Elementos : Oropesa Tin Project - Additional Mineralisation

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ASX ANNOUNCEMENT

16 March 2022

Elementos intersects additional mineralisation outside Mineral Resource at Oropesa

Highlights

• Drilling intersects tin, zinc and copper mineralisation in geotechnical diamond drilling
• Results confirm continuity of tin mineralisation outside Mineral Resource area and potential for further growth
• Zinc and copper intersections highlight the potential to produce an addtional base metal concentrate
• Oropesa Definitive Feasibility Study (DFS) is progressing well and the Optimisation Study is due later this month.

Elementos Limited's (ASX: ELT) 10-hole geotechnical diamond drilling has intersected significant tin, zinc and copper mineralisation outside the Oropesa Projects current Mineral Resource Estimate area at its flagship Oropesa Tin Project in Spain.

The results confirm the continuity of tin mineralisation beyond Oropesa's current Mineral Resource and highlights the potential of recovering additional base metals which will be evaluated further.

Ahead of releasing an Optimisation Study for the tin project later this month, Elementos Managing Director Mr Joe David said the drilling program had further confirmed Oropesa's high prospectivity for further mineralisation.

"These results indicate the merits of future exploration and drilling programs at Oropesa, particularly along strike to the northwest and southeast, which could expand the size of the current Mineral Resource Estimate," Mr David said.

Significant assay results from the program include (cut-off grade 0.1% Sn):

SGT_04	7.6m	@ 0.21% Sn & 0.62% Zn from 21.1m
	1.9m	@ 0.12% Sn, 0.45% Cu & 0.25% Zn from 70.1m
	10.2m @ 0.16% Sn, 0.54% Cu & 10.1% Zn from 100.6m
	16.25m @ 0.37% Sn, 0.21% Cu & 2.59% Zn from 123.8m
SGT_06A	3.0m	@ 0.14% Sn & 0.87% Zn from 110.6m
SGT_08A	1.7m	@ 0.24% Sn & 1.64% Zn from 218.95m
SGT_09A1	6.6m	@ 0.63% Sn, 0.20% Cu & 1.64% Cu from 187.0m

1 SGT_09A is the only geotechnical drill hole within the current resource boundary.

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SGT_11A 9.35m @ 0.16% Sn from 55.0m

SGT_13B 13.0m @ 0.42% Sn, 0.13% Cu & 1.96% Zn from 168.4m

A full list of drill core assay results is shown in Table 2 on page 4.

Mr David said Elementos' geotechnical drilling and assessment was primarily designed to provide additional data for the company's upcoming DFS mine design, including adding engineering confidence in the pit wall slope stability angles being used. However, the company always intended to assay these geotechnical holes for mineralisation due to the high potential for extensions to the known Resource.

"The high-grade zinc, and to a lesser extent, copper intersections have also re-established the potential to produce a secondary sulphide concentrate at the project. The recovery of these minerals would be separate to the tin concentrate, diverted at the point of sulphide floatation, and would be produced in parallel to the unchanged tin concentrate flow sheet. The company plans to model the zinc and copper throughout the entire deposit and will then establish whether further metallurgical test work programs are warranted."

Elementos is completing an Optimisation Study for its Oropesa project as part of the DFS, which will determine the size and scale of the tin project, as well as serve as the basis for regulatory submissions. This is due for release later this month, and applications for the project's Environmental Impact Assessment (EIA) and Exploitation (Mining) Licence are also in advance drafting status.

	Easting	Northing		Azimuth				Easting	Northing
Hole ID	ED50 Zone	ED50 Zone	RL	Dip	Longitude	Latitude	ETRS89 Zone	ETRS89 Zone
(grid)
	30	30					30	30
SGT-004	282758	4244018	643	0	-90	-5.4861	38.3161	282648	4243813
SGT-06A	282986	4243731	614	0	-90	-5.4835	38.3136	282875	4243525
SGT-08A	283526	4243283	600	0	-90	-5.4771	38.3097	283415	4243077
SGT-09A	284033	4243081	593	0	-90	-5.4713	38.3080	283922	4242875
SGT-11A	283921	4243505	602	0	-90	-5.4727	38.3118	283811	4243299
SGT-13B	283519	4243757	626	180	-76	-5.4774	38.3139	283408	4243551

Table 1. Oropesa Geotechnical diamond drill hole collar data

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Figure 1. Plan of the 2021 Oropesa geological resource indicating the location of the 2021 geotechncial drill holes with reported assay data at the Oropesa Tin Project, Spain

Figure 2. Cross-section of assay data for SGT_04

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Figure 3. Cross-section of assay data for SGT_09A

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Figure 4. Cross-section of assay data for SGT_13B

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