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ORION MINERALS LIMITED - Encouraging Drilling Results Received from the IGO-ORN Joint Venture Tenements Fraser Range, Australia

Release Date: 03/02/2020 08:12
Code(s): ORN     PDF:  
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Encouraging Drilling Results Received from the IGO-ORN Joint Venture Tenements – Fraser Range, Australia

Orion Minerals Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 098 939 274
ASX share code: ORN
JSE share code: ORN
ISIN: AU000000ORN1
(“Orion” or “the Company”)


Encouraging Drilling Results Received from the IGO-ORN Joint Venture Tenements – Fraser Range, Australia


Mafic–ultramafic intrusive rocks intersected in highly prospective settings in all five diamond holes drilled at
the North West Passage and Pike Nickel-Copper prospects.

Injected sulphide veins characteristic of magmatic sulphide nickel-copper systems observed in drill core from
the North West Passage.

Mafic–ultramafic bodies intersected at Hook 1, located 16km north-east of Legend Mining’s recently
announced massive sulphide nickel-copper discovery.

Strong untested off-hole conductor at Hook 1 offers a compelling drill target.

Additional drilling planned for the 2020 field season.


Orion’s Managing Director and CEO, Errol Smart, commented:

"We are very encouraged by the progress being made by IGO in their ongoing exploration of our Fraser Range
joint venture tenements in WA. The results from the drilling completed towards the end of last year provide further
strong indications that we are in the right place to discover a large magmatic nickel-copper sulphide system –
with all five diamond holes intersecting mafic-ultramafic intrusive bodies.

“We have long held the view that the Fraser Range would yield further significant discoveries outside of the Nova-
Bollinger deposit – a belief that first led us to secure these tenements several years ago. With exploration attention
once again focusing on the belt following the recently reported massive sulphide discovery by Legend Mining,
just 16km from our Hook 1 prospect, we are looking forward to the next phase of drilling planned by IGO this field
season.”

Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce encouraging diamond drill
results received from the IGO Limited (IGO) IGO-ORN joint venture (JV) on the North West Passage, Hook 1 and 2
and Pike prospects, located within the Fraser Range Belt (Figure 1) (refer ASX release 10 March 2017).

Drilling completed towards the end of 2019 tested several moving-loop electromagnetic (MLEM) conductors,
anomalous basement geochemical anomalies and magnetic features on magmatic nickel-copper targets, as
well as a Volcanogenic Massive Sulphide (VMS) copper-zinc target at Pike (refer ASX release 31 October 2019).

Orion is very encouraged by the results received from this drilling, with all five diamond holes completed
intersecting mafic-ultramafic intrusive bodies.

Orion considers the presence of anastomosing sulphide veins, sulphide-bearing graphite-rich horizons and meta-
carbonates as intersected in the host rocks to the mafic-ultramafic bodies to be the ideal setting for the discovery
of magmatic massive nickel-copper sulphide deposits.

Further information on the prospects tested, and the drilling results received to date, is provided below.
Figure 1: IGO-ORN Fraser Range Joint Venture Tenements showing Prospects and drill holes.


North West Passage

The North West Passage target was initially identified by Orion in a 2014 versatile time domain electromagnetic
(VTEM) survey and was interpreted further by IGO using additional geophysical data, including aeromagnetics
and ground gravity.

Two diamond drill-holes, 19AFDD1001 and 19AFDD1002, tested a steeply dipping 600m x 200m plate of 2,000
siemens, detected by a MLEM survey in 2017 (Figure 2).

The specifications of the survey are shown in Table 1 and details of the holes are summarised in Table 2, both
below.

Hole 19AFDD1001 intersected mafic-ultramafic intrusive rocks intercalated with carbonate and graphitic meta-
sediments.

                                                                                                             2
Multi-phase ultramafic assemblages intrusive into carbonatitic and graphitic sub-units are considered to be highly
prospective for magmatic nickel-copper mineralisation within the Fraser Range.

Table 1: Specifications of the fluxgate MLEM surveys conducted by IGO.


