Announcement PDF ASX Announcement 6 November 2024 ASX: OD6 High-Grade Copper Assays Confirms Potential at Gulf Creek, plus Anomalous Gold, Silver & Zinc OD6 Metals Limited (OD6 or the Company) is pleased to report the assay results from sampling undertaken at the recently acquired Gulf Creek Project in New South Wales. Highlights: • Up to 6.49% Cu assayed in massive magnetite-sulphide rock chip samples • Both Massive Sulphide and Massive Sulphide/Magnetite units identified • 2.1% Cu and 0.3% Cu assayed in sediment and exhalative chert rock chip samples, respectively – indicating the potential for mineralised zones as a halo to the historically mined units • Up to 11.75g/t Ag & 2.1% Zn assayed in rock chip samples, providing potential by-product credits • Very high Specific Gravity up to 3.57g/cm3 (t/m3) determined in rock chip samples suggesting potential for high tonnage per cubic meter of material • Strong magnetic correlation associated with high-grade copper assays, providing significant confidence in magnetic targets for potential extensional and repeat high-grade VMS structures • Anomalous gold up to 0.19g/t Au assayed on rock chip samples - providing evidence that gold mineralisation may be encountered in the system Gulf Creek Ore Styles: Left– Sample GC240907 massive sulphide pyrite-chalcopyrite-sphalerite; Right– Sample GC240905 magnetite-chalcopyrite 1 Brett Hazelden, Managing Director, commented: “The grab and rock chip samples have confirmed the very high-grade massive sulphide and massive magnetitesulphide units containing chalcopyrite that were mined more than a hundred years ago at Gulf Creek. We have been particularly pleased with the magnetite-sulphide units, which suggest dominant magnetite-chalcopyrite-sphalerite minerals making up more than 50% of the total mineral content of the sample. We have also been pleased with high iron, zinc, silver and unexpectedly high cobalt grades suggesting that byproduct credits are possible. Furthermore, for the first time in this area we have identified anomalous gold. The very high specific gravity (density) means we have the potential to squeeze high tonnages from each cubic metered of material. Importantly there appears to be very low abundance of contaminants which paves the way for a potential high value concentrate OD6 is currently undertaking new 3D inversion modelling of geophysics that will identify potential targets for our upcoming drilling programs. These new drill holes will be the first systematic drill program on this project.” Gulf Creek New Assay Results As part of the due-diligence of the Gulf Creek copper acquisition, Company non-executive director and geological advisor, Dr Darren Holden visited the historic Gulf Creek mine. The presence of visible copper minerals such as chalcopyrite provided sufficient confidence for the Company to proceed with the acquisition without waiting for the compilation of the assay results. Further information on the history of Gulf Creek high-grade copper mine is presented in Company news release and presentation dated 30 October 2024. Assay results from samples taken during the due diligence period have now been received and are presented here. Many of the samples collected were not from in-situ outcrop and were collected from around historic shafts and waste dumps (mine-spoil). Samples of unmineralised and potentially mineralised country rock were also collected to assist with forming a base-line for what to expect in upcoming drilling programs. Refer Appendix 1 for full sample details. The mineralisation styles and host rocks at Gulf Creek are typical of copper-rich volcanogenic massive sulphide deposits (VMS) with analogues including mines such as Degrussa (Western Australia), Mt Lyell (Tasmania), Besshi (Shikoku, Japan), and Kidd Creek (Ontario, Canada). Besshi, Mt Lyell and Kidd Creek have a strong magnetite association with ore minerals.1 Massive Sulphide and Massive Sulphide/Magnetite As reported previously (refer news release 30 October 2024), Gulf Creek was mined between 1898-1912 from three lodes (historically reported as grading between 2.5 and 6.5% copper, with historic reports of zones grading up to 12% copper). Two mineralisation styles were identified in mine-spoil material: a massive sulphide unit and a massive magnetite-sulphide unit (collectively the ‘massive units’). It is notable that both units returned high-grade copper mineralisation. In fresh rock samples from the massive units, the base metal minerals observed included chalcopyrite (CuFeS2) and sphalerite (ZnS) along with gangue minerals of magnetite (Fe3O4) and pyrite (FeS2) with minor amounts of quartz and barite. 