IRW-News: Altona Mining Ltd.: Altona Mining Ltd.: Project Cloncurry: Ressourcen-Upgrade Bedford

IRW-PRESS: Altona Mining Ltd.: Altona Mining Ltd.: Project Cloncurry: Ressourcen-Upgrade Bedford

Altona Mining Ltd.: Project Cloncurry: Ressourcen-Upgrade Bedford

- Die Mineralressource der Lagerstätte Bedford erhöhte sich auf 4,8 Mio. Tonnen mit 0,80% Kupfer und 0,21 g/t Gold.

- Zunahme des enthaltenen Kupfermetalls um 124% und des enthaltenen Goldes um 191%.

- Die gesamte Mineralressource des Projekts Cloncurry beträgt jetzt 1,67 Mio. Tonnen enthaltenes Kupfer und 0,4 Mio. Unzen enthaltenes Gold.

Altona Mining Limited (Altona oder das Unternehmen - http://www.commodity-tv.net/c/mid,5428,Company_Updates/?v=297328) gibt eine neue Mineralressourcenschätzung für die Lagerstätte Bedford bekannt. Die Lagerstätte befindet sich auf dem sich vollständig in Unternehmensbesitz befindlichen Kupferprojekt Cloncurry in der Nähe des Mt Isa in Quensland. Bedford liegt 6km südöstlich der geplanten Tagebaumine und Aufbereitungsanlage Little Eva und befindet sich auf bewilligten Bergbaupachtgebieten.

Die neue Ressourcenschätzung umfasst: 4,8 Mio. Tonnen mit 0,80% Kupfer und 0,21 g/t Gold für 38.000 Tonnen enthaltenes Kupfer und 32.000 Unzen enthaltenes Gold.

Die Ressource wird zu einem unteren Cut-Off-Gehalt von 0,3% angegeben und ist als angezeigt und geschlussfolgert klassifiziert. Eine vollständige Aufstellung finden Sie in Tabelle 1 und 2. Eine detaillierte Zusammenfassung der Hilfsdaten und Methodik wird in Anhang 1, der Tabelle 1 der 2012 Edition of the JORC Code gegeben.

Die gesamte Mineralressource des Projekts Cloncurry beträgt jetzt:

290 Mio. Tonnen mit 0,58% Kupfer, 0,05 g/t Gold für 1,67 Mio. Tonnen enthaltenes Kupfer und 0,4 Mio. Unzen enthaltenes Gold (Appendix 2).

Die neue Mineralressourcenschätzung für Bradford basiert auf einem neuen geologischen Modell, das durch detaillierte Oberflächengeochemie und geologische Kartierungen gestützt wird. Das neue Modell wurde ebenfalls von zwei zusätzlichen Kernbohrungen gestützt, die für metallurgische Proben und geotechnische Studien niedergebracht wurden.

Für die Mineralressource wird nur sulfidisches Erz angegeben, das sich von 20m bis 140m unter die Oberfläche erstreckt. Eine Oxidationszone, die sich von der Oberfläche bis in Tiefen von 20m bis 30m erstreckt, wurde in die Ressourcenschätzung nicht eingeschlossen.

Die Zunahme gegenüber der Schätzung aus dem Jahr 2012 ist in erster Linie das Ergebnis des besseren Verständnisses der Kontinuität und der Geometrie. Basierend auf Kartierungen der übertägigen Abbaustätten und einer höher auflösenden Beprobung des Kupfers im Boden konnten die vererzten Strukturen besser abgegrenzt werden. Eine Zunahme der Tonnage resultiert aus neuen Dichtedaten, die aus Bohrkernen gewonnen wurden im Gegensatz zu früheren konservativen Schätzungen.

Die Lagerstätte Bedford ist Teil der Minenentwicklung Little Eva und der Produktionsbeginn ist im Jahr 2 des Minenplans vorgesehen. Das neue Modell deutet das Potenzial zur Erweiterung der Erzvorräte Bedford an. Optimierungen der Tagebaugrube sind als Teil der Projektoptimierung geplant.

Geologie

Die Lagerstätte Bedford ist ein Eisen-Oxid-Kupfer-Gold (IOCG) -Vererzungssystem, das für den Bezirk Cloncurry typisch ist. Die benachbarte Lagerstätte Little Eva ist eine typischere IOCG-Lagerstätte mit Ähnlichkeiten zur großen Lagerstätte Ernest Henry 70km südöstlich.

