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Zonia Copper Oxide Project, Arizona

Next Steps

Cardero will prepare for Prefeasibility level studies to further advance the project towards production. This includes a programme of geotechnical and condemnation drilling , as well as infill drilling to convert Measured, Indicated and Inferred resources to reserves, and also potentially expand the deposit to the northeast.

Cardero intends to drill test the Northeast Anomaly in 2020, and has filed permit applications with the BLM and the state of Arizona.   Success at this new target would add significant upside to the project.

Environmental work and permitting will be a parallel process to on-going resource and mine plan definition, and exploration. Cardero has received advice regarding permitting requirements and some of the necessary baseline work and permit applications have already been completed. Notwithstanding this advanced-stage work, permitting will be an area of focus and Cardero believes that a development plan located on private land will offer the easiest permitting route for the project, at least for the first phase of development.

Cardero intends to seek a development partner and financier to move the project through feasibility and construction.

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