                                  Configuration                Slingram

                                  Loop size                    200m

                                  Line spacing                 200m

                                  Station spacing              100m

                                  Total line kms               125.6

                                                              Smartem24

                                  Receiver system             EMIT Fluxgate – Bz (up), Bx (east or 135 as
                                                              appropriate), By (north or 315 as
                                                              appropriate)

                                                              200m east or south east of Loop Centre
                                  Sensor location
                                                              as appropriate

                                  Transmitter                  IGO TEX 2/3

                                  Effective current            ~100A

                                  Frequency                    1Hz




Figure 2: Planned collars and drill traces of drill-holes 19AFDD1001 and 19AFDD1002 (looking from the south) with targeted EM plate in red on the
left and in plan view over merged tilt derivative and Total Magnetic image (north is up).

                                                                                                                                               
Table 2: Details of the holes drilled at the North West Passage.


                                                                                                 EOH
       Hole ID           Easting      Northing       RL    Dip    Azimuth      Target (m)                Start Date   End Date
                                                                                                 (m)

      19AFDD1001         675523         6710882       287    -60      120           300         348.3    27/07/2019     02/08/2019

      19AFDD1002         675443         6710697       286    -70      120           320         409.0    03/08/2019     08/08/2019


Hole 19AFDD1001
Geological logging and interpretation of assay results from 131 quarter core samples show three intervals of mafic-
ultramafic intrusions.

Interval A, from 160m to 215m down-hole, returned maximum values of 2,350ppm Ni, 2,350ppm Cr and 28% MgO
and consists of serpentinized mafic-ultramafic units intermingled with carbonate and graphitic sub-units. The
interval contains visible sulphides with massive and semi-massive pyrrhotite-pyrite stringers injected into both
serpentinized ultramafic rock and its host rocks. A semi-massive mineralised vein from 169.4m-169.8m down-hole,
composed of pyrrhotite and pyrite with trace chalcopyrite blebs, is shown in Figure 3.

Interval B, developed between 240m and 253m down-hole is composed of mafic to ultramafic rocks with vein-
hosted pyrite and pyrrhotite.

Interval C, from 267m to 278m down-hole, consists of peridotite and is devoid of sulphide. Maximum values include
2,130ppm Ni, 2,380 ppm Cr and 34% MgO.

Further assessment of the geochemical results is underway.


Figure 3: Semi massive pyrite-pyrrhotite vein from 188.3m-188.8m. The yellow circle indicates a chalcopyrite grain.


                                                                                                                                     
Hole 19AFDD1002
The hole intersected three mafic-ultramafic intrusive bodies between 99.75m down-hole and the end of the hole
at 409m. 139 core samples were submitted for analysis. Interpretation of the geochemical results is in progress.

Pike Prospect – E28/2367
Three diamond drill holes were completed on the prospect with a total of 1,038m drilled (Table 2). Drilling was
aimed at explaining MLEM conductors, magnetic anomalies and Cu and Zn bedrock anomalies (Figure 4).

Table 2: Details of drill holes drilled on E28/2367

     Hole ID          Easting     Northing       Dip   Azimuth     Target Depth          EOH         Start Date       End Date       Prospect

 19AFDD1008           653185      6606845        -75    135             280m            465.4m      9/10/2019       21/10/2019        Hook 1

 19AFDD1009           657350      6610010        -75    150             330m            334.1m      27/10/2019       5/11/2019         Pike 1

 19AFDD1010           653745      6607230        -75    135             200m            238.5m      6/11/2019       10/11/2019        Hook 2


Figure 4: Plan view of the Pike 1, Hook 1 and 2 prospects with diamond drill holes drilled and targeted conductors plotted on airborne magnetics.

                                                                                                                                                
Drill Hole 19AFDD1008 – Hook1
Hook 1 lies 16km north-east of Legend Mining’s new massive sulphide nickel-copper discovery at the Area D
Prospect (Figure 5).

Hole 19AFDD1008 targeted a 7000 siemens conductor. The hole intersected amphibole-rich gabbronorite and
meta-gabbronorite zones intercalated with meta-sediment that is locally graphitic. Stringers and 10cm thick veins
of semi-massive pyrrhotite – pyrite with minor occurrences of chalcopyrite occur with the graphitic horizons (Figure
6).

Rare occurrences of native copper were noted in the amphibole rich gabbronorite. The intersections of
gabbronorite zones vary from 6m to 57.5m

The presence of stringer sulphides within graphite-bearing meta-sediments and mafic-ultramafic intrusives
warrants follow-up. The intrusives hosting nickel mineralisation at Legend Mining’s Area D discovery occur within a
bedded meta-sediment package containing graphitic units.

A DHEM survey of 19AFDD1008 was completed in November 2019. Modelling of the data highlighted several off-
hole responses, of which a strongly conductive response beneath the end of the hole offers a compelling target.

