Altona Mining Limited: Emerging New Cluster of Copper-Gold Discoveries at Cloncurry

(firmenpresse) - Altona Mining Limited: Emerging New Cluster of Copper-Gold Discoveries at Cloncurry

- Excellent drill results from three targets 25-30 kilometres south of Little Eva
- Companion: 32 metres at 1.48% copper, 0.98g/t gold from surface
- Veiled: 74 metres at 0.53% copper, 0.23g/t gold from surface
- Quamby: 13 metres at 0.61% copper, 4.6g/t gold from 29 metres including 2 metres at 23.6g/t gold from 30 metres
- Highest values include 8.6% copper, 27.1g/t gold, 85g/t silver and 0.2% cobalt
- Many more targets remain poorly tested or untested

Altona Mining Limited (Altona or the Company) today announced the results of a 30 hole RC drilling programme undertaken at the Cloncurry Copper Project (Cloncurry) in late 2017. The programme was designed to test new copper-gold in soil anomalies at the Companion, Veiled and Quamby prospects. Drill highlights include:

Companion32 metres at 1.48% copper, 0.98g/t gold


15 metres at 1.44% copper, 0.84g/t gold
35 metres at 1.33% copper, 0.23g/t gold

Veiled 74 metres at 0.53% copper, 0.23g/t gold
24 metres at 0.84% copper, 0.22g/t gold
25 metres at 0.68% copper, 0.10g/t gold

Quamby 13 metres at 0.61% copper, 4.23g/t gold
including 2 metres at 23.55g/t gold


60 metres at 0.44% copper, 0.05g/t gold
25 metres at 0.52% copper, 0.07g/t gold

The prospects add to an emerging cluster of copper-gold discoveries south of the proposed Little Eva mine development at Cloncurry. The cluster also includes the Hobby and Reaper prospects (see ASX release dated 29 November 2016).

The drilling is shallow and reconnaissance in nature and intersected both oxide and sulphide mineralisation. Of note were the higher gold grades compared to the deposits included in the mine plan for the Little Eva development. High silver values at Quamby and high cobalt values at Veiled were also recorded. The rocks intersected (Figures 1 to 3) and element association are typical of IOCG (Iron Oxide Copper Gold) deposits.

The tenor of mineralisation is excellent with the highest individual assays at Companion of 11.2%, 9.3% and 8.7% copper equivalent; at Veiled 3.0%, 2.4% and 2.3% copper equivalent; and at Quamby 27.1g/t and 20g/t gold.

At Companion the mineralised system has potential to be large with soil anomalism defined over an area of 0.6 by 3 kilometres, drilling is widely spaced over only 1.2 kilometres of strike.
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Figure 1: Copper oxide mineralisation (malachite) from drill hole CPR628 at Companion. From left to right; 5-6 metres 2.83% copper, 1.73g/t gold; 6-7 metres 2.96% copper, 0.65g/t gold; 7-8 metres 2.28% copper, 1.81g/t gold.
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Figure 2: Red rock alteration and chalcopyrite mineralisation typical of IOCG deposits from 51-55 metres in CPR633 from Companion. Copper grades range up to 0.78% with gold up to 0.44g/t.
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Figure 3: Copper mineralisation (malachite and chalcocite) within outcropping breccias typical of IOCG deposits from historic workings at the Veiled prospect.
Companion Prospect

At the Companion prospect (Figures 4 to 9), the new drill results and drill results from previous operators combine with geology and soil geochemistry to confirm the discovery of a large, structurally controlled copper-gold system.

This drilling programme comprised 9 holes of 48 to 96 metres depth spaced at approximate 300 metre intervals along the northernmost 1.2 kilometres of a larger 3 kilometre long copper-in-soil anomaly. The southern portion of the anomaly is essentially undrilled other than by shallow reconnaissance geochemical holes. Soil anomalism occurs in three subparallel zones and mineralisation has been intersected in all three. High tenor copper-gold mineralisation was encountered within broader lower tenor mineralisation. Results were notable for their elevated gold grades and that many intercepts were at very shallow depths.