1 Portergeo.com.au; Kanehira & Tatsumi (1970); Gemmel (2013); Corbett (2001) 2 Figure 1: GC240905 - massive magnetite and chalcopyrite grading 6.49% Cu, 2.1% Zn, 28.9% Fe, 441ppm Co, 1.66g/t Ag Figure 2: GC240907 massive sulphide with pyrite-chalcopyrite-sphalerite grading 0.85% Cu, 1.2% Zn. 3 Mineralised Country Rock The massive units historically mined at Gulf Creek are hosted by country rock including both siltstone/volcanic sediments and exhalative chert. Exhalative chert, in particular, is an indicator of VMS deposits and forms from material ejected from sub-sea hydrothermal silica vents in the same setting of the sub-sea hydrothermal sulphide vents. Historically the sediments and exhalative chert were not processed for copper at Gulf Creek, with samples abundant in the waste-dumps and the miners historically preferencing the very high-grade massive units. However, in the modern exploration and development environment the country rock potentially provides additional sources of potentially economically valuable minerals and presents the possibility of targeting for bulk mining scenarios. The widths of the mineralised country rock and stratigraphic succession are not yet known. Pleasingly both a sample of sediment and of exhalative chert assayed up to 2.1% copper as noted in the figures below. Figure 3: (Left) Sample GC230911 assaying 2.1% Cu with copper oxides weathering out bedding planes in sediment; (Right) Sample GC240906 exhalative chert with disseminated sulphide assaying 0.28% Cu. Gold in the system The Gulf Creek area has no historic gold production records. As expected, samples of the massive units did not contain any gold. However, a sample of surface gossan (a residual weathered rock) assayed 0.19g/t Au (as well as assaying 0.75% Cu and the only high arsenic grade at 238ppm). In some VMS systems, gold can occur in epigenetic veins peripheral to the main massive sulphide units. This sample provides evidence that there is some gold in the system and as the Company continues with exploration for massive sulphide units it will also consider potential adjacent vein hosted gold bearing material, or massive units containing gold. 4 Figure 4: Sample GC240912: Outcrop of gold bearing gossan assaying 0.19g/t Au and 0.75% Cu. Figure 5: Sample locations with underground workings projected to surface 5 Looking Forward The Company is currently preparing forward work programmes including: • 3D inversion models of magnetic geophysical data - to identify potential targets for massive sulphidemagnetite units along the 3km folded strike length extensional to the immediate mine area and the >10km strike length of magnetic horizons in the wider Gulf Creek area (results expected shortly). • Field reconnaissance and further sampling planned this quarter • Integration of historic data and information into the geological database • Planning (and implementation) of surface geochemistry surveys • Planning of extended geophysical survey – drone or ground-based • Selecting drill and geological services contractors in NSW • Phase 1 Drilling to commence early in the new year. • First drill assay results from Phase 1 drilling program at Gulf Creek • Planning, permitting and implementation of Phase 2 drilling ENDS This announcement has been authorised for release by the Board of OD6 Metals Limited 6 Competent Persons Statement Information in this report relating to Exploration Results is based on information reviewed by Dr Darren Holden who is a Fellow of the Australasian Institute of Mining and Metallurgy. Dr Holden is a non-executive director and geological advisor to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Holden owns shares in the Company and participates in the Company’s employee securities incentive plan. Dr Holden consents to the inclusion of the data in the form and context in which it appears. Forward Looking Statements Certain information in this document refers to the intentions of OD6 Metals, however these are not intended to be forecasts, forward looking statements, or statements about the future matters for the purposes of the Corporations Act or any other applicable law. Statements regarding plans with respect to OD6 Metals projects are forward looking statements and can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. There can be no assurance that the OD6 Metals plans for its projects will proceed as expected and there can be no assurance of future events which are subject to risk, uncertainties and other actions that may cause OD6 Metals actual results, performance, or achievements to differ from those referred to in this document. While the information contained in this document has been prepared in good faith, there can be given no assurance or guarantee that the occurrence of these events referred to in the document will occur as contemplated. Accordingly, to the maximum extent permitted by law, OD6 Metals and any of its affiliates and their directors, officers, employees, agents and advisors disclaim any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). No new information The information in this report relating to the Mineral Resource estimate for the Splinter Rock Project is extracted from the Company’s ASX announcements dated 18 July 2024. OD6 confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply. 