Highest Grade Thick Intercepts Of Manganese

ChemX Materials Ltd (ASX: CMX) (ChemX or Company), an Australian-based high purity critical materials business, is pleased to announce the third and final stage assay results from the 2023 Jamieson Tank Manganese drilling campaign on the Eyre Peninsula in South Australia.

• Final 25 drill hole results received. All results from the 94 holes now received on Jamieson Tank for a total of 6,164m.
  
• Significant manganese intercepts continue near surface and at depth.
• Maiden Mineral Resource estimate planned for June 2023.

The manganese grades achieved from the third stage assay batch (including 16m thickness at 17.9% Mn from 17m) are highly encouraging and based on previous metallurgical testwork (ASX 11 May 2022), indicate the manganese mineralisation is highly amenable to upgrade via beneficiation and conversion to a High Purity Manganese (HPM) battery grade product.

This third and final round of assay results reveal significant manganese intercepts near surface and extending to depth, as displayed in table A and illustrated in Figure 1. Full drill hole assays are displayed in Appendix 3.

Table A: Significant Intercepts

The significant intercepts (averaged from 1m samples) have been reported from raw assays of a minimum of 8% Mn and 2m thickness. The significant intercepts are from a total of 1756 sample assays returned from 94 drill holes.

CEO Mark Tory commented: “These final results complement previous drilling results and demonstrate encouraging intervals of sustained manganese grades commencing from relatively shallow depth. With the first 10m consisting of a sandy overburden and therefore indicates free-dig, it is likely to be relatively simple mining.

ChemX is extremely pleased with the 2023 drill campaign results and will now work closely with ERM Australia Consultants Pty Ltd, trading as CSA Global to estimate a Mineral Resource in accordance with the JORC Code. The Mineral Resource estimation (MRe) will support future preliminary mine optimisation plans and provide confidence in the quality and quantity of the feedstock, for the beneficiation of the manganese resource, ultimately destined for the global battery grade manganese market.”

Figure 1: Jamieson Tank cross-section 6297000 mN, in the southern strike area

Chief Supervising Geologist for the CMX Drill Campaign, Dr John Parker commented: “The higher- grade manganese, as depicted above in a schematic cross section, (figure 1) has been interpreted from field geological activities, and occurs as continuous bands in a relatively shallow, folded sequence of banded iron formation. The zone of shallow high-grade mineralisation presents initially ca. 200m wide and extends over 2km in strike length.” Ongoing geological modelling, complemented by geophysics, geological logging and assays, will support the planned Mineral Resource estimate.

The Jamieson Tank Drill hole location map is shown below in figure 2. The exploration campaign covered the northern most 2km of the Jamison Tank deposit. Jamieson Tank has been subject to significant exploration by previous tenement owners (ASX 27 July 2022) with the aim of identifying DSO manganese. ChemX’s programme was designed to estimate a Mineral Resource in order to provide material for a High Purity Manganese project to supply the global electric vehicle battery market.

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