New Juruena Delivers More Bonanza Gold above 90g/t · 2020. 10. 11. · 12 October 2020 Juruena...

12 October 2020

Juruena Delivers More Bonanza Gold above 90g/t

Additional thick high‐grade gold intercepts highlight Juruena’s

resource growth potential

Highlights

Hole JUDD031 intersected both the top of a potential porphyry gold‐copper system (Crentes) and the Bonanza gold grades of Dona Maria below the 2016 Resource o 11m @ 2.34 g/t Au & 0.28% Cu from 42m (26 g/t.m) ‐ Crentes Au‐Cu

o 1.1m @ 93.0 g/t Au from 235.9m (102 g/t.m) – Dona Maria Au

o 14.3m @ 10.2g/t Au from 293m (145 g/t.m) Including 1m @ 52.1 g/t Au from 293m & 0.6m @ 109 g/t Au from 297.4m

Further Highlights include:

JUDD028 o 2.4m @ 37.9 g/t Au from 216.5m (91 g/t.m)

including 0.9m @ 97.3 g/t Au from 217.3m

JUDD030 o 4.6m @ 5.8g/t Au from 195m (27 g/t.m)

Additional drilling now planned on southern and northern shoots to close up drill spacing and collect metallurgical samples

Modelling and Resource Estimation scheduled to commence once Juruena drilling completed and assays received – new Resource Estimate anticipated Q1 2021

An upgraded resource will feed into updating the existing 2016 Scoping Study based on a Brazilian (Reais) gold price that has more than doubled since the original Scoping Study was completed

Managing Director Andrew Tunks said, “Juruena continues to deliver further Bonanza gold grades in our latest drilling as well as over 14 metres at 10 grams per tonne of gold intersected below the existing Dona Maria Resource. The 2020 drilling campaign has been so successful that we have now collected sufficient new data to commit to a new resource estimation for Juruena and pending a successful result, will fold this number into an updated Scoping Study. As part of this commitment, we are currently planning to complete the 2020 program by drilling a metallurgical hole into Dona Maria.

At the same time, a geophysical team has mobilised to site and will soon commence a Deep IP program to look for a possible porphyry source for the Crentes gold‐copper mineralisation we intercepted over the last two years. We believe the observed gold‐copper system is related to a deeper magmatic‐porphyry source and the IP program is the first step in exploring for this potential Tier 1 target.

Excitingly, while we continue to forge ahead in Brazil, our new Western Australian Gold Project, Palm Springs, has continued to rapidly progress. We have now completed 10 diamond holes and 15 RC holes for approximately 5,000m of drilling. Initial samples are at the ALS labs in Perth and we are expecting to be in a position to release our first assays in late October/early November. Onsite we have continued to geologically log strongly altered and mineralised trachytes at the expected target depths and we are now drilling and intersecting potential gold mineralisation almost 300m south of the historic Butchers Creek Pit.”

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2020 Drilling Update

The 2020 Diamond Drilling Program at Juruena commenced on 9 June 2020 and 14 holes have been completed to date for 3,810m (Table 3). Assays for 5 diamond drill holes from Dona Maria (JUDD028‐032) have recently been received with several bonanza grade intercepts intersected (Table 1). Samples for holes JUDD033‐036 drilled into the Crentes target are at ALS Laboratories with results expected in November.

Recent assay results from diamond drill holes JUDD028‐032 at Dona Maria have confirmed the high‐grade gold mineralisation continues below the base of the current resource and also confirms the continuation of mineralised gold grades and widths in poorly drilled areas of the resource at Dona Maria. Hole JUDD031 is particularly encouraging as it intercepted a large downhole gold intersection below the current resource (14.3m @ 10.15g/t Au) where previous holes intersected narrower zones of mineralisation (JUDD022 – 4m @ 13.50g/t Au & JUDD025 ‐ 3.4m @ 10.10g/t Au) (Figure 1).