7 About OD6 Metals OD6 Metals is an Australian public company pursuing exploration and development opportunities within the critical minerals sector, namely rare earths and copper. OD6 Metals has successfully identified clay hosted rare earths at its 100% owned Splinter Rock and Grass Patch Projects which are located in the EsperanceGoldfields region of Western Australia. The Company released a Mineral Resource Estimate (MRE) for Splinter Rock in May 2024, confirming that the project hosts the largest and highest-grade clay-hosted rare earths deposit in Australia with a Resource of 682Mt @ 1,338ppm TREO with ratios of ~23% high-value Magnetic Rare Earths (MagREE). OD6 Metals believes that Splinter Rock has all the hallmarks of a world class rare earths project with a conceptual development which utilises the large and highgrade Splinter Rock resource to support a long-life REE operation supported by a low strip ratio and favourable power and reagent costs. The Company is also looking to advance the proposed acquisition of the Gulf Creek Copper-Zinc VMS Project located near the town of Barraba in NSW, Australia. Gulf Creek was mined at around the turn of the 20th century and was once regarded as the highest-grade copper mines (2% to 6.5% Cu) in NSW until its closure due to weak copper prices in 1912. Very little exploration has occurred at the project in over 100 years, with OD6 aiming to apply modern day exploration technologies. Mineralisation is associated with magnetite, with geophysics showing significant greenfields and brownfields exploration potential exists with over >3km of untested strike in the immediate mine-stratigraphy, and over >10km across the tenement. Corporate Directory Managing Director Mr Brett Hazelden Non-Executive Chairman Wayne Bramwell Non-Executive Director Dr Darren Holden Non-Executive Director Mr Piers Lewis Non-Executive Director Dr Mitch Loan Financial Controller/ Joint Company Secretary Mr Troy Cavanagh Joint Company Secretary Mr Joel Ives Contact Investor Relations OD6 Metals Ltd Lucas Robinson ACN 654 839 602 Corporate Storytime www.od6metals.com.au lucas@corporatestorytime.com Mail to: info@od6metals.com.au Phone: +61 408 228 889 Phone: +61 8 6189 8515 Level 1, 50 Kings Park Road, West Perth, WA 6005 PO Box 277, North Beach, WA 6920 PO Box 2009, Esperance, WA 6450 8 Appendix 1 – Assay Results Table 1: Mineralised sample assays collected at Gulf Creek (Grid MGA94 Z56) Table 2: Mineralised samples with assays for arsenic, cadmium, lead (demonstrating low quantities of potentially deleterious elements) Table 3: Unmineralised sample results References Kanehira K, Tatsumi T (1970) Bedded cupriferous iron sulphide deposits in Japan, a review. In Tatsumi T (eds): Volcanism and Ore Genesis. Tokyo: University of Tokyo Press. Corbett, K.D. (2001). The Geology of the Mount Lyell Mines Area, Tasmania. University of Tasmania, MSc Thesis. Gemmell, T.P. 2013. Geology of the Kidd Creek Deep Orebodies – Mine D, Western Abitibi Subprovince, Canada. University of Ottawa. MSc Thesis. 9 JORC 2012 – Table1: Gulf Creek Section 1 Sampling Techniques and Data (Criteria listed in the preceding section also apply to this section) Criteria JORC Code explanation Sampling techniques • • • • Drilling techniques • Drill sample recovery • • • Logging • • • Sub-sampling techniques and sample preparation • • • • • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all subsampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, Commentary Samples collected were both surface rock samples and from mine spoil material as reported in the body of this release and in Appendix 1. These samples are not necessarily representative of the whole body of mineralization. • No drilling results reported in this release. • No drilling results reported in this release. • No drilling results reported in this release. Rock samples were lithologically and contextually described in hand specimen by OD6’s geological advisor. • No drilling results reported in this release. All samples were hand specimen mine spoil or rock chip samples and no sub-sampling was undertaken. 10 Criteria JORC Code explanation • Quality of assay data and laboratory tests • • • Verification of sampling and assaying • • • Location of data points Data spacing and distribution Orientation of data in relation to geological structure • • • • • • • • • Sample security • Audits or reviews • including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. The measures taken to ensure sample security. The results of any audits or reviews of sampling techniques and data. Commentary • • • • Samples were sent to ALS Ltd laboratory in Brisbane. Samples were laboratory crushed and pulverised with Fire Assay for gold (ALS technique AU-ICP21) and four acid digest for multi-element (ALS technique MEMS61). Overlimit (>10000ppm) for Cu and Zn were re-assayed using ALS techniques Cu-OG62 and Zn-OG621 Specific Gravity analysis undertaken using