Vulcan

The Vulcan Project is centred on a polymetallic system with confirmed sulphide mineralisation defined by historical drilling, including intercepts of 27.2 m at 0.7% Cu, with higher-grade zones of 12.3 m at 1.2% Cu. These results demonstrate the presence of a coherent and continuous sulphide system rather than isolated occurrences.

Despite this, historical exploration did not include systematic gold assays. This creates a clear contrast within the dataset: a well-defined base metal system with an untested gold component. Given the geological setting and similarity to Mt Morgan–style systems, this represents a material gap in understanding the full mineral potential.

The current exploration approach is designed to address this directly by testing both sulphide continuity and the potential for gold-bearing mineralisation within the same structural and stratigraphic framework.

PROJECT SNAPSHOT

  • Tenure: 279 km² across EPM 26994 and EPM 27724

  • Commodity: Au–Cu–Zn–Pb–Ag

  • Setting: Volcanic–carbonate polymetallic system

  • Key Area: Silverwood district (Grieves Quarry focus)

  • Analogue: Mt Morgan–style VMS system with untested gold potential


WHY THIS PROJECT MATTERS

Vulcan represents a preserved polymetallic system with geological characteristics consistent with major volcanic–carbonate deposits.

The presence of multiple targets across a continuous structural and stratigraphic framework suggests potential for a district-scale system rather than a single isolated deposit.

Importantly, while base metal sulphides are well defined, gold has not been systematically tested, introducing a new and unassessed value component.


GEOLOGICAL SETTING AND THESIS

Mineralisation is interpreted within a hybrid system combining VHMS-style sulphides and carbonate replacement processes, with evidence of an intrusion-related gold overprint.

The system is controlled by:

  • Reactive carbonate horizons

  • Structural corridors

  • Intrusive influence

The working thesis is:

  • Base metal sulphides define the primary system architecture

  • Gold mineralisation may be associated with a later intrusive overprint

  • Multiple mineralisation styles coexist within the same system

  • The district has not been systematically explored for gold


EVIDENCE TO DATE

Drilling and Geological Data

  • GSQ diamond drilling defines sulphide geometry, thickness, and continuity at Grieves Quarry

  • Intercepts include 27.2 m at 0.7% Cu, including 12.3 m at 1.2% Cu

  • Thick, near-surface Zn–Cu–Pb–Ag sulphides confirmed

  • Mineralisation is suitable for modern EM and IP targeting


Stratigraphy and System Analogy

  • Geological architecture consistent with Mt Morgan–style volcanic–carbonate systems

  • Shared Silurian–Devonian stratigraphy and Triassic intrusions

  • Supports metallogenic continuity and system-scale interpretation


Targeting Framework

  • Mineralisation focused along carbonate units and structural corridors

  • EM and IP responses align with sulphide zones

  • Down-dip and along-strike extensions already defined


Critical Gap

  • Gold was not assayed historically

  • First-pass inclusion of Au introduces a new discovery vector across all drilling


WHAT REMAINS TO BE PROVEN

  • Continuity and thickness of sulphide bodies at depth

  • Presence and distribution of gold within carbonate replacement zones

  • Relationship between base metal sulphides and intrusive gold overprint

  • Scale and repeatability across the broader system


PROGRAM DESIGN AND EXECUTION

Phase 1 Objective

Validate sulphide geometry and test for gold within the system.

Drill Strategy

  • Focus on Grieves Quarry down-dip and along-strike extensions

  • Test conductor-aligned sulphide zones

  • Target carbonate-hosted gold positions

Program Scale

  • 4,000–6,000 m initial drilling

  • Designed to validate the model rather than maximise metres


EXECUTION READINESS

  • EPMA 26994 granted with immediate drill access

  • EPM 27724 expands system-scale coverage

  • Excellent access via sealed roads and regional infrastructure

  • Existing mining and quarry footprint reduces mobilisation risk


SUCCESS CRITERIA AND FOLLOW-ON

Success is defined as:

  • Confirmation of sulphide continuity along conductors

  • Identification of meaningful thickness extensions

  • Detection of gold within carbonate-hosted zones

If achieved:

  • Follow-up drilling targets repeat structures across the tenure

  • Expansion of geophysical targeting across the broader system

  • Transition to district-scale exploration


SCALE AND REPEATABILITY

  • Conceptual target: 0.8–1.0 Mt at 3–4% Zn with Cu, Ag and potential Au credits

  • Multiple targets distributed across the same structural and stratigraphic framework

  • System supports repeatable mineralisation rather than a single deposit


MARKET REPRICING TRIGGER

  • Drill confirmation of conductor-aligned sulphide continuity

  • Identification of gold-bearing carbonate replacement mineralisation

  • Demonstration of a repeatable system beyond a single occurrence


IMPORTANT CONTEXT

  • Exploration is at an early stage

  • No mineral resources have been defined

  • Conceptual targets are not JORC-compliant estimates

  • The key risk remains whether mineralisation achieves sufficient scale and continuity

Request Investor Information

Information available to eligible investors.