Deepening of the current hole by approximately 180m is required to test the strongly conductive plate model
located directly beneath the drill-hole.


Figure 5: The IGO-Orion JV prospects on tenure E28/2367 and the Legend Mining Area D prospect plotted on an aeromagnetic map.

                                                                                                                                
Figure 6: Semi-massive to massive pyrrhotite-pyrite vein at 331m down-hole depth in drill-hole 19AFDD1008 completed on the Hook 1 prospect.


Drill Hole 19AFDD1009 – Pike 4
Diamond drill hole 19AFDD1009 targeted a strike extensive 7000 siemens conductor loosely coinciding with an
11km long linear magnetic high on the Pike 1 prospect.

Bedrock lithologies below the 150m cover sequence and saprolite consisted of an intercalated package of
metamorphosed gabbronorite and meta-sediment. Gabbronorites displayed minor pyrrhotite and chalcopyrite.
DHEM surveys confirm that semi-massive graphite intersected between 307.5m to 330.8m down-hole explains the
electromagnetic (EM) conductor.

Drill Hole 19AFDD1010 – Hook 2
Located 1km north of the Hook 1 prospect, this drill hole aimed to test a basement copper and zinc geochemical
anomaly. The hole intersected basement lithologies consisting of banded graphite and pyrite bearing meta-
sediment and meta-gabbronorite. The hole terminated in meta-gabbronorite.

Proposed Drilling
IGO plans to drill a further 2,560m in six holes, including extending hole 19AFDD1008 to test a strong off-hole
conductor detected below the current end-of-hole depth.

Holes are also planned to test further EM targets at the North West Passage, Hook, Pike Eye and Pike (Figure 7). At
Garfish, a gravity anomaly will be drilled to test for a mafic – ultramafic intrusive.

                                                                                                                                              
Figure 7: Prospects, completed and planned drill-holes on tenement E28/2367.

                                                                               
For and on behalf of the Board.


Errol Smart
Managing Director and CEO

3 February 2020



ENQUIRIES

 Investors                                   Media                                        JSE Sponsor
 Errol Smart – Managing Director &           Nicholas Read                                Rick Irving
 CEO
 Denis Waddell – Chairman                    Read Corporate, Australia                    Merchantec Capital
 T: +61 (0) 3 8080 7170                      T: +61 (0) 419 929 046                       T: +27 (0) 11 325 6363
 E: info@orionminerals.com.au                E: nicholas@readcorporate.com.au             E: rick@merchantec.co.za




Competent Person Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Errol Smart (Pr.Sci.Nat.),
a Competent Person who is a member of the South African Council for Natural Scientific Professionals, a Recognised
Professional Organisation (RPO). Mr Smart is the CEO and Managing Director of Orion. Mr Smart has sufficient experience that
is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Smart consents to the inclusion in this
announcement of the matters based on his information in the form and context in which it appears.


Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among other things,
statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results,
capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be
based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.
These forward-looking statements are based on management’s expectations and beliefs concerning future events. Forward-
looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Orion. Actual results and developments may vary materially from those
expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-
looking statements. Orion makes no undertaking to subsequently update or revise the forward-looking statements made in this
release to reflect events or circumstances after the date of this release. All information in respect of Exploration Results and
other technical information should be read in conjunction with Competent Person Statements in this release (where
applicable). To the maximum extent permitted by law, Orion and any of its related bodies corporate and affiliates and their
officers, employees, agents, associates and advisers:
•     disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in
      expectations or assumptions;
•     do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the
      information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or
      implied in any forward-looking statement; and
•     disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for
      negligence).


                                                                                                                              
Appendix 1: The following tables are provided in accordance with the JORC Code (2012) for the reporting of Exploration Results for the North West Passage
and Pike Projects.
Section 1 Sampling Techniques and Data
 (Criteria in this section apply to all succeeding sections.)

Criteria                JORC Code explanation                                                      Commentary

Sampling techniques     • Nature and quality of sampling (e.g. cut channels, random chips,         • The sampling techniques used at Fraser Range have been diamond
                            or specific specialised industry standard measurement tools              drilling (DD) as detailed in the following subsections.
                            appropriate to the minerals under investigation, such as down
                            hole gamma sondes, or handheld XRF instruments, etc.). These
                            examples should not be taken as limiting the broad meaning of
                            sampling.

