CLONMEL LICENCE AREA

The Clonmel block consists of five contiguous prospecting licences covering a surface
area of 157.92km2. The exploration target on this block is “Irish Type” Waulsortian Reef
hosted massive sulphide mineralisation.

The geological setting at Clonmel is dominated by east – west striking folding with pro-
nounced dextral offsets. The Waulsortian Reef can be seen to outcrop along the centre of an
east – west trending synclinal fold. The Waulsortian of this region has a typical core / flank
mud-mound morphology with well developed stromatactic biomicrites and bioclastic rich
zones that can be intensely altered by local scale dolomitisation. The dolomitisation is usu-
ally a buff grey coloured, medium crystalline dolomite, with preservation of primary
Waulsortian Reef textures as relic features and later cross cutting, white saddle dolomite.
The exploration model would indicate that fault controlled, massive sulphide lenses, hosted
by laterally extensive breccia systems should be developed close to the contact between the
Reef and the underlying ABL.

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Figure 6: Clonmel Geology Map (Waulsortian Reef is Pale Blue)

No field work was carried out at Clonmel this year. The region will be flown as part of
the Waterford block to be flown by the Tellus Airborne survey, part funded by Unicorn. This
survey will be flown in April / May 2016 and will be used to refine and define targets on the
Clonmel Block.

GORT LICENCE AREA

The Gort Block consists of five contiguous and one stand alone prospecting licence cover-
ing a surface area of 241.95km2. The licence block is located along the intersection
between the Tynagh – Ballinalack / Limerick mineralising trends in a region with well
developed Waulsortian Reef. Mapping by UMR has defined a pronounced shelf / basin hinge
line striking east-northeast and controlled by east-northeast faulting that can be mapped
transecting the Slieve Aughty Inlier to the east of the block. The Gort block is focusing on
the poorly explored Clare Syncline region and licences are located along both flanks of the
syncline proximal to the significant Zn / Pb mineral deposit discovered by Lundin at
Kilbricken, where intersections of 21.2m grading 11.0% Zn / 4.8% Pb and 20.5m grading
7.5% Zn / 9.9% Pb have been reported.
Exploration activity this year has continued to be focused on two target areas
(Addergoole and Knocktoby) identified by a geological / geochemical review, geophysical
surveying and diamond drilling carried out during 2012 – 14 (Figure 7). The work consisted
of gravity surveying and two diamond drill holes, one each at Addergoole and Knocktoby.

 

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Figure 7: Gort Geology Map, with mineral occurrences

The drilling at Addergoole was targeted on an IP Chargeability anomaly approximately 300m
north of drillhole UMG-001, which had intersected a lens of massive pyrite, hosted by the
Waulsortian Reef. Drillhole UMG-006 collared in Supra Reef Shelf Limestones
intersecting the upper Waulsortian Reef at a depth of 3.0m. It intersected the basal
Waulsortian Reef contact at a depth of 104.75m with no evidence of alteration / brecciation
or sulphide mineralisation. The upper Waulsortian Reef intersected by this hole was
dominated by oxidised micrites, which may indicate that karstic cavities are close to this
hole that gave rise to the IP anomaly.

The second hole drilled this year was drillhole UMG-007 at Knocktoby approximately
3.5km to the northeast. This hole was 100m step out to the north of the holes drilled in 2014
that intersected extensive brecciation and faulting with minor disseminated pyrite. This hole
collared in Supra Reef Limestones with variable dip and a chaotic brecciated / disrupted
texture to 64.6m, Waulsortian Reef was intersected to 101.5m where a fault zone with
intense brecciation and dolomitisation was intersected to 135m. The drilling to date at
Knocktoby had confirmed the presence of a north-south striking fault zone with rapid facies
changes developed across the structure indicating that the fault zone was active during the
Lower Carboniferous. The fault zone is dominated by brecciation with intense
dolomitisation and localised disseminated pyrite. The drilling confirmed that the base of the
Waulsortian Reef lies at a depth of 100 – 200m in an area of thin overburden. Modelling
confirmed that a massive sulphide body in this setting would generate a detectable gravity
anomaly and a gravity survey was carried out across the Knocktoby area.

