Duketon Mining : 31.1m @ 1.01% Nickel at C2

For personal use only

ASX Announcement

8th December 2021

31.1m @ 1.01% Nickel at C2

HIGHLIGHTS - C2 Project (100% DKM)

Results have been received from diamond drill hole DKDD0030 at C2.

35.70m @ 0.95% Ni, 0.04% Cu & 0.09g/t Pt & Pd

Inc. 31.10m @ 1.01%Ni, 0.04% Cu & 0.09g/t Pt & Pd

Intersection will be used to progress metallurgical studies.

• This will be the first dedicated metallurgical work at C2
• Aim is to characterise the C2 ore and assess its response to conventional flotation
• Important step in accessing the viability of an open pit - to be assessed in a combined mining study with Rosie

C2 mineral resource estimate contains 5.7 million tonnes averaging 0.7% Ni, 0.04% Copper

and 0.14g/t platinum and palladium for;

• 38,000 tonnes of nickel
• 2,370 tonnes of copper and
• 26,000oz of platinum and palladium
• Resource arbitrarily cut off at 200rl (330m below surface).
• Resource remains open to the north, south and down plunge

Duketon Mining Ltd (ASX: DKM, "Duketon" or "the Company") is pleased to announce that assays have been received for diamond drill hole DKDD0030 at the C2 Nickel Deposit. This has returned 35.70m @ 0.95% Ni, 0.04% Cu & 0.09g/t Pt & Pd including 31.10m @ 1.01%Ni, 0.04% Cu & 0.09g/t Pt & Pd.

Duketon Mining Limited ACN 159 084 107

Level 2 25 Richardson Street West Perth WA 6005 T: [phone]

For personal use only

Figure 1: Heavily disseminated/blebby sulphides in DKDD0030 from 231m

				Depth			Depth			Intercept									Pt + Pd
	Hole ID			From					Width			Ni %			Cu %					Comments
					To (m)									(g/t)
				(m)					(m)
	DKDD0030	185		188.74		3.74		0.34		0.14		0.32			3.74m @0.34% Ni
	and	191.07		202		10.93		0.39		0.02		0.24			10.93m @0.39% Ni
	and	203		238.7		35.7		0.95		0.04		0.09			35.70m @0.95% Ni
	inc.	203.9		235		31.1		1.01		0.04		0.09			31.10m @1.01% Ni
	inc.	236		237		1		0.91		0.04		0.07			1.00m @0.91% Ni
	and	246.48		251.3		4.82		0.38		0.02		0.03			4.82m @0.38% Ni
	and	254.75		256		1.25		0.36		0.01		0.02			1.25m @0.36% Ni
	and	260		264		4		0.35		0.00		0.01			4.00m @0.35% Ni
	and	280		281		1		0.34		0.00		0.02			1.00m @0.34% Ni
	and	284.5		288		3.5		0.38		0.01		0.04			3.50m @0.38% Ni
	and	291		295		4		0.45		0.01		0.06			4.00m @0.45% Ni
	inc.	292		293		1		0.64		0.01		0.09			1.00m @0.64% Ni

Table 1: Significant Intercept Table (Significant intercepts are 1m >3000 ppm Ni, maximum internal

dilution of 2 metres, intersections are downhole widths.)

Duketon Mining Limited ACN 159 084 107

Level 2 25 Richardson Street West Perth WA 6005 T: [phone]

For personal use only

This hole has been stored in cold storage whilst waiting for assays to be returned in anticipation that it could be used for metallurgical test work. Duketon plan to build on historical sighter testwork conducted on the C2 deposit in 2014, whereby a single cleaner flotation test produced a saleable concentrate. The proposed work will aim to characterise the C2 ore and assess its response to conventional flotation using a typical reagent suite.

C2 is a komatiite-hosted nickel sulphide deposit. The mineralisation is characterised by accumulations of massive, matrix, breccia and disseminated nickel, copper magmatic sulphides and platinum group elements at the basal contact of a komatiite ultramafic rock, overlying a mafic pillow basalt footwall with some fine-grained siltstone sediments which may also contain sulphides.

Mineralisation at C2 remains open along strike and at depth. Significantly, the deposit is located approximately 2km north-west from the Rosie nickel sulphide deposit.

The C2 Mineral Resource Estimate (MRE) was updated to JORC 2012 standard in 2014 and is based on drilling from 2006-2012 with the original calculation completed in October 2012 (see ASX announcement 29 January 2015). The MRE was reported using a cut-off grade of 0.5% Ni which is consistent with the grade used to report previous MRE's for this style of mineralisation.

The Rosie Inventum 3D model includes the C2 Deposit and can be viewed here -

https://inventum3d.com/c/duketonmining/rosie

C2 Nickel Resource >0.5%Ni - October 2012

	Classification			Oxidation	Tonnes		Ni (%)		Ni (t)
	Inferred			Fresh	5,100,000		0.7		34,200
			Transitional	600,000		0.6		3,800
		Total	5,700,000		0.7		38,000
				Table 2: C2 Nickel Resource > 0.5% Ni

C2 Nickel Resource >0.5%Ni - October 2012

	Classification		Oxidation	Tonnes		Ni (%)		Cu (%)		Pt (ppb)		Pd (ppb)		S (%)
	Inferred		Fresh	5,100,000		0.7		0.04		60		79		3.3
		Transitional	600,000		0.6		0.04		72		105		0.9
	Total		5,700,000		0.7		0.04		61		82		3.1

Table 3: C2 Resource > 0.5% Ni with Auxiliary Attributes

Duketon Mining Limited ACN 159 084 107

Level 2 25 Richardson Street West Perth WA 6005 T: [phone]

For personal use only

Upon completion of this testwork, C2 is planned to be considered in an open pit optimisation study early in the next quarter and may then form part of an expanded mining study that incorporates processing facilities on site with feed sources from Rosie both open pit and underground and C2 open pit.

		C2 - Grade Tonnage Curve for Fresh and Transitional Material
	20000000								1.2
	18000000								1.1
						Tonnes
	16000000					Grade			1.0
	14000000								0.9	-off
	12000000								0.8
								above cut
Tonnes	10000000								0.7
	8000000								0.6	Grade
	6000000								0.5
	4000000								0.4
	2000000								0.3
	0								0.2
	0.3	0.4	0.5	0.6	0.7	0.8	0.9	1	1.1
					Cut off

Figure 2: Grade Tonnage Curve at Ni cut-offs.

Cut-Off (Ni %)	Tonnes	Grade (Ni %)	Ni (t)
0.3	18,775,665	0.5	88,902
0.4	10,776,805	0.6	60,356
0.5	5,721,787	0.7	37,967
0.6	3,008,201	0.8	23,249
0.7	2,019,653	0.8	16,940
0.8	1,018,985	0.9	9,503
0.9	641,066	1.0	6,265
1	148,053	1.1	1,577
1.1	62,461	1.1	694

Table 4: C2 Deposit Grade Tonnage Table for different Ni cut-offs

Duketon Mining Limited ACN 159 084 107

Level 2 25 Richardson Street West Perth WA 6005 T: [phone]

For personal use only

Figure 3: Plan of C2 Deposit

Duketon Mining Limited ACN 159 084 107

Level 2 25 Richardson Street West Perth WA 6005 T: [phone]