Ann: Mt Freda Complex Global JORC Resource Estimate, page-3

Here it is naysayers!!


Mt Freda Complex Global JORC Resource Estimate

Highlights:
• Maiden Mineral Resource Estimate has been defined within the Mt Freda Complex for a total
of 1.7 Mt at 2.06 g/t Au, containing 113,000 Oz of Gold
• The JORC Resource has been estimated over the following Ausmex Cloncurry Gold projects:
o Mt Freda Open Cut Gold Mine (Granted Mining Leases)
o Golden Mile ML100201 mines Falcon, Shamrock, Comstock and Little Duke
• The Mineral Resource estimate highlights that gold mineralisation extends from surface, with
the potential to develop a multi-pit gold mining hub at Cloncurry, targeting gold ore processed
via third party CIP processing facilities utilizing current haul road infrastructure in place.
• Previous cyanide leach test work for gold completed by Amdel for QMC in 2012 using Mt
Freda ore produced high yields above 90%. The previous operator of Mt Freda, Diversified
Mineral Resources reported CIP recoveries of up to 95% for gold.
• The Company has a binding agreement where all ore produced from the Golden Mile must be
processed at the Round Oak Minerals Limited Great Australia Mine 600 ktpa ore processing
facility in Cloncurry.
• The Mineral Resource estimate for the Mt Freda Pit has additional upside as numerous
historical high-grade gold drill holes did not meet the JORC (2012) reporting requirements and
were not used in the estimate.
• The Company is now focused on completing current scoping studies for the Mt Freda Complex
to assess mining and processing options available in Cloncurry.
• The Company is focusing on near term gold production to fund additional drilling to upgrade
and potentially extend known mineralisation.
• A second Mining Lease application will be submitted for the Little Duke gold resource,
cementing the region as a central mining hub.
• The Company has a strong cash position to advance the Complex following the sale of the
Gilded Rose Gold project for $4 million. (Refer ASX release 25th May 2020)