Infill Drilling Reveals High-Grade Zones in Stage II Pit In the second half of FY2024, EQR completed 66 infill reverse circulation drill holes to confirm the consistency of high-grade vein systems in Stage I & II Pit and to provide data for accurate grade control of upcoming pit blasts. The drilling was initially conducted on the Iolanthe and the Johnson Vein Systems at the 350-340m level, complementing the 2024 diamond drilling campaign. The drill rig was then moved to the 305-295m level on the pit floor to complete a standard 10m x 10m spaced pattern. The results confirmed the transformation in the ore body from a thinner network to substantial veins exceeding 50 cm at the 315-323m level, enhancing the understanding of the vein systems under UV light examination. The RC drilling conducted at the 345m level showed significant zones with a tungsten grade of 0.21% WO3, nearly double the expected grade according to the current modelling, with historical drilling indicating even higher grades below this level. The mineralisation discovered is higher up in previously undrilled areas and transforms what was considered waste into high-grade ore during Stage II Pit cutback from 368m RL to 325m RL. Both the Johnson and Iolanthe Vein Systems show increasing width to the veins as they go deeper, and vein grades get stronger. The overall zone narrows slightly, which is expected from the modelling. Once infill drilling was completed in the upper levels, the recovered ore was within 6% accuracy of the predicted interpretation. Drilling spacing of 30-50 meters is required to produce reliable results for Indicated Resources. See ASX Announcement 30th April 2024: ‘Mt Carbine infill drilling reveals High Grade zones in Stage II Pit’; ASX Announcement 3rd June 2024: ‘Mt Carbine infill drilling reveals high grade ore in Cutback’. Level 295m RL confirms the thickening of the veins as seen on the cliff face looking into the Johnson Vein system. The boundaries of the ore can often be extended using UV light to trace individual veins, which may have splays and horsetails that are difficult to detect through drilling alone. The sporadic grade distribution, with clusters of coarse tungsten causing a strong nugget effect, is mitigated using closely spaced grade-controlled holes. Over the past 12 months of pit operations, the Company has gained confidence in the ore continuity within the narrow vein package zones. The larger veins that define each package–such as Iolanthe, Bluff, Wayback, and Johnson–have demonstrated consistent strike and depth. Mineralisation control has been observed between 225m RL and 345m RL, representing the top of the system. At these depths, the veins broaden, and the packages show higher grades, often merging. This coalescence is believed to result from horizontal jogs caused by movement along the South Wall Fault, a thrust fault. Additionally, the high-angle strike-slip Iron Duke and Christmas Tree faults have contributed to the structural preparation of the zone, allowing for open-spaced infill. Operating and Financial Review continued 24 EQ Resources Limited Annual Report 2024
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