As a result, additional holes have subsequently been proposed below the resource to further assess widths and grades at depth (Figure 1).

The results from the 2019 and 2020 Juruena diamond drill programs will feed into a new resource update which will include the additional 20 holes at Dona Maria, 4 holes at Querosene, and 7 holes at Crentes.

Modelling of the mineralisation will begin as soon as drilling is completed, and remaining core has been processed (mid October). Modelling will continue through October and November as final assay results are received, with a new Resource Estimate expected by the first quarter of 2021.

Table 1: Highlights from current drilling (JUDD028‐032 a full table of all significant results is presented in Table 3).

Hole ID From (m) To (m) Interval (m)

Au Grade (g/t)

Gram.Metres (g/t.m)

Cu Grade (%)

JUDD028 *31.40 34.1 2.7 0.83 2 0.34

211.3 213.5 2.2 2.84 6

216.6 219 2.4 37.97 91

including 217.3 218.2 0.9 97.3 88

226 229 3 2.74 8

JUDD029 205 209 4 2.01 8

213 218.5 5.5 1.14 6

239 240 1 1.14 1

JUDD030 195.9 200.5 4.6 5.8 27

JUDD031 *42.00 53 11 2.34 26 0.28

including *48.00 50 2 10.05 20 0.23

235.9 237 1.1 93 102

293 307.3 14.3 10.15 145

including 293 294 1 52.1 52

and 297.42 298 0.58 109 63

*Geologically distinct copper rich breccia zone. Not intersected in holes JUDD029‐030 & 032.

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Dona Maria Drilling

Target ‐ Depth extensions to the current resource

JUDD031 was drilled to extend high‐grade mineralisation at Dona Maria below the current resource limits (Figure 1). Being collared in the hanging wall to the Juruena Fault and drilling to the east, it also targeted the breccia related gold and copper mineralisation intersected in JUDD024 (14m @ 10.94g/t Au & 1.0% Cu [100m]). The hole was highly successful in achieving its objectives, intersecting both zones of intense phengite alteration and bonanza Au grades, and an upper zone of gold and copper mineralisation. Drilling intersected:

Intense potassic alteration and mineralisation in several zones (Photo 1A‐C): o 235.85 ‐ 236.91m: intersecting 1.1m @ 93g/t Au [235.9m] o 275.61 ‐ 276.41m: intersecting 0.9m @ 2.44g/t Au [275.6] o 297.42 – 307.31m: intersecting 14m @ 10.15g/t Au [295m]

including 1m @ 52.1g/t Au [293m] and 0.6m @ 109g/t Au [297.4m]

Additionally, the top of the hole intersected the Juruena Fault position from 60 – 90m with a wide but variable zone of sericite and phengite alteration with regular quartz veining and disseminated sulphides up to 10% with varying amounts of pyrite, chalcopyrite and rare galena (Photo 1D‐G). The mineralised intercept for this gold ‐ copper rich hydrothermal breccia totalled 11m @ 2.34g/t Au & 0.3% Cu [42m].

Photo 1: (SCALE: NQ diameter core – 76mm) JUDD031. Phengite Zones (A‐C) ‐ (A) 299m and (B) 305m: moderate PH alteration with quartz veins, (C) 345.56m: pervasive PH alteration. Au‐Cu rich Hydrothermal Breccias (D‐G) ‐ (D) Quartz + pyrite + galena vein. (E) Quartz + pyrite veins (F) and (G) Quartz + pyrite + chalcopyrite veins.

Three additional holes are proposed to be drilled in the extended program at Dona Maria (Figure 1) to grow the resource. Two holes are proposed in the southern high‐grade shoot where there is a 100m gap between JUDD031 (above) and the deepest intersection at Dona Maria in JUDD025 (3.4m @ 10.10g/t Au). A third hole is planned for the base of the resource in the northern high‐grade shoot, in an area of no drilling. All these holes are designed to increase confidence in the geological model and the grade distribution at depth and assist in the resource modelling process.

