Surface Campaign Confirms Potential Scale Of Kusi Gold-Copper Skarn Mineralisation

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company) is pleased to announce surface rock chip and trench assay results from Kusi, part of the 100% owned Ono Project in Papua New Guinea.

HIGHLIGHTS

• Rock chip and trench sampling of the Upper Limestone skarn target at Kusi has confirmed widespread gold-copper skarn mineralisation
• Results from the area of current drilling (the Southern area) have extended the strike extent of the high grade zone to over 350m, including:
  • 4m @16.7g/t Au (from trench 24)
  • 74g/t Au, 6.7% Zn (rock chip from outcrop)
  • 47.8g/t Au, 6.7% Cu, 1.8% Zn (rock chip from outcrop)
  • 33g/t Au (rock chip from outcrop)
• Initial scout trenching over the Northern area, 1km north of current drilling, intersected gold mineralised silicified phyllite, interpreted as proximal to Upper Limestone skarn target
• Recently reported diamond drill hole KU23DD001, testing the Upper Limestone skarn target returned 15.2m @ 4.45g/t Au (from 138.2m) within 76.4m @ 1.34g/t Au (from 106.9m)¹ providing additional demonstration that the Upper Limestone mineralisation may be continuous
  
• Four additional drillholes, KU23DD002-5 with assays pending, have intercepted the skarn unit.

The field campaign is active at 4 locations within gold in soil anomalies interpreted to represent the Upper Limestone skarn target.

1. Northern area flank of a topographical high, coincident with elevated gold in soils and ~1km north of current drilling.

2. Western area 400m to 1km west of, and along strike of, current drilling where the target Upper Limestone skarn is expected to ‘daylight’ or outcrop and coincident with elevated gold in historical soil samples.

3. Eastern area building upon the success of the 2022 Leah’s Lode discovery, which has delivered trench results of 8m @ 11.5g/t Au and 2.6% Cu (trench 4)² and 22m @ 4.68g/t Au and 0.15% Cu (trench 5)³.

4. Southern area, south and along strike from the current drilling in the Southern area.

The Southern area program, mapping and sampling exposures of Upper Limestone skarn, delivered very encouraging trench results including 4m @ 16.7g/t Au in trench 24 (Plate 2) and 2.4m @ 4.7g/t Au in trench 19, which remains open in all directions. Both of these trenches were excavated in steeply dipping terrane which prevented completion of trenching across the entire thickness of the target Upper Limestone. In trench 24 the highest sampled interval of 1m grading 59g/t Au (Sample 207391 Plate 2) was from the southern end of the trench. Additional individual rock chip from limited outcrops in this region delivered: 47.8g/t Au, 6.7% Cu and 1.3% Zn (Plate 1); 74g/t Au; 13.8g/t Au; and 33g/t Au. The nearby trench T1 delivered 20m @ 3.84g/t Au².

These trench and rock chip results are interpreted to represent the surface expression of mineralisation intersected in recently completed drill hole KU23DD003 (assays pending) and historical hole KSDD004 (49m @ 1.26g/t Au including 20m @ 2.89g/t Au)² which extends the interpreted strike of mineralised Upper Limestone to over 350m in this area. It is possible for additional skarn units to occur stratigraphically below the Upper Limestone target, as evidenced by a deeper gold + base metal rich skarn unit mapped in a river valley 1km to the west².

Limited scout trenching targeting the Northern area intersected phyllite with associated silicification returning 13m @ 0.7g/t Au in trench 18 and 10m @ 0.45g/t Au in trench 6. The mineralisation in both trenches remains open in all directions. Of particular interest is the association of gold with elevated arsenic, antinomy, and zinc which is a typical geochemical signature of mineralisation developed within sediments distal to porphyry-related systems and signifies a large well developed hydrothermal system.

Results at this first Northern area field campaign have confirmed the modelled widespread distribution of gold anomalism. It is anticipated that further work in the heavily vegetated and scree covered region might expose additional mineralised units such as the host Upper Limestone or phyllite, as encountered at Leah’s Lode.

Results from sampling the Western area and Eastern area campaigns remain pending, however both campaigns have logged altered limestone and phyllite units of interest.

The Kusi drilling program remains on schedule and budget. The Company recently announced the results of the first completed drillhole (KU23DD001) which included 15.2m @ 4.45g/t Au (from 138.2m) within 76.4m @ 1.34g/t Au (from 106.9m)¹. An additional three drillholes have been completed with one in progress, with all holes intercepting the target Upper Limestone skarn. Assays remain pending.

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