Cyprium Metals Ltd: Diamond Drilling Commenced at Nanadie Well Project

Perth, Australia - Cyprium Metals Ltd. (ASX:CYM) is pleased to advise that it has commenced the resource extension and metallurgical drilling at the Nanadie Well Copper-Gold Project. This programme begins Cyprium's strategy to drill out the resource at the Nanadie Well Copper-Gold project as shown in Figure 1*.

HIGHLIGHTS

- The 1,700 metre Phase 1 diamond drilling programme has commenced

- Diamond drilling of the supergene and sulphide mineralisation to confirm geology and obtain mineralised material for metallurgical test-work

- Geophysics programmes have commenced at the Murchison Copper-Gold Projects

- Phase 1 RC drilling programme to further define the Nanadie Well supergene mineralisation to commence in January 2020

Executive Director Barry Cahill commented "We are pleased to announce the commencement of a 1,700 metre diamond drill programme at the Nanadie Well Copper-Gold Project. We have been very impressed from what we have seen in the first diamond drill hole and we look forward to receiving the assays results.

Several diamond drill holes will be completed prior to the Christmas break and then the balance of the programme will be completed in early 2021.

We are also very pleased to commence the geophysical programmes at the Murchison Copper-Gold Projects. The majority of the surveys will be completed by the end of the year, with the results from the data analysis to be received in the new year.

We have also secured an RC drill rig, which will be mobilised in early January 2021 for a supergene drilling programme at Nanadie Well. This drilling programme will be an exciting start to what we expect will be a very busy 2021, as we accelerate our series of programmes."

Cyprium has received the required regulatory Programme of Works ("POW") approval for:

- Diamond drilling programme for geological and metallurgical test work of the mineralisation; and

- Reverse circulation ("RC") drilling programme of the supergene portion of the mineralisation.

Consequently, Cyprium has mobilised a diamond drill rig to commence the programme, as illustrated in Image 5*. The site set up of the rig has been completed and drilling is underway. This diamond drill programme will serve a number of purposes in the definition of the Nanadie Well Copper-Gold mineralisation:

- Provide core for geological logging and mapping, in both supergene and sulphide material, to gain a better understanding of the mineralisation;

- To assay for a broad range of payable metals in the mineralisation, including copper, gold and silver as well as nickel, cobalt and PGE's, that are normally associated with magmatic deposits;

- Test the geological model of the flat fractionated layers and the higher grade sections of the layers;

- Provide metallurgical sample material to commence test work for the optimised extraction method in both the supergene and sulphide mineralisation; and

- Provide a platform to conduct downhole geophysics to target the orebodies higher grade zones together with extensions along strike and below the currently defined mineralisation.

These diamond drill holes are significant as an initial programme since they commence defining the mineral resource for an upgrade to a JORC 2012 standard and it will also test depth extensions of the mineralisation, as it remains open at depth and along strike.

The first drill hole of the 1,700 metre sulphide diamond drilling programme is NWD2001, which has intersected consistent disseminated sulphide mineralisation from 120m to 290m, including chalcopyrite and pyrrhotite, as illustrated in Images 1 - 4*.

NWD2001 has been collared at 693,050 E, 6,994,950 N 476.4Mrl (MGA Zone 50) and has a drilling orientation of -60deg to 270 from true north.

The gravity survey and ground resistivity ("IP") survey geophysical programmes have both commenced during November 2020, as outlined in the release dated 24 November 2020.

The Hollandaire West copper mineralisation at the Cue Copper-Gold Project is chalcocite dominant which is more amenable to IP geophysical techniques than typical electromagnetic ("EM") techniques typically used to explore for metal sulphide mineralised systems. The survey is designed to detect chalcocite mineralisation, which are weak conductors, and chargeable bodies associated with copper or zinc mineralisation. This 2.0 x 1.5 km survey includes Hollandaire to test the deposit's IP response and it also covers the gravity high and low anomalies detected in a 2018 survey which was conducted to the west and north of Hollandaire.

Eelya South has encountered significant mineralisation, including several high-grade copper intersections in Cyprium's 2019 and 2020 RC drilling programmes. Gossans have been mapped and assayed at the surface which have also returned several high-grade copper results. EM surveys in the past have provided only limited information due to strong ground polarising effects in the area however the use of IP is expected to return better information to identify sulphide targets up to a depth of 200 metres.

The gravity survey crew have completed work on the Eelya South gravity survey, which is intended to extend the 2018 detailed gravity survey which identified bedrock anomalies, adjacent to Hollandaire West deposit and Rapier prospect. The proposed survey is designed to identify bedrock responses that may be related to mineralising events.

The Company has secured an RC drill rig to commence in early January 2021 to drill the 3,500 metre Nanadie Well Phase 1 RC drilling programme, that has been designed to test the supergene mineralisation of the deposit. The drill holes are outlined in Figure 3, with the data from programme and subsequent drilling being used to prepare a JORC Code 2012 compliant mineral resource to be released for the Nanadie Well deposit during 2021.

The mineral resource delineated by these programmes will be included in the ongoing Murchison Copper-Gold scoping study. The results from these programmes will be also be used in the planning of follow up drilling programmes which will target along strike extensions as the mineralisation remains open at depth and to the north and south.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/9EG783X7

About Cyprium Metals Ltd:

Cyprium Metals Ltd. (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.

Source:
Cyprium Metals Ltd.

Contact:

Cyprium Metals Ltd. T: +61 8 6169 3050 WWW: www.cypriummetals.com