A B C D E F G

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Target – Improve Resource Category with Infill drilling JUDD028 was drilled to confirm the southern high‐grade shoot at Dona Maria in an area of sparse drilling (Figure 1), and in an endeavour to move ounces in the current resource estimate from the Inferred to Indicated category. It intersected 40m down plunge of historical drill hole MD‐01/2015: 11m @ 15.9g/t Au [179m], and 40m above JUDD009: 1.2 m@ 45.83g/t Au. The hole showed several significant mineralised zones: ‐

Strong sericite + phengite alteration with up to 5% pyrite (Photo 2C) was present from 215 ‐ 220m and

intersecting 2.4m @ 37.97g/t Au [216.6m]. Additional to this, veins with quartz + fluorite and up to 5%

pyrite were intersected from 225 – 227m (Photo 2D) with 3m @ 2.74g/t Au [226]; and

Near the top of the hole (19.4m – 61.3m) a thick breccia zone with strong phengite alteration and zones of

intense quartz veining plus sulphides (disseminated py + minor cpy) corresponded with the location of the

Juruena Fault (Photo 2A‐B). Drilling intersected 5m @ 0.84g/t Au & 0.06% Cu [20.5m] and 2.7m @ 0.83g/t

Au & 0.34% Cu [31.4m]. This zone of gold ‐ copper mineralisation was the same zone as that intersected in

the recently drilled JUDD024 with 14m @ 10.94 g/t Au & 1.0% Cu (from 100m).

Photo 2: (SCALE: NQ diameter core – 76mm) JUDD028: (A) 27.85–27.95m intense quartz veining with py + cpy , (B) 37.10–37.20m strong phengite alteration plus py + cpy , (C) 216–219m – strong sericite + phengite + 5% py , (D) 226.35 – 226.45m – quartz vein with fluorite + 5% py.

JUDD029 was drilled to test an area in the north of the resource with limited drilling and assumed low grade mineralisation (Figure 1). Drilling intersected several mineralised intercepts ~30m below a dolerite dyke which included:

From 200 – 240m a broad zone of weak to moderate sericitic and phengitic alteration plus quartz veining

and disseminated pyrite (Photo 3A‐E) and locally hydrothermal breccias. Mineralisation was moderate to

low grade with best intercepts: 4m @ 2.01g/t Au [205m] and 5.5m @ 1.14g/t Au [213m].

A B C D

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Photo 3: (SCALE: NQ diameter core – 76mm) JUDD029 (from 201 – 205m): (A) to (C) Strong phengite alteration in bleached potassic altered coarse granite. (D) and (E) Quartz + pyrite breccia cutting phengite zone.

JUDD030 was drilled to test the northern high‐grade shoot at Dona Maria in an area of sparse drilling below the dolerite dyke (Figure 1), and in an endeavour to move ounces into the current resource estimate from the Inferred to Indicated category. The hole showed:‐

Strong phengitic alteration from 193.15 ‐ 201.75m (Photo 4A), with moderate bleaching, fine carbonate veining and disseminated pyrite(Photo 4B‐C). The hole intersected 4.6m @ 5.8g/t Au [195.9m].

Photo 4: (SCALE: NQ diameter core – 76mm) Strong altered phengite zones. (A) overview from 193.15 to 201.75 metres. Two mafic intrusives cutting the zone. (B) and (C) Strong phengite alteration in bleached potassic altered coarse granite.

Target – Northern Strike Extension to the current resource JUDD032 was drilled to test for a northern extension to the resource at Dona Maria, approximately 100m from the northern most intercept in the 2016 resource, and 40m down dip of JUDD018 which intersected weak mineralisation of 2.1m @ 3.07g/t Au [57.1m]. Drilling intersected a package dominated by coarse granite with weak to moderate

A B C D E

A B C

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sericitic alteration zones from 102 – 126m. Several narrow phengite alteration zones similar to typical Dona Maria mineralisation were observed. The best zone occurs from 122.87 ‐ 125.22m with moderate phengite alteration plus quartz veining and disseminated pyrite but with no significant gold intercepts.

