Fairfield Project Overview

The Fairfield Copper Project is located in the highly prospective Appalachian Gold-Copper Belt (Figure 1) which is renowned as a well endowed copper-gold province with known deposits including the Gaspe Copper Deposit (historic production of 141Mt at 0.9% Cu²) and also the recent acquisition of the Green Bay Copper Deposit by Firefly Metals (39.2Mt at 1.8% Cu, 0.3 g/t Au³) as well as several gold deposits (Figure 1 and 2).

The Fairfield Project is considered highly prospective for copper deposits since it is strategically located directly along strike (within 1km) from the Dorchester Sediment-Hosted Copper deposit that was described by Gulf Minerals⁴ as an average 6.1 metre thick zone dipping to depth 335 metres and a strike length of 1,067 m and an average grade of just under 1% Cu and has recorded production of 2,000 tonnes at 3.7% (Figure 3).

The property claims comprise over 15 km of prospective strike secured and 70.5 sq km ground staked over prospective areas represented by several known mineral occurrences, soil anomalies and geophysical anomalies identified by previous operators that are underexplored by modern techniques. The area is renowned for outcropping copper mineralisation identified at surface and in drilling by previous explorers as detailed below (Figure 3).

It is important to note that sediment-hosted copper deposits known to be prospective at Fairfield display similarities to several deposits around  the world in a similar geological setting. The most renowned sediment-hosted copper deposit in the word is the Central African Copper Belt (CACB) which is the largest district of sediment-hosted copper deposits in the world⁵. Other examples of sediment-hosted deposits in North America are The White Pine and Copperwood Projects held by Highland Copper in Michegan, USA (combined NI 43-101-compliant resources of 301.3 Mt @ 1.1 % Cu^6,7) and Redstone/Coates copper deposit, Northwest Territories (NI 43-101-compliant resources of 33.6 Mt at 3.9% Cu⁸) and also the emerging discovery of the Storm Deposit in Nunavat, Canada with recent intersections of 46m at 2.2% Cu (See ASX:AW1 Announcement dated 4 September 2023).

Historical Exploration at Fairfield

The Fairfield area has been intermittently explored from the periods of 1964 to 1986 by various companies targeting various metals. Highlights of this work are:

• Noranda Exploration in 1993 completed a total of 8 diamond holes for 530.7m at the  Demoiselle prospect and intersected several intersections of copper mineralisation in sedimentary rocks (Figure 4). Highlight intersections include:
  • 8.1m at 0.86% Cu in DEM-93-1 including 4.5m at 1.27% Cu; and 0.3m at 10.5% Cu
  • 24.1m zone in DEM-93-5 including 7.7m at 0.36% Cu, 6.4m at 0.33% Cu and 3.3m at 0.36% Cu

• Dome Explorations Canada Limited in 1964 completed a total of 4 shallow diamond holes for 234.4m at the Tantramar prospect and intersected elevated copper and gold in sedimentary rocks (Figure 3). The highlight intersections returned:
  • 21.8m at 0.17% Cu from 3.7m in DDH-2 including 1.4m at 6.2 g/t Au
  • 58.2m at 0.14% Cu from 3.1min DDH-3
• Cornerstone Capital held the Dorchester copper deposit from 2006-2007 and conducted regional rock sampling starting at the historic mine and also extending 4km to the north . A total of 12 samples were taken from Canada Future’s claims which returned highly variable copper assays. However, Cornerstone reported the most important single sample of the field season was one collected 4.3 km north of the mine in the northern limb of the Dorchester anticline (Figure 3). This sample returned an assay of 0.38% Cu and was interpreted as possibly representing a new mineralised area. Cornerstone also identified some IP geophysical and elevated soil geochemistry anomalies that have never been followed up.
• Diamond Drilling was competed by Boyleen Prospector in 1966 at Memramcook East. Highlight intersection was 9m at 40% BaSO4 in hole 519-3 including 1.3m at 4 g/t Ag and 0.13% Cu suggesting a relationship between the targeted copper mineralisation and massive barite zones.
• Canadian Merril conducted exploration for strontium between 1979 and 1972 at Upper Dorchester and intersected impressive intersections of celestite-barite mineralisation and completed 8 holes for 1,335 m and returned intersections up to 15m at 25-35 % SrSO4 in hole UD-7 and 2m at 80% SrSO4 in hole UD-8.

Refer to the Company’s ASX Announcement dated 12 March 2024 for further details in relation to the above historical exploration activities.  The Company is not aware of any new information or data that materially affects the information included in this release.

