Chikundo Copper (Cu-Pb-Zn) Project

Emerging VHMS System on a Major Volcanic Caldera Margin

Malachite Pit at the Chikundo Copper Project within the same tenements as EV1’s Graphite Project

Emerging VHMS System on a Major Volcanic Caldera Margin

New VTEM interpretation identifies a large volcanic caldera, a geological setting globally associated with multi-deposit VHMS districts.
Chikundo lies on the southern margin, a highly prospective structural position.
Multiple copper anomalies align with caldera architecture.

Geochemical Analysis

Geochemical analysis of historical soil sampling data shows a strong relationship between the target Base Metals (Cu-Pb-Zn) and pathfinder elements Bismuth and Tellurium (Bi-Te)
These “Path Finder Elements” can be used to target Base Metals (Cu-Pb-Zn) in deeper (fresh or unweathered) rock, even when the base metals have been removed by weathering at surface.
The map below shows anomalous Bismuth increasing to the southwest of the Chikundo Prospect, indicating the target mineralisation increases in that direction.

**Anomalous Bismuth in soil samples in relation to airborne VTEM Data**

Location & Access

Chikundo sits within Prospecting Licence PL 12590/2023, proximal to planned Chilalo graphite infrastructure in south-east Tanzania.

Chikundo prospects relative to the Chilalo Graphite Project.

Geological Model

Geochemistry and lithogeochemistry support a classical VHMS setting. Cu–Pb anomalies are hosted in meta-basalt, Zn in meta-sediments, with barite/exhalite noted. Pathfinder elements Bismuth (Bi) and Tellurium (Te) are elevated and immobile under weathering, preserving a robust exploration signal.

Gossan confirmation: ferricrete with remnant sulphides & elevated Cu–Zn, plus discriminant oxyanion elements (Mo, Bi, Sn, Se).
Vector: Bi–Te tenor trends SW over >1.5 km, implying down-dip/along-strike potential.

Interpreted Bi Anomaly, recent Cu Surface samples and historical drilling results at Chikundo Prospect

Exploration

Chikundo Soil Sampling Program Summary

Large scale sampling programme planned at the Chikundo Copper Project

Duration 8–12 weeks
1,558 samples (subject to ground conditions and excluding QAQC)
100 m × 100 m spacing over key target areas
Integration with VTEM, mapping and historical IMX drilling and historical soil assays

NEXT STEPS

Execute soil program (Nov–Feb)
Update geochemical and structural interpretations
Integrate results with VTEM / FLEM geophysical data, as well as historical soils and drilling
Define trenching and RC drill hole locations
Progress planning for 2026 RC drill programme

Soils & Lithogeochemistry

Historically, 1,769 soil samples were collected across the project area, 626 multi-element assays (4-acid ICPMS plus fire assay for Au/PGE) underpin the current interpretation. Host rock types include basalts, an ultramafic, reduced sediments (graphite) and a chemical sediment (exhalite) — all consistent with a VHMS environment.

Rock Chips (EV1)

Malachite Pit area: multiple samples with anomalous Cu (>1% in MAL-PT-05) plus Zn, Ag (53 g/t) and Au (167 ppb); additional samples to 3,324 ppm Cu confirm continuity.
Gossan (≈1 km SW): 5,340 ppm Cu, 1,610 ppm Zn with elevated Mo, Bi, Sn, Se—supporting a sulphide source at depth.

Historic Drilling (IMX/CNI, 2011–12)

Selected intercepts near the Chikundo Prospect include:

NRD11047: 1.2 m @ 27,365 ppm Cu from 27.7 m, incl. 0.4 m @ 52,700 ppm Cu.
NRD11050: 6 m @ 0.1 g/t Au, 5,034 ppm Cu from 49 m, incl. 1.0 m @ 10,300 ppm Cu.
NRC12110: 18 m @ 814 ppm Cu, 947 ppm Zn from 21 m, incl. 1 m @ 1,930 ppm Cu & 6,480 ppm Zn.

Image Gallery

A) Gossanous Ferricrete, B) Recent Gossan Sampled and C) Pyrite in Malachite Pit

References:

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Note: All intercepts are reported as apparent thickness unless stated otherwise. Soil and rock-chip assays are indicative and may not reflect subsurface widths or grades. Forward-looking statements are subject to risks and uncertainties.