Duke Exploration : Significant Copper Intercepts in Rogers Diamond Drill Holes

04/04/2022

SIGNIFICANT COPPER INTERCEPTS IN ROGERS DIAMOND DRILL HOLES

Duke Exploration Limited (ASX: DEX) ("Duke" or "the Company") is pleased to announce assay results from the final three holes of the latest five-hole diamond drilling program have returned further significant copper intercepts at the Rogers prospect. This completes the program announced 17

December 2021 (see announcement "New Geophysical Modelling Demonstrates Expanded Prospectivity At Bundarra And Drilling Update At Quorn And Isens Prospects" for more details regarding the targeting technique1).

KEY POINTS

• • Scout diamond drill holes at the Rogers prospect intersected significant zones of copper mineralisation with highly encouraging grades.

• • Mineralisation is largely within fresh rock with better intercepts of:

  6.41 m @ 0.89% Cu, 3.15 g/t Ag and 0.07 g/t Au from 101.59 m (BNDD003) 1.5 m at 1.28 % Cu, 4.67 g/t Ag and 0.14 g/t Au from 152.0 m (BNDD003) 10.1 m @1.06% Cu, 2.7 g/t Ag, and 0.11g/t Au from 129.0 m (BNDD004)

• • Two distinct mineralisation styles identified - copper mineralisation in lode style sulphide veins, and as matrix-fill in strongly altered breccia.

• • Mineralisation at Rogers hosted in NE-SW trending structures, like those at Isens and Quorn.

• • The results further confirm the exploration targeting model at Bundarra is effective and has had a direct influence on the follow up RC drilling currently underway focusing around Absolon/Quorn/Rogers targets.

• • Dr Peter Pollard's review of the diamond holes has confirmed an important and previously unknown association of copper mineralisation with magnetite bearing diorites, providing significantly enhanced exploration focus.

The full five-hole program, including the three holes completed at the Rogers prospect, were drilled to test and refine priority target generation and further the detailed understanding of the complex geology of the Bundarra copper system. This includes the development of techniques for identification of the location of copper mineralisation in varying mineralisation styles and just as importantly, the elimination of 'false positive' targets.

1 Duke ASX announcement 17th December 2021 "New Geophysical Modelling Demonstrates Expanded Prospectivity At Bundarra And Drilling Update At Quorn And Isens Prospects"

Duke Exploration Limited | ABN: 28 119 421 868

P.O. Box 2057 Ascot QLD 4007

E:[e-mail]| www.duke-exploration.com.au

Commenting on the Diamond drill hole results - Philip Condon, MD:

"A very successful completion on this pivotal diamond drilling program by the team. We have now confirmed and further enhanced our exploration techniques, confirmed the existence of significant mineralisation at all three prospect locations, and defined an important follow up drill campaign which is currently underway. Dr Pollard's report further unlocks the complexities of the Bundarra mineral system. Ultimately the program has resoundingly demonstrated the potential for the project to host multiple copper deposits across the pluton and opened up the potential for both pipe-like breccia bodies and lode-style intrusion related copper deposits."

This announcement has been authorised for release by the Board.

Philip Condon	Toko Kapea
Managing Director	Chairman
[e-mail]	[e-mail]
Ph [phone]	Ph+64 27 534 2886

Rogers Exploration Diamond Drilling Results

Laboratory assays from two of the three exploration diamond drilling holes completed at Rogers have been finalised (Figure 1). The main aim of the drilling was to test the relationship between anomalous Cu in soil, GAIP conductivity, and historic workings, and confirm the lithological and geometric relationships of any copper and silver mineralisation in the Rogers area. Duke's newly developed targeting technique using pXRF soils combined with conductivity modelling from gradient array IP data would also be tested (see announcement "New Geophysical Modelling Demonstrates Expanded Prospectivity At Bundarra And Drilling Update At Quorn And Isens Prospects" for more details regarding the targeting technique2).

The three holes are part of a larger drill program comprising five diamond holes, with drilling concluded on 31 January. Drilling was completed over 48 days averaging 18.2 m per day, including break downs and weather delays. Significant rain delayed the program in December and no drilling was undertaken over the Christmas period. Assay results were further delayed due to unforeseen issues at ALS Laboratories. Hole BNND005 is awaiting analysis at the time of this release.

Table 1. Drill hole collar details (GDA94 MGA94 Zone 55) of exploration holes at Rogers(Figure 1).

Prospect	Hole ID	Easting (m)	Northing (m)	RL (m)	Depth (m)	Azimuth	Dip
Rogers	BNDD003	655,416	7,567,756	355	168.6	202	-59
Rogers	BNDD004	655,258	7,567,861	323	150.6	180	-55
Rogers	BNDD005	655,336	7,567,237	422	150.66	210	-55

Figure 1. Locations of drilled exploration diamond drill holes, Q4 2021 and Q1 2022.

