Communicators

Highlights

-                 Exploration drilling commences at Neometals Ltd 100% owned Barrambie Gold Project, representing the first drilling for gold in two decades

-                 Project encompasses approximately 40km strike of Barrambie Greenstone Belt with multiple historic workings and records indicating previous production of ~27k oz @ 27.8 g/t Au

-                 Historic drilling – most of which was limited in depth to less than 60m has generated an Exploration Target at between 8Mt at 1.3g/t Au and 10.5Mt at 2.3g/t Au, for 335k and 775k ounces[i].

CAUTIONARY STATEMENT

The Competent Person cautions that the potential quantity and grade of the Exploration Target are conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource, and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The Competent Person further cautions that exploration data relied on for this Exploration Target are historic and have not or may not have been previously reported under the JORC Code or any of its precedents and considers that these are indicative and not absolute measures of the presence of gold mineralisation.

5 February 2025 - Neometals Ltd (ASX: NMT) (“Neometals” or “the Company”), is pleased to provide an exploration update on the Company’s 100% owned Barrambie Gold Project (“the Barrambie Project”), in Western Australia.

The Barrambie Project hosts one of the world’s highest-grade titanium deposits and is also highly prospective for gold mineralisation, but with minimal gold exploration occurring since the 1980s & 1990s. Neometals’ 505 square kilometre tenure encompasses much of the Barrambie Greenstone Belt, the majority of which remains under-explored for gold (see Figure 1).

The Barrambie Project encompasses approximately 40km strike of the under-explored Barrambie Greenstone Belt, where the potential for high-tenor gold mineralisation is demonstrated by several historic mining sites, with an average production grade of 27.8g/t. Based on historic drill data, a gold Exploration Target has been estimated at between 8Mt at 1.3g/t Au and 10.5Mt at 2.3g/t Au, for 335k and 775k ounces1.

Neometals therefore considers the Barrambie Project to have a high potential to host multiple gold occurrences and is resuming gold exploration for first time in over 20 years with a view to advance and grow existing and new targets.

The maiden gold drilling programme focuses on the Ironclad prospect, located at the historic Sugarstone mining centre, in the north of the Barrambie Project. Drilling has been designed to verify the location, tenor, geometry and trends of gold mineralisation intersected in historic drilling and improve the understanding of structure and stratigraphy, particularly host lithologies and alteration styles. A total of 12 holes for 1,000 metres of reverse circulation drilling are planned to be completed in this initial phase of drilling (see Figures 1 to 4).

Neometals Managing Director, Chris Reed, says:

“We are excited to be drilling for gold at Barrambie, representing the first programme in two decades designed to test the broader gold potential of this under-explored, historic, high-grade mine camp.”

Figure 1 The Barrambie Project tenure, simplified geology and historic production centres. Note: Current drilling programme is underway at the Ironclad prospect at the Sugarstone Centre.

Table 1 Barrambie Exploration Target (from Neometals ASX announcement of 23 September 2024 titled “Barrambie Gold Exploration Target”).

IRONCLAD PROSPECT, SUGARSTONE CENTRE

The Ironclad prospect is located proximal to the contact of the layered Barrambie Gabbro with a thick volcano sedimentary unit. Current interpretations indicate mineralisation is associated with a complex structural architecture centered on converging shears, sub-parallel to the sheared contact, as well as cross-cutting conjugate structures. Ironclad mineralisation is hosted at a gabbro / arenite contact within a strike length of 600m x 50m wide and is interpreted as a series of stacked pods of mineralisation plunging to the north-west (see Figures 2 to 4).

Note: Historic drill data and gold intercepts previously reported in Neometals ASX announcement of 23 September 2024 titled “Barrambie Gold Exploration Target” are re-reported in this announcement following continued database validation, changes to reporting criteria and inclusion of additional intercepts not previously reported (see Appendices 1, 2 & 3).

Significant historic drill intercepts from the Ironclad Prospect include:

-                 14.0m at 12.58g/t Au from 66m (hole SG131)

-                 13.0m at 13.43g/t Au from 7m (hole I043)

-                 16m at 5.97g/t Au from 4m (hole I084)

-                 25m at 4.30/t Au from 22m (hole SG190)

-                 17m at 6.76g/t Au from 0m (hole I107)

-                 19m at 4.16g/t Au from 0m (hole I122)

The Competent Person cautions that the historic drill intercepts may not have been reported in accordance with the JORC Code or its precedents and considers these to be indicative of, but not absolute measures of, the presence and tenor of mineralisation.

Rock-chip assays collected at the Ironclad Prospect by Neometals in 2024 include 4.75g/t Au in basalt, with kaolinitic fractures in sample BGR042 and 5.53g/t Au in hematite/goethite quartz, in sample BGR043[ii]. All rock chip samples collected by Neometals are reported previously in ASX announcement dated 23 September 2024 titled “Barrambie Gold Exploration Target”.