Die Lagerstätte ist in einer steil nach Westen einfallenden Scherzone beherbergt, die nach Norden bis Nordnordost streicht. Die Scherzone ist zwischen 50 und 120m mächtig. Darin kommen gestaffelte und überlappende vererzte Strukturen vor. Am besten ist die Vererzung über eine Streichlänge von 2,5km in zwei getrennten Zonen entwickelt, Bedford North und Bedford South. Individuell vererzte Strukturen in Verbindung mit Erzgehalten (>0,3% Kupfer) besitzen wahre Mächtigkeiten zwischen 5 und 12m.

Die Stratigrafie der Wirtsgesteine umfasst ein Nord- bis Nordnordoststreichen, mäßig bis steil nach Westen einfallende geschichtete Abfolge von Amphibolit- und Biotitschiefer. In diese Gesteinsabfolge drangen konkordant Granit und pegmatitähnliche Intrusions-/Lagergänge ein.

Die vererzten Strukturen in Bedford South sind zum größten Teil schichtungsparallel. Laut Interpretation streichen die vererzten Strukturen in Bedford North von Nord nach Süd und kreuzen die nach Norden bis Nordost streichende Stratigrafie. Sekundäre nach Nord bis Nordost streichende Zwischenstrukturen werden entlang der Schichtung/Schieferung gefunden. Magnetit-Biotit-Alterationsparagenesen mit Quarzgängen kommen konzentriert in den vererzten Strukturen mit einer starken Feldspat-Hämatit-Alteration im Liegenden vor.

Das dominante Erzmineral ist grobkörniger Kupferkies (mit untergeordnet Magnetit, Pyrit, Magnetkies und Gold), der innerhalb von Quarzgängen, Brekzienfüllungen und eingesprengt im Wirtsgestein vorkommt.

Die Lagerstätte ist an der Oberfläche nicht aufgeschlossen. Eine unregelmäßige 20 bis 30m mächtige Verwitterungszone mit sekundärer Kupferoxidvererzung bedeckt die Lagerstätte.

Ressourcendefinition und Modellierung

Die Bohrungen werden zum größten Teil in Abständen von ungefähr 25m im Streichen und 25m in Fallrichtung über den Hauptzonen niedergebracht. Die Abstände zwischen den Bohrlinien nehmen im Streichen von den Hauptzonen auf 100m zu. Die Bohrungen umfassen 99 RC- und 2 Kernbohrungen mit einer Gesamtlänge von 10.139m. Alle Bohrungen wurden von West nach Ost niedergebracht, um die ungefähren wahren Mächtigkeiten der Vererzung zu durchteufen. Die RC-Bohrungen wurden mittels eines Face Sampling Bohrhammers durchgeführt. Eine kleine Anzahl von RAB-Bohrungen (13) wurde verwendet, wo keine anderen Daten zur Verfügung standen und die aus RAB-Daten abgeleiteten Ressourcen werden als geschlussfolgert klassifiziert.

Die Proben wurden routinemäßig in 1m-Abständen für das Protokollieren und Analyse gesammelt. Alle Proben wurden zur Multielement-ICPAES und/oder AAS-Analyse an angesehene Labors geschickt. Qualitätssicherungs-/Qualitätskontrollproben wurden routinemäßig zugegeben und überwacht. Die Qualitätsüberwachung gewährleistete, dass die Genauigkeit und Präzision dieser Analyse akzeptabel ist.

Geologische 3D-Modelle, die aus den Daten der übertägigen Kartierungen, detaillierten Oberflächengeochemie und den Bohrungen erstellt wurden, wurden zum Beleg der Ressourcenschätzung verwendet. Die Ressourcenschätzung wurde mittels Blockmodellmethodologien im Einklang mit geplanten semiselektiven Bergbauparametern durchgeführt. Kupfer- und Goldgehalte wurden mittels herkömmlichen Kriging im Blockmaßstab geschätzt. Eine Nachbereitung der Daten durch gleichmäßiges Konditionieren wurde angewandt, um Blockgehalte mit einem selektiven Bergbaumaßstab zu schätzen.

In situ Dichtewerte basieren auf physikalischen Messungen, die an Bohrkernen durchgeführt wurden, und auf Vergleichsdaten aus den benachbarten Lagerstätten.

