.

MetallurgicNo metallurgical assumptions have been built
al factors into the resource
or models.
assumption
s Preliminary metallurgical and mineralogical
testing on samples from the sulphide
mineralisation from the main zones support
recovery and indicate that economic
concentrate grades can be
achieved.

EnvironmentThe new Turkey Creek resource will be
al factors included as a component of the Little Eva
or Development Project
assumption
s coverd by a granted Environmental Management
Plan (EMP). Accordingly the EMP will need to
be updated to encapsulate its
development.

The EMP considers a broad range of
environmental considerations
including:

· Flora and fauna
· Soils
· Radiation
· Atmospheric emissions
· Hydrogeology
· Baseline and ongoing studies form part of
EMP
requirements

Analysis of simulated tailings fluids and
solids prepared through laboratory scale
test work indicates favourable environmental
results for the neighbouring Little Eva
deposit. Simulated sulphide and oxide
tailings were found to be benign in terms of
potential for formation of acidic, saline or
metalliferous drainage.

Testwork on Turkey Creek has not been carried
out.

By nature of similar setting to Little Eva,
in-part shared host rocks and low sulphide
content, no adverse environmental
considerations have been built into the
resource
model.

Bulk In-situ bulk density values have been
density confirmed

based on physical measurements conducted on dr
ill
core samples. The average measured densities
are:
su
lphide mineralisation 2.73 t/m3; oxide
mineralisation
2.5
9 t/m3.
In-situ bulk densities applied to the
resource estimate are: oxide mineralised

metasediments 2.5 t/m3; and, mineralised metas
ediments
2.7 t/m3
ClassificatClassification for the Turkey Creek Mineral
ion Resource is based upon the continuity of
geology, mineralisation and grade, using

drillhole data spacing and quality, variograph
y
and estimation statistics (number of samples
used, estimation pass,

kriging efficiency and slope of regression).
Mineral Resources have been classified on the
basis of confidence in geological and grade
continuity using the drilling density,
geological model, modelled grade continuity
and conditional bias measures (slope of the
regression and kriging efficiency) as
criteria.

· Measured Mineral Resources – none defined
· Indicated Mineral Resources – have been
defined in areas where drill spacing is 100

metres by 50 metres or less, within a down
dip extent of up to 25

metres below the drilling and where grade
variance is
moderate

· Inferred Mineral Resources have been
defined in areas where extension of

mineralisation is supported down dip and
within the eastern extent of the

Nothern fold area.
The classification considers all available
data and quality of the estimate and
reflects the Competent Persons view of the
deposit.

Audits or The resource estimate has been internally
reviews reviewed by Altona
staff.

The geological interpretation, estimation
parameters and validation of the resource
models were peer reviewed by

Optiro staff.
Discussion The assigned classification of Indicated and
or Inferred reflects the Competent Persons
relative assessment of the accuracy and confidence
accuracy levels in the Mineral Resource
/ confiden estimate.
ce
The confidence levels reflect production
volumes on an annual
basis.

Section 4: Estimation and Reporting of Ore Reserves
(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section)
Criteria Commentary
Mineral The geological model used to estimate the Min
Resource eral Resource for Turkey Creek was developed
estimate by Altona Mining Ltd, and the block
for model/resource estimate was created and
conversion reported in March 2015 by
to Ore
Reserves Optiro.
The stated Mineral Resource is inclusive of
the Ore
Reserve.

Site visits The competent persons are regular visitors
to
site.

Study statusA Definitive Feasibility Study (DFS) was
carried out in 2011/12 for the Little Eva
Project and a cost update was completed in
2014. Input parameters for

integrating Turkey Creek into the project
were based (and adjusted as required to
reflect current conditions) on the DFS.
Mine layouts were adjusted to accommodate
the addition of Turkey Creek.

The work to incorporate Turkey Creek into
the Little Eva project has been compiled as
an addendum to the Little Eva
DFS.

All material modifying factors have been
considered.

Cut-off Minimum cut-off grades for Turkey Creek were
parameters calculated at 0.16% Cu. This is based on
the ability to mine the resource on an
economic basis. The copper price used was
based on information on consensus pricing
provided by Altona.

Cut-off grade varies over the mine valuation
period.

