ALTONA MINING LIMITED: Copper Discovery Grows at Turkey Creek

(firmenpresse) - COPPER DISCOVERY GROWS AT TURKEY CREEK

HIGHLIGHTS

· RC drilling highlights prospectivity of Cloncurry Copper Project
· Infill and Extension RC drilling about to recommence at Turkey Creek
· Mineral Resource estimate for Turkey Creek expected early in 2015
· Potential production from Turkey Creek may have material impact on financial metrics of Little Eva project

Altona Mining Limited (Altona or the Company - http://bit.ly/1oe3ury ) is pleased to announce a recently completed programme of RC drilling at the Turkey Creek deposit has significantly increased the size of this new copper deposit at the Companys 100% owned Cloncurry Copper Project near Mt Isa in Queensland.

Turkey Creek is located 1.5 kilometres to the east of the planned Little Eva open pit mine and processing plant which lies within the granted Mining Leases. A total of 22 holes were drilled for 3,534 metres at Turkey Creek and at Green Hills.

Turkey Creek has now been drilled over a strike length of 1.2 kilometres and remains open to the north where the strongest mineralisation to date has been intersected. Drilling will recommence at the beginning of November and will attempt to fully define the deposit prior to the commencement of the wet season in northern Australia.

Better drill intercepts at a 0.3% copper cut-off grade include:

35 metres at 0.87% copper
34 metres at 0.68% copper
26 metres at 0.83% copper
38 metres at 0.56% copper
31 metres at 0.65% copper
14 metres at 1.02% copper

See Tables 1 to 4 and Figures 1 to 6 for full details of the drilling programme and the context and setting of Turkey Creek.

Commenting on the results, Altona Minings Managing Director Dr Alistair Cowden said:

Turkey Creek is a significant discovery and its growing strike length is surprising given the modest indications in soil sampling and shallow RAB drilling.

A discovery so close to the major Little Eva deposit, demonstrates the exploration potential of the entire Cloncurry Project where there has been little systematic testing of targets since the efforts of CRA some 30 years ago. Similar geochemical anomalism is commonplace within Altonas tenements.
Altona has compiled exploration data for all prior explorers and has ranked targets and exploration priorities accordingly with an initial focus on adding to the potential feed to the Little Eva development.


Impact on Little Evas Financial Metrics

The Cloncurry Copper Project contains some 1.52 million tonnes of copper and 0.41 million ounces of gold in resources (see Table 4) and Altona is confident that this significant resource will grow further.

The proposed Little Eva development is a large scale and modest grade operation and as such, additional potential production from Turkey Creek will have an impact on the financial metrics of the project. Altona intends to complete a Mineral Resource estimate for Turkey Creek early in 2015 which will determine its effect upon the planned operations outlined in the Definitive Feasibility Study announced in March 2014.

The Turkey Creek discovery is located at the proposed site of the tailings storage facility for the 7 million tonne per annum Little Eva mill. The size of the deposit is such that the layout of surface infrastructure for the project will have to be redesigned to incorporate Turkey Creek. In addition, the potential to increase mine life and throughput for the project will require the mining and development schedule to be recast to accommodate Turkey Creek.

Exploration Target

The conceptual exploration target set for the Turkey Creek deposit is 14-16 million tonnes at a grade of 0.50-0.65% copper. This target is based on the RC drilling programme, as described in this ASX release, on first pass geological modelling and upon a preliminary block model. The model constrains the target to 150 metres deep and excludes copper oxide mineralisation. It does not assume extensions to currently drilled mineralisation.

Whilst it is uncertain that a Mineral Resource will be defined, the continuity and simple geometry of the mineralisation are excellent with true width increasing from approximately 10-30 metres for the southern part of the deposit to 30-40 metres in the north. Mineralisation is tabular in form and dips at 60 degrees to the east and is largely confined to biolite+/-scapolite schists associated with prominent marble units.

Mineralisation has developed in two parallel zones with lower grade mineralisation in between. Mineralisation in fresh rock consists of disseminated and carbonate vein-hosted chalcocite, chalcopyrite and bornite. Gold values are low. Oxide mineralisation is generally from surface to 15-30 metres deep and is predominantly malachite with lesser cuprite.

Infill and Extension RC Drilling

RC drilling is generally at 100 metre spacing and requires infill drilling before a Mineral Resource can be confidently estimated. A programme of infill RC drilling will be informed by block model variography and first pass open pit optimisations. Infill drilling will commence in early November, be reported in the first quarter of 2015 and will likely permit the estimation of a Mineral Resource.