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. Es ist vorgesehen, eine Kupfer-Gold-Tagebaumine und Aufbereitungsanlage mit einer Kapazität von 7 Mio. Tonnen pro Jahr zu entwickeln. Die Entwicklung ist genehmigt mit einer geplanten Jahresproduktion1 von 38.800 t Kupfer und 17.200 Unzen Gold über mindestens 13 Jahre. Eine endgültige Machbarkeitsstudie wurde im März 2014 veröffentlicht. Altona hat eine Rahmenvereinbarung mit Sichuan Railway Investment Group zur vollständigen Finanzierung und Entwicklung des Projekts durch deren Tochtergesellschaft in Hongkong, China Sichuan International Investment Limited, geschlossen. Der Abschluss der Transaktion ist vor dem 31. Juli 2017 geplant.

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 diesem Beicht, die sich auf Explorationsziele, Explorationsergebnisse, Mineralressourcen oder Erzvorräte beziehen, basieren auf einem Bericht von Herrn Frank Browning, MSci (Hons), MSc, GAIG. Herr Browning ist ein Vollzeit-Mitarbeiter des Unternehmens und verfügt über fünf Jahre der entsprechenden Erfahrung. Er ist aber kein Vollmitglied der AIG. Der Bericht wurde von Herrn Roland Bartsch, BSc (Hons), MSc, MAusIMM betreut und geprüft und diese Pressemitteilung beruht auf von Herrn Bartsch zusammengestellten Informationen. Herr Bartsch ist ein Vollzeit-Mitarbeiter des Unternehmens und verfügt über ausreichendes Wissen und Erfahrung über diesen hier vorliegenden Vererzungs- und Lagerstättentyp. Seine Tätigkeiten qualifizieren ihn als kompetente Person gemäß den Regeln des 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Herr Bartsch stimmt den hier eingefügten Informationen, die auf seinen Informationen basieren, in Form und Kontext je nach Erscheinen zu.

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!

Tabelle 1: Bedford Mineralressource bei 0.3% Kupfer Cut-off

Tonnen Kupfer (%Gold EnthalteneEnthaltene

(Mio.) ) (g/t) s s

Kupfer Gold

(Tonnen) (Unzen)

erkunde- - - - -

t

angezei2.3 0.95 0.23 22,000 17,000

gt

geschlu2.5 0.66 0.19 16,000 15,000

ssfolge

rt

Total 4.8 0.80 0.21 38,000 32,000

Anmerkung: Gesamtsummen könnten aufgrund Rundens abweichen.

Tabelle 2: Bedford Mineralressource bei verschiedenen Cut-off-Gehalten

Cut-off GTonnen Kupfer EnthaltenGold Enthalten

ehalt (Mio.) (%) es (g/t) es

Kupfer Gold

(% Cu) (Tonnen) (Unzen)

0 29.2 0.19 56 0. 51

,000 06,000

0.15 7.1 0.61 43,000 0.17 39,000

0.2 5.9 0.70 41,000 0.19 36,000

0.3R 4.8 0.80 38,000 0.21 32,000

0.4 4.1 0.88 36,000 0.22 29,000

0.5 3.4 0.97 33,000 0.24 26,000

R Für Mineralressource angegebener Cut-Off-Gehalt.

Tabelle 3: Vergleich der Bedford Mineralressourcesdchaetzungen ueber Cut-off-Gehalt von 0.3% Kupfer

Tonnen Kupfer (%Gold EnthaltenEnthalten

(Mio.) ) (g/t) es es

Kupfer Gold

(Tonnen) (Unzen)

2017 Schät4.8 0.80 0.21 38,000 32,000

zung

2012 Schät1.7 0.99 0.20 17,000 11,000

zung

% Änderung182% -19% 5% 124% 191%

http://www.irw-press.at/prcom/images/messages/2017/39181/Altona_DE_NEU.001.jpeg

Figure 1: Cloncurry Project location map

http://www.irw-press.at/prcom/images/messages/2017/39181/Altona_DE_NEU.002.jpeg

Figure 2: Little Eva Project layout including Bedford

http://www.irw-press.at/prcom/images/messages/2017/39181/Altona_DE_NEU.003.png

Figure 3: Bedford North block model cross section N7767750. Block colour represents ordinary kriging derived copper grade. Estimation domains and surface datasets utilised in modelling are also labelled

http://www.irw-press.at/prcom/images/messages/2017/39181/Altona_DE_NEU.004.png

Figure 4: Bedford South block model cross section N7766425. Block colour represents ordinary kriging derived copper grade. Estimation domains and surface datasets utilised in modelling are also labelled

http://www.irw-press.at/prcom/images/messages/2017/39181/Altona_DE_NEU.005.png

Figure 5: Oblique three dimensional view (looking northeast) of the classified resource model excluding oxide (Unclassified) and low grade envelope domains (Inferred)

