This now highlights that high-grade extends for over 200m in the Iron Duke region and is open in all directions. Further drilling of this zone is warranted and will significantly add to the resource base of the deposit for future years. Western Extensions Since the review of the Mt Carbine deposit two years ago it has long been postulated that a second high-grade lobe of the deposit would plunge off westwards. In November 2022, EQR outlined to target this concept and look for extensions of Hole EQ026 that reported 5.95m @ 0.94% WO3 (see ASX announcement ‘Drilling Targeting New Discoveries and Potential Western Pit Expansion’ dated 17 November 2022). The two holes of EQ030 & EQ031 were drilled for the postulated down dip extension of these high-grade zones. The success of hitting high-grade intercepts in these holes indicates an additional high-grade system exists and confirms the fluid flow direction from the west that provides the vectors for ore repeats along westerly structures. The high-grade nature of the intercepts is perfectly situated for underground mining off the existing decline. The results will add significantly to the Mt Carbine Underground Scoping Study where the Company modelled taking 2.36Mt @ 1.05% WO3 from underground (see ASX announcement ‘Underground Scoping Study Gives Confidence To Proceed With Pre-Feasibility Work’ dated 12 April 2022). In Hole EQ030 the results contain the highest per meter tungsten (WO3 contained) intersected outside the BFS Pit with Hole EQ030 (5.51m @ 3.20% WO3 from 387.25m) having 10-times the grade of the Open Pit Ore Reserve as reported (0.33% WO3). Holes EQ032 & EQ033 were above the main mineralised level being at the 330-350m RL mark with the zone reflected as narrower more separated veins, ie. intercepts of 0.13m @ 1.03% WO3, 0.29m @ 0.53% WO3 and 0.33m @ 1.33% WO3 were intersected. At a level 100m below these intercepts the mineralisation widens, and veins come together. resourcing the new economy for a better tomorrow Holes EQ032 & EQ033 were above the main mineralised level being at the 330-350m RL mark with the zone reflected as narrower more separated veins, i.e. intercepts of 0.13m @ 1.03% WO3, 0.29m @ 0.53% WO3 and 0.33m @ 1.33% WO3 were intersected. At a level 100m below these intercepts the mineralisation widens and veins come together. Shown above an orthographic projection of the Mt Carbine Mineral Resource (in red) including the new systems confirmed this drill program with purple showing the high-grade intersected zones. The BFS Pit is shown in grey and the historic decline highlighted in orange. SIGNIFICANT RESULTS OF EQ030 & EQ031: Figure 18 - Phase 2 2022 Drill program confirmed two significant high grade mineralised systems open along strikes and at depth. EQ Resources Limited Annual Report 2023 35
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