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Figure 8: Knocktoby Gravity Survey Area

The Survey was designed to cover the area of interest on a 100 x 100m square grid with an
outline of 435 stations, reduced to 262 in the final grid. The reduction in number of stations
surveyed was due to a combination of access issues and poor weather conditions, which
severely affected the survey productivity.
The Bouguer gravity model (Figure 9) shows generally higher density data to the south of
a roughly WNW trending break across the centre of the surveyed area. The N-S linear displayed
on the gravity (and topographic data) would appear to be the trace of a fault, and possibly the
WSW gravity linear is an offset fault. The NE-SW trending linear in the NE of the area would be
the anticipated structural trend in this region and would have been expected in the drillhole
section; however the boreholes have all been drilled to the west of the N-S (possibly westerly
dipping) fault, which would have complicated the initial interpretations. The NW end of the WSW
linear has a subtle gravity high (141650E/193500N), which could do with some detail gravity
infill to see if it has substance to potentially have a dense source (possible sulphides) at depth. The
higher gravity data in the south is thought to have a formational cause, due to the extent of area
covered, however there appears to be defined high zones within this broad zone which should be
further investigated. Extension of the survey in a southerly direction is planned in the near future.

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Figure 9: Knocktoby Gravity Survey and Drillhole Location Map

KILCORMICK LICENCE AREA

The Kilcormick Block (Figure 10) consists of two contiguous prospecting licences
covering a surface area of 67.05km2. Two contiguous licences to the northwest were
surrendered in 2014. The exploration target on this block is “Irish Type” and MVT style,
Waulsortian Reef hosted, massive sulphide mineralisation. The licence block is located along
the Navan – Silvermines mineralising trend (Figure 5) in a region with extensive and well
developed Waulsortian Reef. Mapping by UMR has defined a pronounced shelf / basin
contact located along the line of regional scale Knockshigownagh Fault Zone, which strikes
northeast-southwest and controls a facies change from shelf limestones in the northwest to
basinal limestones in the southeast. The Kilcormick Block is located c.5km along strike
from the significant, base of Waulsortian Reef hosted, Crinkill Iron Formation discovered
in the 1980’s by Billiton near Birr.

 

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Figure 10: Kilcormick PL’s, Mineral Occurrences and Geology

Historic work on this ground particularly by Arcon and Noranda in the 1990’s defined a
significant massive sulphide occurrence to the northwest of PL 4057. This deposit, known
as Kinnity, consists of a series of “Mississippi Valley Type” (MVT) lenses of massive pyrite
/ marcasite with associated sphalerite and galena mineralisation. The mineralisation dips to
the southeast at 45 – 60o and is thought to be orientated parallel to the Knockshigownagh
Fault (Figures 11 & 12).

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Figure 11: Drillhole collars at the Kinnity Deposit, (including UMR drillhole UMK-001. 002 & 003)

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Figure 12: Section KN-01 through the Kinnity Deposit

The style of mineralisation at the Kinnity deposit is steeply dipping lenses of massive sulphides associated with a coarsely crystalline, creamy coloured calcite gangue.
The historic drilling was orientated vertically, which is ideal for flat lying Irish Type deposits,
however, the morphology of the Kinnity deposit would actually be better suited to an angled
drilling programme. Lenses dipping at 45 – 60o can easily slip between even a relatively
tight vertical drilling pattern leading to the conclusion that this mineralisation remains open,
both along strike and down dip.

The work carried out by UMR over the past year was designed to follow up the MVT
style mineralisation discovered at Kinnity (Figure 14). The extension to the Kinnity target
area was tested by two drillholes, UMK-002 & 003, to the southwest and northeast
respectively of the massive sulphide mineralisation. The results of this drilling were very
disappointing with no significant sulphide mineralisation intersected. Reinterpretation of the
historic and recent drilling indicates that the mineralisation is steeply dipping and
structurally controlled. It is felt that the mineralisation discovered to date is in an area where
the structures are horsetailling and breaking up into complex, discontinuous features. From
a regional perspective the most significant structure in this region is the Knockshigownagh
Fault zone located to the northwest. This is a major basin margin controlling reversed fault
that controls the Crinkill Iron Formation near Birr. Historic mapping has interpreted a
north-northeast striking, splay from the Knockshigownagh Fault to the immediate northeast
of the Kinnity mineralisation. It is possible that this splay is a feeder structure for the
Kinnity mineralisation. Historic drilling by Noranda (drillhole PN-2860-13) immediately
west of this structure intersected structurally controlled basic intrusives suggestive of
dilatant, extensional tectonics.