APPENDIX 1: TABLE 1 OF THE 2012 EDITION OF THE JORC CODE

The table below is a description of the assessment and reporting criteria used in reporting the Exploration Results that reflects those presented in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Section 1: Sampling Techniques and Data

Criteria Commentary

Sampling · The drilling dataset incorporates 24 Rotary

techniqu Air Blast (RAB), 99 Reverse Circulation (RC)

es and 2 diamond drill holes for a total of

11,061m.

· RAB accounts for 8% of drilled metres and was

only

utilised

in the absence of RC or DD sampling (13 holes w

ithin resource

area

), where the tenor and thickness of

mineralisation is consistent with results from

adjacent drill sections and overlying

Cu-in-soil geochemistry. All mineralisation

delineated by RAB drilling is classified as

Inferred

Resources.

· 84% of samples were collected at 1m

intervals. The remainder were collected at 2m

intervals, with a small quantity of partial

metre sample lengths

(<1%).

· Approximately 2-3kg sample weights were

obtained from each interval for geochemical

analysis.

· 2 RC drillholes were completed by CRAE in

1990 (1.6% of drilling dataset). All remaining

drilling was conducted by Altona Mining (or

precursor company Universal Resources) between

2003 and

2015.

· CRAE RC and Universal RAB sampling procedures

are not

available.

· Altona RC samples were collected directly

using a trailer mounted cyclone and cone (35%)

or triple deck riffle splitter (65%). A small

number of wet intervals were sub-sampled with

a scoop

(<1%).

· Altona diamond core sampling was guided by

geology, with quarter or half core submitted

for

analysis.

· All samples were collected into pre-numbered

calico bags, packed by Altona staff into

polyweave or bulka bags and shipped by truck

to laboratories in

Townsville.

Drilling · RAB drilling specifications are not available.

techniqu· RC holes were drilled using 5.375, 5.5, or

es 6 face sampling

hammers.

· HQ3 and NQ3 core sizes were used in diamond

drilling.

· Holes were drilled at a dip angle of ~-60o to

intersect mineralisation at optimal true width

angles.

Drill · Core recovery was measured and RC sample

sample recovery visually estimated.

recovery

· Recoveries are considered to be excellent

averaging > 90%, and typically 100%. Lower

recoveries were occasionally observed in the

hole collars (top few metres).

· The majority of samples were dry.

· Every individual RC sample was collected into

the cyclone prior to cone

splitting.

· RC sample bias due to preferential loss/gain

of fine/coarse material is considered well

within acceptable

limits.

· Best practice methods were used for diamond

coring to ensure the return of high quality

core

samples.

Logging · All Altona drill holes were logged by

geologists at the rig using Altona standard

logging

procedures.

· Altona logging was qualitative and

quantitative including, colour, lithology,

mineralisation, alteration, sulphide and oxide

mineralogy, sulphide and oxide amount,

texture, grain size and

structure.

· Representative drill core and RC chips have

been

retained.

Sub-sampl· CRAE RC and Universal RAB sampling procedures

ing are not

techniqu available

es and.

sample · Altona RC samples were split at an 87.5% :

preparat 12.5% ratio using cyclone and cone or riffle

ion splitter to obtain a ~2-3kg sub-sample for

analysis. Occasional wet intervals were

sub-sampled using a

scoop.

· Diamond core intervals were halved or

quartered to produce

sub-samples.

· Samples were sent to ALS or SGS Analabs

Laboratories in Townsville for sample

preparation and analysis. Both are independent

commercial certified laboratories that use

industry standard preparation including

drying, crushing and

pulverisation.

· Typical sub-sample sizes are considered

representative for typical copper

mineralisation in the Cloncurry Project

area.

Quality · The majority of samples (98%) were analysed

of at SGS Analabs in

assay Townsville

data as outlined below.

and · Copper was analysed using a mixed acid

laborato digestion (hydrochloric,

ry

tests perchloric, hydrofluoric) followed by

inductively coupled plasma

atomic emission spectrometry (ICPAES) with a re-

assay of ore grade (>1% Cu) samples by

AAS

.

