Leichardt

The Leichardt Project comprises five wholly owned tenements and tenement applications, and two granted tenements (Barbara and Blockade) that are subject to a joint venture agreement with Syndicated Metals Limited (Mt Isa Metals 49%). The Leichardt Project is considered prospective for shear-hosted copper deposits and Mary Kathleen style uranium deposits.

The Leichardt Project tenements lie wholly within the Mt Isa Inlier where the target Proterozoic age rocks either outcrop or are subject to a relatively thin layer of sedimentary cover. Regional prospecting activity has been widespread and numerous abandoned small scale copper workings have been identified within the broader project area.

Copper mineralisation is generally located within NW-trending fault systems lying between the regional-scale Mount Remarkable and Wonga Faults. Immediate opportunities present to explore for extensions to these historical copper workings via step-out drilling into areas of shallow cover.

MET (together with joint venture partner Syndicated Metals Ltd) has recently been pursuing an aggressive exploration program over the Barbara Copper Prospect - North Lode. Exploration activities have included multiple phases of RC and diamond drilling, ground electromagnetic surveys and surface soil and rock chip sampling.

Results to date have been very positive with near-surface sulphide copper mineralisation defined over an approximate 400 metre strike length. Drilling has generally been limited to a depth of approximately 150 metres from surface and mineralisation remains open at depth.

In addition to the Barbara - North Lode a number of additional drill targets have recently been identified by surface soil and rock chip sampling including the "Green Zone" where surface rock chip samples of 10m @ 1.0% Cu have been recorded.

Near-term copper exploration within the Leichardt Project will continue to focus on drilling of advanced copper targets within the Barbara and Blockade tenements. Exploration may include the use of additional TEM (VTEM) geophysical surveys which have been successful in identifying near surface copper sulphide mineralisation elsewhere within the broader project area.

Uranium exploration within the Leichardt Project will be focused on the Cleanskin prospect where two 10km long uranium-channel radiometric anomalies have been identified adjacent to the interpreted contact between the Wonga Granite and the Argylla Formation. The geological setting is similar to that of the Mary Kathleen* uranium  deposit located some 50km to the south, which is a skarn style deposit also associated with the contact zone of the Wonga Granite and the Corella Formation.

^*  Not an asset of the Company.

^** Mt Isa Metals Limited has entered a joint venture (West Leichardt Joint Venture) with Syndicated Metals Limited.

^{^} Competitive application.

• Blockade Prospect - Geology
• Leichardt Project - Regional Geology
• Barbara North Lode - Long Section
• Barbara Project - Drill Targets