Future Work for the 2020 Program The 2020 drilling program is currently nearing completion with drilling of the final planned hole underway. However the high grade intercepts at Dona Maria warrant an additional three to four holes to test the southern and northern shoot, in addition to a metallurgical hole within the high‐grade gold‐telluride zone of the main Dona Maria shoot (Figure 1). As such, the Company is currently reviewing the option of extending the 2020 program and will report to the market accordingly.

Figure 1: Dona Maria Long Projection Gold stars indicate planned intersection points for additional drilling in the 2020 Program.

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Figure 2: Juruena drill hole location plan (2020 drilling in red, 2019 drilling in dark blue, historic drilling in light blue.

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Table 2: Dona Maria Mineralised Intercept table (JUDD028‐032).

Hole ID From (m) To (m) Interval (m)

Au Grade (g/t)

Gram.Metres (g/t.m)

Cu Grade (%)

JUDD028 *20.50 25.50 5.00 0.84 4 0.06

*31.40 34.10 2.70 0.83 2 0.34

81.70 82.40 0.70 0.68 0

129.50 130.40 0.90 0.51 0

157.10 158.10 1.00 0.61 1

189.40 190.20 0.80 0.88 1

193.80 197.00 3.20 0.81 3

204.00 205.00 1.00 0.55 1

211.30 213.50 2.20 2.84 6

216.60 219.00 2.40 37.97 91

including 217.30 218.20 0.90 97.30 88

226.00 229.00 3.00 2.74 8

236.00 237.00 1.00 0.67 1

JUDD029 48.00 49.00 1.00 0.67 1

58.00 59.00 1.00 0.75 1

76.00 77.00 1.00 0.87 1

135.50 136.00 0.50 0.68 0

145.50 146.50 1.00 1.77 2

162.00 163.00 1.00 1.04 1

200.00 200.50 0.50 0.82 0

205.00 209.00 4.00 2.01 8

213.00 218.50 5.50 1.14 6

221.00 221.50 0.50 0.91 0

224.50 225.50 1.00 1.05 1

227.00 227.50 0.50 0.69 0

239.00 240.00 1.00 1.14 1

JUDD030 195.90 200.50 4.60 5.80 27

JUDD031 *42.00 53.00 11.00 2.34 26 0.28

including *48.00 50.00 2.00 10.05 20 0.23

235.90 237.00 1.10 93.00 102

275.60 276.50 0.90 2.44 2

293.00 307.30 14.30 10.15 145

including 293.00 294.00 1.00 52.10 52

and 297.42 298.00 0.58 109.00 63

JUDD032 No Significant Intercept 0

NOTE: min width 0.5m, lower‐cut 0.5g/t, max 2m internal dilution. *Geologically distinct copper rich breccia zone. Not intersected in holes JUDD029‐030 & 032.

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Table 3: Juruena 2020 Exploration Program collar table.

Target HOLE_ID Easting Northing RL Depth (m) Azi. Dip

Dona Maria JUDD024 327975 8990092 231 302.05 090 ‐60

Dona Maria JUDD025 327985 8990029 231 451.55 090 ‐72

Crentes JUDD026 328120 8989950 230 346.27 360 ‐70

Dona Maria JUDD027 328034 8990229 224 163.18 090 ‐62

Dona Maria JUDD028 327985 8990120 231 283.39 090 ‐60

Dona Maria JUDD029 327968 8990170 227 276.64 090 ‐56

Dona Maria JUDD030 327980 8990215 228 297.93 090 ‐60

Dona Maria JUDD031 327920 8990101 230 382.18 090 ‐60

Dona Maria JUDD032 327937 8990355 222 262.16 070 ‐55

Crentes JUDD033 328035 8989980 230 200.01 360 ‐60

Crentes JUDD034 328120 8989950 230 280.54 025 ‐67

Crentes JUDD035 327620 8990086 230 211.30 020 ‐63

Crentes JUDD036 327837 8990063 223 151.20 015 ‐60

Uiliam JUDD037 328063 8989495 220 202.13 270 ‐55

3,810.53

*Geographic Datum: UTM_SAD69 (z21S)

