Narryer Metals Limited
Level 5, 191 St Georges Terrace
PERTH WA 6005
Enquiries info@narryer.com.au
Tel +61 (0)2 9299 9690
ASX NYM
ACN 651 575 898
A High-Grade Growth Opportunity With Scale
INVESTMENT HIGHLIGHTS
- Established high-grade Resource and historic producer
Resource base provides a strong platform for growth. - Scale potential well beyond the current Resource
Exploration Target supports district-scale upside. - Blue sky opportunity for further discoveries
First mover in a highly prospective, under-explored region - Strategic entry into Chile
A leading global copper mining jurisdiction
A Strategic Copper Position in Southern Chile
The Redhill Copper Project is located in the Magallanes Region of southern Chile, a globally recognised mining jurisdiction. The Cutters Cove Deposit, located approximately 110km southwest of Punta Arenas, is the most advanced area within the broader southern Chile tenement package.
Cutters Cove has a history of high-grade copper production and hosts the existing Mineral Resource and Exploration Target. It forms part of a larger tenement package, with additional exploration tenure covering a broader, under-explored opportunity across the Magallanes district.
The broader project also contains prospective geological targets and interpreted strike extensions, providing potential for new discoveries.
Exploration Strategy
The exploration strategy is focused on growing the existing Resource to a significant scale through conversion of the Exploration Target, while testing strike extensions to discover new high-grade copper mineralisation.
Strategic Location and Infrastructure: Near-Shore Access, Protected Waters and Establlished Logistical Pathways
Cutters Cove benefits from near-shore access, with access by barge from Punta Arenas or nearby ports, or by a 45-minute helicopter flight from Punta Arenas. The project sits near protected waters on the edge of the Straits of Magellan shipping lane.
Established logistics include tracks between the historic mine workings, an existing helipad and direct barge access for heavy vehicle loading and unloading. The project is strategically positioned in a stable mining jurisdiction with existing infrastructure in Punta Arenas.
Drill Targets Identified
Multiple drill targets have been identified, with significant vein extensions at Angelica, Gorda, Cutters and Ingleses and consistent copper, silver and gold anomalism along strike. The results demonstrate the potential to grow the existing Mineral Resource and support the Exploration Target, with the system remaining open and priority targets identified for follow-up drilling.
ANGELICA – GORDA – CUTTERS, CUTTERS – INGLESES
Exploration History and Recent Fieldwork
Limited Modern Drilling:
Shallow Intersections and Immediate Follow-up Opportunities
Key Milestones
1970–75 212kt of ore produced @ 1.72% Cu
1991–93 Regional sampling identified 48 priority targets
2006 Exeter Resources acquired the project
2007 Exploration drilling on previously identified targets
2011 Redhill acquired the project package
2012 EMR Capital made its first investment in Redhill
2013 Phase I Drill Program – ten holes (1,797 m)
2014 Phase II Drill Program – seven holes (542 m)
2015 Geophysical survey identified new drill targets; first regional campaign
2016 Phase III Drill Program – ten holes (1,835 m); Mineral Resource defined
2017 Second regional exploration campaign and conceptual mine study
2022 Rock samples highlighted extensions to existing mineralised veins
Key Takeaways
- Proven high-grade system
Historic commercial mining produced 212kt of ore at 1.72% Cu. - Limited modern drilling
Previous drilling shallow, with mineralised intersections generally less than 200m depth. - Recent fieldwork confirms upside
2022 fieldwork highlighted potential extensions to known veins and additional veins not in the current Resource. - Multiple targets remain open
Mineralisation remains open at multiple locations across the current strike length. - Clear pathway for next phase
Previous mining conceptual studies provide a pathway and steppingstone to future scoping / Pre-Feasibility Study. - 1,620ha
Exploitation concessions covering Cutters Cove - 14,900ha
Exploration concessions along ~150km Rocas Verdas belt - 212kt
Commercial ore produced @ 1.72% Cu from 1970-1975 - ~4km
Historic underground workings across four areas
Existing High-Grade Mineral Resource
4.3MT Inferred At 1.7% CU, 0.3G/T AU AND 33G/T AG
The existing Resource provides Narryer with an established platform from which to prioritise drilling and test extensions.
Exploration Target
Three Components: Vein Extensions, New Veins & Sedimentary-Contact Targets
JORC caution
The Exploration Target has been prepared and reported in accordance with the JORC Code. It is dependent on interpretation of limited information and has not been demonstrated to have economic viability.
# Copper equivalent grades for the exploration target in this release have been calculated using the formula CuEq = Cu% + (Au g/t * 0.784) + (Ag g/t * 0.01515) and are based on 12 month moving monthly average spot metal prices of A$12,081/t copper (LME spot price), A$4,420/oz (World Gold Council spot price) gold and A$68/oz silver (LBMA spot price) with metallurgical recoveries of 93% for copper,62% for gold and 78% for silver. The recovery estimates are from metallurgical test work completed on fresh Cutter Cove material during a 2017 conceptual study by Redhill Mining (see 29 Metals Limited Prospectus, Independent Geology Report ASX announcement 2 July 2021). It is the Company’s opinion that all the elements included in the copper equivalent calculation (i.e. gold and silver) have a reasonable potential to be recovered and sold to smelters in Chile. Copper equivalent grades are calculated for illustrative purposes only and should not be regarded as recoverable grades of copper.