OOTHA PROJECT: COPPER  A new exploration licence application...

OOTHA PROJECT: COPPER
 A new exploration licence application (ELA), called ‘Ootha’, has been lodged
immediately south of the Company’s 15km long Boxdale-Carlisle Reefs gold
trend in the Central Lachlan Fold Belt, NSW.
 The Ootha Project saw extensive historic rock chip sampling conducted in the
late 1970’s, which defined a very large zone of copper anomalism over a 10km
strike.
 The zone includes 44 rock samples exceeding 0.10% Cu, up to a maximum of
0.36% Cu1.
 No modern geochemistry, geophysics or drilling has been conducted on the
project over the last four decades.
 The copper trend is confined by sampling on low level hilly outcrops and the
primary source of copper is currently unknown.
 The prospective trend strikes northwest, the same direction as AGC’s 15km
Boxdale to Carlisle Reefs gold trend 20km to the north.
 The copper anomaly is associated with Cobar Superbasin aged rocks which
comprises mudstones and volcaniclastics with areas of strong deformation and
veining.
 Roadside visuals and pXRF readings have been undertaken to confirm the
presence of the copper anomaly to start to validate the historic sampling data1.
1 The above rock sample results include historical pre-1989 exploration results. The
exploration activity was undertaken from 1977-1979 (pre JORC) by Mines Exploration Pty
Ltd. As per ASX requirements for reporting pre-1989 historical data, AGC notes that the
results are not reported in accordance with the JORC Code 2012; a competent person has
not done sufficient work to disclose the exploration results in accordance with the JORC
Code 2012; it is possible that following further evaluation and/or exploration work that
the confidence in the prior reported exploration results may be reduced when reported
under the JORC Code 2012; that nothing has come to the attention of AGC that questions
the accuracy or reliability of the former owners exploration results, but AGC has not
independently validated the former explorer’s Exploration Results and therefore is not to
be regarded as reporting, adopting or endorsing those results. The levels of copper
reported, from past activity, is a key factor in guiding AGC’s exploration strategy in relation
to these projects. Proposed verification work includes further sampling which AGC expects
to undertake in 2023 using existing funds. Relevant original exploration reports can be
found in the references section of this report.