Figure 3: Geology Map of the Juruena Project highlighting the main intrusive and volcanic units and the major prospects.

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Competent Person Statement The information in this announcement that relates to mineral resource estimates and exploration results is based on information reviewed, collated and fairly represented by Mr Peter Sheehan who is a Member of the Australasian Institute of Mining and Metallurgy and a consultant to Meteoric Resources NL. Mr Sheehan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Sheehan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The December 2016 Juruena Mineral Resources totals 261Koz and is reported at two cut‐offs: at 2.5 g/t for Querosene and Dona Maria (potential open pit & underground mining zones) and 1.0 g/t Au for Crentes (potential open‐pit mining zone) and are detailed below.

Table 4: MRE for Juruena Project (Reported by ASX:BRV 22/12/2017).

This update is authorised for release by the Board of Meteoric Resources NL. For further information contact:

Managing Director Investor Relations Dr Andrew Tunks Victoria Humphries Meteoric Resources NWR Communications E: [email protected] E: [email protected] T: +61 400 205 555 T: +61 431 151 676 W: www.meteoric.com.au

PROSPECT CATEGORY CUT OFF Tonnes Grade (g/t) Oz Au

Indicated 67,800 13.7 29,800

Inferred 148,500 12.2 58,200

Sub‐total 216,300 12.7 88,000

Indicated 31,200 28.4 28,500

Inferred 188,700 14.7 89,300

Sub‐total 219,900 16.7 117,800

99,000 18.3 58,300

337,200 13.6 147,500

436,200 14.7 205,800

Crentes Inferred 1.0 g/t 846,450 2.0 55,100

Total High‐Grade

Global Resources 1,282,650 6.3 260,900

Donna Maria 2.5 g/t

Querosene 2.5 g/t

Total Indicated

Total Inferred

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Appendix 1 – JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections). Criteria Commentary Sampling techniques

Diamond core was split in half lengthways and sampled at 0.5 m intervals inside alteration zones and 1.0 m intervals outside this. Half core was retained on site in Juruena for future reference.

Samples were placed in high density plastic sample bags and sealed shut with cable ties.

Sample mass varied according to the sample length, typically mass varied between 1‐ 6kg.

Drilling techniques

Coring was done by GEOSOL Brasil using a Sondas MACH‐1200 diamond drill rig with conventional wireline technology. It had a capacity of 600 (six hundred) meters deep in HQ diameter and 800 (eight hundred) meters in NQ.

Holes were collared to fresh rock using HQ diametre, and the hole was completed using NQ diametre.

Drilling was standard tube (not triple tube).

Drill hole inclinations ranged from ‐45 to ‐77 degrees.

Down‐hole surveys were carried out by GEOSOL at the completion of each hole using a MAXIBORE tool.

The drill was oriented every 3m in NQ core using a REFLEX ACT2 tool.

Drill sample recovery

Diamond core recovery is recorded by measuring the length of core recovered compared to the length drill run. Drill recoveries were considered very good with over 90% of the drill runs > 90% recovery.

Gold mineralisation does not apparently correlate to zones of low sample recovery; sample bias due to poor sample recovery is therefore not believed to be an issue.

Logging All drill‐holes are geologically and geotechnically logged, and the data stored in a digital database.

Logging of diamond drill‐core is a combination of qualitative and quantitative and records: weathering, colour, texture, lithology, alteration, mineralisation, and structure.