Figure 2 Ironclad: geology, historic & planned drilling

Figure 3 Ironclad: cross-section historic & planned drilling

Figure 4 Ironclad: Long section historic & planned drilling

NEXT STEPS

Subject to Neometals Board approval and heritage clearances, next steps will include RC drilling of other historic mining centres, in particular, the Barrambie Ranges underground mine which Mines Department records during the early 1900s indicate that it produced 15,101oz Au at an average grade of 29.2g/t Au to a depth of 100m[iii].

Authorised on behalf of Neometals by Christopher Reed, Managing Director.

ENDS

For further information, visit www.neometals.com.au or contact:

Christopher Reed

Managing Director/CEO 

Neometals Ltd

T +61 8 9322 1182

E info@neometals.com.au

Lucas Robinson

Managing Director

Corporate Storytime

T +61 408 228 889

E: lucas@corporatestorytime.com

COMPLIANCE STATEMENT

The Competent Person cautions that certain Exploration Results contained within this release have been extracted from historical DMIRS WAMEX[iv] annual reports by previous historical operators. Further exploration and evaluation may affect confidence in these results under JORC 2012 standards. Nothing has come to the attention of Neometals or its Competent Person that cause them to question the accuracy or reliability of the previously reported drill results and work.

The Company has undertaken desktop evaluation of the work completed. However, it has not comprehensively validated the results and therefore is not to be regarded as reporting, adopting or endorsing these results.

To comply with ASX Listing Rule 5.7 and the associated FAQ 36 (Announcements of material acquisitions – former owners’ Exploration Results) details of historic exploration programs by companies prior to Neometals for the additional historic drill intercepts not previously reported in Neometals ASX announcement of 23 September 2024 titled “Barrambie Gold Exploration Target” are summarised in Appendix 3 - JORC Table 1, Section 2 below and referenced with the source WAMEX report A-number. These WAMEX reports can be accessed online at https://geoview.dmp.wa.gov.au/GeoView, using the unique A-number for each report. Each WAMEX report includes a technical explanation of the work completed and results achieved. 

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Jeremy Peters. Mr Peters is a Director of Burnt Shirt Pty Ltd, a geological and mining engineering consultancy, and has sufficient experience relevant to the reporting of Exploration Results and Exploration Targets in Western Australian Archaean orogenic gold mineralisation to qualify as a Competent Person as defined in the December 2012 Edition of the “Australasian Code for Reporting of Exploration Results”. Data compiled from historic WAMEX reports by the Neometals Exploration Team has been reviewed by Mr Peters, who has consented to the inclusion of the matters in this report based on this information in the form and context in which it appears.

About Neometals Ltd

The Company is commercialising a portfolio of sustainable processing solutions that recover critical materials from high-value waste streams. Plant supply and/or technology licensing business models are preferred given lower risk and capital required.

-          Neometals’ core focus is its patented, Lithium-ion Battery (“LiB”) Recycling technology (50% NMT), being commercialised (via Primobius GmbH) with 150-year-old German plant builder, SMS group GmbH. Primobius is supplying Mercedes-Benz a 2,500tpa recycling plant for Mercedes-Benz, which is currently being commissioned. This industrial validation will precede the offer of commercial ~20,000tpa integrated recycling plants to its business development pipeline.

-          Lithium Chemicals (70% NMT) – Patented ELi™ electrolysis process, co-owned 30% by Mineral Resources Ltd, aiming to produce battery quality lithium hydroxide from brine and/or hard-rock feedstocks at lowest quartile operating costs. Successfully completed Pilot scale test work and planning industrial validation with funding partners through continuous demonstration plant trials, targeting a technology licensing business model; and

-          Vanadium Recovery (100% NMT) – Patent pending hydrometallurgical process, aiming to produce high-purity vanadium pentoxide from steelmaking by-product (Slag) at lowest-quartile operating cost and carbon footprint. Planning to exploit under a technology licensing business model. Project financing process for first commercial plant in progress (87.1% NMT).

The Company’s remaining upstream mineral asset has two separate styles of mineralisation and mineral resources:

-          Barrambie Titanium and Vanadium (100% NMT) – The world’s second highest grade hard-rock titanium and vanadium deposit is currently in a divestment process; and

-          Barrambie Gold (100% NMT) – Historic high-grade gold producer early 1900s, no modern exploration. Maiden gold exploration target highlighted potential for camp-scale brownfields gold discoveries. Maiden gold exploration programs planned for March Q 2025. Barrambie is proximal to a number of camp-scale gold projects with existing processing infrastructure.

[i] For full details refer to Neometals ASX announcement dated 23 September 2024 titled “Barrambie Gold Exploration Target” and Table 1.

[ii] For full details refer to Neometals ASX announcement dated 23 September 2024 titled “Barrambie Gold Exploration Target”.

[iii] For full details refer to Neometals ASX announcement dated 23 September 2024 titled “Barrambie Gold Exploration Target”.

[iv] Department of Energy, Mines, Industry Regulation and Safety, Western Australia. WAMEX is the Western Australian Mineral Exploration Report database.