Rubix Resources Limited announced the completion of drilling at the Cu-Pb-Zn Paperbark Project in Northwest Queensland. A six hole (1,470m) blended RC and diamond drilling program was drilled to test a conductivity anomaly, the source of surface Cu mineralisation and the extent of a Pb-Zn anomaly. Notably, drilling has confirmed visual copper, lead and zinc sulphides in five of the six holes drilled.

Drilling at Grunter North has confirmed the presence of copper sulphide mineralisation within brecciated sandstone and limestone rocks, associated with quartz-carbonate veins, immediately underneath a large horizon of surface copper oxide mineralisation. Previous exploration within this area identified a zone of surface copper mineralisation, with 18 samples yielding > 1% Cu (oxides) over a strike length of 900m. High grade rock chips up to 42.7% Cu were also reported from Grunter North.

A six hole (1,470m) blended RC and diamond drilling program has been completed at the Paperbark Project with a specific focus on the Triangle, Grunter North and JB Zone Prospects. One hole was drilled at the Triangle Prospect for a total of 150m. Drilling conducted by Rubix primarily focussed on identifying the source of a conductivity anomaly.

Results suggest that the source of the conductivity anomaly is groundwater, rather than sulphide mineralisation. Three drill holes totaling 672m (including 277m of RC pre-collars and 395m diamond tails) were drilled at the Grunter North Prospect. These holes were designed to test a zone of surface copper mineralisation >1% Cu (oxides) over a strike length of up to 900m, and where high grade rock chips up to 42.7% Cu have been reported.

All three holes have been logged, with preliminary observations confirming the presence of copper sulphide mineralisation. Initial observations of drill chips and core suggest there may be multiple, episodic fluid-generating and mineralising events at Grunter North. Disseminated and remobilised pyrite is abundant and accompanies trace amounts of chalcopyrite and bornite.

Copper sulphides are especially associated with sandstone-limestone pseudo-breccias, and overprinting quartz-carbonate veins. Rare epithermal-style veins host visible chalcopyrite and bornite. The Yeldham Granite, intersected at the Grunter North Prospect, carries widespread `red rock' style alteration (hematite and K-feldspar) with disseminated sulphides (pyrite).

This style of alteration is widespread in the Mount Isa and Cloncurry districts, where it has been sometimes linked with IOCG-style mineralisation. The results of geochemical assays are expected in Fourth Quarter 2022. Two holes were drilled at the JB Zone Prospect for a total of 650m.

Drilling was designed to understand the potential to expand the existing Exploration Target at the JB Zone and determine the potential size of the mineralising system. Both drillholes were positioned at least 180m from the nearest historic drillhole. Both holes encountered Pb-Zn mineralisation at the expected target depth (approximately 200m downhole), with trace amounts of Cu mineralisation (as chalcopyrite).

Drilling results suggest that the JB Zone Exploration Target may be extended to the southeast, where it is likely that mineralisation is contiguous with known Pb-Zn mineralisation at the JE Zone. Following the receipt of assay results, Rubix may look to complete a JORC resource incorporating both new and historical data. Mineralisation encountered at the JB Zone is of an epigenetic, replacement style like Irish-style mineralisation.

Galena and sphalerite (with rare chalcopyrite) occur within carbonate-rich horizons including veins and pseudo-breccias where the metal sulphides replace carbonates. Crystalline Pb-Zn sulphides are also observed growing in dissolution cavities and vughs, and occasionally with colloform textures. Fine to medium-grained sandy limestones may also contain widespread fine-grained disseminated sulphides.

Overprinting quartz-carbonate veins containing galena and sphalerite (± chalcopyrite) are also present. An Exploration Target was estimated at the JB Zone by Rubix's Independent Geologist in the IPO Prospectus dated 5 November 2021. The Exploration Target was estimated based on a review of the previous exploration work undertaken.

The Exploration Target was estimated by reporting tonnages between two-grade cut-off ranges, the lower at 3% Zn and the upper at 2% Zn. No assumed minimum thickness or other constraints were used to estimate the Exploration Target and the Exploration Target took into consideration the natural variation of the zinc grade. The Paperbark Project in northwest Queensland comprises EPM 14309, held 100% by Rubix, and is known to contain stratiform, epigenetic-style low to moderate grade lead-zinc (Pb-Zn) mineralisation, and is prospective for copper (Cu) mineralisation.

The project is situated in the Lawn Hill Platform of the Western Mount Isa Inlier, a highly prospective base metals region. The EPM encompasses the same geology which is host to the Century, Mount Isa, George Fisher and MacArthur River giant Pb-Zn deposits. The project is located approx.

25km to the south-east of the Century zinc deposit.