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

32 metres at 1.48% copper, 0.98g/t gold from surface (CPR6
28)

15 metres at 1.44% copper, 0.84g/t gold from 25 metres (CP
629)

35 metres at 1.33% copper, 0.23g/t gold from 4 metres (CPR
634)

Mineralisation is developed within subparallel steeply dipping zones. Mineralisation is chalcopyrite and pyrite hosted in strongly silicified quartzite in fresh rock. Mineralisation occurs as malachite and goethite in the weathered zone, commonly to 30 metres depth.

It is likely that high grade mineralisation is developed along the mineralised zones as discrete lodes and shoots. The mineralisation is open along strike and at depth. Figures 8 and 9 provide cross sections at Companion illustrating steeply dipping high grade lodes.

Prior reconnaissance drilling by previous operators at Companion returned:

- 34 metres at 0.75%, 0.21g/t gold
- 12 metres at 0.73%, 0.32g/t gold
- 19 metres at 0.87%, 0.32g/t gold

The location of drill holes is provided in Figures 6 and 7, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided as Appendix 1.

Veiled Prospect

At the Veiled prospect (Figures 4, 5 and 10), drill results and soil geochemistry suggest the discovery of a significant copper-gold system. There was no prior drilling at Veiled. The prospect is a 130 x 260 metre discrete bullseye high tenor copper-in-soil anomaly identified in sampling programs undertaken over the last two years. There are small early 1900s shallow copper oxide workings within the anomaly located on north striking structures with mineralised brecciated metasedimentary rock and gossan both in outcrop and float.

At the prospect, shallow reconnaissance RC drilling comprised 4 holes of 54 to 90 metres depth on two cross-sections 100 metres apart that targeted the centre and northern extent of the anomaly.

Copper-gold mineralisation was encountered within broader lower tenor mineralisation in three holes. Better drill intercepts at a 0.3% copper equivalent cut-off grade, include:

74 metres at 0.53% copper, 0.23g/t gold from surface (VLR0
01)

24 metres at 0.84% copper, 0.22g/t gold from surface (VLR0
02)

25 metres at 0.68% copper, 0.10g/t gold from 10 metres (VL
R003)

One hole (VLR002) terminated in mineralisation. The mineralised zone is open at depth, while the limits to the copper-in-soil anomaly remain untested.

Mineralisation is associated with chalcopyrite and pyrite in altered metasediments in fresh rock. There are locally elevated cobalt values (up to 0.2%) with the best intersection being 6 metres at 0.12% cobalt in VLR001 from 10 metres. The mineralisation is also notable for elevated gold grades.

The base of weathering is approximately at 30 metres depth and mineralisation occurs as malachite associated with goethite-hematite rich zones. Higher grade zones within the oxide zone may reflect primary mineralisation or supergene enriched zones and further drilling is required.

Figure 11 provides a cross section at Veiled illustrating the apparent steep dipping high grade zones. The location of drill holes is in Figure 10, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided in Appendix 1.

Quamby Prospect

At the Quamby prospect (Figure 4, 5 and 12) the drilling tested poorly understood gold-only and adjacent copper-gold soil anomalism.

The target comprises elevated gold in soils around the historic Quamby gold mine which is reported to have recovered 75,600 ounces of gold from leaching operations in the 1980s and 1990s. The mine has been drill tested but few of the results have been found. Those available include 16 holes (see September 2017 Quarterly Report) that are coincident with the soil anomalies located south of existing workings. To the west of the mine and partly co-incident with Quamby gold anomalism is a large copper and gold-in-soil anomaly.

Shallow reconnaissance RC drilling comprised 17 holes of 60 to 174 metres depth on cross-sections at 80 to 200 metre intervals was targeted to test the copper-gold in soil anomaly. A single hole was drilled beneath the Quamby mine.

All drill holes targeting the copper-in-soil anomaly encountered mineralisation. The drilling indicates broad zones up to 75 metre wide of low grade copper mineralisation with higher grade zones within.