Proposed Activities at Fairfield

The Company plans to build on historical exploration activities (both on the project area and by neighbouring operators including on the Dorchester deposit) and further systematically explore the project in order to progress toward drill testing. This work would include:

• Reconnaissance field sampling and geochemical programs comprising extensive rock and other surface geochemical techniques. The first program was completed by Canada Future Metals in October 2023 and the assay results are pending;
• An extensive airborne VTEM survey is planned to cover the core of tenure and priority areas guided by the result of geochemical sampling; and
• A satellite multi-spectral survey over the entire tenure and surrounding areas.

Annexure 1 – References

¹Clow G et al 2014 NI 43-101 Technical report, Updated mineral resource estimate for rare earth elements, 2012 NIOBEC MINE PROPERTY for Iamgold  (https://www.sec.gov/Archives/edgar/data/1203464/000119312514010943/d654919dex992.htm); Nechalacho deposit Avalon Rare Metals News Release 17 April 2013 NI43 101 Technical Report Avalon Announces Results of Positive Feasibility Study for the Nechalacho Rare Earth Elements Project (https://www.avalonadvancedmaterials.com/_resources/news/2013/NR_13_03.pdf); Luff W M, Goodfellow W D, Juras S J  1992 – Evidence for a feeder pipe and associated alteration at Brunswick No. 12 massive sulphide deposit: in    Exploration & Mining Geology, CIM   v1, No. 2 pp 167-185

²Camus, Y & Dupere, M., 2022. NI-43-101 Technical Report on the Gaspe Copper Project Mineral Resource Estimate Mount Copper Project, Quebec., Canada. (https://osiskometals.com/wp-content/uploads/2022/07/Osisko-Metals-Gaspe-Copper-Project-2022-43101-Technical-Report-20220609.pdf)

³See ASX Firefly Metals dated August 31, 2023 (https://wcsecure.weblink.com.au/pdf/AUT/02705676.pdf).

⁴Boyd, J.A., 1977-78. Gulf Minerals Canada Reports: Report on Geological Investigations Dorchester Area, New Brunswick. Assessment Reports 470479 & 472201 and https://dnr-mrn.gnb.ca/MineralOccurrence/default.aspx?componentID=5&urn=87

⁵Selley D, Broughton D, Scott R, Hitzman M, Bull S, Large R, McGoldrick P, Croaker M and Pollington N,  2005 – A new look at the geology of the Zambian Copperbelt: in   Economic Geology, 100 Anniversary Volume, Society of Economic Geologists,    pp. 965-100

⁶Michaud., C et. al., 2023. Feasibility Study Update Copperwood Project Michigan, USA. (https://www.highlandcopper.com/_files/ugd/dc399b_59e8ae0f940c40f1ac6d4769a5f8ea6a.pdf)

⁷Michaud., C et. al., 2023. Feasibility Study Update White Pine North Project Michigan, USA. (https://www.highlandcopper.com/_files/ugd/a100ef_02efcd55b0804e85937dc709b3c253ce.pdf).

⁸Goulay., A., 2005. Technical Report on the Coates Lake Copper Deposit, Nahanni Mining District, Western Northwest Territories for Lumina Resources Corporation. (https://www.sec.gov/Archives/edgar/data/1364125/000106299307001404/exhibit99-4.pdf).

⁹TSX.V: NOB Announcement dated Jan 17, 2023 (https://noblemineralexploration.com/site/assets/files/6471/nob_nr_2023-01-17.pdf)

¹⁰TSX.V: VRR announcement dated Jan 17, 2023 (https://vrr.s3.amazonaws.com/news/January2023/5SlSuBdaBk38kjeYmTul.pdf)

¹¹Daigle, P. 2011 NI43-101 Technical Report on the Clay Howells Fe-REE Project, Ontario, Canada for Rare Earth Metals (http://www.canadarareearth.com/upload/documents/technical-report-on-the-clay-howells.pdf)

¹²Cavey G. 2008 Summary Geology Report on the Auden Property (https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/20000005852/20008293.pdf)

¹³ Noranda Exploration 1993 Geology Report on the Demoiselle Creek Claims (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=474389&LangCode=e)

¹⁴ Dome Exploration 1964 Upper Sackville Property Drilling Report (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=470661&LangCode=e)

¹⁵ Trent, W. A. 1966 Geologists Report East Memramcook Barite Occurrence (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=470209&LangCode=e)  

16 Hudgins, A.D. 1972 Dorchester Celestite Property Report on Diamond Drilling Program for Canadian Merril Ltd (https://dnr-mrn.gnb.ca/ParisWeb/AssessmentReportDetailsLink.aspx?num=470628&LangCode=e)

¹⁷ Myllyaho, J. 2014 Drilling on the Auden Property for GTA Resources (https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/20000009094/20014071.pdf)