The core is also photographed and catalogued.

Sub‐sampling techniques and sample preparation

Diamond drill‐core is cut in half lengthways using a diamond saw. The core is consistently cut to the right of a cut/orientation line (looking downhole), and piece of core without the line is sampled. This ensures samples are representative and minimises any bias.

Duplicate samples are routinely done by cutting half of the core for sampling into quarter, and both pieces are analysed.

Sample lengths are determined by geology: 0.5m inside alteration zones and 1.0m outside them. This is considered appropriate for the style of mineralisation.

Quality of assay data and laboratory tests

Sample preparation was undertaken by ALS Laboratories (Goiania, Brasil). Preparation included: coarse crushing of entire sample, fine crushing to 90% passing 2mm, and pulverising a 1 kg split to 95% passing 106um.

The samples were analysed for Au by ALS Laboratories (Lima, Peru) using Fire Assay Au‐AA26 with 50g aliquots followed by Atomic Absorption Spectroscopy (AAS), a technique designed to report total gold. On occasions where ‘visible gold’ was present, or Fire Assay results were >100g/t Au a Screen Fire Assay (Au‐SCR24) was requested. These are considered appropriate methods for this style of mineralisation. Additionally, a multi element suite of ME‐MS61 48 element 4 acid ICP‐MS was done.

Standards (certified reference material), blanks and duplicates were inserted into the sample stream at the rate of 1:20, 1:25 and 1:40 samples, respectively for the sample batches of 50.

Routine analysis of the results of the Blanks, Standards and Duplicates are carried out and any variation away from pre‐determined limits are discussed with the lab. Any issues not resolved to Meteoric’s satisfaction are re‐analysed on a batch basis. No external check laboratory assays have been completed on these samples.

The coarse and pulp sample rejects from the preparation and analytical laboratories were retained and stored at the laboratory, allowing for re‐assaying in the future if required. All pulps are stored indefinitely.

Verification of sampling and assaying

Significant intercepts have been checked and replicated by the Independent qualified person for this release. Meteoric geologists also revisit the drill core for visual inspection and verification.

All drill‐hole data is recorded in Microsoft Excel spreadsheets and appended/merged into a Microsoft Access database. The entry of data is controlled by a database administrator. Standardised geological codes and checks have been employed to ensure standardised geological logging and required observations performed. The database is stored by a ‘Cloud’ storage service. Work procedures exist for all actions concerning data management.

No twin holes were employed in this drilling campaign.

No adjustments or calibrations were made to any assay data.

Location of data points

Collar surveys are initially performed using handheld GPS with accuracy to ~5m. A licensed surveyor will check the locations using a total station (later in the field season. All drill‐holes have been checked spatially in 3D and all obvious errors addressed.

The grid system used for all data types in a UTM projection, SIRGAS2000 Zone 21 Southern Hemisphere.

Topographic control in the area of the drilling is generally poor (+/‐ 10m), control is made using topographic maps and hand‐held GPS.

Data spacing and distribution

The drilling carried out is on a variable grid, depending on the targeting stage of the drilling. Grid spacing varies from 25m x 25m to approximate 50m x 50m grid, both horizontally and vertically (in the plane of the mineralised structure, which is sub‐ vertical).

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Criteria Commentary The density of information is considered insufficient for conducting a mineral resource estimate to the standards required by the JORC 2012 mineral resource code.

No compositing was applied.

Orientation of data in relation to geological structure

Mineralised structures were targeted and planned to be intersected so that minimal sample bias would occur. All structures were planned to be intersected as perpendicular as possible and to pass through the entire structure.

Wherever possible, all drill holes were oriented to intersect the intended structure perpendicular to the strike and a minimum of 40 degrees to the dip of the mineralised zone. The mineralised structures are visible from within the artisanal miners' workings which allowed drill holes to be oriented to minimise introducing a sample bias.