                        • Include reference to measures taken to ensure sample
                            representivity and the appropriate calibration of any
                            measurement tools or systems used.

                        • Aspects of the determination of mineralisation that are Material
                            to the Public Report.

                        • In cases where ‘industry standard’ work has been done this
                            would be relatively simple (e.g. ‘reverse circulation drilling was
                            used to obtain 1 m samples from which 3 kg was pulverised to
                            produce a 30 g charge for fire assay’). In other cases more
                            explanation may be required, such as where there is coarse gold
                            that has inherent sampling problems. Unusual commodities or
                            mineralisation types (e.g. submarine nodules) may warrant
                            disclosure of detailed information.

Drilling techniques     • Drill type (e.g. core, reverse circulation, open-hole hammer,            • Diamond drill holes were drilled by truck mounted rigs owned and
                            rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core      operated by Frontline Drilling Australia Pty Ltd.
                            diameter, triple or standard tube, depth of diamond tails, face-
                                                                                                   • Holes were collared from surface with PQ-core (85mm diameter) or PQ
                            sampling bit or other type, whether core is oriented and if so, by
                                                                                                      rock-rolled, which was then reduced to HQ-core (63.5mm diameter)
                            what method, etc.).
                                                                                                      and subsequently NQ2-core (50.6mm diameter) at depths directed by
                                                                                                      the IGO geologist.




                                                                                                                                                                        
Criteria                JORC Code explanation                                                   Commentary


                                                                                                • All HQ and NQ core was oriented using REFLEX ACT III-H or N2 Ezy-Mark
                                                                                                   orientation tools.


Drill sample recovery   • Method of recording and assessing core and chip sample                • For recovery checking and orientation marking purposes, the DD core
                           recoveries and results assessed.                                        was reconstructed into continuous runs in an angle iron cradle.
                        • Measures taken to maximise sample recovery and ensure                 • DD recoveries were quantified as the ratio of measured core
                           representative nature of the samples.                                   recovered length to drill advance length for each core-barrel run.
                                                                                                   There were no material core-loss issues or poor sample recoveries over
                        • Whether a relationship exists between sample recovery and                the sampled intervals.
                           grade and whether sample bias may have occurred due to
                                                                                                • Down hole depths were checked against the depth recorded on the
                           preferential loss/gain of fine/coarse material.
                                                                                                   core blocks, and rod counts were routinely carried out and marked on
                                                                                                   the core blocks by the drillers to ensure the marked core block depths
                                                                                                   were accurate.

Logging                 • Whether core and chip samples have been geologically and              • Qualitative logging of DD core included lithology, mineralogy,
                           geotechnically logged to a level of detail to support appropriate       mineralisation, structures, weathering, colour and other features of the
                           Mineral Resource estimation, mining studies and metallurgical           samples.
                           studies.
                                                                                                • Quantitative logging was completed for geotechnical purposes.
                        • Whether logging is qualitative or quantitative in nature. Core (or    • The total lengths of all drill holes have been logged.
                           costean, channel, etc.) photography.
                                                                                                • The logging is considered adequate to support any downstream
                        • The total length and percentage of the relevant intersections            estimation, mining and/or metallurgical studies.
                           logged.

Sub-sampling          •    If core, whether cut or sawn and whether quarter, half or all core   • The DD core was generally subsampled into half-core using an
techniques and sample      taken.                                                                  automated wet-diamond-blade core saw. Exceptions were for
preparation                                                                                        duplicate samples of selected intervals, where quarter-core
                        • If non-core, whether riffled, tube sampled, rotary split, etc. and
                                                                                                   subsamples were cut from the half-core. All samples submitted for
                           whether sampled wet or dry.
                                                                                                   assay were selected from the same side of the core.
                        • For all sample types, the nature, quality and appropriateness of      • The primary tool used to ensure representative drill core assays was
                           the sample preparation technique.                                       monitoring and ensuring near 100% core recovery.
                        • Quality control procedures adopted for all sub-sampling stages        • Laboratory sample preparation of DD core involved oven drying (4-6
                                                                                                   hrs at 95°C), coarse crushing in a jaw-crusher to 100% passing 10 mm,



                                                                                                                                                                       
Criteria                JORC Code explanation                                                   Commentary

                           to maximise representivity of samples.                                  then pulverisation of the entire crushed sample in LM5 grinding robotic
                                                                                                   mills to a particle size distribution of 85% passing 75 microns, and
                        • Measures taken to ensure that the sampling is representative of          collection of a 200g sub-sample.
                           the in-situ material collected, including for instance results for
                           field duplicate/second-half sampling.                                • Quality control procedures involved insertion of certified reference
                                                                                                   materials (CRMs) and blanks at the pulverisation stage, and collection
                        • Whether sample sizes are appropriate to the grain size of the            and submittal of quarter-core field duplicates.
                           material being sampled.                                              • The results of duplicate sampling are consistent with satisfactory
                                                                                                   sampling precision.