Mineralisation occurs as disseminated chalcopyrite and pyrite hosted in strongly altered metasediments in fresh rock. In the weathered zone to approximately 25 metres depth, mineralisation occurs as malachite, native copper and chalcocite. Gold values up to 27.1g/t were intersected.

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

13 metres at 0.61% copper, 4.23g/t gold from 29 metres (QM
R001)

including 2 metres at 23.6g/t gold and 54g/t silver
from 30
metres

60 metres at 0.44% copper, 0.05g/t gold from 10 metres (QM
R012)

31 metres at 0.46% copper, 0.01g/t gold from 24 metres (QM
R013)

25 metres at 0.52 % copper, 0.07g/t gold from 17 metres (Q
MR016)

One hole (QMR001) intersected high grade gold and silver over 2 metres (23.55g/t gold and 54g/t silver) within a broader copper-gold mineralised zone and confirms similar drill results obtained by previous operators (Figure 13). The mineralisation has a unique silver rich signature and is poorly understood.

Figure 12 provides a plan of drilling in relation to soil anomalism and illustrates the wide zone of multiple intercepts encountered and relationship to the much larger copper-in-soils anomaly. The location of drill holes is given in Figure 12, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided in Appendix 1.

Please direct enquiries to:

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

David Ikin
Professional Public Relations
Perth
Tel: +61 8 9388 0944
David.Ikin(at)ppr.com.au

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

About Altona and the Cloncurry Copper Project

Altona Mining Limited (Altona) is an ASX listed company focussed on the Cloncurry Copper Project (Project) in Queensland, Australia. The Project has Mineral Resources containing some 1.67 million tonnes of copper and 0.43 million ounces of gold. It is envisaged that a 7 million tonnes per annum open pit copper-gold mine and concentrator will be developed at the Project. The development is permitted with proposed annual production(1) of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years. The Definitive Feasibility Study was refreshed in July 2017. In November 2017 Altona announced the intention to merge with TSX listed Copper Mountain Mining Corporation, a large Canadian Copper Producer. A shareholder vote on the Scheme of Arrangement is expected in late March 2018.

1Refer to the ASX release Updated DFS Delivers Bigger and Better Cloncurry Copper Gold Project dated 2 August 2017 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.

Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG, Mr Roland Bartsch, BSc(Hons), MSc, MAusIMM and Mr George Ross, MSc, MAIG. Dr Cowden, Mr Bartsch and Mr Ross are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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, Mr Bartsch and Mr Ross consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Copper Equivalence
Copperequivalent (CuEq) values are calculated using copper price US$2.95/lb and gold price of US$1,250/ounce and grade by the equation: CuEq. = copper % + (gold g/t x 0.62).

CopperEquivalent values do not specifically take into account the recoverability of copper or gold, however, for standard copper gold concentrates such as those at Little Eva, the differences in payability and recovery are small whereas the metal prices chosen have a large impact on the copper equivalent values.
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Figure 4: Location of the Companion, Veiled and Quamby prospects within Altona tenure. The location of the proposed Little Eva processing plant is also highlighted (see ASX release dated 2 August 2017)

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Figure 5: The Companion cluster. Location of the Companion, Veiled and Quamby prospects in relation to the identified resources at Lady Clayre and Ivy Ann and the 2016 discoveries at Reaper and Hobby. The background is levelled copper anomalism from soil sampling from various operators. The outline of Altonas tenure is in black. Altonas Mining Licences are highlighted in the dashed line at top.

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Figure 7

Figure 6: Multiple zones of copper in soil anomalism over 3 kilometres long at Companion showing the location of 2017 drilling and drilling by prior operators.

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Figure 7: Drill hole location and results from 2017 drill programme at the Companion prospect. Drilling shown in relation to copper in soil anomalism and prior drilling by previous operations.

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Figure 8: Cross section A from the Companion prospect. Refer to Figure 7 for location.

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Figure 9: Cross section B from the Companion prospect. Refer to Figure 7 for location.

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Figure 10: Copper in soil anomalism at the Veiled prospect showing the location of 2017 drilling.

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Figure 11: Cross section C at the Veiled Prospect. Refer to Figure 10 for location.

