Belara Metallurgical Test Work Produces High Grade Concentrates

Belararox Limited (ASX:BRX) (“Belararox” or “the Company”) an advanced mineral explorer focused on high value clean energy metals, is excited to announce the initial metallurgical testwork results from the Phase 1 resource drilling at the Belara Project. The testwork aims to build upon drilling results to determine the potential of the Belara Project to host significant zinc and copper mineralisation.

Highlights

• Sequential open circuit flotation tests on low-grade composite from early Belara drilling confirms the potential for producing saleable Copper, Lead, and Zinc concentrate grades.
  
• Recoveries and concentrate grade are comparable to similar mines in the region.
• Metal recoveries compare favourably to the significant Woodlawn Cu/Pb/Zn volcanogenic massive sulphide project located in the southern extensions of the Lachlan Fold Belt in NSW with very similar concentrate grades and saleable metal recoveries as highlighted in the below charts.
• Favourable silver recovery of 35% in the Belara lead concentrate, vs 24% in Woodlawn lead concentrate.
• Recoveries are expected to improve on higher grade composites, which are more reflective of the average metal grades obtained from the recently completed Phase 1 drilling.

• Initial Mineral Resource Estimate to be completed during October.
  
• Planning for Phase 2 exploration and drilling at Belara Project is underway and details will be announced in the coming month.
• Heritage agreement with the Warrabinga Wiradjuri Native Title Claim Group has been executed, with grant of the remaining two Exploration Licence Applications at Belara Project progressing (ELA6176 and ELA6287).
• Bullabulling Project (WA) drilling is to commence in early 2023 targeting the highest priority gold targets identified from recently completed 3D mineral potential mapping. The targeted Bullabulling tenements contain a large 3D model target of a scale similar to the 300,000 oz Geko gold deposit located nearby.

“First phase of metallurgy test work is very encouraging and confirms that saleable Copper, Lead, and Zinc concentrate grades can be produced at Belara. Metal recoveries compare favourably to the Woodlawn Cu/Pb/Zn volcanogenic massive sulphide project (owned by Develop Global Ltd) with very similar concentrate grades, and saleable metal recoveries. Recoveries are expected to improve on higher grade composites, which are more reflective of the average metal grades obtained from the recently completed Phase 1 drilling.

We remain on track to deliver our maiden Mineral Resource Estimate later this month.”

Summary of Metallurgical Test Work

Diamond drill core intervals representative of a lower grade mill feed, from early drill testing on the Belara project, were composited to form a single 23kg Master Composite, then were subjected to metallurgical characterisation and flotation testwork¹.

This composite was obtained from early drill holes BLDD001 and BLDD002a drilled as part of the Phase 1 drilling program for Belara. These drill holes are considered to represent typical polymetallic stratiform sulphide mineralisation for Belara, albeit at lower grades compared to later drilling on the project. Subsequent drilling has identified higher grades e.g. BLDD028 - 3.0m at 11.17% Zn, 1.69% Cu, 2.25% Pb, 88.13g/t Ag, and 1.68 g/t Au (reference: ASX: BRX, 21^st September 2022 Announcement).

Testwork was conducted at Auralia Metallurgical Laboratories under the management of JT Metallurgical Services with the key outcomes being the derivation of a flowsheet and reagent conditions capable of producing saleable copper (>20%), lead (>30%), and zinc (>50%) concentrates.

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