· From 2003 to 2006 Gold was analysed using a

50g fusion followed by aqua regia digestion of

the Au/Ag prill with a AAS

determination.

In 2009 Gold was analysed by fire assay with

AAS finish.

· Quality Control comprised standards

(certified reference materials for gold,

copper and blanks) inserted into the sampling

sequence at a ~1:20 ratio, to test the

accuracy of laboratory analysis for each

sample batch. Field duplicates were also

collected at a ~1 : 20 ratio to control

sampling precision, involving the riffle

splitting of bulk RC samples or splitting of

diamond core

sub-samples.

· Duplicate data display acceptable accuracy

and precision. Results for standard reference

materials do not exhibit positive bias beyond

Altonas two standard deviation

benchmark.

· Field duplicate 2nd split were submitted to

an

u

mpire laboratory on a 1:20 basis and compared

well

.

· No geophysical tools were used to determine

the results reported

here.

Verificat· Results were checked by several Altona

ion of personnel.

sampling

and · No twinned holes.

assaying· Field logging data was primarily collected

using a laptop and uploaded into the company

Datashed database and validated by company

database

personnel.

· All assay files were received in digital

format from SGS Analabs Laboratory. 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 · CRAE collar locations were measured using a

of data hand-held

points GPS.

· Altona RC and diamond collar locations have

been surveyed by licensed surveyors using a

DGPS with approximately 0.1m

or better horizontal accuracy. Elevation

accuracy is considered to be less than

0.5m.

RAB holes have reported accuracies from 0.005

to

3m.

· 25% of Altona RC and diamond drill holes have

been down-hole surveyed with professional gyro

systems,

6

9% have down-hole camera surveys and the

remaining 6% have collar orientations

only.

· The Grid is GDA94 MGA Zone 54.

Data · Drilling has typically been completed at 25m

spacing intervals along 25m spaced east-west sections.

and Section line spacing increases to 50-100m

distribu outside the main mineralised

tion zones.

· The majority of samples were collected at 1m

downhole intervals. Other sample lengths do

not exceed

2m.

Orientati· Mineralisation in Bedford South strikes

on of NNE-SSW, changing to a N-S orientation in

data in Bedford North. Both zones exhibit steep

relation westerly

to dips.

geologic

al · Drilling was completed to the east at -60

structur degree dip, such that with changing

e mineralisation dip, true widths are estimated

to vary from 80-100% of down hole intercepts.

· No bias is considered to result from drilling

direction.

Sample · Samples from RC and diamond drilling were

security collected and bagged into pre-numbered calico

bags at the drill site during the drilling

operation. Unique sample numbers were retained

during the whole

process.

· Samples were collected and delivered to SGS

Analabs as they were collected.

· Samples were stored in Altona facilities in

Cloncurry prior to transport to

Townsville.

· All samples were then catalogued and sealed

prior to dispatch to laboratory by Altona

staff.

Audits · QA/QC samples were routinely monitored by the

or database manager and geologist on a batch and

reviews 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 · Bedford is within Mining Lease 90164; 100%

tenement owned by Altona

and Mining.

land

tenure · No joint ventures apply.

status · 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

site.

· The Mining Lease was granted in late 2012 and

is in good

standing.

Explorati· CRAE completed mapping (Bedford South) and

on done ground magnetics, followed by 5 reconnaissance

by RC drill holes in

other 1990.

parties

· Universal Resources completed RAB (43 holes),

followed by RC (97 holes) and diamond drilling

(3 holes) from 2003 to

2009.

· Altona Mining completed an additional diamond

drill hole in 2015, as well as

assaying a previously unsampled geotechnical

diamond

hole.

· In 2015 Altona also completed detailed

mapping and high resolution soil sampling over

Bedford

North

on a 20 x 10m spacing.

Geology · Bedford deposit is interpreted to be part of

the broader Iron-Oxide-Copper Gold (IOCG)

style mineral system common to the Cloncurry

district.

· Bedford host lithology is characterised by a

north to north northeast striking, steep west

dipping interlayered sequence of amphibolite

and biotite schist, underlain by psammite and

intruded concordantly by planar

granite

and pegmatite intrusions.

· Alteration appears to be zoned, with

magnetite-biotite alteration and quartz

veining concentrated in ore zones, above a

strongly feldspar-hematite altered foot wall.

· Sulphide mineralisation is associated with a

steep west dipping shear zone and comprises

chalcopyrite and pyrite in planar bodies that

can be parallel or slightly oblique to

bedding. Copper oxide species occur above top

of fresh rock, in a ~20 to 30m zone of

variably weathered bedrock.