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Figure 12: Copper in soil anomalism at the Quamby prospect in relation to 2017 drilling and prior drilling by previous operators.

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Figure 13: Cross section D at the Quamby prospect. Refer to Figure 12 for location.

Table 1: Significant RC Drill Intersections at 0.3% copper equivalent cut-off grade with sub-intervals at 1.0% copper cut-off grade.
Hole ID From To Width Copper Gold CuEq
(metres(metres(metres)(%) (g/t) (%)
) )

Companion
Prospect

CPR626 22 43 21 0.36 0.11 0.43
including28 33 5 1.06 0.26 1.22
54 73 15 0.36 0.17 0.57
CPR627 No significant
intercepts

CPR628 0 32 32 1.48 0.98 2.09
3 11 8 2.26 1.17 2.98
CPR629 25 40 15 1.44 1.95 1.95
including25 32 7 2.15 1.45 3.05
35 39 4 1.37 0.49 1.67
CPR630 18 26 8 1.95 1.83 3.09
including18 22 4 4.06 3.86 6.45
CPR631 17 21 4 0.50 0.03 0.52
CPR632 0 55 55 0.37 0.12 0.44
including0 18 18 0.59 0.22 0.73
30 45 15 0.40 0.10 0.46
CPR633 33 64 31 0.25 0.09 0.31
including51 64 13 0.41 0.17 0.51
CPR634 4 39 35 1.33 0.23 1.47
including17 33 16 2.39 0.48 2.69
Quamby Prospect
QMR001 29 42 13 0.61 4.28 3.27
including30 32 2 0.26 23.55 14.86
QMR002 No significant
intercepts

QMR003 55 108 53 0.32 0.01 0.33
QMR004 No significant
intercepts

QMR005 No significant
intercepts

QMR006 No significant
intercepts

QMR007 No significant
intercepts

QMR008 No significant
intercepts

QMR009 No significant
intercepts

QMR010 0 30 30 0.29 0.07 0.33
including22 29 7 0.66 0.02 0.68
QMR011 14 48 34 0.36 0.03 0.38
including40 47 7 0.88 0.04 0.90
QMR012 0 74 74 0.39 0.05 0.42
including10 38 28 0.34 0.05 0.38
46 70 24 0.64 0.03 0.66
62 70 8 1.12 0.02 1.14
QMR013 0 65 65 0.36 0.02 0.37
including0 13 13 0.37 0.04 0.39
25 55 30 0.46 0.01 0.48
QMR014 32 66 34 0.26 0.04 0.29
including33 47 14 0.41 0.03 0.42
59 64 5 0.30 0.09 0.36
QMR015 No significant
intercepts

QMR016 0 44 44 0.36 0.06 0.40
including17 32 15 0.53 0.09 0.58
37 42 5 0.81 0.03 0.83
QMR017 11 25 8 0.26 0.06 0.29
30 56 26 0.31 0.02 0.32
including53 55 2 1.80 0.15 1.89
Veiled Prospect
VLR001 0 74 74 0.53 0.23 0.67
including0 15 15 0.91 0.16 1.00
22 57 35 0.59 0.26 0.75
62 74 12 0.23 0.40 0.45
84 85 1 0.03 1.98 1.26
VLR002 0 35 35 0.63 0.16 0.72
including0 24 24 0.84 0.22 0.98
0 15 15 1.02 0.26 1.19
40 70 30 0.31 0.12 0.39
Hole terminated in mineralisation
VLR003 0 46 46 0.45 0.09 0.50
including10 35 25 0.68 0.10 0.74
13 24 12 1.06 0.14 1.15
VLR004 0 30 30 0.16 0.02 0.17
36 60 24 0.22 0.02 0.23
including38 43 5 0.44 0.05 0.47