In addition, extension RC drilling to determine the limits to mineralisation to the north and north-east will be completed and, if successful, will increase the size of the conceptual exploration target. If time permits, Altona will also test the Boomer and Airport targets which are located 10 kilometres and 16 kilometres south from Little Eva.

Other Targets

The Boomer prospect is located approximately 800 metres east of the Dugald River Zinc mine and is an untested Magnetometric Resistivity (MMR) Induced Polarisation (IP) anomaly adjacent to anomalous bedrock geochemistry. Drilling by CRA Exploration in 1995 at the northern end of the anomaly intersected copper and gold mineralisation including 11.5 metres at 1.6% copper and 2g/t gold.

The Airport programme will test for the continuation of an intercept of 12 metres at 1.1% copper and 0.1g/t gold drilled in 2011.

The recent drill programme also tested an area of old workings at Green Hills outcropping strike with anomalous RAB results. A two hole section drilled in the middle of the target intersected only two narrow zones of mineralisation.


Please direct enquiries to:
Alistair Cowden
Managing Director
Altona Mining Limited
Tel: +61 8 9485 2929
altona(at)altonamining.com

James Harris
Professional Public Relations
Perth
Tel: +61 8 9388 0944
james.harris(at)ppr.com.au

Jochen Staiger
Swiss Resource Capital AG
Tel: +41 (71) 354 8501
info(at)resource-capital.ch

About Altona

Altona Mining Limited is an ASX listed company which recently sold its successful Outokumpu mine in Finland and is now focussed on a major copper development project in Australia.

The Cloncurry Copper Project near Mt Isa in Queensland is one of Australias largest undeveloped copper projects. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Little Eva is fully permitted with proposed annual production1 of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study was published in March 2014. Total resources contain some 1.5 million tonnes of copper and 0.41 million ounces of gold. Altona is engaged in discussions with potential partners to enable the funding of this major development.

Altona Mining is listed on the Australian Securities Exchange and the Frankfurt Stock Exchange.

1Refer to the ASX release Cost Review Delivers Major Upgrade to Little Eva dated 13 March 2014 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.


JORC 2012 and Competent Persons Statement

Information in this ASX Release that relates to Exploration Results, Exploration Targets, Mineral Resources or Ore Reserves and commentary in JORC Table 1 on mining, metallurgy and environment is based on information compiled by Dr Alistair Cowden BSc (Hons) and Mr Jani Impola, MSc, MAusIMM who are full time employees of the Company and who have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking 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. Dr Cowden and Mr Impola consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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Figure 1: Location of Cloncurry Project
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Figure 2: Turkey Creek location and drilling
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Figure 3: Location of Turkey Creek, Greenhills and targets
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Figure 4: Plan of the Turkey Creek mineralisation and drilling
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Figure 5: Cross Section N7772200
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Figure 6: Cross Section N7771450

Table 1: Significant drill intercepts, November 2014
Hole ID From Width Copper Type
(metre) (metre) (%)
Turkey
Creek

TCKR011 7 30 0.42 Oxide
TCKR011 46 35 0.87 Oxide
TCKR011 88 8 0.49 Oxide
TCKR012 107 9 0.46 Sulphide
TCKR012 142 38 0.56 Sulphide
including 159 4 0.92 Sulphide
TCKR013 2 31 0.65 Oxide
including 13 16 0.92 Oxide
TCKR014 74 18 0.59 Oxide
including 84 5 0.95 Oxide
TCKR015 39 12 0.84 Sulphide
including 42 9 1.01 Sulphide
TCKR015 59 5 0.41 Sulphide
TCKR015 74 4 0.39 Sulphide
TCKR015 83 22 0.54 Sulphide
TCKR016 100 4 0.38 Sulphide
TCKR016 116 5 0.50 Sulphide
TCKR016 133 27 0.46 Sulphide
TCKR017 94 13 0.73 Sulphide
including 101 6 0.93 Sulphide
TCKR017 114 7 0.45 Sulphide
TCKR017 137 22 0.58 Sulphide
TCKR018 83 4 0.76 Sulphide
TCKR018 94 26 0.83 Sulphide
including 94 14 1.24 Sulphide
TCKR018 125 30 0.54 Sulphide
TCKR019 80 5 0.31 Sulphide
TCKR019 91 31 0.52 Sulphide
TCKR020 175 26 0.53 Sulphide
TCKR021 No significant intercepts
TCKR022 153 5 0.51 Sulphide
TCKR022 175 29 0.68 Sulphide
including 183 7 0.92 Sulphide
TCKR023 76 29 0.56 Sulphide
including 79 5 1.00 Sulphide
TCKR024 161 28 0.59 Sulphide
including 161 9 0.92 Sulphide
TCKR024 204 14 1.02 Sulphide
TCKR024 223 58 0.41 Sulphide
TCKR025 19 4 0.76 Oxide
TCKR025 29 34 0.68 Sulphide
including 47 11 0.90 Sulphide
TCKR026 88 4 0.71 Sulphide
TCKR026 97 11 0.85 Sulphide
TCKR026 113 7 0.29 Sulphide
TCKR026 127 26 0.50 Sulphide
including 140 4 0.91 Sulphide
TCKR027 No significant intercepts
TCKR028 No significant intercepts
TCKR029 94 10 0.78 Sulphide
including 97 7 0.97 Sulphide
TCKR029 109 35 0.46 Sulphide
TCKR030 23 19 0.76 Sulphide
TCKR030 61 28 0.53 Sulphide
including 71 4 0.93 Sulphide
Green
Hills

