Projects & Royalties

Mount Isa (Brightlands)

Project: Mount Isa (Brightlands)
Commodity: Gold , Copper , Uranium , Rare Earth Elements
Royalty: 2.0% NSR
Subsidiary: Altus Royalties Holdings Ltd
Location: Australia
Deposit Style: Iron Oxide Copper-Gold (IOCG) breccia style system
Key Attributes: Major regional structure; the long lived, deep seated Cloncurry Flexure
Asset Stage: Advanced exploration
Results: 88.4Mt at 0.34% CuEq for 301kt (2013)
Next Phase of Work: Further exploration and resource restatement
Deal Partner: GBM Resources (GBZ.ASX) vending EPM 14416 to Consolidated Uranium Corporation (CUR.TSXV)
Deal Terms: Acquired from Newcrest Mining

Project Overview

The Brightlands / Milo U-REE (Au, Cu) project is located within the prolific North West Mineral Province of Queensland. Originally an Iron Oxide Copper-Gold (IOCG) project being advanced by GBM Minerals, the project was sold on 11 November 2021 to Consolidated Uranium (TSX:CUR) primarily for its uranium + REE potential. The project area is dominated by a major regional structure; the long lived, deep seated Cloncurry Flexure.

There are multiple targets for Cu and Cu-Au mineralisation with very limited shallow drilling. The Tambourine Prospect returned veins and alteration over a 600m strike length. Peak values of up to 13.8% Cu and 2.6 ppm Au were intersected in drilling with the best intersection of 9m @ 2.2% Cu and 0.43 g/t Au in BTRC003.

The Milo Uranium, Copper, Gold, Rare Earth Project

The Milo deposit is a large IOCG breccia style system where base and precious metal mineralization occurs as moderate to steeply north-east dipping, sulphide rich breccia zones which are enclosed by a zone of TREEYO-P2O5 enrichment forming a halo to the base metal mineralization. Drilling by GBM from 2010 to 2012 totalled 32 drillholes with each phase of drilling extending the mineralization to the north and south. The drilling has delineated continuous Uranium, Cu and REE mineralization over a strike length of 1 kilometre and up to 200 metres wide. The 2012 drilling program intersected some high-grade Cu mineralization including 2 metres @ 6.19% Cu at 163 m downhole in MIL015, one of the most southerly drilled holes. Oxidation at Milo is generally shallow, typically extending 10 metres to 20 metres below surface. There are currently no drillholes that penetrate the oxidised mineralization and so the nature of any oxide or supergene mineralization is unknown.

Historic Mineral Resources

Mining One Consultants (“Mining One”), an independent consulting company, prepared a technical report on the Project in accordance with the disclosure standards of JORC, 2004 entitled “Milo Project Scoping Study” dated March 2013. Geomodelling Ltd. was contracted by GBM to generate a block model resource estimate for the deposit for inclusion in the Mining One report. The block model was created using Minesight software using block proportions to calculate volumes. The resources reported were generated from this model and were classified as inferred under the Australasian Institute of Mining and Metallurgy Joint Ore Reserves Reporting Code 2004. The results of the resource estimate are shown below:

Table 1: Milo Inferred TREEYO resource, at a 300ppm TREEYO cut-off.

 

cutoff

tonnnes

TREEYO

P2O5¹

CeO2¹

La2O3¹

Nd2O3¹

Pr2O3¹

 

(TREEYO ppm)

(Mt)

(ppm, t)

(%,t)

(ppm, t)

(ppm, t)

(ppm, t)

(ppm, t)

Grades

330

176

620

0.75

260

150

80

24

Contained metal

 

108,000

1,330,000

46,140

26,460

13,850

4,230

                 
 

Sm2O3¹

Eu2O3¹

Gd2O3¹

Y2O3²

Dy2O3²

Er2O3²

Others²

 
 

(ppm, t)

(pm, t)

(ppm, t)

(ppm, t)

(ppm, t)

(ppm, t)

(ppm, t)

 
 

12

4

10

52

8

5

9

¹ LREEOs

 

2,170

710

1,780

9,150

1,480

850

1,620

² HREEYs

                 

Table 2: Inferred copper equivalent resource (above 0.1% copper equivalent).

 

cutoff

tonnes

CuEq

Au

Cu

Ag

Mo

Co

U₃O₈

 

(CuEq %)

(Mt)

(%, t)

(ppm, oz)

(ppm, t)

(ppm, oz)

(ppm/t)

(ppm/t)

(ppm/M lbs)

Resource

0.1

88.4

0.34

0.04

1,090

1.63

65

130

72

Contained metal

 

301,000

126,000

96,500

4,638,000

5,700

11,700

14.0

                 

The inferred resource envelope is approximately 1,000 metres x 200 metres in size and is open in all directions including up dip where steep terrain has limited near surface drilling access.

This historical estimate is considered to be a “historical estimate” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“ NI 43-101 ”) and is not considered by the Company to be current and the Company is not treating them as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. CUR would need to review and verify the previous drill hole data and conduct an exploration program, including twinning of historical drill holes in order to verify the historical estimate as a current Mineral Resource.

Exploration Potential

Exploration potential at Milo is considered to be very good. Much of the previous work at Milo including the bulk of drilling has been directed at The Milo Gossan. A similar gossan occurs immediately to the west (Milo Western Gossan) and is over 1 kilometre long. It has a similar Radiometric signature to Milo. In addition, a further large untested radiometric anomaly occurs approximately 1 kilometre to the North (Milo North) which has the largest radiometric anomaly on the tenement. Previous work has focused on the rare earth potential of the project rather than the Uranium potential.

Near Milo Prospects:

Milo North: Large U channel radiometric anomaly coincident with a pronounced topographic ridge. Minimal exploration to date includes some soil lines and sporadic rock chip sampling. No drilling has been conducted. Peak rock chip assays returned 0.15 % Cu, 0.8% P (no REE assays), and 60 ppm U from copper oxide stained, jarositic faulted breccia gossan zone along ridge top.

Milo Western Gossan: A number of geochemical/structural/historical targets exist within the current extent of the GBM soil sampling grid surrounding Milo. The most prominent of these is Milo Western Gossan (MWG). Savage mapped the prospect in detail, defining a 600 metre long, narrow linear gossan with pronounced structural complexity. The gossan was interpreted to occur at the margin of an intensely altered mafic unit and a sheared shale unit. GBM drilled six shallow RC holes on five sections, intersecting the gossan (‘lode’) in five of the six holes and producing a number of high-grade (compared to Milo) narrow Cu-Au intersections. Mo, Co and U are also present in low-grade concentrations within the lode zone.

Milo South: Completion of a detailed soil grid south of the highway at Milo outlined a large and intense copper-in-soil anomaly associated with an pronounced semi-circular magnetic feature. Subsequent mapping defined another extensive gossanous zone which had in the past produced strongly anomalous Cu in rock-chips. The gossan, approximately 400m in length, is in the center of the soil anomaly and is associated with an altered mafic unit, possibly dolerite. The prospect has not been drill-tested.

Royalty Overview

Altus owns an 80.1% interest in a 2.0% NSR royalty for gold and other minerals with one exploration licence, EPM 14416, which comprises 20 sub blocks or approximately 34 square kilometres located within The Mt Isa Inlier approximately 40 kilometres west of Cloncurry in Northwestern Queensland.

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