Table 2: Location of drill hole collars
Hole ID Hole Easting NorthingDip Azimuth Final
Type (metres)(metres)( degree( degree Depth
s s
) ) (metres)
Companion Prospect
CPR626 RC 413657 7741201 -60.5 90 84
CPR627 RC 413652 7740876 -61.0 90 60
CPR628 RC 413644 7740874 -60.0 270 48
CPR629 RC 413617 7740881 -59.9 90 56
CPR630 RC 413827 7741497 -60.2 270 78
CPR631 RC 413874 7741499 -59.3 270 84
CPR632 RC 413975 7741205 -59.2 270 67
CPR633 RC 413583 7741203 -61.4 90 96
CPR634 RC 413908 7740950 -59.9 270 60
Veiled Prospect
VLR001 RC 409635 7741950 -58.2 270 90
VLR002 RC 409668 7741950 -60.8 270 70
VLR003 RC 409642 7741843 -59.8 270 54
VLR004 RC 409679 7741843 -59.8 270 60
Quamby Prospect
QMR001 RC 414294 7745744 -60.9 270 60
QMR002 RC 414300 7745840 -60.3 270 60
QMR003 RC 414280 7745958 -60.1 270 108
QUR004 RC 414335 7745960 -59.8 270 80
QMR005 RC 414235 7746480 -60.7 090 174
QMR006 RC 414050 7746550 -60.4 000 84
QMR007 RC 414318 7746087 -60.2 270 72
QMR008 RC 414351 7746092 -60.1 270 60
QMR009 RC 414268 7746160 -61.2 270 60
QMR010 RC 414080 7745844 -61.6 270 60
QMR011 RC 414102 7745842 -59.6 270 60
QMR012 RC 414141 7745844 -60.0 270 75
QMR013 RC 414173 7745842 -60.6 270 66
QMR014 RC 414238 7745839 -60.3 270 66
QMR015 RC 414267 7745838 -60.8 270 60
QMR016 RC 414109 7746003 -61.4 270 60
QMR017 RC 414174 7746160 -60.2 270 60
Total- 2,172

APPENDIX 1: TABLE 1 OF THE 2012 EDITION OF THE JORC CODE

The table below is a description of the assessment and reporting criteria used in reporting the Exploration Results that reflects those presented in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Section 1: Sampling Techniques and Data
Criteria Commentary
Sampling Sampling was via a reverse circulation (RC)
techniques drilling rig to obtain 1 metre samples
weighing an average 3-4kg. Samples were
produced using a rig mounted cyclone and cone
splitter. The majority of the samples were
recorded dry. All samples were sent to be
analysed at ALS laboratories in
Townsville.

Soil samples are surface samples (top 10 to 20c
m) sieved to -2mm to obtain a ~100g sample
size. Sampling is conducted only when
dry.

Rockchip samples were collected from patchy
surface rock subcrop or outcrops and are
typically chip samples across exposed rock
faces over an area
<1m
2 and are commonly selective targeting
mineralised or altered rock
exposures.

All rockchip and duplicate (referee) soil
analyses were analysed at ALS laboratories in
Townsville.


Drilling Reverse circulation using 5.5 face sampling
techniques hammer. Drilling was conducted by Kelly
Drilling Pty Ltd using a truck mounted
Schramm 450WS.


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


Every individual sample was collected into the
cyclone prior to riffle splitting using a
cyclone-mounted splitter. Cyclone and
sampling equipment was checked and cleaned
after each
rod.

No significant changes in recoveries through
the mineralised 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
including, colour, lithology, mineralisation,
alteration, sulphide and oxide mineralogy,
sulphide and oxide amount, texture, grain
size and
structure.

All holes were logged in full.
Sub-samplinNo drill core.
g The RC samples were split to 3-4kg sample
techniques weight using a cyclone and riffle splitter.
and Vast majority of the samples were recorded
sample dry, only few individual wet samples were
preparatio encountered.
n
Duplicates were split from the original sample
using a

riffle splitter.
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 in the Roseby
area. No new sub-sampled data
reported.

Quality of Drill Samples
assay Samples were analysed using a four acid digest
data and using ICP-AES +/- ICP-MS (method code:
laboratory ME-MS61) for 48 elements. This included
tests copper, with a detection limit of 0.2 ppm.
Four acid digestion is considered a
near-total digestion.


On return of copper values >1% a second series
of analyses were undertaken using an ore
grade four acid digest, followed by ICP-AES
analysis optimised for accuracy and precision
at high concentrations (method code
Cu-OG62).