GHR270 2 6 0.27 Oxide
GHR270 17 4 0.39 Oxide
GHR270 30 22 0.34 Sulphide
GHR271 90 5 0.85 Sulphide
GHR271 155 10 0.30 Sulphide

Table 2: RC drill hole collar information
Hole HoleGrid IDEastinNorthinElevatAzimutDip Depth
ID Type g g ion h (m
etres)
(metre
s
)
Turkey
Creek

TCKR01RC MGA94 4123977771908174 270 -58.120
1 54 4

TCKR01RC MGA94 4124857771872174 270 -60.204
2 54 1

TCKR01RC MGA94 4123647772000174 270 -58.72
3 54 8

TCKR01RC MGA94 4124327772016171 270 -59.144
4 54 6

TCKR01RC MGA94 4124027771801177 270 -59.126
5 54 6

TCKR01RC MGA94 4124607771797177 270 -59.174
6 54 1

TCKR01RC MGA94 4124677771698178 270 -64.180
7 54 5

TCKR01RC MGA94 4124737771599179 270 -66.180
8 54 3

TCKR01RC MGA94 4125187771202184 270 -60.144
9 54 2

TCKR02RC MGA94 4125687771205183 270 -64.216
0 54 2

TCKR02RC MGA94 4123997772075172 270 -60.180
1 54 0

TCKR02RC MGA94 4124527772087173 270 -59.228
2 54 8

TCKR02RC MGA94 4123807772200172 270 -59.138
3 54 2

TCKR02RC MGA94 4124467772202176 270 -60.300
4 54 6

TCKR02RC MGA94 4125087771100182 270 -60.120
5 54 5

TCKR02RC MGA94 4125667771106184 270 -61.186
6 54 1

TCKR02RC MGA94 4125337770997185 270 -61.108
7 54 1

TCKR02RC MGA94 4125977770998189 270 -54.144
8 54 5

TCKR02RC MGA94 4124987771441180 270 -60.168
9 54 4

TCKR03RC MGA94 4124317771440179 270 -59.114
0 54 9

Green Hills
GHR270RC MGA94 4138477768843205 80 -59.108
54 9

GHR271RC MGA94 4138027768833201 80 -60.180
54 2

3,534
Table 3: Table 1 of the JORC Code: Turkey Creek and Green Hills drilling programme

Section 1: Sampling Techniques and Data
Criteria Commentary
Sampling · Sampling was via a reverse circulation
techniques (RC) drilling rig to obtain
1
m samples weighing an average 3-4kg. Samples
were produced using a rig mounted cyclone
and riffle splitter for a ratio of
87.5%
to 12.5%. The majority of the samples were
recorded dry. All samples were sent to be
analysed
at ALS Laboratories in Townsville.
Drilling · Reverse circulation using 5.5 bit.
techniques

Drill · Recovery was visually estimated and
sample recorded. Recoveries are considered to be
recovery excellent averaging well over 90%,
generally 100%. Occasionally lower
recoveries were
r
ecorded within the top few metres prior to
the casing of the hole.


· Every individual sample was collected into
the cyclone prior to riffle splitting.
Cyclone and sampling equipment was checked
and cleaned after each
rod.

· No significant changes in recoveries
through the
mineralis
ed zones hence no subsequent bias to the
grade.


Logging · Logging was completed by Altona Mining
geologists at the rig from wet rock chip
samples using Altona logging
procedures.

