Aurelia Metals : Cobar District Exploration Update

ASX ANNOUNCEMENT

17 July 2024 | ASX: AMI

COBAR DISTRICT EXPLORATION UPDATE

Aurelia Metals Limited (ASX: AMI) ('Aurelia' or 'the Company') is pleased to provide further significant results from its recent surface and underground exploration programs at the Queen Bee deposit and the North and South Mines in the Peak Mine Complex within the Cobar District, NSW.

HIGHLIGHTS

Significant copper was intersected at Queen Bee, south of the Peak Mine, and at Mt Pleasant and Jubilee North, in the Peak North Mine. Significant gold was also intersected in drilling at Blue Lens, in the Peak South Mine.

Queen Bee

Exceptional copper results were delivered from recent drilling at the Queen Bee deposit, located 10km south of the Peak processing plant. These results have significantly improved confidence in the continuity of mineralisation along strike and vertically through the deposit. The deposit remains open along strike and at depth.

17.0m (9.4m Estimated True Width (ETW)) @ 4.7% Cu and 21g/t Ag from 426.1m in DD24QB0041

including 2.9m (1.6m ETW) @ 7.0% Cu and 28g/t Ag from 427.1m

including 3.8m (2.1m ETW) @ 11.7% Cu and 55g/t Ag from 439.3m

including 0.8m (0.4m ETW) @ 17.1% Cu and 69g/t Ag from 442.3m

Figure 1: Drill core photo of Queen Bee drillhole DD24QB0041 from 439.1m to 443.5m depth

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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Mount Pleasant

Copper grades up to 11.1% were intersected at Mt Pleasant, representing the highest modern assay grade encountered in the area. The Mt Pleasant deposit is located 600m south of existing mine development at the Chesney deposit, in the Peak North Mine.

11.8m (7.9m ETW) @ 3.0% Cu and 8g/t Ag from 300.3m in DD23CA0671

including 3.0m (2.0m ETW) @ 6.9% Cu and 17g/t Ag from 304.0m

including 1.0m (0.7m ETW) @ 11.1% Cu and 27g/t Ag from 305.0m

Jubilee North

Successful exploration drilling has extended known mineralisation along strike at the Jubilee deposit, located north of and adjacent to the New Cobar deposit, in the Peak North Mine. Mineralisation has been extended 150m north of the Jubilee deposit and remains open to the north.

11.4m (10.5m ETW) @ 1.7% Cu, 0.1g/t Au and 12g/t Ag from 200.8m in UD23JE0039

including 1.0m (0.9m ETW) @ 5.8% Cu, 0.3g/t Au and 24g/t Ag from 203.4m

including 0.8m (0.7m ETW) @ 6.8% Cu, 0.4g/t Au and 85g/t Ag from 208.5m

Blue Lens

Strong gold grades were returned from Blue Lens drilling, targeting up-dip extensions to gold-dominant Peak North mineralisation, in the Peak South Mine.

13.0m (7.4m ETW) @ 2.8g/t Au from 175.0m in DD23PK0201A

including 1.0m (0.6m ETW) @ 29.8g/t Au from 179.0m

Commenting on these exploration results, Chief Development and Technical Officer, Andrew Graham said:

"In the second half of this financial year, copper will become the dominant ore type mined at Peak, marking a clear milestone in the transition of Peak to its future as a copper mine.

"It is fantastic that our recent exploration campaigns in the Cobar District have had such considerable success in delineating additional high-grade copper zones, further supporting a long-life copper future for Peak.

"The exceptional copper grades intersected at Queen Bee are particularly encouraging. Our aim is to grow this deposit to potentially support the development of a new mining source to feed the Peak processing plant."

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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LOCATION

The Peak Mine Complex, in Western NSW, extends 8.5km from the southern extent of Cobar township (Great Cobar) to the Peak processing plant (Perseverance) and consists of the North Mine (Great Cobar, New Cobar, Chesney and New Occidental) and the South Mine (Peak and Perseverance).

The Queen Bee deposit is located 10km southeast of the Peak processing plant and 6km east of the Kidman Way on Consolidated Mining Lease 9 (CML9).

Figure 2: Plan view location map of the Peak North and South Mine primary access areas and the Queen Bee area with currently held Aurelia tenements and surface orthographic imagery.

Figure 3: Long-section of the Peak Mine Complex including the Peak North and South Mine areas and individual deposits with generalised metal distribution and currently reported exploration focus areas.

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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QUEEN BEE

Exploration drilling has continued at the Queen Bee deposit, located 10km south of the Peak processing plant. This second phase of drilling was designed to build on the successful first phase of drilling (see ASX announcement dated 20 March 2023 'Exploration Update - Cobar District').

The drill program consisted of five drillholes and one wedge for a total of 2470.4m and was focussed on improving confidence in the lateral and depth extents and consistency of copper-dominant mineralisation.

Figure 4: Long Section of the Queen Bee deposit showing existing drillholes, historical development, a visible mineralisation envelope, and currently reported drillholes.