Gold was analysed using a 50g fire assay and
AAS finish (method code: Au-AA24). On return
of gold values >10ppm, a second series of
analyses were undertaken by fire assay and
AAS finish, laboratory method Au-AA26.


Quality Control included standards (certified
reference materials) inserted into each
sample batch to test the accuracy of the
laboratory analysis. Standards

included blanks and tested a copper range of
1,000ppm to 11,000ppm, and a gold range of
190ppb to 600ppb inserted into the sampling
sequence at 1:18 ratio; and field duplicates
taken using a riffle splitter on site for
every 20th sample. Laboratory checks were
also carried out on sample pulps.


All duplicate and reference data display
acceptable accuracy and precision.


No samples were analysed by an umpire
laboratory.

No geophysical tools were used to determine
the results reported
here.

Soil Samples
Soil samples were routinely analysed for
copper (and a suite of other elements) using
a Niton XL3tGOLDD+ hand-held XRF instrument.
Analyses are conducted routinely under
controlled conditions in the site office.


Quality Control included standards (certified
reference materials) used included blanks and
tested a copper range of 30ppm to 22,000ppm.
Standards were inserted into the sampling
sequence at 1:8 ratio and included
representative material for copper. The Niton
data displays a consistent low bias by 20-30%
against the reference data. The low bias of
the Niton instrument has been documented over
numerous campaigns of sampling in different
material
types.

VerificatioResults were checked by several Altona
n of personnel for correlation with geology and
sampling field activities supervised by senior Altona
and personnel.
assaying
No twinned holes. QMR001 was drilled to
confirm historical drilling with significant
gold results (for historical data background,
refer to Altona Quarterly Report September
2017).


All field logging or field sampling data was
done using a 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. All Niton
handheld XRF soil data was downloaded from
the instrument in digital format. 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 Collar locations have been surveyed using a
of data handheld GPS (Garmin GSMAP78s) with an
points approximate 5 metre horizontal accuracy.


Downhole surveys were completed using
non-magnetic Gyro tool for azimuth and dip or
were completed using an Eastman downhole
single shot camera.


Soil sample locations are surveyed using
handheld GPSs (Garmin GSMAP78s) with an
approximate 5 metre horizontal accuracy.


The Grid is GDA94 MGA Zone 54.
Data Drill spacing is generally: at Companion three
spacing east-west sections at an
and
distributi~300 metre spacing along strike of angled (~60
on degree) RC holes of 48-96 metres depth
(down-hole) spaced to test the peaks of
copper-in-soil anomalies;

at Veiled on two east-west sections at a 80
metre section spacing along strike with two

angled (~60 degree) RC holes per section to
54-90 metres depth (down-hole); and at Quamby
on six

east-west sections at ~80 to 200 metre spacing
along strike of angled (~60 degree) RC holes
of 60-174 metres depth (down-hole) spaced to
test the peaks of copper and gold-in-soil
anomalies
. At Quamby one hole was drilled with a north
azimuth.

The soil sample grid spacings are typically:
Veiled ~ 20mE by 20mN;

Quamby ~20mE by 40mN stepping out to ~40mE by
80mN; and Companion ~20mE by 40mN stepping
out to ~40mE by
60mN.

OrientationThe strike of mineralisation at Companion,
of data Veiled and Quamby is interpreted to be
in North-South with predominant steep easterly
relation or westerly dips.
to
geological
structure At Companion drilling results indicated steep
westerly dips on the western structure and
scissoring holes were drilled to confirm
geometries for future deeper drill tests.


The dip of mineralisation at the three
prospects is poorly understood and the drill
intercepts may not represent true widths or
be as interpreted on accompanying
cross-sections.

Sample Drill samples were collected into pre-numbered
security calico bags, packed directly and shipped by a
courier to ALS as they were collected. Unique
sample numbers were retained during the whole
process. Samples were stored in Altona
facilities in Cloncurry prior to the
transport to Townsville. Assays pulps and
representative RC rock chips for each
interval are retained and stored in Altonas
facilities in
Cloncurry.

