Nightflower Exploration Target Upgrade Following Antimony Price Increase

Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to advise that it has upgraded its Nightflower Exploration Target after reviewing its earlier estimation in light of the recent increases in the Antimony price. Nightflower is a high grade silver – lead deposit with, previously overlooked, significant Antimony credits.

Highlights:

• Nightflower project is a high grade silver deposit with historically impressive intersections from past drilling including 9 m @ 506g/t Silver (>16 oz/t), 12.6% Lead, and 1.46% Zinc.¹
• An Exploration Target range reported on 6 June 2022 has now been substantially upgraded to 2.75 Mt @ 364 g/t Ag Eq for 32 Moz Ag Eq to 5.36 Mt @ 270 g/t Ag Eq for 47 Moz Ag Eq. The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.
• Antimony has contributed to the Exploration Target, however, recent significant increases in the Antimony price due to China's export restrictions have improved the project’s economics.
• Historical drilling results indicate Antimony grades up 3.05m @ 9.0% Sb, 24.0% Pb, 10.5% Zn, 14.9 oz/t Ag, and 0.38% Cu (Hole NF72DD11), although the Exploration Target is based on a 1% Sb grade.
• Drilling is now being planned to test the target and upgrade previously identified mineralisation to JORC 2012 reporting standards.

In mid-August China, the world’s largest producer of Antimony – producing 83,000t in 2023 (USGS) - accounting for 48% of the world’s supply, will be restricting Antimony exports from 21 September 2024. Consequently, the Antimony price has significantly increased and is currently trading at US$24,500/tonne (Argus Metals, Antimony ingot min 99.65% fob China).

The revised Exploration Target is summarised in Figure 1, incorporating the original tonnages from the 6 June 2022 announcement with revisions to the grade range, detailed later in this report.

Figure 1. Revised Exploration Target. Note: The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.

The estimated Antimony content range within the Exploration Target is summarized in Figure 2 below.

Figure 2. Revised Exploration Target with an estimated contained Antimony range. Note: The Exploration Target is conceptual in nature only and there is no guarantee that further exploration will define a resource.

Tartana Minerals Managing Director, Stephen Bartrop, commented:

“Significant increases in our Exploration Target, Antimony prices, and consequently the economics of the project underpins the importance of the Nightflower project. With production at the Tartana mine site reaching steady state, this opportunity is only more significant. Further this represents only one target (The Digger Lode mineralisation) and excludes the prospectivity of the adjacent Terrace lode and a possible further discovery.”

Nightflower Silver Project History

The Nightflower project is located 40 km north of Chillagoe in Far North Queensland. It covers a substantial part of the northern Featherbed Volcanic Group and the underlying and surrounding Hodgkinson Formation.

It was discovered as a high grade silver deposit in 1923 and was visited by the Queensland Premier in October 1923. On the Premier’s return to Brisbane he reported that the ore at Nightflower was very rich and a truck-load treated at Chillagoe gave about 30% of lead and 40 ounces of silver to the ton (Source: Qld Govt Mining Journal Vol XXIV, Oct 1923).

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