Mining Integration of the Turkey Creek deposit into
factors or the Little Eva Project, which envisages a 7
assumptions million tonnes per annum processing
facility (SAG/Ball and flotation circuit)
to produce a
concentrate.

Several optimisations were carried out based
on input parameters from the original DFS
and the 2014 update. Pit optimisations
were undertaken by independent resource
consultancy

Optiro Pty Ltd. and by independent resource
consultancy

Orelogy. Orelogy developed pit designs and
mine schedules.

The Ore Reserves are reported within pit
designs. Designs which are based on bulk
mining using conventional load and haul
practices, with drill and blast where
required.

The pit design was based upon pit shell
optimisations of all resource categories
(Measured, Indicated and Inferred).
Optimisations excluding Inferred resources
capture all Measured and Indicated
resources.

There are however no Measured Resources.
The overall pit slopes used for the pit
optimisation were those used for the Little
Eva pit design of 40° in the oxide zone and
43°in fresh rock No geotechnical assessment
has been conducted however geotechnical
logging indicate conditions equal to or
better than those seen at Little
Eva.

Summary of pit optimisation input
parameters:

· Direct mining costs inclusive of Load &
Haul, Drill & Blast of A$2.77/t at the
surface plus a vertical incremental cost
per 10m bench of +

A$0.072/t.
· Ore haulage cost from the Turkey Creek pit
to the Little Eva plant of

A$ 1.00/t.
· Mining recovery 96% .
· Dilution 6%.
· Processing costs are AU$10.26/t which is
inclusive
of:

– General and Administration
– Sustaining Capital
– Grade Control
– Ore haulage cost.
· Processing recovery for copper 96%.
· 25% copper in concentrate with a moisture
content of
9%
.
· Concentrate transport and shipping A$48.75
/t
.
· Concentrate treatment charge of A$93.75/t
concentrate
.
· Refining costs of A$206.68/t copper metal.
· Copper price of A$8,267/t.
· Copper payability of 96%.

MetallurgicaOre will be processed through the proposed
l factors Little Eva Project process plant at a rate
or of 7 million tonnes per annum flotation
assumptions circuit to produce a concentrate; the plant
utilises industry standard and simple
proven
technology.

The metallurgical recoveries to copper
concentrate

used for pit optimisation are based on detail
ed optimised

testwork on the neighbouring Little Eva
deposit
. Testwork carried out to date on Turkey
Creek ore indicates that at a finer grind

size the Turkey Creek ore should perform
similarly to the Little Eva ore with
respect to copper recovery.

Metallurgical testwork followed flowsheets ba
sed on previous studies and results from the
Little Eva Project and reflecting the
established DFS project process
design.

Two programmes of testwork have been
conducted.
The first testwork programme was completed
using composite samples from RC resource
drill

hole samples. GR Engineering Services
managed the

programme.The second programme used diamond d
rill

core holes targeting representative geometall
urgical
domains within the optimised pit shell.. Alt
ona managed this
programme.
Both testwork programs were conducted by
ALS
AMMTEC.

The testwork programmes showed that the
copper sulphides could be recovered into
rougher
concentrates
at around 93% copper recovery. Optimum
response (range 91 to 95% copper recovery)
was at a grind size P80 of 106

m and 75 m.
More detailed work was performed in the
second programme.

At the optimum rougher stage grind sizes of
P80 of

106 m to 75 m concentrate grades of 8.5 – 1
2.1 %

copper approximated those achieved on the
Little Eva Ore

of 8.7 – 14.7 % copper at a grind size P80
of
212
m.
A finer grind gave a higher concentrate grade

which was supported by mineralogical
analysis
which
showed copper mineral (chalcocite, bornite,
cha
lcopyrite) grain sizes predominantly in the
200 to 30

m range. A single unoptimised cleaner test
was conducted on a rougher concentrate
sample at a 106

m with regrind at a P80 of 35 m. A high
grade concentrate of 32.6%

copper was achieved. The results indicate tha
t the Little Eva flowsheet of a coarse grind
followed by regrinding of a rougher
concentrate is a viable option for the
Turkey Creek
ore.

Characterisation of the breakage behaviour
of mineralisation types from Turkey Creek
was undertaken on diamond

drillcore. Sulphide ore is softer than
Little Eva ore. Bond work indices
(
BRMWi 19.9 and BMWi 14.9) for sulphide ore
from Turkey creek are lower than the
average determined for Little Eva ore (20.4
and 18.0 respectively) within the lower end
of the range of variability displayed by
Little Eva
ore.

