MAN Shares: 534 MillionMC : $23.5 Million Cash: $17.2 MillionTop...

MAN

Shares: 534 Million
MC : $23.5 Million
Cash: $17.2 Million
Top 20 hold 31.6% shares.

Binding term sheet executed for the acquisition of 100% of the high-grade Delfin Copper Project in Chile• Staged and conditional consideration with minimal upfront cash/shares - $1M cash and 80M shares1 in the Company.
• Outstanding opportunity to establish high-grade JORC complaint Resource with multiple spectacular historical drilling intersections that include:
• 86m @ 4.83% Cu from 121m (DD-4) including: - 27m @ 7.1% Cu from 134m; and- 3m @ 14.4% Cu from 164m
• 89m @ 3.2% Cu from 122m (SD-89)
• 34m @ 3.01% Cu from 18m (SD-27)
• 69m @ 1.90% Cu from 44m (SD-49)

Outstanding greenfields exploration upside with 90% of historic drilling concentrated in a 300 x 100m area with little previous application of modern exploration techniques• Multiple high grade shallow targets, with existing infrastructure and year- round access for exploration in the world’s most prolific copper producing region that includes BHP/Rio Tinto’s Escondida2 (11.2Bt @ 0.8% Cu).


Historical drilling and exploration work has been sporadic, resulting in inconsistent geological interpretation and misunderstanding of the controls on mineralisation. The high-grade zones often appear oblique to drilling, suggesting that the historical drill orientation was not particularly favourable to identifying and defining the high-grade zones.

Further opportunity at Delfin exists at depth with 80% of the historical drilling being shallower than the average penetration depth of only 140m. The Delfin Project also has significant potential for deeper copper porphyry mineralization given the genesis of copper mineralization at Delfin has not yet been determined.



The project is largely contiguous and incorporates a number of key prospects with Delfin 1 being the focus of historical exploration activity. Such historical work has concentrated on a 300m x 100m area and includes two artisanal mines and over 15,000m of diamond and reverse circulation (RC) drilling.

A second high-grade occurrence within the regional corridor located approximately 300m to the southwest of holes DD-4 and SD-89 also shows a strong NW-SE fault control and thus may also be influenced by steeply-plunging fault intersections. It is likely that other NW-SE and E-W fault-related high-grade copper zones are located along strike within the regional structural corridor outside of the immediate Delfin 1 area.


Importantly, the Delfin 2 and Cami 9 greenfields prospects (Figure 2) represent immediate follow up targets which show similar structural settings to Delfin 1, with rock chip samples up to 10.17% Cu (Cami 9) and 3.26% Cu (Delfin 2).

• All technical and legal due diligence completed to date has been satisfactory, the Company is now pursuing full support of the community to ensure a clear path to immediate exploration activities ahead of acquisition completion.

• Extension of due diligence period to 24 August 2022 for the acquisition of the high-grade Delfin Copper Project in Chile.

The Company will immediately focus efforts on near-surface high-grade targets designed to improve the understanding of the high-grade mineralisation. Forthcoming activities in 2022 include:
• Build out of in-country Chilean exploration team. Spanish-speaking Mandrake employee to be on the ground.
• Interpretation of relatively recent modern soil geochemical sampling data.
• Interpretation and modelling of previous geophysical survey.
• Re-logging (all core and rock chips available) and re-interpretation of drilling is already underway with a focus on understanding the structural controls and plunge of the high-grade zones.
• Confirmation and extensional drilling to test the continuity of high-grade zones.
• Commence metallurgical testwork and process route determination.
• Complete a maiden JORC Resource estimate.