Background

Further to this Krucible then engaged GeoDiscovery to complete 2D processing which was received in mid-September 2014 and a 3D magnetic model completed on 9 October 2014, giving Krucible detailed images of the magnetic features as can be seen in Figures 2 and 3. This covers the Elstone prospect and has produced very prospective targets . Krucible has altered the drilling program to incorporate the newly available information.

Highlights

  • Krucible Metals Ltd (Krucible) is pleased to announce the most recent drill hole at Tobermorey EL28170 has intersected two separate zones of visible malachite and chalcopyrite in a quartz vein host. This is the first hole to target this anomaly and finished still in mineralisation at 121m.
  • Initial ground reconnaissance has located numerous parallel quartz veins and coarse magnetite veins and breccias. Further exploration along this trend revealed outcropping quartz breccias with copper mineralisation dis- seminated in the vein as well as in massive sulphide veins within the quartz including a 200m outcrop hosting copper mineralisation to the north.
  • Tobermorey is prospective for copper/gold mineralisation similar to IOCG style deposits such as Tropicana (WA) and Olympic Dam (SA), related to magnetic and or major structural features.
  • Initial images from the processing work by GeoDiscovery on the magnetic survey completed on Tobermorey in July 2014 identified northwest trend- ing structural targets through the Elstone prospect. It was announced on 3 October 2014 that further 3D modelling would be completed in early Octo- ber on these interesting features and the data has now been received.
  • This imaging and processing analysis highlighted a number of northwest trending magnetic ridges which appear to be associated with surface sam- pling base metal anomalism carried out by Krucible in July 2013.
  • A number of these interpreted structural magnetic ridges are shallow at less than 100m in the northeast and southeast areas of the survey, and deeper in the central area where they are visible at 150m below surface.
  • The magnetic ridge in the northeast corner is interpreted to be connected to the Toomba Fault, the central zone of magnetic ridges and troughs is possibly an extension of the Adam Fault to the north. To the south are an- other set of magnetic ridges believed to be an extension of the Stella/ Dukes shear zone in Krucible’s Toomba EPM15367 to the southeast.