Other Projects & Investments

Project Grand Port, Gold/Copper/Nickel, New Zealand

Grand Port Limited holds 100% of 6 projects over a diversified portfolio of gold, copper, nickel and PGE assets in New Zealand.

On 14 July 2023, the Company announced that it has entered into a binding term sheet for the sale of its non-core gold assets that includes Grand Port to BVI registered company Moosh Moosh Limited (Moosh). As of the date of this report, the completion of the sale to Moosh has not occurred and as such the Company continues to investigate options regarding the divestment of this project. In addition, the Company is currently undertaking the required geological field work to maintain the licenses in good standing and is exploring other opportunities to add value to this valuable exploration asset.

Location of key licenses

Project Nickol River, Gold, Western Australia

Nickol River Project location and tenements, located 10km east of Karratha in the West Pilbara of Western Australia

The Nickol River Project (NRP) comprises seven granted Mining Leases (M47/87, M47/127, M47/401, M47/421, M47/435, M47/455, M47/577), two Prospecting Licences (P47/1524, P47/1812), and five Miscellaneous Licences (L47/686, L47/687, L47/688, L47/689, L47/565 (application)) (refer Figure 4).

This area is highly prospective for gold deposits, although no substantial modern exploration or drilling has been carried out on the Nickol River Project tenements.

Project Wee MacGregor, Copper, Queensland, Australia

Cyclone holds a 20% interest in the Wee Macgregor project which comprises three granted mining licences, ML 2504, ML 2773 and ML 90098. These licences are located approximately 60km southeast of Mt Isa. The Wee Macgregor project (licence ML 2504) has an existing JORC 2012 estimated Inferred Resource of 1.65Mt @ 1.6% Copper and an exploration target of between 1.0 – 1.5Mt @ 2.3 – 3.7% Cu.

Cohiba Minerals Limited (Cohiba), through wholly owned subsidiary Cobalt X Pty Ltd, has earnt an 80% interest in mining licences ML 2504, ML 2773 and ML 90098 under a Farm-in agreement with Cyclone. The Company retains a 20% interest in the mining licences and a pre-emptive right over the remaining 80%.

The Lady Ethleen tenement (ML 2771) has been 100% retained by Cyclone (Lady Ethleen). The Lady Ethleen tenement has been utilized for a trial mining and processing exercise using a newly developed green leach process known as GlyLeach TM (refer ASX announcement 4 October 2020).

Kukuna Iron Ore Project, Sierra Leone, Africa

The Project is located 120 km northeast of Freetown in the northwest of Sierra Leone and consists of one exploration licence (EL22/2012) covering 68 square km. The licence is located 70km due north of the Marampa Project and the Pepel Infrastructure and comprises rocks known to host specular hematite mineralisation.

The Kukuna Project remains under care and maintenance.

Exploration Projects
Nickol River Project*
CLE – 100%
Western Australia
Wee MacGregor Copper Project
CLE – 20%
Qld, Australia
Grand Port Project*
CLE – 100%
New Zealand
Kukuna Iron Ore Project
CLE – 100%
Sierra Leone
Investments
CuFe Limited (ASX: CUF)
12.75% interest
Iron Ore, copper (Australia)
International Goldfields Limited (Unlisted)
18.82% interest
Gold (Australia / Cote d’Ivoire / Brazil)
European Lithium Limited (ASX: EUR)
4.20% interest
Lithium (Austria)