Soil samples are collected and bagged into
pre-numbered plastic clip-lock bags. Unique
sample numbers were retained during the whole
process.Samples were collected and delivered
to the Altona field office daily as they were
collected. Soil samples were retained for
reference and stored in Altona facilities in
Cloncurry.

Audits or Internal audits and reviews of key datasets
reviews collected by Altona have been undertaken.
Past exploration data by other explorers has
only been validated against the source
references.

The results from QA/QC samples are routinely
analysed by the database manager and
geologist on a batch and campaign basis.


For laboratory analyses, the accuracy of key
elements such as copper and gold was
acceptable and the field duplicate assay data
was unbiased and shows an acceptable level of
precision.

For handheld Niton XRF analyses the data may
display a consistent bias against the
reference data. In contrast laboratory umpire
samples from the reported soil anomalies
displayed no bias and an acceptable level of
precision for the purpose.


No external audits or reviews have been
undertaken.

Section 2: Reporting of Exploration Results
Criteria Commentary
Mineral The Quamby prospect sits within Exploration
tenement Permit for Minerals
and land (
tenure EPM) 25760. The Companion and Veiled
status prospects sit within
EPM
25761. These EPMs are 100% owned by Altona
Mining Ltd, were granted in late 2015 and
are in good
standing.

No joint ventures apply.
There are agreements in place with the native
title holders, the Kalkadoon people and with
landholders.

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

ExplorationPrevious exploration has been undertaken by
done by several parties at Companion and Quamby. For
other details refer to the Altona Quarterly Report
parties for September
2017.

No previous modern exploration by other
parties has been conducted at Veiled. The
prospect was identified by soil sampling
programs conducted by Altona from 2016 -
2017 which also identified very small early
1900s copper oxide surface workings.


Geology Mineralisation is considered to be similar to
other IOCG deposits in the area
Mineralisation is hydrothermal, varying from
stratabound and structurally
controlled.

At Companion mineralisation is developed
within subparallel steep east and west
dipping structures along the 1.2 kilometre
of tested extent within a 3 kilometre long

copper-in-soil anomaly. Mineralisation occurs
as
chalcopyrite and pyrite hosted in strongly
silicified quartzite and

as malachite and goethite in the weathered
zone (commonly

30 metres deep).
The Veiled prospect is a discrete bullseye
high tenor copper-in-soil anomaly.
Unrecorded small early 1900s shallow copper
oxide workings are centred over the anomaly
on north striking structures with local
brecciated metasedimentary rocks and gossan
outcrop and float.

In fresh rock mineralisation occurs as chalcop
yrite and pyrite in altered metasedimentary
rocks, and

as malachite associated with
goethite-hematite rich zones in the
weathered zone.


The mineralisation is locally associated with
cobalt
with the best intersection being 6 metres at
0.12%
(VLR001
) from 10 metres including 1 metre at 0.2%.
Higher grade copper-gold zones were
intercepted within the oxide
zone
and further drilling is required to
determine if these reflect primary
mineralisation or a supergene enriched
zones. Base of oxidation is approximately 30
m
etres depth.
At Quamby unweathered mineralisation occurs as
disseminated chalcopyrite and pyrite hosted
in strongly altered metasediments and

as malachite, native copper and chalcocite in
the weathered
zone
. The base of oxidation is approximately 25
metres

deep.
Drill hole Collar locations, elevations, azimuth, dip
Informatio and lengths are presented in Table 2 of this
n release.

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

Data Standard intercepts were calculated using a
aggregatio 0.1% and 0.3% copper-equivalent cut-off (to
n take into account the notable gold with
methods copper at Companion and Veiled) and a 1%
copper cut-off. A minimum of 4m intercepts
are
re
ported here and narrower intercepts
equivalent

to or better than 4m at 0.3% copper. Typically
a maximum of consecutive

4 metres of below 0.3% or 0.1% internal
dilution
was
allowed within each intercepts for
intercepts reported at the two lower
cut-offs.

