Ann: CZR to sell interest in Robe Mesa Project for $102 million, page-60

My view, use the surplus cash to go hard with the croyon gold project right next door De Grey BILLION DOLLAR GOLD ASSET



GOLD

The Croydon project is located in the Mallina Basin between Karratha and Port Hedland. The region contains De Grey Mining’s 10.5Moz Hemi discovery.

The Mallina Basin has the potential to emerge as a major gold province and CZR’s Croydon project covers approximately 40km strike of the Mallina Basin, about 50km south-east of Hemi.

Geology and Prospectivity

CZR completed a ground-based gravity survey, targeting large intrusions that may host gold mineralisation similar to Hemi.

Initial modelling has been completed on high priority targets, with gravity inversion modelling completed on the Top Camp prospect and Eastern Targets (Murph-Martin).

Top Camp: Gravity anomaly detected below gold mineralisation at Top Camp - priority target for intrusion related gold mineralisation.

Recent RC and diamond drilling intersected primary gold mineralisation at the Top Camp prospect, including:

• 8m at 10.2g/t Au from 135m in CRC007;
• 2m at 22g/t Au from 7m in CRC021;
• 28m at 0.6g/t Au from 147m in CRC022

Bottom Camp: 1km geochemical anomaly, similar to Top Camp, within a folded limb of Mallina sediments and complex gravity response.

Eastern Zone: Gravity anomalies identified along a NE trend, in a similar geological setting to Hemi. Currently limited surface geochemistry (due to sand cover) and no drilling.

Work Schedule

The next phase of work will include:

• Complete infill gravity survey
• RC/DD drill test Top Camp and Bottom Camp gravity anomalies
• First pass air core drilling new eastern gravity targets
• Assess IP survey for priority targets