 

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Figure 13: Kinnity IP Line 1, Inversion Psuedosection

Unicorn Mineral resources completed a Pole-Dipole Induced Polarisation (IP) traverse
across this region in 2013. This survey has been reprocessed and reinterpreted based upon new data
and the inversion of Line 1 is presented as figure 13. A marked break can be seen in the
resistivity psuedosection, possibly related to a fault zone, however, of more interest is the
pronounced chargeability anomaly detected on the southeastern side of the inferred fault zone
centred on station 1800. The hatched area on figure 11 is considered to be the prime target area
for future follow up work.

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Figure 14: Photographs of high grade mineralisation from Kinnity (drillhole UMK-001: Pyr – Pyrite,
Sph – Sphalerite, Gal – Galena)

 

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Table 1: Kinnity Assay Results – Split Core Sampling

WATERFORD LICENCE AREA

The Waterford Block consists of fifteen contiguous prospecting licences covering a surface
area of c.515km2 in eastern / southeastern County Waterford (Figure 15).
The geological setting of the Waterford volcano-sedimentary belt is dominated by Lower
Palaeozoic (Cambro – Silurian) aged strata that extend to the northeast through Wexford /
Wicklow and across the Irish Sea to Anglesey. Prior to the opening of the Atlantic Ocean
(c.65Ma years ago), the Lower Palaeozoic belt of the SE of Ireland was contiguous with the
Canadian Lower Palaeozoic terrain of Newfoundland, New Brunswick and Nova Scotia,
where there are a number of highly significant, economic massive sulphide deposits. The
Lower Palaeozoic geology in southeast Ireland is highly analogous to eastern Canada and
is dominated by a succession of sediments and volcanics that were deposited in an Island /
Back Arc environment along the southern margin of the Iapetus Ocean.

 

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Figure 15: Waterford Licences, Geology and Target Zones

Unicorn Mineral Resources rate this region very highly and consider it to be highly
prospective for a range of different deposit types, including:

• Volcanogenic Massive Sulphide (VMS) deposits of the Felsic-siliciclastic and
Bimodal felsic / mafic sub-classes. These styles of deposit have the potential to
form very large, economic, polymetalic (Copper, Zinc, Lead +/- Gold & Silver)
orebodies.

• Sedimentary Exhalative (SEDEX) style mineralisation associated with more
quiescent basin development located along the margins and distal to the main
volcanic centres. Indications of SEDEX style mineralisation have been intersected
by the limited amount of drilling carried out to date.

• There is also significant potential for gold mineralisation and the limited amount
of historic exploration for gold has discovered a number of significant indications.
Historic stream sediment sampling has detected gold at 67 sites. There are a range
of deposit models that are applicable to this type of geological terrain including;
shear hosted lode gold, high sulphidation epithermal gold and black shale hosted
gold.

Historically the Waterford region has been subject to a relatively limited amount of
exploration (just 97 holes in an area of 515km 2 ). It is a testimony to the prospectivity of the
block that this exploration has discovered a range of intriguing mineral occurrences with
associated hydrothermal alteration that could easily be related to significant mineral
deposits.

 

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Figure 16: Secondary Copper mineralisation in the Bunmahon Mine (reference coopercoastgeopark)

There are a number of significant target zones on the Waterford Block that show strong
indications of VMS style mineralisation. Evidence of mineralisation has been discovered in
historic drilling campaigns that tended to be very shallow (<100m) and of limited scope. At
the Carroll’s Crossroads target drilling discovered zones of up to 4% Zn + Pb and 0.2% Cu.
At Fennor significant alteration and geological pathfinders were related to a wide stringer
zone with up to 1.9% Cu and 0.35% Zn. Drilling at Cullen Castle intersected 1.3m grading
3.5% Zn / 0.25% Cu in a stringer system with a similar system at Lisnakill returning 3.6m
grading 1.7% Zn / 1.2% Pb. These results are all good indications of mineralising systems
active in the Waterford region. Waterford also has a history of copper mining and the old
Bunmahon copper mine produced significant quantities of copper ore from an extensive
vein system between 1825 – 1880. Secondary mineralisation can still be seen at Bunmahon
in the old underground workings (Figure 16).