Quality of assay data   • The nature, quality and appropriateness of the assaying and           • No geophysical tools were used to determine any element
and laboratory tests       laboratory procedures used and whether the technique is                 concentrations.
                           considered partial or total.
                                                                                                • Bureau Veritas Perth completed sample preparation checks for
                        • For geophysical tools, spectrometers, handheld XRF instruments,          particle size distribution compliance as part of routine internal quality
                           etc., the parameters used in determining the analysis including         procedures to ensure the target particle size distribution of 85% passing
                           instrument make and model, reading times, calibrations factors          75 microns was achieved in the pulverisation stage.
                           applied and their derivation, etc.
                                                                                                • Field duplicates, CRMs and blanks were routinely inserted at
                        • Nature of quality control procedures adopted (e.g. standards,            frequencies between 1:10 and 1:20 samples.
                           blanks, duplicates, external laboratory checks) and whether
                           acceptable levels of accuracy (i.e. lack of bias) and precision      • Laboratory quality control processes included the use of internal lab
                           have been established                                                   standards using CRMs, blanks, and duplicates.

                                                                                                • CRMs used to monitor accuracy have expected values ranging from
                                                                                                   low to high grade, and the CRMs were inserted randomly into the
                                                                                                   routine sample stream to the laboratory.

                                                                                                • The results of the CRMs confirmed that the laboratory sample assay
                                                                                                   values have good accuracy and results of blank assays indicate that
                                                                                                   any potential sample cross contamination has been minimised.

                                                                                                • Following sample preparation and milling, all DD core samples were
                                                                                                   analysed for a 63-element suite:
                                                                                                     o      Fire assay of 40g charge with ICPMS finish – Au, Pd, Pt.
                                                                                                     o      Laser ablation of fused bead with ICPMS finish – Ag, As, Be, Bi,
                                                                                                            Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Ga, Gd, Ge, Hf, Ho, In, La,




                                                                                                                                                                       
Criteria                JORC Code explanation                                                      Commentary

                                                                                                              Lu, Mn, Mo, Nb, Nd, Ni, Pb, Pr, Rb, Re, Sb, Sc, Se, Sm, Sn, Sr, Ta,
                                                                                                              Tb, Te, Th, Tl, Tm, U, V, W, Y, Yb, Zn, Zr.
                                                                                                        o     XRF analysis of powder fused with lithium borate flux including
                                                                                                              5% NaNO3 – Al, Ba, Ca, Fe, K, Mg, Na, P, S, Si, Ti.
                                                                                                        o     Any intervals reporting greater than 2000ppm Co, Cu, Ni or Zn
                                                                                                              were also analysed by XRF of powder fused with lithium borate
                                                                                                              flux including 5% NaNO3 – these XRF analyses were used in
                                                                                                              preference to LA-ICPMS for calculations of mineralised
                                                                                                              intervals.
                                                                                                   • Loss on ignition was determined by robotic thermo gravimetric analysis
                                                                                                      at 1000 degrees C.

Portable XRF Analysis   • Instrument used, methodology applied, QC protocols and                   • No portable XRF analysis were reported.
                             usage/applicability of the data.


Verification of sampling •   The verification of significant intersections by either independent   • Significant intersections were checked by senior IGO geological
and assaying                 or alternative company personnel.                                        personnel.
                        • The use of twinned holes.                                                • No twinned holes were completed.
                                                                                                   • The logging has been validated by an IGO on-site geologist and
                        • Documentation of primary data, data entry procedures, data                  compiled into the IGO acQuire SQL drill hole database by IGO’s
                             verification, data storage (physical and electronic) protocols.
                                                                                                      Geological Database Administrator.
                        • Discuss any adjustment to assay data.                                    • Assay data were imported directly from the digital assay files provided
                                                                                                      by the contract analytical company Bureau Veritas Perth and were
                                                                                                      merged into IGO’s acQuire SQL database by IGO’s Geological
                                                                                                      Database Administrator.
                                                                                                   • Data is backed up regularly on off-site secure servers.
                                                                                                   • No geophysical or portable XRF results were used in the generation of
                                                                                                      the reported exploration results.
                                                                                                   • There have been no adjustments to the assay data.




