High Grade Titanium In Rock Chip Samples From The May Queen South Bauxite Project

Australasian Metals Limited (ASX: A8G, Australasian or the Company) is pleased to advise that the Company has completed an initial field program at the May Queen South Bauxite project (the Project) Figure 1. The program consisted primarily of mapping and surface rock chip sampling. The geological fertility of the Project for bauxite and titanium was confirmed by the identification of several high grade surface samples with TiO2 of between 3.36 % to 17.55%.

Highlights

• Field investigation and surface rock chip sampling has identified high grades of up to 17.55% TiO2.
• The May Queen South Bauxite Project (EL 16260 and EPM 16261) has a JORC (2012) Inferred Mineral Resource Estimate of 54.9Mt at 37.5% total Al2O3 and 5.2% TiO2 and 7.9% Rx SiO2.
• The high-grade titanium zone will be further evaluated with shallow drilling.
• The project is located <55km from existing rail infrastructure with connections to the Port of Bundaberg.

“The high Titanium grades at surface on EPM16261 exceeded our expectations within the defined bauxite resources of the Project. Given the shallow setting of the mineralisation it is anticipated that future exploration to expand the resource will be lower cost. The timing is right for the development of the Project as the market is seeing surging demand for TiO2 from industrial users in China, Japan, and South Korea”.

The May Queen South Bauxite project is located in central Queensland, within a short trucking distance of a rail system leading north to the Port of Bundaberg. It is also located within close proximity of the main Queensland Rail network heading south towards the Port of Brisbane.

Figure 1. Location of Tenements 16260 and 16261 shown together with the Company’s existing May Queen gold tenements (EPM19419 and EPM27746)

The Project has a JORC 2012 Inferred Mineral Resource estimate of 54.9Mt at 37.5% total Al₂O₃ and 5.2% TiO₂ and 7.9% Rx SiO ¹ (refer to announcement dated 30 May 2023). The Company completed a field visit to the project area and has confirmed the presence of the reported bauxite mineralised plateaus and zones as defined in the mineral resource estimate.

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