BBX Minerals Limited: Consistent Pt Mineralisation from Surface, Assay Results - TED 011 and TED 012

BBX Minerals Limited (ASX: BBX) (“BBX” or the “Company”) is pleased to report assay results for diamond drill holes TED 011 and TED 012, from its 2020-21 drilling programme (Figure 1) at the Três Estados project (Figure 2).

TED 012 showed consistent platinum mineralisation and local iridium and rhodium values from surface to 31m and for 19.74m to the end of the hole at 80.74m. Mineralisation remains open at depth.

TED 011 returned no values for PGM’s and only sporadic low values for gold.

Significant results include:

TED-012

-       31m at 2.07 g/t 5E PGM[i] (1.87 g/t Pt, 0.16 g/t Ir, 0.02 g/t Rh and 0.02 g/t Au) from surface, including:

-          2.69m at 4.35 g/t 5E PGM (3.52 g/t Pt, 0.53 g/t Ir, 0.12 g/t Rh and 0.18 g/t Au) from 3m, and

-          1.65m at 3.44 g/t 5E PGM (2.61 g/t Pt, 0.72 g/t Ir and 0.11 g/t Rh) from 21m

-       12m at 1.95 g/t 5E PGM (1.79 g/t Pt, 0.07 g/t Ir and 0.08 g/t Rh) from 61m, including:

-          2m at 5.79 g/t 5E PGM (5.08 g/t Pt, 0.44 g/t Ir and 0.27 g/t Rh) from 67m

-       4.24m at 3.47 g/t 5E PGM (3.20 g/t Pt, 0.08 g/t Ir and 0.19 g/t Rh) from 76.5m to E.O.H

Refer to Appendix 1 for the complete results.

The alteration style in hole TED 011, comprising intense chloritic alteration and carbonate veining differs from the hematitic alteration style dominant in the remainder of the holes previously analysed. Although chlorite-carbonate alteration is also present in the mineralised lower portion of TED 012 this alteration is less intense than that in TED 011. The chlorite-carbonate alteration appears to postdate the hematite alteration event and may possibly have resulted in leaching of precious metals.

Andre J Douchane, CEO, commented: “When I first saw the results for drill hole TED-011 I was surprised given the results of all previous holes. I have spent a lifetime around this sort of process and intuitively knew that barren holes were not uncommon in any resource evaluation. However, in order to understand how this particular hole could be void, BBX undertook a detailed review of the hole’s geology. The alteration was very different compared to that observed in the previous holes, and probably did not contain Au or PGM mineralization.

To me personally, the positive thing about the barren hole was that since the previous hole (TED-010) contained significant results in terms of grade, and the subsequent hole (TED-012) had significant grades and continuity, the blank hole further validates both the assay method and the results from the other holes.

In terms of the next drill holes, the Company will aim to release results on a weekly basis as they become available, adhering to its continuous disclosure obligations. BBX relies on a dedicated but relatively small team spread across different time zones. As a result, there are skills that are outsourced, such as the maps and cross sections included in our press releases and the AA reading. Unfortunately, we do not have control over the schedules of those external to the Company and completing and releasing results on a weekly basis seems to be an appropriate approach. That said, we will do our absolute best to release results as often as possible and will ensure that we comply with our continuous disclosure obligations.

The Company has also made the decision to, once assaying of the holes required for the JORC resource at Três Estados is completed, move to the Ema Project and start assaying drill holes from the 2017 drilling programme. I believe everyone would like to know what is there”.

Figure 1 - Adelar target drilling collar summary

Figure 2 - Três Estados project

Figure 3 - C-D cross section with TED 011

Figure 4 - A-B cross section with TED 012

Drillhole Locations

This announcement has been authorised for release by the Board of Directors.

For more information:

Competent Person Statement

The information in this report that relates to analytical test results of gold mineralisation in the Apuí region in Brazil is based on information compiled by Mr. Antonio de Castro, BSc (Hons), MAusIMM, CREA, who acts as BBX´s Senior Consulting Geologist through the consultancy firm, ADC Geologia Ltda. Mr. de Castro has sufficient experience which is relevant to the type of deposit under consideration and to the reporting of exploration results and analytical and metallurgical test work 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. Castro consents to the report being issued in the form and context in which it appears.

CREA/RJ:02526-6D

AusIMM:230624

About BBX Minerals Ltd

BBX Minerals Limited is a mineral exploration and technology company listed on the Australian Securities Exchange. Its major focus is Brazil, mainly in the southern Amazon, a region BBX believes is vastly underexplored with high potential for the discovery of world class gold and precious metal deposits.

BBX’s key assets are the Três Estados and Ema Gold Projects in the Apuí region, Amazonas State. The company has 270.5km² of exploration tenements within the Colider Group, a prospective geological environment for gold, PGM and base metal deposits.

Appendix 1: Assay results

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[i] 5E PGM refers to the sum of platinum (Pt), palladium (Pd), iridium (Ir), rhodium (Rh) and gold (Au) expressed in units of g/t.