· Ore formation is interpreted to be

structurally controlled, with brittle

fracturing facilitating hydrothermal fluid

flow and accommodation of metal sulphide

precipitation. Structural development

at interfaces between rocks of contrasting

competency is

evident

. Moderate to shallow northerly plunging ore

shoots

are

interpreted to be the result of the low angle

in

tersection of transgressive mineralised structur

es

and

more competent stratigraphy.

Drill · Exploration results are not being reported

hole for the Mineral Resource area. Drill hole

Informat information is provided in the Mineral

ion Resource estimation

section.

Data · Exploration results are not being reported

aggregat for the Mineral Resource

ion area.

methods

Relations· Exploration results are not being reported

hip for the Mineral Resource

between area.

minerali

sation · Drilling azimuths are considered to be

widths approximately perpendicular to the strike and

and dip of the mineralisation resulting in

intercep unbiased true

t widths.

lengths

Diagrams · Refer to the Figures 1 to 5.

Balanced · Exploration results are not being reported

reportin for the Mineral Resource

g area.

Other · Exploration results are not being reported

substant for the Mineral Resource

ive area.

explorat

ion

data

Further · Additional work in the future will consist of

work diamond core drilling for metallurgical and/or

geotechnical testwork sampling, as well as

infill and exploration step-out RC drilling

for resource definition purposes.

Section 3: Estimation and Reporting of Mineral Resources

Criteria Commentary

Database · Data used for estimation is stored within a

integrit SQL Server database and is managed using

y 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

2005).

· 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.

· 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.

· 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 · Numerous site visits have been undertaken by

visits Mr

Bartsch

and Mr Browning.

Geologica· Confidence in the geological interpretation

l of the deposit is moderate to high. Good local

interpre constraints exist on the spatial extent and

tation geometry of separate lithological and

structural components through the integrated

analysis of surface mapping, surface

geochemistry, surface geophysics, drill hole

logging, downhole geochemistry, magnetic

susceptibility and radiometrics. Drilling and

high resolution soil

samp

ling (10mE by 25mN) provide good deposit scale

constraints on the geometry and continuity of

mineralisation.

· Bedford deposit is interpreted to be part of

the broader Iron-Oxide-Copper Gold (IOCG)

style mineral system common to the Cloncurry

district.

· Mineralisation occurs at surface, is exposed

in sub-crop, and is confirmed through drilling

in the main zones down dip to ~140m vertical

depth below

surface.

· The deposit is hosted within a steep west

dipping shear zone striking north to north

northeast. The shear zone varies from 50 to

120m wide with internal arrays of

mineralised

structures.

· Mineralisation has been defined in two

separate zones, Bedford North and Bedford

South, the shear zone is however through

going. The overall deposit extends over a

strike length of 2.5km; the northern zone

1.15km and southern zone 850m long.

Within the shear zone individual mineralised

structures associated with ore grade

mineralisation (>0.3% copper) are planar and

have true widths ranging from 5 to

12m.

· Host stratigraphy comprises a north to north

northeast striking, moderate to steep west

dipping interlayered sequence of amphibolite

and biotite schist, underlain by psammite and

intruded concordantly by narrow planar granite

and pegmatoidal

dykes/sills.

· In Bedford South mineralised structures are

interpreted to be bedding/foliation parallel.

In Bedford North the main mineralised

structures are interpreted to trend

north-south stepping across north northeast

striking stratigraphy, with the development of

a set of secondary north northeast linking

structures along bedding/foliation.

Moderate to shallow northerly plunging ore

shoots are interpreted to be the result of the

low angle intersection of transgressive

mineralised structures and more competent

stratigraphy.

· Magnetite-biotite alteration and quartz

veining are concentrated in the ore zones,

above a strongly feldspar-hematite altered

foot

wall.

· The dominant ore mineral is coarse grained

chalcopyrite (with minor magnetite, pyrite,

pyrrhotite and gold) which occurs within

quartz veins, breccia fill and disseminations

within the host shear

zone.

· An irregular 20 to 30m thick zone of

weathering with oxide mineralisation blankets

the deposit. Although the top of fresh rock is

well defined variability of copper mineral

species within the weathering profile is not

well

understood.

· Geological interpretation was completed on a

sectional basis; from which polylines were

interpolated to create 3D solid wireframes for

mineralisation and surfaces for weathering

interfaces.

