DEX Bundarra Pluton Soil Sampling 4 New Discoveries

ASX ANNOUNCEMENT | ASX: DEX	Media Release
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	10 November 2021
	Bundarra Pluton Soil Sampling Programme Update
	Four New Discoveries
Duke Exploration (ASX:DEX) ("Duke" or "the Company") is pleased to announce the Bundarra Pluton soil
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sampling programme has been completed around the Bundarra pluton ridge line (intrusion contact zone). The vast majority of known copper mineralisation occurrences at Bundarra are associated with the pluton contact. This is a significant achievement that has identified an additional four highly anomalous prospective areas to explore, which are comparable in size to the Mt Flora resource area.

HIGHLIGHTS

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• The Bundarra Pluton contact zone ridge line has been completely covered by soil samples on an 80m by 80m grid (Figure 1).
• Four new copper soil anomalies, each averaging 0.69km2, have been mapped around the pluton in the accelerated pluton scale soil sampling programme. Mt Flora is approx. 0.67 km2
• A total of 10 priority areas are now identified, including Mt Flora. The average area of each of these is approximately the same as Mt Flora.
• Diamond drilling testing of three of these areas (Quorn, Isens, Rogers) has begun and will be completed by year end.
• One of the new 1.2km2 copper soil anomaly discoveries has no evidence of historic mining nor exploration activity and confirms the eastern margin of the pluton is prospective.

Figure 1: Left - Soil sampling on July 13	Right - Soil sampling on November 08

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P.O. Box 2057 Ascot QLD 4007

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Managing Director Philip Condon commented:

"The results of the regional soils sampling survey programme are a significant and exciting step forward in our expanded Bundarra resource development strategy. In addition to Mt Flora and the five previously known large anomalous areas in the southwest corner of the pluton, the soils survey has discovered an additional four new copper in soils anomalous areas of comparable size, for a total of nine copper soil targets in addition to Mt Flora. This provides important optionality in our resource development

program to ensure the best of the anomalous areas are developed. The results of the VTEM inversion
geophysical analysis currently underway, will be combined with the soils to provide high probability
targets for test drilling, evaluation and resource development drilling prioritisation. We anticipate the
onlycurrent quarter and next quarter to be very formative for the Company and the development of the
Bundarra copper project.
Future Work Programme
•	Finalise the timing of step-out extension RC resource drilling at the Mt Flora resource to test the
use	new mineralisation discovered to the north.

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Continue accelerated pXRF soil sampling, to be completed by the end of the year, to sample the entire Bundarra Pluton to help prioritise resource development work.

Accelerate and extend collection of electrical geophysical data over the entire Bundarra Pluton.

Complete exploration diamond drilling to collect geological data to confirm targets mapped to date and help prioritise resource development work (started).

Start RC drilling to determine the highest priority target for resource development drilling.

Provide all exploration diamond drilling assay results from the Prairie Creek gold project November.

This announcement has been authorised for release by the Board.

For further information please contact:

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

Duke Exploration Limited

www.duke-exploration.com.au

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Technical Information

Bundarra Project Pluton-scale pXRF Soil Sampling Results Update

The accelerated regional pXRF soil sampling program has reached a significant milestone, covering the entire Bundarra Pluton contact zone ridge line (Figure 2). A total of 18,979 soil samples have now been collected to date across the entire Bundarra Pluton, which is an additional 6,843 samples to those reported previously (see announcement on 15 September, 2021). The area with pXRF soil data now covers 118 km2, which is 76% of the prospective area of the Bundarra Pluton and surrounding contact metamorphic halo (Figure 2). The soil sampling

	is planned to extend the anomalous areas identified on the boundaries of previously surveyed areas and to extend
	the sample coverage to cover the entire prospective area within and around the Bundarra Pluton. Three soil
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	sample collection teams are now operating, with the aim of completing sampling over the entire prospective area
	of the Bundarra Pluton by the end of November, depending on weather and land access.
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		Figure 2: Grid map of pXRF copper soil values from the data collected to October 31 over the Bundarra Pluton
		compared to VTEM targets and historic mines and prospects
		pXRF
	The soil samples were analysed using the same techniques as the previous surveys, using a Vanta m-series
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that provided multi-element geochemistry, including pathfinder element useful for mapping porphyry mineralisation like silver, molybdenum and zinc. The soil samples were collected from 20 cm below the surface

in C Horizon soils with the samples sieved to 60 micron and compressed using a 4 cm by 4 cm small plumbing cap for analysis. The pXRF beam was set to 10 seconds for a total of 30 second analysis, with 39 elements analysed for each sample.

