ASX AND MEDIA RELEASE

11 September 2019

COPPER-GOLD PORPHYRY TARGETS AT HILL 800

KEY POINTS
• Compelling geochemical and geophysical evidence for large copper-gold porphyry targets
For personal use only

beneath Hill 800

• Modelling of regional magnetic data indicates depth to targets of between 200m and 600m
• Potential for large scale copper and gold porphyry mineral systems at Jamieson
• Drill testing planned to commence Q4 2019
• New tenement increases coverage of prospective host rocks

Gold and base metals explorer Carawine Resources Limited (“Carawine” or “the Company”) (ASX:CWX)
is pleased to announce compelling new geochemical evidence for a copper-gold porphyry source of
mineralisation at its Hill 800 deposit, part of the Company’s 100%-owned Jamieson Project in northeast
Victoria.
Hill 800 is the most advanced prospect at the Jamieson Project, with drilling to date returning
outstanding widths and grades of gold and copper mineralisation from intensely altered volcanics,
including:
• 93m @ 3.22g/t Au from 2m (0.3g/t Au cut-off), hole H8DD006, including:
12m @ 5.59g/t Au from 2m, and 31m @ 6.64g/t Au from 58m (1g/t Au cut-off)
• 49m @ 2.54g/t Au, 0.2% Cu from 143m (0.3g/t Au cut-off), hole H8DD004, including:
17m @ 6.62g/t Au, 0.3% Cu from 157m (1g/t Au cut-off)
• 43m @ 4.24g/t Au, 0.3% Cu from 177m (0.3g/t Au cut off), hole H8DD002 including:
10m @ 5.66g/t Au, 0.9% Cu from 182m and 5m @ 24.1g/t Au, 0.4% Cu from 203m (1g/t Au
cut off) (Downhole widths, refer Figure 11 and ASX announcement 27 May 2019 for details)
Today’s announcement relates to the analysis of multi-element geochemical data from 19 diamond drill
holes completed by the Company at Hill 800. The analysis, by renowned expert Dr. Scott Halley,
provides strong geochemical evidence that a copper-gold porphyry intrusion may be the source of
mineralisation at Hill 800 (Figures 1 to 3; Tables 1 & 2, Appendix 1).
This follows the recognition of two distinct magnetic anomalies from regional-scale survey data at
Jamieson (Figure 4) (refer ASX announcement 15 July 2019). Magnetic anomalies are commonly
associated with mineralised porphyries and therefore provide excellent targets for drill testing.
Carawine Managing Director Mr David Boyd said this was another exciting development for Hill 800 and
the Jamieson Project, one that could lead to a major new discovery in the region.
“Earlier this year we established a new interpretation for the Hill 800 mineralisation, demonstrating the
potential for high-grade mineralisation to continue at depth beneath the current limit of drilling.
“These latest results strongly suggest a fertile copper-gold porphyry is driving the mineral system at Hill
800 and its surrounds. Combined with our regional target generation work, this new evidence gives us
confidence that we could be chasing a porphyry copper-gold target at depth beneath Hill 800, and
potentially at Rhyolite Creek as well.
“Porphyry deposits are very attractive targets given they are typically very large mineral systems with
multiple deposits and excellent grade characteristics. We are now designing an exploration program to
define the geometry and depth of the porphyry targets, so that they can be drilled during the next
drilling campaign. This is planned to commence in Q4 2019, following the release of the Company’s
first Mineral Resource for Hill 800.”
 ASX AND MEDIA RELEASE
11 September 2019

Hill 800 Lithogeochemical Study

Following the announcement of five new regional prospects, and recognition of the potential for deep
magmatic systems at Jamieson from regional magnetic data (refer ASX announcement 15 July 2019),
For personal use only
the Company approached Dr Scott Halley from Mineral Mapping Pty Ltd to provide an analysis of multi-
element data from Hill 800. Dr Halley is widely recognised as an expert in the field of geochemistry and
has consulted to more than 100 mining and exploration companies in more than 25 countries.

Figure 1: Schematic diagram showing the pathfinder geochemical and alteration patterns of a typical porphyry
copper-gold mineral system and the relative location of Hill 800 (modified from Halley et.al, 2015).
Dr Halley identified four key outcomes from the study, as follows.
1. The gold-mineralised zone at Hill 800 has a strong gold (Au), tellurium (Te), bismuth (Bi) and
selenium (Se) association which is most like that of magmatic fluids originating from a copper-
gold porphyry intrusion (referred to as a “fertile” porphyry).
Typical values of these pathfinder elements observed in higher levels above fertile porphyries are
in the order of Te > 1 ppm, Bi > 1 ppm and Se > 4 ppm (Figure 1). At Hill 800, the data show
significantly elevated values for these elements (Figure 2, Tables 1 and 2, Appendix 1):
• H8DD002 43m @ 4.24g/t Au, 0.3% Cu, 19.5ppm Te, 19.1ppm Bi and 4ppm Se from 177m
• H8DD006: 92.7m @ 3.25g/t Au, 43.0ppm Te, 1.1ppm Bi and 22ppm Se from 2.3m
• H8DD019: 101m @ 1.44g/t Au, 27.8ppm Te, 1.8ppm Bi and 12ppm Se from 21m
(Downhole widths, see Tables 1 & 2, Figures 2 & 7, and Appendix 1 for details)

