Drilling Update - Wollogorang Copper Project

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  • 3,152m of a planned 6,500m reverse circulation drilling program has been completed at the Wollogorang Project, Northern Territory, to test a plethora of prospective copper targets
  • The onset of the wet season has suspended drilling operations until the next dry season (May)
  • Drilling is funded by OZ Minerals Limited (ASX: OZL) as part of an earn-in and JV agreement
  • Wollogorang is highly prospective for sediment-hosted copper mineralisation and contains known copper & cobalt mineralisation at several prospects, including the Stanton Cobalt-Copper Deposit
  • 21 drill holes have tested significant geophysical anomalies in favourable stratigraphic and structural positions for hosting mineralisation; multiple targets remain untested
  • 100% sampling was undertaken, with assays expected to be available in early February
  • OZL, having now met the $1.6m Initial Period expenditure and subject to results, may elect to commence Stage 1, to earn-in to a 51% interest, by spending a further $3m and paying Resolution $300,000 cash