Metals X Limited (Metals X or the Company) is pleased to announce an updated Mineral Resource estimate for its underground sulphide deposit at the Nifty Copper Operations (Nifty).

HIGHLIGHTS

10% increase (52,900 tonnes of copper) in contained sulphide copper (Cu) (net of depletion) in the Mineral Resource at the Nifty underground mine, delineated from an additional 309 diamond drill holes for 29,764 metres

Total Nifty Sulphide Measured, Indicated and Inferred Resource (cut-off grade of 0.75% Cu) of 39.66Mt at 1.51% Cu for 598,500 tonnes of contained copper

10% increase in Measured Mineral Resources which now stand at 25.09Mt at 1.70% Cu for 426,700 tonnes of contained copper

Mineral Resource estimate based on a revised geological model for the Nifty deposit which has allowed for improved resolution of geological detail within the mineralised horizons

Total combined Nifty sulphide and oxide Measured, Indicated & Inferred Mineral Resources of 47.29Mt at 1.39% Cu for 658,500 tonnes of contained copper

Executive Chairman, Mr Patrick O'Connor, commented: 'Metals X in the last nine months of 2019 invested $4.1 million in underground drilling at the Nifty Copper Mine which resulted in a 10% increase in contained sulphide copper metal to now report a combined total Measured, Indicated and Inferred Mineral Resource of 658,500 tonnes of copper'.

'Nifty has a large copper endowment, impressive exploration potential and production-ready infrastructure that provides excellent leverage to any improvements in copper prices'.

'Metals X is currently undertaking a strategic review of its copper assets, which include the Nifty Copper Mine, Maroochydore Copper Project and surrounding Paterson exploration tenure. The Board, in consultation with its advisors, is exploring various options for these copper assets including joint ventures and the partial or complete divestment of some or all of these assets, with a view to maximising value for MLX shareholders'.

Contact:

Tel: +61 402 347 032

RESOURCE DEFINITION DRILLING & REVISED GEOLOGICAL MODEL

Since the 2019 Mineral Resource estimate (31 March 2019)1, MLX has completed substantial underground drilling programs at Nifty. A total of 309 diamond drill holes for 29,764 metres of drilling have been completed with a focus on infill and resource definition programs within southwest Region 3 & 4, Region 5 and the eastern end of Region 6. Since the acquisition of Nifty in late 2016, MLX has now drilled a total of 761 diamond drill holes for 91,095 metres of drilling.

In conjunction with the additional drilling completed since the 2019 Mineral Resource estimate, the Company has also competed a revised geological model for the Nifty deposit using advanced LeapfrogTM modelling software which has allowed for improved resolution of geological detail within the mineralised horizons. Of most significance has been the modelling of narrow, effectively barren, shale interbeds within the Middle Carbonate Unit (MCU), which along with the Lower Carbonate Unit (LCU), are the primary hosts to copper mineralisation at Nifty. The revised geological model has been used within the updated 2020 Mineral Resource estimation and is being used as part of the Copper Division Strategic Review.

(C) 2020 Electronic News Publishing, source ENP Newswire