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It is therefore expected that mineralisation will continue at depth, with the pathfinder metal
assemblage changing as the system becomes deeper and hotter. It is also likely that the system
will contain more copper and/or molybdenum (Mo) associated with the gold mineralisation.
For personal use only

Figure 2: Hill 800 cross-Section J-J’ (window +/- 20m) showing alteration zones and drill hole pathfinder
element intervals of anomalous combined Bi, Te and Se above 6ppm (refer Figure 10 for section location).
2. The mineralised intercepts drilled to date at Hill 800 are very strongly controlled by rock type.
Although the intensity of the alteration makes it difficult to visually distinguish primary rock units,
the rocks can be geochemically fingerprinted. The geochemical fingerprinting of the rock types
shows that most of the gold intersected to date occurs within the rock unit geochemically
classified as rhyodacite (Figure 3b).
3. The types of magmas that form porphyry copper-gold deposits have very distinctive chemical
compositions. These distinctive compositions are the result of magma production in high
pressure, oxidized and hydrous conditions at the base of the earth’s crust (Loucks, 2014) The
preferentially mineralised rock unit at Hill 800 has a chemical composition that matches
compositions observed in porphyry copper-gold magma (Figure 3a), and is therefore most likely
sourced from a copper-gold porphyry intrusive complex.

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4. Primary Porphyry copper-gold magmas are invariably magnetic. There is a high-intensity magnetic
anomaly at depth below Hill 800 (Figure 4), and therefore a reasonable probability that this is
highlighting the source of the preferentially mineralised rock at Hill 800. This magnetic feature is
a high priority exploration target, with the style of mineralisation more likely to be porphyry Cu-Au-
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Mo rather than the Au-Te-Bi intersected closer to surface (e.g. Figure 1).

Figure 3: (a) Geochemical host rock classification example (top), and (b) Gold association (bottom).
The geochemical data also defines an alteration pattern at Hill 800 which is typical of porphyry mineral
systems. Proximal to and associated with the Main mineralised zone at Hill 800, the intense silica-
sericite (paragonite)-pyrite alteration has a geochemical signature consistent with phyllic alteration.
Associated with lower gold grades and more distal to the main mineralised zone, moderate sericite-
chlorite alteration has a geochemical signature consistent with propylitic alteration (Figures 1 & 2).
Hill 800 is therefore best classified as a volcanic-hosted semi-massive sulphide deposit formed in a
sub-sea floor environment above a fertile porphyry intrusive system. Interaction of hot porphyry-derived
mineralising fluids and cold seawater is the mechanism most likely required to generate the observed
geochemical data and mineral assemblage at Hill 800. Higher-grade gold and copper mineralisation at
Hill 800 (previously described as “stringer” mineralisation) is most likely the result of local
remobilisation during later regional metamorphism during the Devonian Tabberabberan orogeny.

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Copper-Gold Porphyry Targets

The geochemical evidence summarised above supports the interpretation of the mineralisation at Hill
800 being sourced from, and related to, a fertile copper-gold porphyry intrusion at some distance from
For personal use only
the deposit. Porphyry deposits are considered attractive exploration targets given they are typically
large, can contain economic concentrations of copper and gold, and commonly occur as multiple
deposits. Australian examples include Cadia Valley (Newcrest Mining) and Northparkes (CMOC)
operations in New South Wales.
A key targeting feature for gold-copper porphyry deposits is the biotite-magnetite alteration associated
with the potassic zone, which therefore commonly appears as an anomaly in magnetic (geophysical)
survey data.

Figure 4: Regional magnetic image with two main magnetic high anomalies.

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 ASX AND MEDIA RELEASE
11 September 2019
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Figure 5: Schematic long section schematic showing previously announced potential relationships of porphyry
intrusive complexes with the main Jamieson prospect areas (refer ASX announcement dated 15 July 2019).
As previously reported, two broad magnetic anomalies are recognised from regional-scale airborne
magnetic data at the Jamieson project, one beneath the Rhyolite Creek prospect area and another,
stronger one beneath the Hill 800 prospect area and surrounds (Figure 4) (refer ASX announcement 15
July 2019).
These magnetic anomalies could be associated with the potassic zone of copper-gold enriched
porphyries. Modelling of the magnetic anomalies at Hill 800 by the Company’s geophysical consultants
SGC indicate the presence of multiple magnetic bodies with depths to the tops at between 200m and
600m below surface. However, as the models are based on regional scale data a more detailed survey
is required to refine these models with enough accuracy to effectively target drill holes. This detailed
work will form part of the Company’s upcoming exploration program planned to begin during Q4 2019.

Figure 6: Jamieson Project regional geology and tenements.

