Priboj Project

Targeting Large-Scale Deposits
Copper, Gold

The Priboj Project area is located along a significant regional geological boundary that separates predominantly oceanic crustal rocks to the northeast from continentally derived sedimentary rocks to the southwest.  Significant third-party mineral deposits are recorded along or adjacent to this boundary including:

• the Rupice and Veovaca VMS deposits (under development by Adriatic Mineral Limited) with Inferred and Indicated Mineral Resources totaling 28.5Mt @ 0.91g/t Au, 126g/t Ag, 0.30% Cu, 2.31% Pb and 3.55% Zn
• the Olovo lead carbonate deposit developed as an underground mine by Mineco Limited, and
• the Cadinje carbonate replacement style copper, gold, lead, zinc deposit.

The Priboj Project tenements are prospective for a range of deposit types reflecting the underlying geology including volcanogenic massive sulphide copper deposits and ultramafic-hosted chromium-PGE deposits (Priboj area) and, sediment-hosted replacement-style gold deposits (Ober area).

Tenure

The Priboj Project is comprised of three granted exploration licences (the Jermovac, Priboj and Ober licences) all held 100% by the Company and totalling approximately 195 km².

Priboj / Jermovac Soil Anomalies
Multiple Targets Defined in Zone of Extensive Copper-in-Soil Anomalism

Jermovac Target
+200ppm Copper-in-soil Anomalism | Rock Chips to 11.3% Cu

The Jermovac target is defined by a large-scale (4km x 1.5km) +100ppm copper-in-soil anomaly associated with historical copper workings. Initial ground follow-up by the Company has recorded widespread copper mineralisation at surface, with rock chip sample assay results up to 11.3% Cu typically within brecciated, altered gossanous diabase (dolerite).

The Company interprets the multiple discrete zones of high-order (+200ppm) copper-in-soil anomalism as indicative of potential for discovery of multiple individual volcanogenic massive copper sulphide (VMS) lenses.

Jermovac Target
Historic Copper Workings

Jelaca Target
Copper-in-soil Anomalism | Rock Chip Sample Results up to 6.7% Cu

Regional exploration completed by the Company over the greater Priboj licence area has defined a broad zone of elevated copper-in-soil anomalism that extends over an 18km² area. These anomalies include the Jelaca target, where soil sample results averaging 529ppm Cu, 0.15g/t Ag and 241ppm Zn have been recorded within consecutive samples over 600m on a single soil sample line.

Rock chip samples in the Jelaca area have recorded assay results up to 6.7% Cu and 25g/t Ag.

Brezna Target
+7Km Long Chromium-in-Soil Anomaly

The Brezna target is defined by a +7km long chromium-in-soil anomaly within iron and magnesium-rich rocks (serpentinites) recorded along the northern margin of the Priboj exploration licence.

Host rocks within the target area are similar to the host of chromite workings located on the northern boundary of the Priboj licence (ie: Brezna workings). The Brezna target offers potential for the discovery of ultramafic-hosted base metal-PGE mineralisation.

Ober Target
Sediment-hosted Gold | 1.65g/t Au Rock Chip Samples

The Ober gold-silver target is defined by extensive zones of altered sediment (sandstone and conglomerate) with rock chip samples up 1.65g/t Au and 12.0g/t Ag. The target includes the Zabrnjica and Knezeva Reka Prospects, both located within the Ober exploration licence.

Mineralisation at Ober is interpreted as sediment-hosted replacement-style gold mineralisation associated with andesite volcanic rocks recorded within the broader licence area. This style of mineralisation is considered analogous to that recorded within the Čadinje deposit located along strike to the southeast.