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. WH Bryan Mining and Research Institute Co-operation with the University of Queensland Special Research Centre for a full micro XRF program on Mt Carbine core has given insight into the nature of the mineralisation and the understanding of the high-grade versus barren vein types. The figure below show a high-grade vein adjacent to a barren vein in the same sheeted system. Barren veins appear earlier and are lower temperature gaseous events, whereas high grade are more saline brine events that occur later in the evolution of the deposit. Figure 19 - Barren Vein next to a High Grade Vein. Future Programs The recent geological work confirms there exists 4 major targets that need continued work and the listed four programs are still set to be completed by the Company: 1. Upgrade of the Iron Duke Inferred Resources into Indicated Resources - Iron Duke contains 5.8Mt @ 0.59% WO3. 2. Continue to extend the known veins along strike extents both Grid West and East. 3. Drill to the depth. Away from the South Wall Fault, the depth extent of the mineralisation remains open. 4. Evaluate and test the True Blue, Daisy, MacDonald’s and Red Cap Package Zones. Operating and Financial Review continued 36 EQ Resources Limited Annual Report 2023
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