                                                                                                                                                                           
Criteria                  JORC Code explanation                                                  Commentary

Location of data points   • Accuracy and quality of surveys used to locate drill holes (collar   • Surface hole collar locations were determined using either a Leica
                             and down-hole surveys), trenches, mine workings and other              GPS1200 (expected accuracy is better than ±0.25m for all three
                             locations used in Mineral Resource estimation.                         dimensions) or a handheld Garmin GPS unit and averaging for 90
                                                                                                    seconds with an expected accuracy of ±6m for easting and northing.
                          • Specification of the grid system used.
                                                                                                 • Drill path gyroscopic surveys were completed at either 10m or 12m
                          • Quality and adequacy of topographic control.                            intervals down hole using a north seeking REFLEX GYRO SPRINT-IQ.
                                                                                                 • The grid system is GDA94 Zone 51.

Data spacing and          • Data spacing for reporting of Exploration Results.                   • The drilling is for exploration purposes and targets conductive plates
distribution                                                                                        generated from surface geophysics (moving loop EM).
                          • Whether the data spacing and distribution is sufficient to
                             establish the degree of geological and grade continuity             • Samples have been composited using length-weighted intervals for
                             appropriate for the Mineral Resource and Ore Reserve                   public reporting.
                             estimation procedure(s) and classifications applied.

                          • Whether sample compositing has been applied.

Orientation of data in    • Whether the orientation of sampling achieves unbiased sampling • Drilling from the surface was designed to cross the conductive plate
relation to geological       of possible structures and the extent to which this is known,          targets at a high angle. Holes have been drilled from both the
structure                    considering the deposit type.                                          southeast and northwest to provide stratigraphic coverage.
                          • If the relationship between the drilling orientation and the         • True-widths of the intervals are yet to be determined and all reported
                             orientation of key mineralised structures is considered to have        widths are intersection widths.
                             introduced a sampling bias, this should be assessed and             • The possibility of bias in relation to orientation of geological structure is
                             reported if material.                                                  currently not known.


Sample security           • The measures taken to ensure sample security.                        • The chain-of-sample custody is managed by IGO staff.
                                                                                                 • Samples were stored at IGO’s currently active mine site designated the
                                                                                                    Nova Operation (Nova). The drill core was cut and sampled at Nova
                                                                                                    by IGO staff and contractors.
                                                                                                 • Samples were placed in pre-numbered calico bags and further
                                                                                                    secured in green plastic sample bags with cable ties. The samples are




                                                                                                                                                                           
Criteria            JORC Code explanation                                               Commentary

                                                                                           further secured in a bulka bag and delivered to Bureau Veritas Perth by
                                                                                           freight contractor McMahon Burnett.
                                                                                        • A sample reconciliation advice is sent by Bureau Veritas Perth to IGO’s
                                                                                           Geological Database Administrator on receipt of the samples.
                                                                                        • Sample preparation and analysis was completed at the laboratory of
                                                                                           Bureau Veritas Perth.
                                                                                        • The risk of deliberate or accidental loss or contamination of samples is
                                                                                           considered very low.

Audits or reviews   • The results of any audits or reviews of sampling techniques and   • No specific external audits or reviews have been undertaken at this
                       data.                                                               stage of the program.




                                                                                                                                                              
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

Criteria                  JORC Code explanation                                                   Commentary

Mineral tenement         • Type, reference name/number, location and ownership                     Exploration      Expiry            Details
and land tenure             including agreements or material issues with third parties such as
status                      joint ventures, partnerships, overriding royalties, native title       Licence          Date              JV Manager             JV % holding
                            interests, historical sites, wilderness or national park and
                            environmental settings.                                                                                                           IGO 70%
                                                                                                   E28/2367         06/05/2020        IGO/Orion
                         • The security of the tenure held at the time of reporting along with                                                               Orion 30%
                            any known impediments to obtaining a licence to operate in the                                                                    IGO 60%
                            area.
                                                                                                   E39/1654         24/02/2022        IGO/NBX/Orion          NBX   30%
                                                                                                                                                             Orion 10%


Exploration done by      • Acknowledgment and appraisal of exploration by other parties.         • There has been historical reginal exploration for gold and base metals by
other parties                                                                                       Companies listed above. Previous work on the tenements consisted of
                                                                                                    aeromagnetic/radiometric and DTM Aeromagnetic / Radiometric / DTM
                                                                                                    surveys, soil sampling, geological mapping, ground EM survey.