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11 September 2019

New Tenement EL6622

The Company has also recently acquired granted exploration licence EL6622 at nil cost, immediately
adjacent and to the west of tenement EL5523. EL6622 was granted on 30 July 2018 for a period of
For personal use only
five years and was transferred to Carawine on 22 August 2019. The tenement includes Cambrian-aged
volcanic rocks, expanding Carawine’s coverage of the main host stratigraphy and providing flexibility in
managing the Jamieson Project tenure (Figure 6).
The Company is reviewing records of previous exploration on EL6622, which contains a historic gold
occurrence at Jamieson River, and two small historic mercury workings hosted in younger, Silurian-aged
sedimentary rocks at Silvermine and Quicksilver Creek (Figure 6).
A partial reduction of EL6622 is currently being processed by the Victorian Department of Jobs,
Precincts and Regions - Earth Resource Regulation, and is due for completion by the end of September
2019. Figure 6 shows the extent of EL6622 following completion of the reduction.
Other Projects
Paterson Project
At the Company’s Paterson Project, located in the Paterson Province of Western Australia, tenement
E45/5326 “Lamil Hills” was recently granted for a period of five years from 21 August 2019. Lamil
Hills is 25km northwest of Telfer and surrounds Encounter Resources’ (ASX:ENR) Lamil Copper-Gold
Project and Telfer West prospect (Figure 7).

Figure 7: Carawine’s Paterson project tenements.

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Lamil Hills was applied for prior to the significant increase in exploration and tenement activity
witnessed in the region in recent times. The Company is actively reviewing historic exploration on the
tenement with a view to generating targets for future exploration work.
For personal use only
There remains strong interest in the Paterson province and Carawine’s large 100%-owned tenement
position within the district. Carawine will consider all options for its Paterson project, including
progressing exploration programs in its own right, and/or possible joint venture opportunities.
Fraser Range
At the Company’s Fraser Range Project, located in the Fraser Range region of Western Australia,
tenement E28/2759 “Big Bang” was also recently granted for a period of five years from 22 August
2019. The Fraser Range region hosts Independence Group NL’s (ASX:IGO; “IGO”) Nova nickel-copper-
cobalt deposit at its southern end, and to the north the Tropicana gold mine (a Joint Venture between
Anglogold Ashanti and IGO) (Figure 8).
Big Bang is located in the Central Fraser Range, where a number of Companies have recently
announced nickel and gold discoveries including Thunderstorm – a paleochannel gold prospect
identified by IGO (in joint venture with Rumble Resources (ASX:RTR)); and Galileo Mining’s (ASX:GAL)
Lantern nickel prospect (Figure 8).

Figure 8: Carawine’s Fraser Range project tenements.

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Carawine has a joint venture with IGO for its other granted tenements in the Fraser Range (the “Fraser
Range JV”). IGO currently hold a 51% interest and can earn an additional 19% interest in the tenements
by spending $5 million by the end of 2021. Big Bang was applied for after the commencement of the
Fraser Range JV and is held 100% by Carawine.
For personal use only

Additional details of the Company’s exploration projects are available from the Company’s website:
www.carawine.com.au.

ENDS

For further information please contact:

David Boyd Media: Paul Ryan
Managing Director Citadel-MAGNUS
Tel: +61 8 6319 0400 Tel: +61 8 6160 4900
info@carawine.com.au pryan@citadelmagnus.com

Figure 9: Carawine’s project locations.

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References:
For personal use only

Halley SW, Dilles JH, Tosdal RM, 2015. Footprints: hydrothermal alteration and geochemical dispersion around porphyry copper deposits. SEG Newsletter 100(1): 12–17.

Loucks, R.R., 2014. Distinctive composition of copper-ore-forming arc magmas, Australian Journal of Earth, Sciences: 61:1, 5-16.

Table 1. Hill 800 lithogeochemical classifications and summary Au, Bi, Te and Se data.
Au (ppm) Bi (ppm) Te (ppm) Se (ppm)
Lithogeochemical Classification
min max median min max median min max median min max median
Rhyodacite -0.01 100 1.22 0.06 500* 45.3 0.01 23.9 1.15 0.5 312 19
Dacite (1) -0.01 12.5 0.29 -0.05 500* 40.6 0.01 7.56 1.08 0.5 48 12
Dacite (2) -0.01 24.9 0.03 -0.05 34.4 1.12 0.03 32 0.17 0.05 19 1
Andesite -0.01 60.8 0.03 -0.05 363 2.82 0.01 455 0.12 0.5 31 3
* Maximum value possible from analytical method used

Table 2. Hill 800 diamond drill hole assay results – reported with Bi, Se and Te interval values.
Significant intervals defined using geological boundaries and/or nominally >=0.3g/t Au, >=6m downhole width, <=6m internal waste. All intercepts are down hole widths. Collar location and
orientation information coordinates are MGA Zone 55, AHD RL. See Appendix 2 for additional details.
Above 0.3g/t Au cut off.
Interval Drill hole Collar Information
Depth Depth To
Hole ID Width
From (m) (m) Au (g/t) Cu (>0.1%) Zn (>0.1%) Bi (ppm) Se (ppm) Te (ppm) Easting Northing RL Depth (m) Dip Azimuth
(m)
H8DD001 70 123 52 2.33 1.27 15 43.8 445,005 5,868,868 748 140 -11.5 288
H8DD002 28 37 9 0.44 1.59 11 15.7 444,985 5,868,781 787 246.3 -44.5 301
and3 177 220 43 4.24 0.3 19.1 4 19.5
H8DD003 28 35 7 0.33 0.4 1.87 2 2.02 445,005 5,868,869 748 245.6 -48.5 298.5
H8DD0044 80 89 9 0.92 1.79 13 33.7 445,005 5,868,869 748 248.1 -30.5 299
and 143 210 67 2.13 0.1 1.68 5 13.5
H8DD005 34 100 66 2.49 1.43 21 56.2 444,939 5,868,859 785 134.8 -39.5 299
H8DD0061 2.3 95 92.7 3.22 1.11 22 43.0 444,972 5,868,915 754 125.5 -11.5 264
H8DD007 37.2 63 25.8 0.59 0.1 1.53 14 98.1 444,939 5,868,859 785 101 -11.5 301
H8DD008 No Significant Results 444,987 5,868,716 790 192 -32 299
H8DD0092 16.9 67 50.1 3.08 1.56 27 102 444,969 5,868,920 754 90.7 -21 313
H8DD010 No Significant Results 444,987 5,868,716 791 149.2 -10 290

