Coppermoly Limited announced that the Queensland Department of Natural Resources, Mines and Energy ("DNR") has granted a second exploration licence, EPM27836 (Mount Tracey Project), to Coppermoly. EPM27836 covers an area of approximately 294 km2 in the Eastern Succession, Mount Isa Inlier, northwest Queensland. The Eastern Succession hosts a number of significant copper gold deposits including the Ernest Henry Cu-Au deposit, Osborne Cu-Au deposit and the Starra Cu-Au deposit.

Highly prospective terrain of the Eastern Succession, Mt Isa inlier: The Queensland Mineral database records numerous Cu-Au occurrences within the Eastern Succession. The most significant occurrences include Ernest Henry (167 Mt @ 1.1% Cu; 0.54 g/t Au), Eloise (3.2 Mt @5.8% Cu; 1.5g/t Au; 19g.t Ag), Osborne (11.2 Mt @ 3.51% Cu; 1.49 g/t Au), Mt Elliot (3.3 Mt @ 3.6% Cu; 1.8 g/t Au), Starra (6.9 Mt @ 1.65% Cu; 4.8 g/t Au). Extensive research on mineralisation model and implication in exploring for those Cu-Au deposits highlighted several key elements: (1) contact zones across major stratigraphic packages such as the Corella/Staveley Formation and Soldiers Cap Group; (2) the district scale basement structure such as the Cloncurry Fault; (3) presence of mafic intrusives /extrusives; (4) spatial proximity to significant granitoids such as the Williams-Naraku Granite.

The Cloncurry Fault is one of significant structural zones in the Eastern Succession, and it strikes north- westly over 150 km long and extends continuously to at least 20km depth. This fault is broadly associated Formation. It is spatially associated with a series of plutons such as the Saxby Granite and Squirrel Hills Granite.

It is recognised to have been a major fluid channel over a significant period of time. Numerous Cu-Au occurrences occur along this fault zone. with a major lithological contact, separating cover sequence units the Soldiers Cap and Corella/Staveley The granted tenements, EPM27835 and EPM27836, contains a significant portion of the Cloncurry Fault.

The tenement area hosts numerous historic copper workings, such as the Mount Kalkadoon Cu- Au Zone, Lorna Miss Hit Cu-Au Zone and Fox Extension Cu-Au Zone. A geological and geophysical interpretation of those three zones are currently underway, and the first phase of ground mapping will commence when the accessibility to the area is improved shortly. Highlights: EPM27836 (Mount Tracey Project), comprising an area of approximately 294 km2 has been granted by the Queensland government.

EPM27836 lies immediately to the south of the previously granted EPM27835 (Fox Creek Project), comprising an area of approximately 320 km2. Coppermoly now holds two exploration licences covering an area of approximately 614 km2 in the highly prospective Mt Isa Inlier in northwest Queensland. The Mt Isa Inlier is highly prospective for base metal and gold mineralisation with numerous historic copper workings in the tenement area and geological resemblances to the Ernest Henry and Eloise Cu-Au deposits.