· The main mineralisation domains were defined

using grade constraints. A nominal cut-off

grade of 0.3% Cu was used to define boundaries

between strongly mineralised structures and a

weakly-mineralised low grade envelope, which

was itself separated from unmineralised rock

by a 0.1% Cu grade

shell.

· Three main geological domains were defined

based on observed internal consistency in

geological characteristics: north-south

trending mineralised structures,

north-northeast trending linking mineralised

structures and low grade

envelopes.

· Statistical and geostatistical analysis

verified the domain definition by confirming

statistical homogeneity and the presence of

distinct continuity

characteristics.

· Contact analysis informed the selection of

hard domain boundaries for

estimation.

· All domains were further subdivided using a

top of fresh rock surface to separate oxide

mineralisation and primary sulphide

mineralisation.

Dimension· The main zone of mineralisation extends over

s a strike length of 2.5km, including a distinct

1.15km long northern zone Bedford North and

850m long southern zone Bedford

South.

· Mineralisation dips broadly west at 70-80°.

· Mineralisation occurs at surface, is exposed

in sub-crop, and is confirmed through drilling

in the main zones down dip to ~140m vertical

depth below

surface.

-

· The deposit remains open to north and south

along strike, down dip and between the two

zones.

Estimatio· Drillhole sample data was flagged from

n and estimation domain

modellin wireframes.

g

techniqu· Sample data was composited to a 1m downhole

es length.

· The influence of extreme outliers was reduced

by top-cutting, with top-cut levels determined

by a combination of qualitative (grade

histograms, lognormal probabilty plots) and

quantitative analysis (decile analysis).

Top-cuts were applied to nine gold and two

copper samples, less than 1.5% of samples in

affected

domains.

· Variography was completed to characterise

copper and gold continuity in each sulphide

domain.

Nugget varies greatly as a proportion of

overall variance in different domains,

recording changes in the degree of small scale

variability and/or errors. High influence is

modelled in the north-south mineralised

structures, accounting for ~30% of copper and

13% of gold variability. Geometric anisotropy

is consistent with the geological model, with

variogram reference planes striking north to

north-northeast and dipping steeply west

(70-80°). A shallow (20-25°) northerly plunge

is also evident on this plane.

Directional variogram model ranges include:

North-south mineralised structures - 54m along

strike, 90m down dip, 3.8m across plane.

North-northeast linking mineralised structures

- 52m along strike, 30m down dip, 4m across

plane. Low grade envelope - 55m along strike,

40m down dip, 6m across

plane.

· Drillhole spacing ranges from 25m to 100m

along strike; 25m on-section spacing is

typical.

· Grade estimation was into parent blocks of

10mE by 20mN on 10mRL via ordinary kriging.

· Three estimation passes were completed with

search ellipse orientations derived from

principal directions of continuity in the

variogram. Search distances in the first

search were optimised by domain type using

quantitative kriging neighbourhood analysis.

These distances were doubled and subsequently

trippled in the second and third estimation

passes.

· Search parameters in the second and third

estimation passes for the north-south trending

mineralised structures were further optimised,

with reduced minimum and optimum sample

numbers improving local accuracy at the

transitions between dense and sparse sample

data.

· Post-processing of the ordinary kriged panel

data by uniform conditioning was used to

estimate copper grades at the selective mining

unit (SMU) scale of 5mE by 5mN by

5mRL.

· The ordinary kriged copper and gold panel

model grades were visually validated against

the input drillhole data. Comparisons were

also carried out between domain wireframe and

domain block model volumes, average domain

sample and domain block grades, as well as

grade-tonnage curves for different estimation

methods.

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%

paramete copper cut-off grade and within 140m of the

rs surface, to reflect current commodity prices

and open pit

mining.

Mining · Planned extraction is by open pit mining.

factors · Mining factors such as dilution and ore loss

or have not been

assumpti applied.

ons

Metallurg· No metallurgical assumptions have been built

ical into the resource

factors models.

or

assumpti· Preliminary metallurgical and mineralogical

ons testing on samples from sulphide

mineralisation support recovery and indicate

that economic concentrate grades can be

achieved.

Environme· The Bedford resource is included as a

ntal component of the Little Eva Project covered by

factors a granted Environmental Authority

or (EA).

assumpti

ons · Baseline and ongoing studies form part of EA

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.

