QUARTERLY REPORT SEPTEMBER 2014

Key Points:

  • Copper Hill: Drill hole GCHD469, the first hole in GCR’s current 5000 metre core drilling program, was completed at 894 metres, the deepest hole drilled at Copper Hill.
    • Intercepts include 178 metres at 0.26% copper and 0.24g/t gold and 30 metres at 0.26% copper and 0.70g/t gold
    • Encouraging gold values at depth with 30 metres at 0.7g/t gold and mineralised breccia fragments indicate a deeper porphyry source
  • Drill hole GCHD470 at central Copper Hill completed at 366 metres.
    • Previous zone extended with 60 metres at 1.83% copper and 5.41g/t gold (using a 0.4% copper cut-off grade) including a bonanza zone of 12 metres at 3.1% copper and 12.0g/t gold within 155 metres at 0.93% copper and 2.5g/t gold (using a 0.2% copper cut-off grade) 
  • GCHD471 intersected 65 metres at 0.58% copper and 0.44g/t gold including 9 metres at 1.2% copper and 1.13g/t Au confirming higher grades within a broad, 305 metre mineralised zone grading 0.33% Cu and 0.25g/t gold 
  • 1 for 20 share consolidation completed.

Copper Hill Project:
GCHD469 is the first hole in the 5000 metre core drilling program currently underway at Copper Hill.

This hole targeted mineralisation beneath Buckley’s Hill, north of Copper Hill. It is the deepest hole ever drilled into the deposit and provides information on the nature of the Copper Hill intrusions at depth. The hole has been marked by extensive zones of brecciation containing mineralised clasts of porphyritic rocks swept up from a major intrusion beneath the current hole. Assays from the andesitic country rock, up-hole from the target zone, returned background values with occasional anomalous intervals (0.1% to 0.2% copper)

GCHD469 was completed at 894 metres and alteration, zones of brecciation with mineralised breccia clasts, abundant pyrite (potentially gold-bearing) and indications of copper mineralisation continued almost to end-of-hole.

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