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Interval Drill hole Collar Information

Depth Depth To
Hole ID
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From (m) (m) Width

Au (g/t) Cu (>0.1%) Zn (>0.1%) Bi (ppm) Se (ppm) Te (ppm) Easting Northing RL Depth (m) Dip Azimuth
(m)
H8DD011A 114 128 14 0.33 1.07 10 17.6 445,035 5,868,925 720 225.6 -50 285
H8DD012 18 25 7 0.59 5.27 26 44.6 444,984 5,868,781 787 176.6 -26 302.5
H8DD013 33 58 25 0.42 1.63 20 144 444,985 5,868,781 787 154.6 -3.5 304.5
and 141 150 9 0.64 1.52 13 33
H8DD014 76.2 82 5.8 0.58 1.0 1.88 10 291 445,035 5,868,925 720 170.9 -24 280
and 155 160 5 0.42 2.74 12 25.1
H8DD015 168 176 8 0.55 0.27 5 9.07 444,675 5,869,002 780 449.6 -33 119.5
and 229 262 33 0.86 1.33 9 12.59
and 270 276 6 4.54 0.3 6.28 2 8.35
H8DD016 No Significant Results 444,995 5,868,736 785 285.5 -38 297
H8DD017 0 34 34 3.84 5.78 60 112 444,882 5,868,792 825 102 -59 214
and 90 96 6 0.33 0.91 11 25.4
H8DD018 6 19 13 0.54 3.35 17 38.4 444,884 5,868,810 824 201 -60 315
and 30 75 45 0.93 0.1 2.39 24 90.4
H8DD019 21 122 101 1.44 1.84 12 27.8 444,977 5,868,894 752 192.3 -27 295.5

Notes:
1 Core loss between 0–2.3m, 4-5.5m, 6.6-7.4m and 9.9-13m, core loss intervals conservatively assume a gold grade of 0g/t.
2 Core loss between 41-44.3m, core loss intervals conservatively assume a gold grade of 0g/t.
3 Includes results from previously unsampled core, originally reported intercept was 37m @ 4.91g/t Au, 0.4% Cu from 177m (see ASX announcement dated 25 June 2018)
4 Includes the extension 163.1m to 248.1m

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Figure 10: Hill 800 plan with drill holes and mineralised zones
projected to surface.

Figure 11: Hill 800 long section (+/- 60m), looking west with selected intervals labelled.

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COMPLIANCE STATEMENTS
REPORTING OF EXPLORATION RESULTS
The information in this announcement that relates to Exploration Results is based on information compiled by Mr
For personal use only

Michael Cawood, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy
(AusIMM). Mr Cawood is a full-time employee of Carawine Resources Ltd and has sufficient experience that is
relevant to the style of mineralisation and type of deposit under consideration and to the activities being
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the “JORC Code (2012)”). Mr Cawood
consents to the inclusion in this announcement of the matters based on his information in the form and context in
which it appears.
PREVIOUSLY REPORTED INFORMATION
This announcement includes information that relates to Exploration Results prepared and first disclosed under the
JORC Code (2012). The information was extracted from the Company’s previous ASX Announcements as follows:
• Paterson: “Paterson Gravity Survey Prioritises Baton Targets” 27 August 2019
• Paterson: “Sixteen EM Targets Identified at the Paterson Project” 29 July 2019
• Hill 800: “New Gold Prospects Defined at Jamieson” 15 July 2019
• Hill 800: “Gold Zone Extended with Latest Results from Hill 800” 27 May 2019
• Hill 800: “New Drill Holes Confirm High Grade at Hill 800” 3 May 2019
• Hill 800: “High Grade Gold-Copper Zone Extended at Hill 800” 1 April 2019
• Hill 800: “Hill 800 Drilling Program Update” 20 March 2019
• Hill 800: “New Gold Zone Discovered at Hill 800” 5 February 2019
• Hill 800: “Second Round of Diamond Drilling Underway at Hill 800” 28 November 2018
• Hill 800: “Strong Finish to Maiden Drilling Program at Hill 800” 20 August 2018
• Hill 800: “Latest Results Increase Strike Potential at Hill 800” 6 August 2018
• Hill 800: “Record High-Grade Gold Intersection from Hill 800” 10 July 2018
• Hill 800: “New High Grade Gold-Copper Zone at Hill 800” 25 June 2018
• Hill 800: “Exceptional First Results from Hill 800 Drilling” 7 June 2018
Copies of these are available from the ASX Announcements page of the Company’s website:
www.carawine.com.au
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the relevant market announcements. The Company confirms that the form and context in which the
competent person’s findings are presented have not been materially modified from the relevant original market
announcements.
FORWARD LOOKING AND CAUTIONARY STATEMENTS
Some statements in this announcement regarding estimates or future events are forward-looking statements.
They include indications of, and guidance on, future earnings, cash flow, costs and financial performance.
Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”,
“expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”,
"predict", "foresee", "proposed", "aim", "target", "opportunity", “could”, “nominal”, “conceptual” and similar
expressions. Forward-looking statements, opinions and estimates included in this report are based on
assumptions and contingencies which are subject to change without notice, as are statements about market and
industry trends, which are based on interpretations of current market conditions. Forward-looking statements are
provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-
looking statements may be affected by a range of variables that could cause actual results to differ from
estimated results and may cause the Company’s actual performance and financial results in future periods to
materially differ from any projections of future performance or results expressed or implied by such forward-
looking statements. So, there can be no assurance that actual outcomes will not materially differ from these
forward-looking statements.