EnvironmentaEnvironmental impact studies have been
l completed and an Environmental Authority
(EA) was granted permitting the grant of
Mining Leases. Amendments to the EA are
required to incorporate Turkey Creek into
the Project.

An EA amendment application has been prepare
d and lodged by MBS Environmental. All
necessary studies and designs have been
completed for a revised mine layout to
include Turkey Creek

to support the amendment. A decision by the Q
ueensland Department of Environment and
Heritage
Protection
on the amendment application is pending
with no objections from affected parties
having been
received.

InfrastructuDetails of the proposed project are
re described more fully in ASX release of 13
March
2014.

The project is located in an established
mining district with close access to
required infrastructure. It is
approximately 65km by road to
Cloncurry.

Concentrate trucked 65km to Cloncurry in
half containers on existing sealed roads
within 10 km of the plant; containerised
rail to Townsville
port.

Power supply is to be provided via a
proposed 9km line from the Dugald River
mine substation. The 220KV power line to
bring power from Cloncurry to Dugald River
substation is a part of the MMG Dugald
River Project which was approved for
development in
mid-2015.

Ground water will be sourced primarily from
pit dewatering bores at active pits
supplemented by permitted dewatering of the

Blackard resource. Blackard is not currently
included in the mine plan. Back up water
can be

purchased from the Lake Julius – Ernest
Henry water pipeline which is 2.5 km from
the
plant.

A fly-in fly-out work force is to be
complemented by local drive in-drive out
employees from Cloncurry and Mt Isa.
Accommodation will be on site in a 220 man
village or in
Cloncurry.

DFS mine site infrastructure layouts and
designs have been revised by Knight

Piesold (tailings storage facility, drainage
diversions) and

Orelogy (waste dumps) to incorporate mining
of Turkey Creek.

Costs Appropriate estimating and costing
techniques and studies were used throughout
this study. Costs were apportioned
appropriately to either capital or
operating cost categories. The mining costs
are those provided by reputable mining
contractors based on a mining schedule
developed prior to the upgrade in resource
model. The processing, engineering and
other costs are obtained from: a)
quantities determined from material take
off; b) direct costs and schedules of
rates; c) spare and first fill
requirements. All other costs being
generated from various studies associated
with current activities.
Altona.

Revenue The long term copper price used is
factors US$6,614/t. Allowances are made for
transport charges and royalty charges where
appropriate. Any forward product cost
projections, exchange
rates
is based on assessment of the relevant
market
analys
t information.
Market There are currently no offtake agreements in
assessment place and these will be secured closer to a
final investment decision. It should also
be noted that Altona have experience in
this market, as they successfully secured
offtake agreements for a previous Altona
mining
operation.

Economic Inputs for the economic analysis are as
listed under Mining factors or
Assumptions.

Social All access, heritage and compensation
agreements required with key stakeholders
are in
place.

Other Natural risks, such as flooding, have been
considered in the design and work
undertaken to

mitigate against any ill effects from up to
a 1 in 100 year
event.

It is considered that the current planning
and layout can be developed into a viable
operation. However, there are several
opportunities which can be

explored prior to implementation which, if
completed, will improve the outcome.

All other legal social and government
factors have been reviewed and do not show
any signs of hindering the viability of the
project.

All titles have been checked against the Gove
rnment of Queenslands data base and appear
in order.

The primary permits required are either
already in place. It is not expected that
any outstanding permits or required
amendments will be an issue as no negative
receptors have been
identified.

ClassificatiOnly fresh (sulphide) ore has been converted
on to Ore
Reserves.

The Turkey Creek Mineral Resources are
classified as Indicated and Inferred. Pit
designs and pit optimisations are based on
both Indicated and Inferred Mineral
Resource
classes.

The overall pit comprises 3 stages of
mining. Stage 1 and 2 pits are based on a
pit shell optimised on Indicated Mineral
Resources only. Indicated Mineral Resources
within the first two stages have all been
converted to Probable Ore Reserves. All
Inferred Mineral Resources and Indicated
Mineral Resources
within
the third stage are reported as Mining
Inventory.

Audits or No previous Ore Reserves have been declared
reviews for Turkey Creek.

Inte

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