Drilling has commenced on GCR’s Mount Isa Phosphate Projects

HIGHLAND PLAINS – drilling underway
• LILY & SHERRIN CREEKS –drilling program planned
• QUITA CREEK – drilling program planned

Drilling has commenced on EPM 14906 Highlands Plains, northwest of Mount Isa, where established phosphate resources will be defined in more detail. The program should be completed this month.

The rig will then move to EPM 14912 Lily & Sherrin Creeks, due west of Mount Isa, where a program will be carried out over an area where moderate grade phosphate resources were identified in the 1960’s and 1970’s. Higher grade material from this project could be suitable for direct shipping. Access tracks and drill pads are in place and the program is scheduled for completion in September this year.

Resources within this project area, with elevated grades and proximity to Mount Isa, stand the best chance to be considered for early production.
EPM14905 Quita Creek, to the southwest of Mount Isa, will be the last of the GCR projects to be tested in the current program, scheduled for September-October, to better define the known mineralisation boundaries and to infill the previous drilling.

Queensland government compiled results from historical drilling* demonstrate that substantial (but not JORC-compliant) phosphate resources are located in each of GCR’s tenements. These resources make up approximately one third of the resource inventory quoted by GCR’s joint venture partner Legend International. It is hoped that Legend’s drilling program will raise the status of the existing deposit resources to meet JORC requirements.

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