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ABOUT CARAWINE RESOURCES

Carawine Resources Limited is an exploration company whose primary focus is to explore for, and
ultimately develop, economic gold, copper and base metal deposits within Australia. The Company has
For personal use only
four projects, each targeting high-grade deposits in well-established mineralised provinces throughout
Australia.
JAMIESON PROJECT (Au-Cu, Zn-Au-Ag)
The Jamieson Project is located near the township of Jamieson in the northeastern Victorian Goldfields
and comprises granted exploration licences EL5523 and EL6622, covering an area of 85 km2 and
containing the Hill 800 gold-copper and Rhyolite Creek zinc-gold-silver prospects within Cambrian-aged
felsic to intermediate volcanics.
Hill 800 was discovered by New Holland Mining NL (New Holland) in 1994, following sampling of
outcropping gold-rich gossans, with drilling returning results with significant widths and high gold
grades. The Rhyolite Creek Prospect, located about 5km south of Hill 800, was discovered in 2008,
with diamond drilling intersecting a zone of strong alteration and sulphide mineralisation returning high
grade zinc, gold and silver from an interpreted seafloor Volcanogenic Massive Sulphide (VMS) system.
PATERSON PROJECT (Au-Cu, Cu-Co)
The Paterson Project, situated in the Paterson Province at the eastern edge of the Pilbara Craton, is
dominated by Proterozoic age rocks of the Rudall Metamorphic Complex and the overlying Yeneena
Supergroup. The Paterson area is host to the Telfer Au-Cu deposit, and the Nifty and Maroochydore
stratabound Cu-(Co) deposits. Carawine’s Paterson Project comprises six granted exploration licences
and ten exploration licence applications (subject to ballot) over an area of about 1,560km2 held 100%
by the Company across five regions: Lamil Hills, Trotman South, Red Dog, Baton and Sunday.
OAKOVER PROJECT (Cu, Co, Mn, Fe)
Located in the highly prospective Eastern Pilbara region of Western Australia, the Oakover Project
comprises thirteen granted exploration licences and two exploration licence applications with a total
area of about 2,500km2, held 100% by the Company. The Oakover Project is centred on the
Proterozoic Oakover Basin and is prospective for copper, cobalt, manganese and iron.
FRASER RANGE PROJECT (Ni-Cu-Co)
The Fraser Range Project includes 6 granted exploration licences in five areas: Red Bull, Bindii, Big
Bullocks, Similkameen and Big Bang in the Fraser Range region of Western Australia. The Project is
considered prospective for magmatic nickel-sulphide deposits such as that at the Nova nickel-copper-
cobalt operation. Carawine has a joint venture with Independence Group NL (IGO) over the Red Bull,
Bindii, Big Bullocks and Similkameen tenements (the Fraser Range Joint Venture). IGO currently hold a
51% interest and can earn an additional 19% interest in the tenements by spending $5 million by the
end of 2021.

ASX Code: CWX Market Capitalisation: A$8.1 million

Issued shares: 55.8 million Cash (at 30 June 2019): A$1.2 million

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Appendix 1: JORC (2012) Table 1 Report