The proposed exploration programme for the Waterford Block is designed to swiftly
evaluate the target areas by refining the geological / structural models followed by ground
geophysics, soil / deep overburden geochemistry, lithogeochemistry and ultimately diamond
drilling. There is a significant amount of historic data, including geology, geochemistry,
lithogeochemistry and geophysics for the Waterford ground and the data has been well
collated into a comprehensive database.

Unicorn Mineral Resources have been in discussion with the Geological Survey of Ireland
with respect to the Tellus Regional Survey. As part of the Tellus project an airborne
geophysical survey will be carried out. The GSI intend to fly the entire country, however, the
survey has been working from north to south and was not scheduled to fly the Waterford
region until 2022/23. Unicorn approached the GSI and have offered to part fund the Tellus
Survey in the Waterford region if it can be fast tracked to be flown in 2016. The GSI agreed
to the proposal and a 6,400 line km survey is scheduled to be flown in April / May 2016. This
survey will produce high quality Magnetic, Electromagnetic and Radiometric data, which
will allow Unicorn to refine and develop the geological and structural model for Waterford.
This will facilitate better and more accurate targeting of follow up exploration.

 

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Figure 17: Twin Otter Survey Aircraft at Westin Airport with Richard O’Shea, Dave Blaney
and SGL Ground Crew

KILMALLOCK

The Kilmallock Block consists of three licences located in the prospective Limerick Region
and covering a surface area of 136.60km2. This block was identified by Unicorns latest
phase of target generation as being highly prospective for Irish Type, Waulsortian Reef
hosted, massive sulphide deposits and an application has been submitted to the Exploration
and Mining Division.

The reasoning behind this assertion can be summarised as follows:

1. The region is located along an extension of the one of the most significant and
productive regional, mineralising trends – the Rathdowney Trend. (Figure 5). The
Rathdowney Trend is the fundamental basement control that is coincident with the
economic Lisheen, Galmoy and Gortdrum deposits and is coincident with the sub-
economic occurrences at Carrickittle, Rapla, Derrykearn and some workers would
contend that it extends NE through the Kildare Province and plays a role controlling
the positioning of the Kildare MVT deposits at Harberton Bridge, Allenwood, Boston
Hill and Rickardstown.

2. The geology is highly prospective with extensive, well developed, prospective
Waulsortian Reef Limestone outcropping along the northern edge of the block and
dipping south beneath the licences. Structural complexity means that the Waulsortian
Reef sub-crops extensively along the northern flank of the Kilmallock syncline.

3. Significant alteration has been detected by mapping and drilling with thick zones of
hydrothermal alteration intersected. This includes intense dolomitisation and haematitic
basal Waulsortian Reef, possible analogous to iron formations at Tynagh and Crinkill.

4. Historic soil and deep overburden sampling has detected some very strong
geochemical anomalies, particularly at Ballycullane where deep overburden sampling,
pitting and shallow drilling intersected zinc grades of up to 21%Zn / 13% Pb. Regional
scale soil sampling has detected strongly anomalous Zn / Pb enriched soil samples that
are orientated along NW – SE trends. The significance of this orientation has been
recognised since the discovery of the Pallas Green deposit.

5. Significant mineral occurrences have been discovered at Ballycullane where
subcropping secondary Zn / Pb has been discovered close to the base of the
Waulsortian Reef and is thought to be related to oxidation of a significant body of base
metal massive sulphides. At Bulgaden Boliden intersected significant high grade
massive sulphide mineralisation, hosted by the Waulsortian Reef, with intersections of
6.0m grading 10.4% Zn / 1.8% Pb, 3.8m grading 14.7% Zn / 4.8% Pb, 1.1m
grading 48.9% Zn / 7.2% Pb and 4.5m grading 12.3% Zn / 1.6% Pb to name but
a few (Figure 18).

Screenshot

Figure 18: Kilmallock Block Geology and Mineral Occurrences

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