Golconda, Target 4 Exploration Target

Target 4 is the Company’s second major copper-gold exploration project. Significant work has already been completed on Target 4. This includes remote sensing using aero-magnetics, “ASTER” infrared imagery and followed up with an Induced Polarisation study. Surface exploration has included a magnetometer survey, soil sampling, outcrop mapping and sampling, and trenching. Target 4 is now "drill ready", as confirmed in an independent JORC compliant exploration report.

The working hypothesis to be drill tested at Target 4 includes a range of volumes, grades and copper potentials for both oxide and sulphide mineralisation. Estimated potential for near-surface oxide copper mineralisation ranges from 19,500 tonnes Cu (42,900,000 pounds Cu) to 243,750 tonnes (536,250,000 pounds Cu). Estimated potential for deeply buried sulphide porphyry-related copper mineralisation ranges from 48,750 tonnes Cu (107,250,000 pounds Cu) to 1,560,000 tonnes Cu (3,432,000,000) at Target 4.

The Company is planning a discovery level drilling programme for the Target 4 project, and has conducted baseline studies, and submitted a Plan of Operations to the United States Forest Service (USFS).