Summary Of Mineral Resource Estimates

JORC Mineral Resource Estimate – Yerbas Buenas Iron Ore Poject

Freehill Mining Limited completed its maiden drilling program in late December 2018 and announced a Maiden Mineral Resource Estimate 6th May, 2019.

The estimate is compliant with JORC Code 2012 and applies only to the Yerbas Buenas No. 1 (YB1) structure. The project area of 398 hectares contains 6 other magnetic structures which have had either limited or no drilling and not been classified yet.

Only approximately 9% of the projects magnetic structures area has been drilled to date.

Both Inferred and Indicated resource categories have been declared and are provided in the following table and show a total resource of 18.4Mt at 15.1% Fe

The resource model was constrained to 150m below surface and uses a cutoff grade of 10% Fe.

JORC Mineral Resource Estimate Table

YB1 trial mining pit area showing maiden drill holes used for JORC resource estimation

JORC Exploration Target – Yerbas Buenas Iron Ore Project

 

A Conceptual Exploration target was determined and released as part of an Operational Update 5th April, 2018.

The Exploration target does not constitute a Mineral Resource but only an estimate of exploration potential based on preliminary exploration activities and various assumed factors and for which there has been insufficient exploration to estimate a formal Mineral Resource.

Under the guidelines of the JORC Code 2012 it is quoted as a range of tonnes and a range of grades

The Yerbas Buenas Exploration Target total for each mineralised structure and total tonnes is shown in the following table.

The total tonnes shown for the YB1 anomaly aligns very well with the Total Tonnage (Mt) shown.

Conceptual Exploration Target Parameters