Section 1 Sampling Techniques and Data
For personal use only

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary

Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, • H8DD samples are half sawn HQ or NQ diamond core on nominal 1m
or specific specialised industry standard measurement tools down hole intervals
appropriate to the minerals under investigation, such as down • HED holes are half sawn HQ or NQ diamond core and sampled on
hole gamma sondes, or handheld XRF instruments, etc). These geological intervals with a nominal maximum 1m downhole sample
examples should not be taken as limiting the broad meaning of interval.
sampling. • HEC holes were drilled using a 5 inch RC system, for holes HEC1-10
• Include reference to measures taken to ensure sample samples are reported as having been collected by spear (scoop samples)
representivity and the appropriate calibration of any on 1m intervals to collect a nominal 2kg sample. For holes HEC35-51
measurement tools or systems used. samples are reported as having been collected from a riffle splitter on 1m
• Aspects of the determination of mineralisation that are Material intervals to collect a nominal 2kg sample. For holes HEC11-34 sample
to the Public Report. collection methods are not reported, however it is assumed that
• In cases where ‘industry standard’ work has been done this subsequent to the initial program (HEC1-10) samples were collected by
would be relatively simple (eg ‘reverse circulation drilling was riffle splitter as per typical methods of the time for follow-up drilling
used to obtain 1 m samples from which 3 kg was pulverised to programs.
produce a 30 g charge for fire assay’). In other cases more
explanation may be required, such as where there is coarse gold
that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant
disclosure of detailed information.
Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary • H8DD001 is a HQ diameter diamond core drill hole.
air blast, auger, Bangka, sonic, etc) and details (eg core • Subsequent H8DD holes are HQ/NQ diameter diamond core
diameter, triple or standard tube, depth of diamond tails, face- • HED and RCD holes are HQ/NQ diameter diamond core.
sampling bit or other type, whether core is oriented and if so, by • HEC holes were drilled using 5 inch Reverse Circulation (RC) and a face-
what method, etc). sampling bit.
Drill sample recovery • Method of recording and assessing core and chip sample • Measurements of core recovery have been made.
recoveries and results assessed. • To note is the top ~6m of HED1 which shows poor recovery. The reported
• Measures taken to maximise sample recovery and ensure assay interval for HED1 is of similar tenor to the nearest HEC (RC) drill hole
representative nature of the samples. therefore it is assumed recovery has not had a material effect on reported
• Whether a relationship exists between sample recovery and assay results.
grade and whether sample bias may have occurred due to • Orientation processes are reported from the start of the historic RC drilling
preferential loss/gain of fine/coarse material. program to maximise recovery and representivity of the material drilled.
H8DD holes show variable recoveries, with low to moderate recovery more
common at shallow depths.

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Criteria JORC Code explanation Commentary

For personal use only

• Reported intervals do not contain a material bias related to core/sample

recovery. Core loss intervals are reported as 0g/t Au grade
Logging • Whether core and chip samples have been geologically and • H8DD holes have been geologically logged in detail including lithology,
geotechnically logged to a level of detail to support appropriate alteration, mineralisation and veining, along with geotechnical information
Mineral Resource estimation, mining studies and metallurgical collected, and is of sufficient quality and detail for reporting of Exploration
studies. Results and to support Mineral Resource estimation.
• Whether logging is qualitative or quantitative in nature. Core (or • Historic (HED core and HEC RC) holes have been geologically logged to a
costean, channel, etc) photography. relatively high detail. Alteration and petrographic examination has been
• The total length and percentage of the relevant intersections done throughout the drilling programs.
logged. • Geotechnical information for Historic HED holes is sparsely recorded and
is of sufficient quality for reporting of Exploration Results, but would
require further work to support Mineral Resource estimation. Core is
available for study.
Sub-sampling • If core, whether cut or sawn and whether quarter, half or all core • H8DD intervals were sampled as sawn half-core.
techniques and taken. • Field duplicates are collected from H8DD holes by sawing a 1m interval
sample preparation • If non-core, whether riffled, tube sampled, rotary split, etc and into two quarter core samples. Both samples were submitted for
whether sampled wet or dry. preparation and analysis as separate samples
• For all sample types, the nature, quality and appropriateness of • H8DD sample weights were typically greater than 2.3 kg
the sample preparation technique. • H8DD samples were pulverised by a commercial laboratory with greater
• Quality control procedures adopted for all sub-sampling stages than 90% passing 75 microns
to maximise representivity of samples. • H8DD data are of sufficient quality for reporting of Exploration Results and
• Measures taken to ensure that the sampling is representative of to support Mineral Resource estimation.
the in situ material collected, including for instance results for • HED cores were sampled as sawn half-core.
field duplicate/second-half sampling. • For holes HEC1-10 samples are reported as having been collected by
• Whether sample sizes are appropriate to the grain size of the spear (scoop samples) on 1m intervals to collect a nominal 2kg sample.
material being sampled. For holes HEC35-51 samples are reported as having been collected from a
riffle splitter on 1m intervals to collect a nominal 2kg sample. For holes
HEC11-34 sample collection methods are not reported, however it is
assumed that subsequent to the initial program (HEC1-10) samples were
collected by riffle splitter as per typical methods of the time for follow-up
drilling programs.
• No methods of representivity eg field duplicates, have been reported for
HED and HEC holes, however industry standard techniques have been
employed therefore it is assumed the data are of sufficient quality for
reporting of Exploration Results.
Quality of assay data • The nature, quality and appropriateness of the assaying and • The assay method for H8DD holes is 50g fire assay with AAS finish for Au,
and laboratory tests laboratory procedures used and whether the technique is and multi-acid digestion (including hydrofluoric acid) with ICPAES and

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Criteria JORC Code explanation Commentary