· Logging is qualitative and quantitative
includ
ing, colour, lithology, mineralisation,
alteration, sulphide and oxide mineralogy,
sulphide and oxide amount, texture, grain
size and
structure.

· All holes were logged in full.
Sub-sampling· No drill core
techniques · The RC samples were split to 87.5%: 12.5%
and sample ratio using cyclone and riffle slitter.
preparation Vast majority of the samples were recorded
dry, only few individual wet samples were
encountered.

· The samples were sent to ALS Laboratories
in Townsville for sample preparation and
analysis. ALS Laboratories use best
industry standard sample preparation
including drying, crushing and
pulverisation.

· Sample size is considered representative
for typical copper mineralisation at Roseby
area.


Quality of · The samples were analysed using an Aqua Reg
assay data ia
and digest followed by ICP-MS for 41 elements.
laboratory Aqua
tests
regia is considered to be a partial leach
method.

· Gold was analysed using fire assay and AAS
finish.

· No geophysical tools were used to
determine the results reported
here
.
· Quality Control included certified
reference materials from Geostats Ltd.
Standards were inserted into the sequence
at 1:20 ratio and included representative
base metal material for copper, gold
standards and
blanks.

· Duplicates were taken using riffle
splitter on site for every
20
th sample.
· All duplicate and reference data is
considered very good quality and within
acceptable
limits.

Verification· Results were checked by several Altona
of personnel.
sampling
and · No twinned holes.
assaying · All field logging data was done using
laptop and uploaded into the company

Datashed database and validated by company
database
personnel.

· All assay files were received in digital
format from ALS Laboratories. Data was
uploaded into the

Altona Datashed database and validated by
company database personnel. No manual data
inserts took
place
.
· No adjustments have been applied to the
results.

Location of · Collar locations have been surveyed using t
data he
points companys own DGPS with approximately 0.1
metre
accuracy
.
· Down hole surveys were completed at the
end of each hole within drill rods by
Altona personnel using non-magnetic Gyro
tool for azimuth and
dip
.
· The Grid is MGA 94 Zone 54.
· Elevation accuracy of DGPS survey is consid
ered to be less than
0.5
m and has been verified against detailed
ground survey previously completed in the
area
.
Data · 100 metre section spacing and generally
spacing two
and hol
distributioes per section approximately 50m apart
n · No resource estimate has been completed.
· No sample compositing was applied.
Orientation · Mineralisation strike is approximately
of data in north - south for the mineralisation hence
relation drilling direction to the west is
to appropriate. Drilling was completed
geological generally at 60 degree dip and with
structure changing dip of the mineralisation true
widths are estimated to be 80% of the down

hole intercepts in the north, 90% in the
central area and 80% in the south.


· No bias is considered to result from
drilling
direction
.
Sample · Samples were collected into numbered
security calico bags and delivered to
ALS
Laboratories as they were collected. Unique
sample number was retained during the whole
process. Samples were stored in Altona
facilities in Cloncurry prior to the
transport to
Townsville.

Audits or · No audits or reviews have been undertaken
reviews

Section 2: Reporting of Exploration Results
Criteria Commentary
Mineral · Turkey Creek is within Mining Lease 90125
tenement and Green Hills within Mining
and land
tenure Lease (ML) 90124. Both MLs are 100% owned
status by Altona Mining
Limite
d.
· No joint ventures apply.
· There are agreements in place with the
native
t
itle holders, the Kalkadoon people and with
landholders.

· No significant historic sites or national
parks are located within the reported
exploration
sites.

· Both Mining Leases were granted in late
2012 and are in good
standing.


Exploration · CRA Exploration completed soil surveys, RC
done by drilling and mapping at Turkey Creek. Soil
other survey and mapping identified the
parties mineralisation but drilling failed to
intersect mineralisation due to the wrong
drilling
direction.

· Xstrata Exploration drilled two RC holes
at the southern portion of Turkey Creek in
2011 intersecting copper

mineralisation.
· Altona Mining followed with seven RC holes
in 2012
extend
ing the mineralisation some 400m to the north
· Minimal exploration work is known to have
been carried out at Green Hills. CRA
Exploration drilled one diamond hole
approximately 100 metre north of the holes
reported here with no significant results.


Geology · Mineralisation is considered to be
hydrothermal and structurally controlled
following internal competency, chemical and
permeability contrast typical to the

Roseby area metasediments.
· Mineralisation occurs both as fine grained
pervasive dissemination and coarse grained
vein hosted. Mineralisation is

sulphidic under shallow, approximately 25
metre, oxidised cap. Copper sulphides
include chalcocite, chalcopyrite and

bornite. Majority of the oxide
mineralisation consists of malachite but
significant amounts of cuprite have been
observed.