2 Duke ASX announcement 17th December 2021 "New Geophysical Modelling Demonstrates Expanded Prospectivity At Bundarra And Drilling Update At Quorn And Isens Prospects"

ROGERS

Two scout holes (BNDD003 and BNDD004) were drilled to test coincident anomalous Cu in soil (pXRF) and Gradient Array Induced Polarisation (GAIP) conductivity anomalies with historic workings along strike, and one scout hole (BNDD005) tested a strong GAIP conductivity anomaly over an area of no outcrop. These holes mark the remainder of the scout drilling program as announced on 28 July 20213. Two holes (BNDD003 and BNDD004) intersected copper, silver and gold mineralisation, including better results of:

•

•

•

•

6.41 m @ 0.89% Cu, 3.15 g/t Ag and 0.07 g/t Au from 101.59 m (BNDD003), 1.5 m at 1.28 % Cu, 4.67 g/t Ag and 0.14 g/t Au from 152.0 m (BNDD003), 10.1 m at 1.06 % Cu, 2.7 g/t Ag and 0.11 g/t Au from 129.0 m (BNDD004) and 2.78 m at 0.38 % Cu, 0.92 g/t Ag and 0.06 g/t Au from 142.2 m (BNDD004).

BNDD005 assay delivery has been delayed due to extensive laboratory turnaround times and the results are expected in the coming month. The hole intersected pyrrhotite-bearing hornfelsed carbonaceous argillite with quartz-feldspar porphyry over the last 10 m of the hole, and minor micro-diorite dykes. No mineralisation was logged downhole in BNDD005. The conductivity anomaly that was highlighted by the GAIP survey is interpreted to reflect the carbonaceous content of the argillite with significant concentrations of graphite logged downhole.

BNDD003

The hole was drilled to test a 950 m long GAIP conductivity trend with coincident anomalous copper in soil values and historic workings. The hole was collared on the hornfelsed sediments and drilled towards the SSW into the plutonic (tonalite) rocks.

The hole intersected a sequence of hornfelsed sedimentary rocks (predominantly argillite) with multiple narrow quartz-feldspar porphyry dykes throughout, rare mafic dykes and a 1.1 m wide microdiorite dyke at 162.7 m. The contact between the sedimentary rocks and the tonalite was intersected at 159.64 m down hole. The top 30 m of the hole was oxidised.

Mineralisation in the hole is associated with veins of malachite and azurite in the upper oxidised zone, and chalcopyrite ± pyrite ± magnetite ± haematite and rare bornite below 30 m. Alteration associated with the mineralisation comprises sericite-silica with minor, biotite, albite, and chlorite, and is present as a selvedge to veins or fracture and foliation controlled.

3 Duke ASX announcement 28th July 2021 "Quorn And Absolon Drilling Results Confirm Resource Potential"

Figure 2. Pyrite-chalcopyrite-specular hematite-magnetite mineralised zone with green chlorite-sericite alteration from

BNDD003 (103 m) from within the interval 6.41 m @ 0.89% Cu, 3.15 g/t Ag and 0.07 g/t Au from 101.59 m.

Table 2 Significant intersections from Rogers drill hole BNDD003 and BNDD004, using a 0.2% Cu cut off, with a minimum width of 1 metre and including 3 metres of internal waste. High grade intersections are generated using a 1% Cu cut off.

Hole ID	From (m)	To (m)	Width (m)	Cu %	Ag g/t	Au g/t
BNDD003	26	28.9	2.90	0.54	3.42	0.01
51	52	1.00	0.46	4.35	0.06
69.6	75.6	6.00	0.33	1.87	0.02
93.03	94.1	1.07	0.39	2.70	0.03
101.59	108	6.41	0.89	3.15	0.07
145.36	146.43	1.07	0.20	0.90	0.02
152	153.5	1.50	1.28	4.67	0.14
BNDD004	51.8	53	1.20	0.24	0.48	0.03
129	139.1	10.1	1.06	2.97	0.11
142.2	144.98	2.78	0.38	0.92	0.06

BNDD004

Hole BNDD004 was drilled to the west of BND003 and targeted the same GAIP conductivity anomaly with coincident anomalous Cu in soil. The hole collared on the edge of the hornfelsed sedimentary package and intersected the tonalite at 16.66 m down hole. Several quartz-feldspar porphyries were intersected throughout the hole, becoming the dominant rock type from 74.64 m to the end of hole. A narrow (0.35 m) microdiorite dyke was intersected at 121.85 m down hole. Both the porphyries and the tonalite were potassic-albite-silica altered. As with hole BNDD003, the top 30 m was oxidised.

The main mineralisation was associated with a strongly altered breccia zone encompassing blebs of chalcopyrite ± pyrite ± haematite and rare molybdenite (Figure 3). The mineralisation is associated with a sericite overprint of an earlier potassic alteration.