For personal use only

considered partial or total. ICPMS finish for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge,
• For geophysical tools, spectrometers, handheld XRF Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr,
instruments, etc, the parameters used in determining the Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr
analysis including instrument make and model, reading times, • In H8DD holes, standards and blanks were submitted on a nominal 20
calibrations factors applied and their derivation, etc. sample interval and returned results within expected ranges for the main
• Nature of quality control procedures adopted (eg standards, elements of interest Au and Cu.
blanks, duplicates, external laboratory checks) and whether • Quality control for the elements used in the lithogeochemical study
acceptable levels of accuracy (ie lack of bias) and precision referred to in this announcement was assessed using internal laboratory
have been established. QA/QC processes. This is considered appropriate for the purposes of the
study, and the context in which the results have been reported.
• Coarse gold has been identified in H8DD002 potentially affecting
duplication repeatability.
• For HEC and HED holes, the assay method is described at AAS for Au, and
ICP for Cu, Pb, Zn, As, Mo, Co, Mn and Ba. It is unclear what the digestion
method is for these, however it is assumed aqua-regia (for gold) and 4-
acid digest (for base metals) has been used. For gold, aqua-regia is a
partial digestion method especially with refractory gold, compared with fire
assay. Petrological studies report gold in fresh material is not bound within
sulphide but rather on the edges of sulphide grains, and therefore would
be available for digestion. It is considered that if there is a bias for gold,
assays it will be conservative, and therefore are of sufficient quality to be
reported as exploration results.
• For HEC1-10 2 reference standards were analysed per assay batch and
returned values within expected ranges.
• Standard industry practices have been employed in the collection and
assaying of samples, with modern exploration and assay techniques
conducted within a low-risk jurisdiction. Considering these factors along
with reported information, the data are assumed to have sufficient quality
for the reporting of Exploration Results.
Verification of • The verification of significant intersections by either • Significant intersections reported are reviewed by senior geological
sampling and independent or alternative company personnel. personnel from the Company.
assaying • The use of twinned holes. • RC holes HEC03 and HEC45 were twinned with diamond holes H8DD017
• Documentation of primary data, data entry procedures, data and H8DD018. There is broad correlation between holes on a 0.3g/t Au
verification, data storage (physical and electronic) protocols. cut-off interval although some variation occurs on an individual metre
• Discuss any adjustment to assay data. basis
• H8DD geological data was captured digitally and stored in an electronic
database managed by an independent consultant. Assay data was

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Criteria JORC Code explanation Commentary

For personal use only

imported directly into the database without alteration.

• All HED and HEC data has been reported in technical reports submitted by
Companies to the Victorian Government which are now available as open
file. Any relevant data quality issues are stated in this report/
• No assay data have been adjusted
Location of data • Accuracy and quality of surveys used to locate drill holes (collar • H8DD holes were located by a licenced surveyor with an accuracy of +/-
points and down-hole surveys), trenches, mine workings and other 10cm.
locations used in Mineral Resource estimation. • The drill holes were surveyed using the MGA94 – Zone 55 national grid
• Specification of the grid system used. • H8DD holes were surveyed down hole by multi-shot camera every 30m
• Quality and adequacy of topographic control. (nominal).
• HED and HEC holes have been located to a local grid, where still available
in the field these have been confirmed to +/- 5m accuracy. RL is projected
to a government surface DEM. Coordinates reported are MGA Zone 55.
• HED diamond holes have been surveyed down hole by single shot camera
every 30m (nominal).
• Location data is considered to be of sufficient quality for reporting of
Exploration Results.
Data spacing and • Data spacing for reporting of Exploration Results. • See figures in body of announcement for drill hole distribution.
distribution • Whether the data spacing and distribution is sufficient to • Samples have not been composited.
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.
Orientation of data in • Whether the orientation of sampling achieves unbiased • At Hill 800 mineralisation is interpreted to trend 50deg. with a 50deg. dip
relation to geological sampling of possible structures and the extent to which this is to the west. However, it should be noted that a number of alternative
structure known, considering the deposit type. interpretations can be supported by the current dataset. Further work will
• If the relationship between the drilling orientation and the be aimed at confirming the interpretation of the orientation and extent of
orientation of key mineralised structures is considered to have mineralisation.
introduced a sampling bias, this should be assessed and • H8DD001, H8DD007, H8DD015, H8DD017 and H8DD018 results are
reported if material. interpreted to approximate the true width of mineralisation.
• H8DD002, H8DD003, H8DD004, H8DD005, H8DD006, H8DD009
H8DD011A, H8DD012, H8DD013, H8DD014, and H8DD019 are
interpreted to intersect the mineralisation at between approximately 45
and 60 degrees. Down-hole widths therefore may not represent true
widths.
• For HEC and HED holes, due to limitations of the drilling rig used and

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Criteria JORC Code explanation Commentary