These exploration results are not from
Mineral
Resources
.
Copper Equivalent values (CuEq) are provided
in drill intercept summary in Table 1 for
comparative reference only. Copper
Equivalent (CuEq) values are calculated
using

a copper price US$2.95/lb) and a gold price
of US$1,250/ounce). Copper Equivalent (CuEq)
grade is calculated by the following
equation: Cu Eq. = Cu% + (Au g/t x 0.62).
Copper Equivalent values do not take into
account the recoverability of copper or
gold.


RelationshiAt Companion, Veiled and Quamby drilling
p between orientation is considered to be
mineralisa approximately perpendicular to the strike of
tion mineralisation. The dip of mineralisation at
widths all three prospects is not well
and constrained
intercept
lengths At Companion drilling results indicate
subvertical to steep westerly and reported
intercepts are not true
widths.

At Veiled steep structures and bedding are
mapped at surface but alternative internal
flat dips to the broader zone of
mineralisation are not precluded by the
drill data.


At Quamby drilling orientation is considered
to be approximately perpendicular to the
orientation of the broader copper
mineralised
structure
.
Diagrams Please refer to Figures 1 to 13 and Tables 1
and
2.

Balanced The best results for each hole have been
reporting reported in Table 1 including all
significant results using the criteria
described
above.

These exploration results are not for Mineral
Resource
s.
A full compilation of available data
collected by Altona and compiled from
previous explorers has been referenced in

the Altona Quarterly Report for September
2017.


Other Exploration results are not for Mineral
substantiv Resource
e s.
exploratioHeritage clearance surveys have been
n completed
data
prior to drilling.
Further Additional work will consist of RC and
work diamond exploration drilling, prospect scale
mapping, further surface sampling and ground
based geophysics such as IP.


APPENDIX 2: Resource Estimates for the Cloncurry Copper Project.
Deposit Total Contained Measured Indicated Inferred
Metal
TonnesGrade Copper Gold TonnesGrade Tonne Grade Tonnes Grade
millio tonnes ouncesmillio millio million
n n n

Cu Au Cu Au Cu Au Cu Au
% g/t % g/t % g/t % g/t
Deposit in Mine Plan
Little Eva 105.90.520.09546,000295,0037.1 0.600.0945.0 0.460.0823.9 0.500.1
0 0

Turkey Creek21.0 0.59 123,000- - - 17.7 0.59 3.4 0.58-
Ivy Ann 7.5 0.570.0743,000 17,000- - - 5.4 0.600.082.1 0.490.0
6

Lady Clayre 14.0 0.560.2078,000 85,000- - - 3.6 0.600.2410.4 0.540.1
8

Bedford 4.8 0.800.2138,000 32,000- - - 2.3 0.950.232.5 0.660.1
9

Sub-tota153.30.540.09829,000430,0037.1 0.600.0974.0 0.520.0742.2 0.530.1
l 0 1

Other Deposits
Blackard 76.4 0.62 - 475,000- 27.0 0.68- 6.6 0.60- 42.7 0.59-
Scanlan 22.2 0.65 - 143,000- - - - 18.4 0.65- 3.8 0.60-
Longamundi 10.4 0.66 - 69,000 - - - - - - - 10.4 0.66-
Legend 17.4 0.54 - 94,000 - - - - - - - 17.4 0.54-
Great 6.0 0.61 - 37,000 - - - - - - - 6.0 0.61-
Southern

Caroline 3.6 0.53 - 19,000 - - - - - - - 3.6 0.53-
Charlie 0.7 0.40 - 3,000 - - - - - - - 0.7 0.40-
Brown

Sub-tota136.70.61 - 840,000- 27.0 0.68- 25.0 0.64 84.7 0.59-
l

Total 290.00.580.051,668,0430,0064.1 0.630.0599.0 0.550.05126.9 0.570.0
00 0 4
JORC 2012 Disclosure is provided in ASX Release of 2 August 2017 entitled The Cloncurry Project: JORC 2012 Disclosure.
Little Eva is reported above a 0.2% copper lower cut-off grade, all other deposits are above 0.3% lower copper cut-off.
Resources have been reported as inclusive of Reserves.

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