Wrap Text
Drilling results confirm high grade copper intersections at Rietberg Copper mine and initial sampling leads
Copper 360 Limited
(Formerly Big Tree Copper Limited)
(Incorporated in the Republic of South Africa)
Registration number 2021/609755/06
JSE Share Code: CPR ISIN: ZAE000318531
(“Copper 360” or “the Company”)
DRILLING RESULTS CONFIRM HIGH GRADE COPPER INTERSECTIONS AT RIETBERG COPPER MINE AND INITIAL SAMPLING
LEADS TO DISCOVERY OF NEW HIGH GRADE COPPER DEPOSIT ON SURFACE
Highlights
• Four core boreholes twinned parallel to historical drilling confirms historical copper values and widths as well
as validates the historical database.
• Borehole RB360-3 intersects 22,27m at 2,97% copper in situ (drill width) at Rietberg Copper Mine.
• Borehole RB360-4 intersects 6,66m at 3,57% copper in situ (drill width) at Rietberg Copper Mine.
• Surface channel sampling at Wheal Julia leads to discovery of copper oxide capping on surface 150m wide by
100m long and open to depth.
• Average value of samples at Wheal Julia yields in situ average copper grade of 5% copper with individual
values as high as 8% to 10% copper in situ.
Shareholders are reminded the Newmont Mining Company drilled 123 boreholes representing over 8500m of core that
defined several large high-grade copper deposits during 1980 at the Rietberg Mine. These deposits were pre-developed but
never mined. Copper 360 through its subsidiary Shirley Hayes IPK (Pty) Ltd (“SHIP”) has a Mining Right over the Rietberg
Mine and own the historical geological drillhole database. Because the core from the drillhole database was not preserved,
the Company drilled 4 core boreholes parallel and within at least a 5 to 10m distance from 4 historical boreholes to confirm
the validity of the drillhole database. These new core boreholes have confirmed the validity of the historical intersected
copper widths and grades and were spaced in a representative manner. These results will also enable the Company to
upgrade the inferred resource of this mineralized body at the Rietberg Mine to the indicated and measured resource
category. The Company will advise the market of this upgrade within the coming months.
Historical Borehole Intersections SHIP Copper Confirmation Drilling intersections
Borehole Width Assay Borehole Width Assay
From To From To
Number (meters) % Copper Number (meters) % Copper
RB261 59,131 72,542 13,41 2,44 RB360-1 62,29 72,92 10,63 2,00
RB228 43,282 52,73 9,45 1,55 RB360-2 44,35 46,82 2,47 3,11
RB228 78,638 86,868 8,23 3,48 RB360-2 100,54 108,75 8,21 2,52
RB277 56,388 81,686 25,30 3,51 RB360-3 55,66 77,93 22,27 2,97
RB240 31,09 36,271 5,18 2,17 RB360-4 35,03 41,69 6,66 3,57
Intersection widths are downhole bore depths and not corrected for dip
In addition to these drilling results, the Company also undertook a sampling campaign at Wheal Julia after the loose rock
from this site was cleared as part of rehabilitation obligations. Surface sampling has confirmed an area of 15,000m2 with
samples taken yielding an average copper grade of 5%. Individual values of up to 8% and 10% copper in situ was reported.
The results of this sampling campaign have not been verified by a second independent laboratory and caution needs to be
exercised in the interpretation of these assays. These results have revealed a major copper discovery on surface and several
other similar targets have been identified by geophysics and are being investigated. The Company is planning to also drill the
Wheal Julia surface copper showing and several other targets within the coming months. The results of the surface sampling
are shown in the table below.
Sample number AREA % Copper
WJHR - 001 Wheal Julia Hard Rock 1,30
WJHR - 002 Wheal Julia Hard Rock 10,58
WJHR - 003 Wheal Julia Hard Rock 2,63
WJHR - 004 Wheal Julia Hard Rock 8,32
WJHR - 005 Wheal Julia Hard Rock 8,33
WJHR - 007 Wheal Julia Hard Rock 8,45
WJHR - 008 Wheal Julia Hard Rock 8,23
WJHR - 009 Wheal Julia Hard Rock 2,73
WJHR - 010 Wheal Julia Hard Rock 8,96
WJHR - 011 Wheal Julia Hard Rock 3,78
WJHR - 012 Wheal Julia Hard Rock 6,10
WJHR - 013 Wheal Julia Hard Rock 2,56
WJHR - 014 Wheal Julia Hard Rock 6,03
WJHR - 015 Wheal Julia Hard Rock 6,06
WJHR - 016 Wheal Julia Hard Rock 5,22
WJHR - 017 Wheal Julia Hard Rock 5,24
WJHR - 018 Wheal Julia Hard Rock 2,17
WJHR - 019 Wheal Julia Hard Rock 4,43
WJHR - 020 Wheal Julia Hard Rock 4,43
WJHR - 021 Wheal Julia Hard Rock 4,42
Jan Nelson, CEO of Copper 360 commented; “The drilling results at the Rietberg Mine have confirmed the historical drillhole
database and have validated our modelling of the mineralized copper zones at the mine. The size of the copper mineralization
is unlike anything else in the world with copper mineralization of over 150m wide by 200m in length with a down-dip strike
of over 400m and open to depth at in situ grades of between 2,5% and 3,5%. This represents significant blocks of copper
mineralization that we are planning to mine with pre-developed infrastructure in place. In addition, we have now identified
and delineated several targets of copper mineralization confirmed by sampling on surface not previously known. This
changes the landscape completely as the possibility now exists to develop potentially several surface open pit deposits. We
have mobilized a geological team and drilling is planned within the coming months to test these targets to depth and prepare
for open pit mine design.”
Dr Deon Tobias Vermaakt (PhD Geology) (SACNASP 400020/01) acts as the competent person to the Company and has
verified the drillhole results presented above. The surface sampling at Wheal Julia has not been verified by check sampling
and as such readers should exercise caution in relying on any investment decision based on these results.
Stellenbosch
6 June 2023
Designated Advisor: Bridge Capital Advisors (Pty) Ltd
Date: 06-06-2023 09:00:00
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