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Copper is the main element used to map potential near surface copper bearing massive sulphide veins like those that define the resource at Mt Flora. Certain areas around the steeper parts of the hills proved difficult to sample due to significant scree slopes. The scree resulted in a sample being taken that may not accurately represent the true soil profile at the given location and areas with low copper soil values may host bedrock mineralised veins that are covered by barren scree.

onlyCopper data from the pXRF soil survey have been mapped using the same cut off values that map the historic and outcropping chalcopyrite sulphide mineralisation at Mt Flora, with the 140 ppm Cu cut off mapping the presence of bed rock copper sulphide mineralisation at Mt Flora, the Quarry Lode and Quorn (Figure 2). Mt Flora has an inferred resource estimate of 16 Mt at an average grade of 0.5% Cu and 6.9 ppm, Ag, reported at a 0.2% Cu cut-off grade as classified and reported in accordance with the JORC Code (2012), which equates to 78,000 tonnes of copper and 3.6 million ounces of silver.

The copper soil anomaly mapping the Mt Flora resource covers an area of 0.67km2 using a 140ppm Cu cut off. A usetotal of four new copper anomalies have now been mapped around the Bundarra Pluton ridge line with a footprint larger than 0.25km2 in addition to the six copper anomalies identified in previous soil programmes (Figure 3). The average area of each soil anomaly is 0.66km2, comparable to Mt Flora. All holes drilled to date around the Bundarra Pluton which have targeted anomalous copper mineralisation of more than 140ppm Cu in the soil have intersected copper, silver and gold mineralisation in the bed rock below the soil anomalies. The largest copper soil anomaly mapped to date is along the eastern contact ridge line of the Bundarra pluton, covering an area of

1.2km2 (Figure 3). This is a new discovery with no evidence of historic mining nor exploration activity, which personalconfirms that the eastern contact of the Bundarra pluton is also prospective for new discoveries of copper, silver nd gold mineralisation like Mt Flora. This has the potential to further increase the scale of the mining

development opportunity at the Bundarra project. The new copper soil anomaly mapped to the east has not been fully defined and is expected to increase in size when additional extensions samples are collected.

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Figure 3: Grid map of pXRF copper soil values highlighting mapped copper anomalies greater than 0.25km2

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The next stage of exploration to help prioritise areas for resource drilling will include:

• Map profile targets using the new pXRF soil data in conjunction with new 3D block models of

	conductivity and chargeability from the 2011 VTEM survey.
only	• Ground truth all targets and consider the geological context, but not disregard any anomalies based on
geological interpretations.
• Drill diamond core into selected targets to collect geological data to confirm the interpreted geometry
of any bed rock mineralisation and understand the geology, geochemistry, the petrophysics and
geometry of any mineralisation intersected.
• Use these data to plan preliminary RC scout drilling to assess the endowment potential for each target.

useAbout Duke Exploration

Duke is an Australian exploration company with majority interests in five granted exploration tenements for copper, gold and silver exploration areas located in Queensland and New South Wales, Australia.

Duke's key assets comprise:

• EPM 26499, EPM 27474 and EPM 27609 - Bundarra project (100% owned copper exploration project near Mackay, Queensland);
• EPM 26852 - Prairie Creek Project (91% owned (9% Capgold) gold exploration project near Rockhampton, Queensland); and
• EL 8568 - Red Hill Project (100% owned copper exploration project near Red Hill, New South Wales).

personalIn addition, Duke also has an interest in four New South Wales Cu-Au porphyry tenements currently operated by Lachlan Resources Pty Ltd, a wholly owned subsidiary of ASX listed Emmerson Resources (ASX: ERM). Duke

currently holds a 5% interest in two of these tenements and a 10% interest in the other two tenements that is free carried to BFS.

The most advanced target for the Company is the Bundarra project Mt Flora prospect, which has resource development potential for copper, silver and gold, and a recently announced Inferred resource of 16 Mt at an average grade of 0.5% Cu and 6.9 ppm, Ag, reported at a 0.2% Cu cut-off grade as classified and reported in accordance with the JORC Code (2012), which equates to 78,000 tonnes of copper and 3.6 million ounces of silver (Table 3). There are currently five other target areas with similar development potential on the Bundarra

Forproject as defined by historical mining, geology and geophysics.

Duke Exploration Limited

www.duke-exploration.com.au