Exploration upside

Potential for Runruno gold deposit extension

The Runruno gold deposit has potential for extension within the current FTAA and is open towards north (Bit-ang), and south (Malilibeg South), with further prospects to the east (Kori Kura). The key focus for 2022 exploration is the Bit-ang area north of the current active open pit.
  • Bit-ang Area: This covers the contiguous Bit-ang, Balcony and Pasto areas within and beyond the planned Stage 5 ultimate pit design, located north of Stage 3.  Geophysical surveys have been completed including Electrical Resistivity Tomography (ERT) and Induced Polarization (IP) which generated multiple targets.  Together with additional mapping to refine the structural model, previous geochemical anomalies and the latest three-dimensional lode model, drilling targets were generated around these overlapping anomalies.  A total of 109 diamond and reverse circulation drill holes aggregating to 10.5 km was approved to upgrade the resource confidence and extend the mine life.  Drilling commenced early in 2022.
  • Kori Kura prospect: Located just east of the Runruno gold deposit, around one of the highest point within the FTAA license area.  Kori Kura ridge is a preserved lithocap with traces of enargite and barite reported during historical exploration.  Both are key high-sulphidation minerals thus indicating a potential epithermal and/or related porphyry Cu+Au deposit preserved beneath the silica cap.
  • Malilibeg South: Immediately south of the Runruno gold deposit, Malilibeg South Inferred Resource of 7.55 Mt @ 1.40 g/t Au & 0.12 % Mo for 0.34 Moz Au and 19.98 Mlb Mo was certified in 2013. Mineralisation is open to extension particularly towards the south.  Additional high-grade blocks amenable to underground mining could be the catalyst for this deposit to take-off and thus extend the Runruno life-of-mine.