For personal use only

topography holes drilled either vertically, or angled towards the northwest,

have been drilled oblique and at a low angle to the main mineralised
direction. This results in these intersections not reflecting true widths.
Sample security • The measures taken to ensure sample security. • For HEC and HED holes, no measures regarding sample security have
been reported however this is not considered a high risk given the Project
location.
• For H8DD holes, all core is stored in a Carawine locked facility
Audits or reviews • The results of any audits or reviews of sampling techniques and • Historic data for the Jamieson Project and Hill 800 prospect has been
data. reviewed by an Independent Geologist, results of which are included in
Carawine’s Initial Public Offer (IPO) Prospectus.
• No external audits of data from the current drilling program have been
completed and are not considered necessary at this stage.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)
Criteria Statement Commentary
Mineral tenement and • Type, reference name/number, location and ownership • Exploration Licence (EL) 5523 is 20km east of the township of Jamieson in
land tenure status including agreements or material issues with third parties such Northeast Victoria, Australia. It was granted on 1 October 2015, is due to
as joint ventures, partnerships, overriding royalties, native title expire on 30 September 2020, and is held 100% by Carawine Resources.
interests, historical sites, wilderness or national park and • Exploration Licence (EL) 6622 is 20km east of the township of Jamieson in
environmental settings. Northeast Victoria, Australia. It was granted on 30 July 2018, is due to
• The security of the tenure held at the time of reporting along expire on 29 July 2023, and is held 100% by Carawine Resources.
with any known impediments to obtaining a licence to operate in • There are no known impediments to obtaining a licence to operate in the
the area. area.
Exploration done by • Acknowledgment and appraisal of exploration by other parties. • Hill 800 was discovered by New Holland Mining NL in 1996.
other parties • Work completed by previous explorers is referenced as appropriate in the
body of the announcement.
Geology • Deposit type, geological setting and style of mineralisation. • The Project is hosted in strongly altered andesitic volcanic rocks of the
Cambrian Barkly River Formation.
• Alteration at Hill 800 comprises a zone of silica-sericite(paragonite)-pyrite
(phyllic) alteration extending NE-SW for about 600m to maximum width of
about 110m on the crest of Hill 800. An outer halo of sericite alteration
grades into distal chlorite-sericite (propylitic) alteration. Historic PIMA
studies define a paragonite core associated with the silica-pyrite-gold
mineralisation grading into an outer halo dominated by sericite.

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Criteria Statement Commentary
For personal use only

• Hill 800 mineralisation is best classified as a hybrid, volcanic-hosted semi-

massive sulphide deposit formed in a sub-sea floor environment above a
fertile porphyry intrusive system. Interaction of hot porphyry-derived
mineralising fluids with cold seawater is the mechanism most likely
required to generate the observed geochemical data and mineral
assemblage at Hill 800. Data also supports an interpretation that the
higher-grade gold and copper mineralisation at Hill 800 (previously
described as “stringer” mineralisation) is most likely the result of local
remobilisation during later regional metamorphism during the Devonian
Tabberabberan orogeny.
• Middle Hill is located 200m south of Hill 800 and comprises andesite
volcanics and volcaniclastics variably altered to sericite, chlorite and silica.
• Hill 700 is located approximately 1 kilometre south of Hill 800 and
comprises NE trending alteration zones of silica-sericite, and pyrite within
chlorite altered andesite volcanics and volcaniclastics.
• Northeast Spur, Eastern Targets, and Southeast Spur are early stage
prospects with rock chips of andesite showing variable silica-sericite-
chlorite alteration with varying amounts of boxworks after sulphides
Drill hole Information • A summary of all information material to the understanding of • See body of the announcement for details.
the exploration results including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level
in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent
Person should clearly explain why this is the case.
Data aggregation • In reporting Exploration Results, weighting averaging • Criteria for reporting weighted intervals are included with the relevant
methods techniques, maximum and/or minimum grade truncations (eg tables
cutting of high grades) and cut-off grades are usually Material
and should be stated.
• Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the

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Criteria Statement Commentary
procedure used for such aggregation should be stated and
For personal use only

some typical examples of such aggregations should be shown in

detail.
• The assumptions used for any reporting of metal equivalent
values should be clearly stated.
Relationship between • These relationships are particularly important in the reporting of • Drill hole intercepts reported are down-hole lengths. True widths are
mineralisation widths Exploration Results. unknown
and intercept lengths • If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg ‘down hole
length, true width not known’).
Diagrams • Appropriate maps and sections (with scales) and tabulations of • See body of announcement for plan and section views and tabulations of
intercepts should be included for any significant discovery being significant assay intervals.
reported These should include, but not be limited to a plan view
of drill hole collar locations and appropriate sectional views.
Balanced reporting • Where comprehensive reporting of all Exploration Results is not • All information considered material to the reader’s understanding of the
practicable, representative reporting of both low and high Exploration Results has been reported.
grades and/or widths should be practiced to avoid misleading
reporting of Exploration Results.
Other substantive • Other exploration data, if meaningful and material, should be • This announcement refers to the analysis of geochemical data by an
exploration data reported including (but not limited to): geological observations; expert as described in the body of the announcement. The results of this
geophysical survey results; geochemical survey results; bulk analysis are considered sufficiently robust to describe potential mineral
samples – size and method of treatment; metallurgical test systems and formation environments supported by the data. However, it is
results; bulk density, groundwater, geotechnical and rock important to note that these are interpretations, and are presented with
characteristics; potential deleterious or contaminating appropriate cautionary statements. Further work is required to establish
substances. the accuracy or otherwise of these interpretations.
• All information considered material to the reader’s understanding of the
Exploration Results has been reported.
Further work • The nature and scale of planned further work (eg tests for • Further work is described in the body of the announcement.
lateral extensions or depth extensions or large-scale step-out
drilling).
• Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially sensitive.

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