Drill hole · Collar locations, elevations, azimuth, dip
Information and
len
gths are presented in Table 2 of this
release.

· Down hole widths of the mineralisation are
presented in Table 1 of this
release.

Data · Intercepts were calculated using a 0.3%
aggregation copper cut-off typical to the Roseby area
methods mineralisation. A minimum of 4m intercepts
are reported here and a maximum of
consecutive
4
m of below 0.3% samples were allowed within e
ach
intercepts.

· No equivalent calculations have been
applied or
used.

Relationship· Drilling azimuth is considered to be
between approximately perpendicular to the strike
mineralisat of the mineralisation resulting unbiased
ion widths widths in east - west
and direction.
intercept
lengths · True widths of the intercepts vary
according to the varying dip of the
mineralisation and the dip of the
well-defined schist host
rock.

· Mineralisation dips at approximately 60
degrees to east for the majority of the
central portion. True widths are considered
to represent average of 90% of the down

hole intercepts. In the north and south
mineralisation dips to east at 70 and 80
degrees, respectively. True widths are
considered to represent average of 80% of
the down

hole intercepts.
Diagrams · Refer to the Figures 1 to 6 and Tables 1
and
2.

Balanced · Best results for each hole have been
reporting reported in Table 1 including no
significant results using the criteria
described above.


Other · Not applicable.
substantive
exploration
data

Further work· Second phase of drilling at Turkey Creek
will concentrate on extensions to the north
and infilling current drilling if seen
necessary to complete maiden resource
estimate. No further exploration has been
planned for Green
Hills
.
· Turkey Creek drill targets are presented
in Figure
4
.

Table 4: Summary of Mineral Resource Estimates for the Cloncurry Copper Project
DEPOSIT TOTAL CONTAINED MEASURED INDICATED INFERRED
METAL
TonnesGrade CopperGold TonnesGrade TonneGrade TonnesGrade
millioCu Au tonnesouncesmillioCu Au milliCu Au millioCu Au
n % g/t n % g/t on % g/t n % g/t

COPPER GOLD DEPOSITS
Little 105.9 0.52 0.09 546,00295,0037.1 0.60 0.09 45.0 0.46 0.08 23.9 0.50.1
Eva 0 0 0 0

Ivy Ann 7.5 0.57 0.07 43,00017,000- - - 5.4 0.60 0.08 2.1 0.40.0
9 6

Lady 14.0 0.56 0.20 78,00085,000- - - 3.6 0.60 0.24 10.4 0.50.1
Clayre 4 8


Bedford 1.7 0.99 0.20 17,00011,000- - - 1.3 1.04 0.21 0.4 0.80.1
3 6

Sub-t129.1 0.53 0.10 684,00409,0037.1 0.60 0.09 55.3 0.49 0.09 36.7 0.50.1
otal 0 0 1 2

COPPER ONLY DEPOSITS
Blackard 76.4 0.62 - 475,00- 27.0 0.68 - 6.6 0.60 - 42.7 0.5-
0 9

Scanlan 22.2 0.65 - 143,00- - - - 18.4 0.65 - 3.8 0.6-
0 0

Longamund10.4 0.66 - 69,000- - - - - - - 10.4 0.6-
i 6

Legend 17.4 0.54 - 94,000- - - - - - - 17.4 0.5-
4

Great 6.0 0.61 - 37,000- - - - - - - 6.0 0.6-
Southern 1

Caroline 3.6 0.53 - 19,000- - - - - - - 3.6 0.5-
3

Charlie 0.7 0.40 - 3,000 - - - - - - - 0.7 0.4-
Brown 0

Sub-t136.7 0.61 - 840,00- 27.0 0.68 - 25.0 0.64 - 84.7 0.5-
otal 0 9

TOTAL 265.8 0.57 0.05 1,524,409,0064.1 0.63 0.05 80.3 0.54 0.06 121.4 0.50.0
000 0 6 4
See ASX release of 27 May 2014 (Little Eva) and 26 July 2011 (Longamundi, Great Southern, Caroline and Charlie Brown), 23 April 2012 (Bedford, Ivy Ann and Lady Clayre), 03 July 2012 (Blackard and Scanlan) and 22 August 2012 (Legend) for full details of resource estimation methodology and attributions.
Note: All figures may not sum exactly due to rounding.
Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off grade.

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