· 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 · 23 in-situ bulk density measurements were

density collected by Altona personel from BFD163 in

2015. Values are based on physical

measurements conducted on core samples using

the weight in air / weight in water

method.

· Samples were primarily collected from

partially weathered rock. Excluding two

outliers an average density of 2.78 was

returned.

· In-situ bulk densities applied to the

resource estimate are: oxidised rock 2.4

t/m

3, and, fresh rock 2.8 t/m3. These values are

considered

conservative.

Classific· Bedford Mineral Resources have been

ation classified on the basis of confidence in

geological and grade continuity using the

drilling density, geological model, modelled

grade continuity, estimation passes 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 25m

by 25m or less, extending

t

o a down dip extent of up to 25m below

drilling. Block grades were primarily

calculated in the first estimation pass.

Further drilling is percieved unlikely to

result in material

change.

· Inferred Mineral Resources have been defined

in areas where extension of mineralisation is

supported by sparse drill data (50-100m

spacing along strike) and good continuity in

Cu-in-soil anomalism. A significant proportion

of block grades have been calculated in later

estimation

passes.

· The classification considers all available

data and quality of the estimate and reflects

the Competent Persons view of the

deposit.

Audits · The geological interpretation, estimation

or parameters and validation of the resource

reviews models has been internally reviewed by Altona

staff.

Discussio· The assigned classification of Indicated and

n or Inferred reflects the Competent Persons

relative assessment of the accuracy and confidence

accuracy levels in the Mineral Resource

/ confid estimate.

ence

APPENDIX 2: SUMMARY OF MINERAL RESOURCE ESTIMATES FOR THE CLONCURRY PROJECT

DEPOSIT TOTAL CONTAINED MEASURED INDICATED INFERRED

METAL

TonneGrade CopperGold TonneGrade TonneGrade TonneGrade

s s s

milliCu Au tonnesouncesmilliCu Au milliCu Au milliCu Au

on on on on

% g/t % g/t % g/t % g/t

LITTLE EVA PROJECT

Little Eva105.90.52 0.09 546,00295,0037.1 0.60 0.09 45.0 0.46 0.08 23.9 0.50 0.10

0 0

Turkey 21.0 0.59 123,00- - - 17.7 0.59 3.4 0.58 -

Creek 0

Ivy AnnA 7.5 0.57 0.07 43,00017,000- - - 5.4 0.60 0.08 2.1 0.49 0.06

Lady Clayr14.0 0.56 0.20 78,00085,000- - - 3.6 0.60 0.24 10.4 0.54 0.18

e

A

Bedford 4.8 0.80 0.21 38,00032,000- - - 2.3 0.95 0.23 2.5 0.66 0.19

Sub-to153.30.54 0.09 829,00430,0037.1 0.60 0.09 74.0 0.52 0.07 42.2 0.53 0.11

tal 0 0

OTHER DEPOSITS

BlackardA 76.4 0.62 - 475,00- 27.0 0.68 - 6.6 0.60 - 42.7 0.59 -

0

ScanlanA 22.2 0.65 - 143,00- - - - 18.4 0.65 - 3.8 0.60 -

0

Longamundi10.4 0.66 - 69,000- - - - - - - 10.4 0.66 -

A

LegendA 17.4 0.54 - 94,000- - - - - - - 17.4 0.54 -

Great Sout6.0 0.61 - 37,000- - - - - - - 6.0 0.61 -

hern

A

CarolineA 3.6 0.53 - 19,000- - - - - - - 3.6 0.53 -

Charlie Br0.7 0.40 - 3,000 - - - - - - - 0.7 0.40 -

own

A

Sub-to136.70.61 - 840,00- 27.0 0.68 - 25.0 0.64 84.7 0.59 -

tal 0

TOTAL 290.00.58 0.05 1,668,430,0064.1 0.63 0.05 99.0 0.55 0.05 126.90.57 0.04

000 0

A This information was prepared and first disclosed under the JORC Code 2004 Edition. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. All other resources classified and reported in accordance with JORC Code 2012 edition.

Note: Tonnages are dry metric tonnes and have been rounded, hence small differences may be present in the totals.

See ASX release of 23 October 2007 and 26 July 2011 (Longamundi, Great Southern, Caroline and Charlie Brown), 23 April 2012 (Ivy Ann and Lady Clayre), 03 July 2012 (Blackard and Scanlan) and 22 August 2012 (Legend) for full details of resource estimation methodology and attributions.

Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off.

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