For personal use only

21 July 2022

SANDFIRE JV UPDATE

JUNE 2022 QUARTER

MORCK WELL JV

Morck Well Project

  • One diamond drill hole (MWDD0006) completed at the Citra Prospect (1,141m)
  • MWDD0006 intersected previously unmapped host DeGrussa Formation sediments along strike from previously recorded significant copper intersections
  • Several trace copper mineralised horizons intersected comprising bornite, chalcopyrite and chalcocite, including:
    • 808-809.5m- Trace/minor bornite and chalcopyrite in exhalative jasper
    • 812-840m- Trace/minor disseminated chalcopyrite along bedding planes
  • All assay results from the sampling of the drill hole are pending
  • Follow up drill program has been designed to test the strike continuity of the supergene copper mineralisation and to test the potential for mineralisation at depth
  • Drillhole Electromagnetics (DHEM) also planned for the current quarter

CHEROONA JV

  • Results from 392.9m diamond tail did not return any significant findings

SUBSEQUENT TO QUARTER END

  • Sandfire Resources Ltd (ASX: SFR), have provided formal notice of their withdrawal from the Cheroona and Cashman farm in agreements, effective 4 August 2022
  • Sandfire are currently compiling all reports and data for handover to Auris
  • Auris to conduct a detailed review of the Cheroona and Cashman Project data suites to determine next steps and future exploration plans

Gold and Base Metals explorer Auris Minerals Limited ("Auris" or "the Company") (ASX: AUR) is pleased to provide the following update on exploration completed by Sandfire Resources Limited ("Sandfire"; ASX: SFR) during the June 2022 quarter across the Company's Joint Venture portfolio located in the Bryah Basin, Western Australia.

Auris Managing Director, Mike Hendriks commented: "We are very encouraged by the initial observations from diamond drilling at Morck Well, which has highlighted previously uncharted DeGrussa formation sediments. These sediments are along strike of previous copper hits including one hole with 11m at 3.5% copper (Refer ASX Announcement 6 June 2018), so we are certainly looking forward to the follow-up drilling programme and DHEM this quarter to investigate this further.

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 | E general@aurisminerals.com.au | W aurisminerals.com.au

For personal use only

SANDFIRE JV UPDATE - JUNE 2022 QUARTER

21 JULY 2022

P a g e | 2

While we are disappointed Sandfire has chosen to withdraw from the Cheroona and Cashman farm in agreements, we thank them for the work completed and we will review the full data suite once received and determine if any further follow up work is warranted on these projects once handed back on the 4th of August.

Morck Well is continuing to shape as an exciting copper-gold opportunity for the JV with follow-up work planned and diamond drilling assays expected to be received this quarter. We look forward to reporting any material progress from across our JV portfolio as exploration advances."

MORCK WELL JV (SFR earning a 70% interest)

Project Summary

In February 2018, Auris entered a Farm-in Agreement with SFR in relation to the Morck Well and Doolgunna Projects which covers ~430km². The Morck Well and Doolgunna Projects are strategically located 22km to the south-west and 4km to the southeast respectively, of Sandfire's DeGrussa Copper Mine in Western Australia. The Morck Well project is also located 8km along strike from Sandfire's Old Highway gold deposit with comparable high-grade gold mineralisation being intersected associated within similar geology within regional Air Core drilling completed to date.

Diamond Drilling

One diamond drill hole (MWDD0006) was completed at the Citra prospect, to a depth of 1,141m. The drill hole was designed to test an interpreted rift and transform structure intersection proximal to mapped exhalative sediments.

Encouragingly, the hole intersected several trace mineralised horizons containing minor bornite, chalcopyrite and chalcocite.

  • 808-809.5m- Trace/minor bornite and chalcopyrite in exhalative jasper.
  • 812-840m- Trace/minor disseminated chalcopyrite along bedding planes.

The hole was successfully grouted, PVC was run for the full length of the hole and is now awaiting DHEM. All assay results from the sampling of the drill hole are pending.

Figure 1. Drill core showing alteration and lithology logged around the trace/minor bornite mineralisation

within exhalative sediments at 808m. Size of drill core = NQ or ~47.6mm.

Geological Understanding

The completed diamond drill hole intersected previously unmapped host DeGrussa Formation sediments. The mineralised stratigraphy is being reinterpreted for follow up targeting in proximity to interpreted rift parallel structures along strike.

AURIS MINERALS LTD ABN 77 085 806 284

For personal use only

SANDFIRE JV UPDATE - JUNE 2022 QUARTER

21 JULY 2022

P a g e | 3

Geological interpretation of the area is ongoing.

Ongoing and Forecast Work

DHEM is planned for MWDD006 during the current quarter.

A follow up drill program has been designed to test the strike continuity of the supergene copper mineralisation and to test the potential for mineralisation at depth, associated with significant RC results returned during the March 2022 quarter, (Refer ASX Announcement 19 April 2022). The drilling of this programme has been delayed until September 2022.

Sandfire has advised that regional targeting and geological interpretations by Sandfire personal and external consultants are ongoing.

AURIS MINERALS LTD ABN 77 085 806 284

For personal use only

SANDFIRE JV UPDATE - JUNE 2022 QUARTER

21 JULY 2022

P a g e | 4

Figure 2. Drilling Summary Plan - Morck Well Project

AURIS MINERALS LTD ABN 77 085 806 284

For personal use only

SANDFIRE JV UPDATE - JUNE 2022 QUARTER

21 JULY 2022

P a g e | 5

Figure 3. Drilling Summary Plan - Citra Prospect

Figures 1 and 2 Notes -

Morck Well Copper - Gold Prospect -SFR ASX announcement 6 June 2018

Jacques Gold Prospect -RNI ASX announcement 16 April 2013

Frenchy's Gold Prospect - AUR ASX announcement 16 April 2019

Durack Gold Resource - refer WGX announcement 4 September 2017

SFR (MWAC/MWRC/MWDD prefix) results refer ASX announcements 30 March 2020, 20 April 2020, 17

July 2020, 23 October 2020, 20 January 2021, 20 April 2021 and 9 June 2021

Durack East Prospect - Refer ASX announcements 28 October 2020, 28 January 2021, 13 October 2021), 2

November 2021 and 17 December 2021

CHEROONA JV (SFR earning a 70% interest)

Project Summary

On 4 February 2020 Auris and Northern Star Resources Limited (NST) entered into a Farm-in agreement with Sandfire in relation to tenements, E51/1391, E51/1837 and E51/1838, to advance exploration at the Cheroona Project located in the Bryah Basin of Western Australia. Under the agreement Sandfire are sole funding exploration until a Feasibility Study is completed on a discovery of >50,000t Copper or metal equivalent to earn a 70% interest.

Diamond Drilling

All results were returned from the diamond drilling completed last quarter, (Refer ASX Announcement 19 April 2022) comprising a 392.9m diamond tail, CHRC0008. The drill hole was designed to test an airborne EM anomaly, interpreted to be a fractionated dolerite or a jasperoidal chert and the potential for the prospective Karalundi Formation below this anomaly and the Narracoota Formation at depth.

No significant results were received.

AURIS MINERALS LTD ABN 77 085 806 284

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Auris Minerals Ltd. published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 00:13:01 UTC.