None of the reported significant intersections are a result of intentional sample bias. There is discussion in the text as to possible true widths.

Sample security

Sampled core is packed flat in plastic bags and sealed with tape. These individual bags are then put in plastic woven bags which are tied and have a metal seal attached. A packing list (confirming the number of sacks for transport) is prepared and samples are transported by Meteoric staff to commercial transport company in Nova Bandeirantes and recorded on a consignment note.

Upon receipt at the laboratory, samples were checked in and the list of received samples immediately sent back to the company' s database administrator as a security check that all samples were received, and all were fully intact and not opened.

Audits or reviews

The sampling techniques and data have been reviewed by the Competent Person and are found to be of industry standard.

No audits were completed by any external parties.

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria Commentary Mineral tenement and land tenure status

A full listing of the tenements is shown in Appendix 2.

There is an existing 1% net smelter return payable interests, historical sites, wilderness or national to a previous owner. There are three Garimpo mining licences within the tenement package, allowing the Garimperos to legally work under certain restrictions. The tenements are not subject to any native title interests but is located within the border zone around a national park. Within this border zone further conditions may be required to gain an operating licence. Cattle grazing and legal timber felling are the two primary industries and land uses for the area.

Exploration done by other parties

Garimperos first discovered the mineralised areas around Juruena in the 1970's . Garimperos have been active in the region since, recovering gold from alluvial, colluvial and some oxidised rock. The area has been explored on and off from the mid 1990's through to the present, with the majority of drilling taking place over the last four to five years.

Madison Minerals Ltd first explored and carried out some drilling evaluation of the Juruena core area in 1995/1996. The drill information of Madison would not be useable in a JORC compliant mineral resource estimate, however Meteoric considers the information relevant from an exploration perspective and will use these results to guide future exploration work. Lago Dourado Minerals drill tested several anomalies and zones from 2010 to 2013. All work undertaken by Lago Dourado Minerals was performed to a JORC compliant standard and the data generated is considered sufficient to be used for a JORC compliant mineral resource estimate, should further results confirm continuity, grade and geological interpretation in the future.

Geology The Juruena mineralisation is considered to have resulted from magmatic activity (intrusions and fluids) which could be sourced from a gold rich source rock and concentrated along structural zones. The mineralisation is hosted by Paleoproterozoic volcanic and granitoid rocks of varying composition. The host rocks are found within the Juruena‐Rondonia block of the Amazon Craton.

Drill hole Information

See body of report

Data aggregation methods

Significant intercepts were calculated using a 0.5 Au ppm lower cut‐off, no upper cut, and up to 4m of consecutive dilution. Sample intervals were not equal to 1 m were weight averaged.

Relationship between mineralisation widths and intercept lengths

As far as practically possible and with the geological interpretation available, The drill targets were tested with the aim of intersecting the interpreted mineralised structure as perpendicular as possible to the strike. All positive holes to date intersected the mineralisation are minimum of 40 degrees to the dip, which will cause a slight overstatement of the actual intercept width. All results are reported as downhole widths.

Diagrams See included Figure(s) in the announcement.

Balanced reporting

Results are reported from all significant intercepts in Appendix 1.

Other substantive exploration data

Metallurgical results are mentioned in the body of the report, there has been no bulk testwork.

Further work Further work is discussed in the body of the report.

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Appendix 2: Table of Brazil Licences for Juruena and Novo Astro Projects

Claim No. Status City Ownership %

866.079/2009 Granted Exploration Permit NOVA BANDEIRANTES/ MT 100%

866.081/2009 Granted Exploration Permit COTRIGUAÇU/MT, NOVA BANDEIRANTES/ MT 100%










866.934/2012 Granted Exploration Permit COTRIGUAÇU/MT 100%






New Juruena Delivers More Bonanza Gold above 90g/t · 2020. 10. 11. · 12 October 2020 Juruena...

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