5 December 2018

NEW COPPER AND GOLD TARGETS DEFINED BETWEEN

WODGER AND BIG BILLY IN THE BRYAH BASIN

  • Results received from recent aircore drilling between Wodger and Big Billy Prospects

  • Three additional exploration targets identified; Wodger North, Big Billy South and VTEM 12

  • Better results include 12m @ 0.52% Cu from 36m at Wodger North; and 4m @0.8% Cu and 0.5 g/t Au from 16m at Big Billy South

  • Wodger Prospect now interpreted to extend further north than previously reported

  • Additional follow-up aircore drilling to be undertaken

  • RC drilling continuing at Wodger and Forrest Prospects

Western Australian base metals explorer Auris Minerals Limited ("Auris" or "the Company") (ASX: AUR) is pleased to provide the following update on exploration activities at the Company's Wodger and Big Billy Prospects in the Bryah Basin of Western Australia.

Following the completion of an aircore drilling programme in September (see ASX release dated 10 October 2018), three additional exploration targets have been defined between the Wodger and Big Billy Prospects respectively. In total, 83 holes were drilled for 7,328m, all inclined at 60° towards 090°, at 100m intervals along 300-400m-spaced traverses. The planned programme was modified to control costs, as the average depth of holes was proving to be deeper than expected (average depth 88m vs planned 50m).

Although this so-called "prospective corridor" has always been regarded as important, the area has never been effectively sampled prior. The recently completed geological interpretation of the Forrest Project area suggests that the corridor is underlain by the prospective Upper Narracoota Formation volcanics, in contact with overlying sediments of the Ravelstone Formation. This drilling has largely confirmed this interpretation and even though the Narracoota Formation may not be as extensive as initially interpreted, the prospective 'Upper contact' has been mapped at a broad scale.

The drilling has highlighted three additional exploration targets for further focused work; Wodger North, Big Billy South and VTEM 12 (refer figures 1 and 2, 3, 4). Further aircore drilling is planned to better test the mineralisation and upper contact in detail within these areas of interest.

AURIS MINERALS LTD ABN 77 085 806 284

Lvl3 18 Richardson Street West Perth Western Australia 6005 | PO Box 298 West Perth WA 6872 T +61 8 6109 4333 | Egeneral@aurisminerals.com.au | W aurisminerals.com.au

Figure 1: Aircore drill coverage of the interpreted Narracoota Formation (green). Recently drilled holes are shown as pink triangles. Newly defined target areas highlighted in red.

Wodger North

At the northern end of the Wodger Prospect, four holes reported anomalous copper values, as follows - from south to north (refer Figures 1 and 2, and Tables 1 and 2):

4m @ 0.18% Cu, from 56m

(WRAC193)

14m @ 0.29% Cu, from 28m to EOH

(WRAC194)

8m @ 0.13% Cu, from 24m; and

12m @ 0.52% Cu, from 36m; and

8m @ 0.12% Cu, from 68m

(WRAC203)

4m @ 0.22% Cu, from 64m

(WRAC191)

These holes demonstrate that the near-surface copper anomaly at Wodger extends further north than recognised before, and more importantly, that it extends to the west of what was previously interpreted to be the northern extremity of Wodger (see AUR (formerly RNI) ASX Announcement, dated 9 March 2017).

According to the 1:25,000 scale interpretation from geophysical data, this area is underlain by two slivers (probably tectonic slices) of Narracoota Formation volcanics, separated by a thin unit of Ravelstone Formation sediments, which also underlie the area to the east. The contact is partly transitional and probably interfingered. The current interpretation will be refined, primarily based on information from this programme.

The best mineralisation intersected to date appears to be associated with a lithological contact at the top of the Narracoota Formation (the 'Upper contact'). Further work is required to confirm the nature of this contact - which is one aim of the current RC drilling programme. More aircore drilling will be required to track the contact northwards, and further RC drilling may be required to test the contact once it is mapped.

Figure 2: Wodger North Target: geology and anomalous geochemistry in aircore drilling. Note the east-west-trending dyke cross-cutting the area.

Big Billy South

An additional area of interest was identified immediately south of the Big Billy Prospect (refer Figures 1 and 3), at the south-eastern extremity of a Category 3 VTEM target (refer AUR ASX announcement 27 July 2018). One hole reported anomalous copper, best result of 4m @ 0.8% Cu, from 16m in WRAC155, however this and four other holes reported anomalous gold, as follows - from north to south (refer Figure 3, and Tables 1 and 2):

4m @ 1.63g/t Au, from 24m

(WRAC165)

8m @ 1.02g/t Au, from 20m

(WRAC161)

4m @ 0.98g/t Au, from 40m

(WRAC160)

4m @ 0.49g/t Au & 0.8% Cu, from 16m

(WRAC155)

4m @ 0.60g/t Au, from 16m

(WRAC154)

The main Big Billy Prospect is located at the same contact as Wodger North (see above), between the Narracoota and Ravelstone Formations, and further work is required to fully understand the geology of this area, and resolve a more defined target. It is possible that the geochemical anomaly is the near-surface manifestation of mineralisation at depth to the northwest, coincident with the VTEM target. As well as the geochemical anomalism and the VTEM target, a small cluster of two magnetic and two gravity anomalies occurs within 750m to the east.

Figure 3: Big Billy Target: geology and anomalous geochemistry in aircore drilling. Associated VTEM target and magnetic and gravity anomalies indicated.

VTEM 12

The third area of interest is also located adjacent to a Priority 3 VTEM exploration target, where the strike of the Narracoota Formation swings from north-south to east-west (refer Figures 1 and 4) and an east-west-trending, cross-cutting structure has also been interpreted at this locality. Only one aircore hole reported anomalous results at this locality but overlapping intervals were anomalous in both copper and gold, as follows:

8m @ 0.20% Cu, from 44m

(WRAC182)

7m @ 0.50g/t Au, from 48m

(WRAC182)

The geochemical anomaly may be a near-surface expression of mineralisation at depth to the northwest, coincident with the VTEM target.

Figure 4: VTEM 12 Target: geology and anomalous geochemistry in aircore drilling

RC Drilling is nearing completion at Wodger and will be shortly moving to Forrest.

For and on behalf of the Board.

Mike Hendriks

Chief Operating Officer

For Further information please contact:

Mike Hendriks

Chief Operating Officer +61 8 9 6109 4333

Released through Sam Burns, Six Degrees Investor Relations, M: +61 400 164 067

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Fe Limited published this content on 05 December 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 December 2018 09:41:06 UTC