Ann: Storm Exploration Update, page-48

Storm Copper Project: High-Priority Targets Identified for Potential Resource Growth

This review summarises recent exploration activities at the Storm Copper Project, highlighting the identification of numerous high-priority targets with significant potential for copper discovery.

Geological Setting and Previous Work

The Storm Copper Project is located in a geologically prospective region characterized by sedimentary copper mineralisation. Recent exploration efforts have identified several major copper deposits and prospects within the project area, including the Cyclone, Cirrus, Chinook, Corona, The Gap, Lightning Ridge and Thunder.

Exploration Program and Targeting Strategy

The current exploration program prioritizes copper mineralization based on several key criteria, including:

• Proximity to Known Copper Sulphide Zones: Targets are prioritized near existing copper mineralization, particularly where resources remain open due to limited drilling.
• Copper Mineralization Near Fault Zones: Fault zones can act as conduits for mineralizing fluids, making them prime exploration targets.
• Geophysical Anomalies:
  • Induced Polarization (IP): IP anomalies exhibit a strong correlation with copper sulphide mineralization in the range of 0.5-2% Cu.
  • Electromagnetic (EM): EM anomalies have a 100% correlation with higher-grade (>2%) copper mineralization.
  • Moving Loop Electromagnetic (MLEM): MLEM provides detailed information on target depth, facilitating selection of drilling techniques (e.g., Reverse Circulation [RC] for shallow targets, Diamond drilling for deeper targets).
• Geochemical Anomalies: Geochemical soil surveys confirm the presence of copper mineralization near surface.

Recent Exploration Results

The recent exploration program has yielded significant results, including:

Identification of High-Priority Targets: Analysis of recent exploration data, including EM, IP, and MLEM surveys, has identified a total of:

• 11x New High-Priority EM Targets (Red EM dotted areas, Figure 1)
• 9x New High-Priority IP Targets (Yellow IP dotted areas, Figure 1)
• 5x Overlapping EM-IP Targets (Red-Yellow dotted areas, Figure 1)

Figure 1: High-priority Electromagnetic (EM) and Induced Polarisation (IP) target areas, current copper resource outlines, overlaying aerial photography

• MLEM Survey Progress: A comprehensive MLEM survey has commenced, utilizing a combination of spacings and loop sizes to optimize detection of both shallow and deep copper targets (Figures 2 & 3). AW1 have stated, "the initial MLEM surveys at Storm will use 100m N-S line spacings, 100m sensor stations, and 200m x 200m loops. This configuration has been optimal in defining the known high-grade copper mineralisation at Storm to date. A number of 200m spaced lines will also be surveyed using 400m x 400m loops to look deeper, below the known copper mineralisation."

Figure 2: Plan view of the Storm area showing the initial planned MLEM survey areas (configured for shallow and deep exploration) and location of the known copper deposits and prospects, overlaying aerial photography


Figure 3: Recently completed MLEM survey image (Ch18Z) and remaining lines in the Storm area, overlaying drilling, and aerial photography. Hotter colours (red/green) indicate higher conductivity.

• Focus on Large-Scale Potential: Exploration efforts are currently focused on the South Graben fault, a major structure with a potential strike length exceeding 5 kilometres from Cirrus to Corona deposit. This area represents a prime target for the identification of significant, interconnected copper mineralization. Additionally, drilling is planned for potential extensions to the east of the Cyclone deposit, aiming to expand the resource by up to 500 metres (Figure 4).

Figure 4: Side-by-side comparison of EM-IP & evolving MLEM data sets.


Conclusion

The current exploration program at the Storm Copper Project has identified a compelling suite of high-priority targets with excellent potential for copper discovery. The combination of targeted drilling and advanced geophysical techniques offers a strong framework for advancing the project and potentially unlocking significant resource growth over coming months.

Disclaimer:

This review is for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own due diligence.

Reference:

Exploration drilling and high-powered geophysics is underway at the Storm Copper Project - Targeting immediate and significant resource growth through drilling, ASX: AW1 announcement, Monday, 22th April 2024

Outstanding new copper targets at the Storm Copper Project - Immediate success through high-powered electromagnetic surveys with significant step-out copper targets identified, ASX: AW1 announcement, Tuesday, 7th May 2024