pycnometer (ALS technique OA-GRA08f) No field standards or blanks were inserted; though laboratory standards and blanks and verification were conducted. • No drilling results reported in this release and no field verification was undertaken of scout rock chip samples.. • Grid system is MGA 94 Zone 56 • • Refer to map in the body of the release. Data is not sufficient to establish geological or grade continuity and will not be used in Mineral Resource estimation • Sample collection is not oriented with respect to geological structure. • Samples securely stored and hand-delivered by the Competent Person direct to the laboratory. • • The Competent Person reviewed the historic reports. Whilst reported by previous studies, details are considered historic in nature and are yet to be verified by the Company. The various historic reviews by Geological Survey of New South Wales and academic researchers were noted in the reference list provided in the ASX announcement “Acquisition of Historical HighGrade Copper Mine” dated 30-10-2024, which concur the presence of high-grade copper mined historically at Gulf Creek. 11 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of • reporting along with any known impediments to obtaining a licence to operate in the area. • • • • • The Gulf Creek Project EL8492 is listed on the Mining Titles Registrar of NSW under the names Jonathan Charles Downes and Comet Resources Ltd. Jonathan Downes has provided a verification that Comet Resources Ltd has relinquished its interest in the title and has returned it to Downes. As part of the arrangement, OD6 Metals will become the sole 100% holder of the Exploration License. The License was renewed on 18/03/2024 is valid until 21/12/2029. Other than State Royalties, there is no overriding Royalties on the project. The License overlaps both Crown Land (being the area principally of the historic mine) and private farmland. Private land holders in the area have previously consented to exploration activity on their land, and the Company knows no reason why on-going land access cannot be granted. The land falls in the area of native title claimants – the Gomeroi people. On private land, the native title has been extinguished. The area of Crownland was subject to a ruling 31/03/2022 and that Native Title is effectively extinguished for the purposes of exploration. Further consents may be required prior to mining. Heritage – areas subject to future ground disturbing work are subject to the NSW Mineral Industry Due Diligence Code of Practice for the Protection of Aboriginal Objects 2010. Historical archaeological sites are protected under the NSW Heritage Act (1977), which may be applicable to historic buildings and structures, including the presence of historic mine and smelter workings. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • The Gulf Creek mine has been subject to intermittent exploration for more than 100 years. In recent times, reconnaissance and geophysical surveys were carried out. Refer to Company release 30/10/2024 Geology • Deposit type, geological setting and style of mineralisation. • Base metal (copper and zinc) mineralisation occurs as massive to semi-massive sulphides principally chalcopyrite and sphalerite. The mineralisation is closely associated with magnetite. Mineralisation is hosted in a series of cherts, (sedimentary radiolarian and exhalative) siltstones and basalts of the Bob’s Creek Formation. The Bob’s Creek formation is underlain by the Woodsreef Formation- an ophiolite sequence including harzburgite, dunite and gabbro. Mineralisation is considered to be Volcanogenic Massive Sulphide (VMS) deposit The sedimentary sequence, of which the mineralisation is parallel, has been folded into NW-SE striking and steeply dipping folds. At the historic Gulf Creek mine, mineralisation strikes NW-SE and is steeply dipping (70-85 degrees) to the NE. • • • • Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • No drilling results reported in this release. 12 Criteria JORC Code explanation • Data aggregation methods • • • Relationship between mineralisation widths and intercept lengths • • • Diagrams • Balanced reporting • Other substantive exploration data • Further work • • o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Commentary • No drilling results reported in this release. • No drilling results reported in this release. • • No drilling results reported in this release. Diagrams are included at relevant sections in this Report • All results reported are in the context with which they appear. Non-mineralised samples also reported. • Refer to announcement dated 30 October 2024 for further substantive information. • Mineralisation mined historically is open along strike to the NW and down-dip / plunge. The Company is planning on initially drilling the immediate vicinity and extensions of historic workings, before stepping out and drilling geophysical targets to the NW and elsewhere on the exploration license. • 13