                                                                                                 • There has been previous sporadic air core, RC and diamond drilling
                                                                                                    conducted.

Geology                  • Deposit type, geological setting and style of mineralisation.         • The project area is considered highly prospective for volcanogenic
                                                                                                    massive sulphide deposits, based on the recently identified mineralisation.
                                                                                                    Similar mineralisation style is also identified in adjacent tenements.

                                                                                                 • The region is also considered by IGO and to have the potential to host
                                                                                                    mafic or ultramafic intrusion related Ni-Cu-Co deposits based on the
                                                                                                    discovery of Nova-Bollinger Ni-Cu-Co deposit and volcanic massive
                                                                                                    sulphide deposit based on IGO’s Andromeda exploration prospect.

Drill hole Information   • A summary of all information material to the understanding of         • Location details of significant intercept DD holes are tabulated in the
                            the exploration results including a tabulation of the following         body of the ASX Public Report.
                            information for all Material drill holes:

                         • easting and northing of the drill hole collar
                         • elevation or RL (Reduced Level – elevation above sea level in



                                                                                                                                                                             16
Criteria                 JORC Code explanation                                                       Commentary

                            metres) of the drill hole collar

                        • dip and azimuth of the hole
                        • down hole length and interception depth
                        • hole length.
                        • If the exclusion of this information is justified on the basis that the
                            information is not Material and this exclusion does not detract
                            from the understanding of the report, the Competent Person
                            should clearly explain why this is the case.

Data aggregation        • In reporting Exploration Results, weighting averaging techniques,         • No significant drill hole intercept were reported in this release.
methods                     maximum and/or minimum grade truncations (e.g. cutting of
                            high grades) and cut-off grades are usually Material and should
                            be stated.

                        • Where aggregate intercepts incorporate short lengths of high
                            grade results and longer lengths of low grade results, the
                            procedure used for such aggregation should be stated and
                            some typical examples of such aggregations should be shown in
                            detail.

                        • The assumptions used for any reporting of metal equivalent
                            values should be clearly stated.

Relationship between    • These relationships are particularly important in the reporting of        • Only downhole intersection widths are provided as an understanding of
mineralisation widths       Exploration Results.                                                       the structural geometry is at an early stage.
and intercept lengths
                        • If the geometry of the mineralisation with respect to the drill hole
                            angle is known, its nature should be reported.

                        • If it is not known and only the down hole lengths are reported,
                            there should be a clear statement to this effect (e.g. ‘down hole
                            length, true width not known’).




                                                                                                                                                                              17
Criteria              JORC Code explanation                                                  Commentary

Diagrams             • Appropriate maps and sections (with scales) and tabulations of       • No intercepts is reported in this report.
                        intercepts should be included for any significant discovery being
                        reported. These should include, but not be limited to a plan view
                        of drill hole collar locations and appropriate sectional views.


Balanced reporting   • Where comprehensive reporting of all Exploration Results is not      • Geochemical results reported does not refer to significant intervals of
                        practicable, representative reporting of both low and high             mineralisation.
                        grades and/or widths should be practiced to avoid misleading
                        reporting of Exploration Results.

Other substantive    • Other exploration data, if meaningful and material, should be        • A surface EM survey and downhole EM surveys have identified three
exploration data        reported including (but not limited to): geological observations;      dimensional geophysical targets that are included in the diagrams in the
                        geophysical survey results; geochemical survey results; bulk           body of this ASX release.
                        samples – size and method of treatment; metallurgical test
                        results; bulk density, groundwater, geotechnical and rock
                        characteristics; potential deleterious or contaminating
                        substances.


Further work         • The nature and scale of planned further work (e.g. tests for         • Further drilling is planned to test the conductive plates generated from
                        lateral extensions or depth extensions or large-scale step-out         the EM surveys.
                        drilling).

                     • Diagrams clearly highlighting the areas of possible extensions,
                        including the main geological interpretations and future drilling
                        areas, provided this information is not commercially sensitive.




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Date: 03-02-2020 08:12:00
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