This drill program has intersected the highest copper grades at Queen Bee to date at 17.1% Cu. Drilling has confirmed the Queen Bee deposit is consistently mineralised to 400m depth and mineralisation remains open along strike and at depth. The main envelope of visible copper mineralisation is consistently up to 140m wide along strike and the deposit is very poorly drilled beyond these margins.

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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Figure 5: Exploration geologist Fernanda Alvarado-Neves holding drill core from Queen Bee drillhole DD24QB0041 from 440.4m to 440.75m, grading in-excess of 10% copper.

These latest results have established that significant mineralisation continues below historical workings and grade tenor is increasing with depth. Mineralisation is hosted within two main structures and, although copper grades are very high, the true width of these structures are currently limited in extent.

Further work in FY25 will focus on discovery of additional lenses north and south through application of surface geophysical and geochemical methods to assess the extent of the Queen Bee system prior to mining related studies being considered.

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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MOUNT PLEASANT

Mount Pleasant is located 600m south of existing mine development at Chesney, in the Peak North Mine.

The drill program forms part of a strategy to assess potential copper-dominant resources south of Chesney Mine that can supplement future North Mine feed to the Peak processing plant. The Mount Pleasant drill program follows the successful drill program at Burrabungie, located 200m south of existing mine development at Chesney (see ASX announcement dated 20 March 2023 'Exploration Update - Cobar District').

The area has remained underexplored for a considerable period with minor campaigns of exploration drilling completed in 1997 and 2017. The most recent program has intersected very high copper grades with support from gold and silver and has shown the Mount Pleasant area has significant future potential.

Figure 6: Long Section of the Proteus Corridor including the Mount Pleasant deposit showing modern and historic development, visible mineralisation envelopes, historical drilling and currently reported drillholes.

The recent drill campaign consisted of eleven drillholes and three wedges for a total of 4993.5m. The program successfully targeted gaps in historical drilling in the Mount Pleasant area and has increased confidence in the grade and consistency of known mineralisation across the deposit area.

The program has intersected numerous intervals of high to very-high grade copper mineralisation over an area of 200m along strike and 300m vertical. Copper grades up to 11.1% were intersected, representing the highest modern assay grade encountered in the area.

This drill program has identified potential extensions to mineralisation towards the Young Australian prospect, located 300m further south. The Young Australian prospect area will be assessed with additional drilling in FY25.

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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Figure 7: Long Section of the Mount Pleasant area (inset from Figure 6) including significant intersections and historic drilling.

Figure 8: Drill core photo of Mount Pleasant drillhole DD23CA0671 from 303.8m to 308.2m depth

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

ASX ANNOUNCEMENT

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JUBILEE NORTH

The Jubilee deposit is located north of and adjacent to the New Cobar deposit in the Peak North Mine.

The underground exploration drill program targeted extensions of known mineralisation north of Jubilee and was designed to provide further information in the area as development considerations are being evaluated to access the Great Cobar deposit.

Figure 9: Long Section of the Jubilee deposit showing modern and historic development, the existing visible mineralisation envelope, and currently reported drillholes with significant intersections.

The drill program consisted of seven drillholes for a total of 1909m, targeting extensions of known copper dominant mineralisation at Jubilee along strike to the north.

This drill program has been very successful and has extended mineralisation 150m north of the previously defined Jubilee deposit. Further extensions beyond this drill program are possible with multiple drillholes in the program confirming mineralisation remains open to the north. Copper grades have been consistently high across significant widths and are supported by silver.

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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Figure 10: Drill core photo of Jubilee North drillhole DD23JE0039 from 202.0m to 211.2m depth

The recent drill program has been very successful and has provided extensions to existing mineralisation and identified potential for further extensions along strike and up- and down-dip.

Further drilling is anticipated for FY25 to test for additional mineralisation in the Jubilee North area.

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384

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BLUE LENS

Blue Lens is located 200m north along strike of the Peak Lens, in the Peak South Mine. Mining of the Blue Lens commenced in 1896. Historical workings extend to 70m depth from surface and were focussed on the Blue Shear Zone, which is parallel to the Peak Shear Zone that hosts the Peak Lens.

Exploration drilling in Kairos North and Peak North in 2022, which delivered exceptional gold results (see ASX announcement dated 28 April 2022 'Further Drilling Success Across the Aurelia Portfolio'), indicated further gold potential existed up-dip towards the historical Blue Lens.

The recent drill program targeted up-dip extensions to gold dominant Peak North mineralisation and tested both the Peak (footwall) and Blue (hangingwall) shear zones. The drill program consisted of three drillholes and two wedges for a total of 2889.9m.

Figure 11: Long Section of the Blue Lens area showing modern and historic development, existing visible mineralisation envelope, and currently reported drillholes with significant intersections.

Although the recently completed drill program has intersected a broad mineralised area of high to very-high grade gold, mineralisation has been inconsistent and nuggety.

Further drilling is necessary to assess the vertical and lateral consistency of mineralisation and grade distribution to assess if this area has potential for future mining.

For more information, contact us at:
Level 17, 144 Edward Street	GPO Box 7	+61	7 3180 5000
Brisbane QLD 4000	Brisbane QLD 4001	aureliametals.com
[e-mail]		ABN: 37	108 476 384