TMT Project – Field Work Commenced and Additional High Sulphide Epithermal & Porphyry Targets Characterised

Belararox Ltd (ASX: BRX) (Belararox or the Company), an advanced mineral explorer focused on high-value clean energy metals, has further characterised six (6) of eleven (11) prospective targets at the Toro- Malambo-Tambo (“TMT”) Project based on ASTER and Sentinenal-2 data and imagery processed by Fathom Geophysics. Independent Technical Consultant, Dr. Steve Garwin, completed the interpretation of the potential for high sulphidation epithermal and porphyry systems.

KEY HIGHLIGHTS

• Field work has commenced in the southern portion of the Toro target, with the mapping of breccias, other rock units, and key features such as mineralisation and alteration.
• Surface sampling has progressed in parallel with mapping activities. The initial focus has been the confirmation of earlier work completed by previous holders of the tenure.
• The preliminary results are under evaluation and appear to align with the geological observations made by previous tenure holders.
• Dr. Steve Garwin has travelled to Argentina to conduct mapping and sampling of specific high- priority targets, collaborating with a field team of local geologists experienced in porphyry exploration techniques.
• Six (6) of the eleven (11) targets generated at the TMT Project from Satellite Aster and Sentinel 2 analysis by Dr. Steve Garwin have undergone further review before heading to Argentina to visit the TMT Project to map and sample selected targets.
• The TMT Project’s targets: Tambo North, Tambo North 2, Tambo VI, Malambo 3, Malambo 4, and Lola Targets have now been characterised in additional detail.
• The targets are interpreted to represent surface expressions of high-sulphidation epithermal and/or porphyry-style mineral systems.

Dr. Steve Garwin arrived in Argentina on the 28th of October, mobilising to the TMT Project soon after arriving in the country. Dr. Steve Garwin will map and sample selected high-priority targets with a field team of in-country Geologists experienced in porphyry exploration methods.

Exploration Director - Argentina, Jason Ward, commented: “The commencement of field work at the TMT Project will focus on geological mapping and systematic geochemical sampling at the porphyry and breccia targets at Toro. This will allow us to have a better understanding of where we are in the system in order to vector in on our target. We shall also investigate some of the targets generated from our remote sensing studies and structural interpretation.”

Belararox’s Managing Director, Arvind Misra, commented: “At TMT Project, our current fieldwork is a major step forward. We’re actively mapping in the southern Toro target, examining breccias, rock formations, and key geological features related to mineralisation and alteration. Dr. Steve Garwin, along with a skilled local team, is spearheading the mapping and sampling efforts. The comprehensive analysis of targets, including Tambo North, Tambo North 2, Tambo VI, Malambo 3, Malambo 4, and Lola Targets, yields valuable insights as they represent surface indicators of high-sulphidation epithermal and porphyry-style mineral systems.”

The TMT project is located in an area where exploration activities have been closing an underexplored gap between [i] the El Indo Metallogenic Belt, which contains the Veladero and Pascua Lima deposits, and (ii] the [Maricunga Metallogenic Belt, which contains the Filo del Sol and Josemaria deposits [refer Figure 1].

Figure 1: The location of the Toro-Malambo-Tambo (“TMT”) project relative to theEl Indo Metallogenic Belt and the Maricunga Metallogenic Belt[1][1] = Source data (Filo Mining Corp., 2020), (E& MJ Engineering and Mining Journal, 2021), & (Barrick Gold Corporation, 2023)

ASTER AND SENTINEL-2 SATELLITE SPECTRAL STUDY

The completed remote sensing studies [ (Garwin, 2023.a), (Garwin, 2023.b)] utilised two (2) different multispectral spaceborne datasets [i] Advanced Spaceborne Thermal Emission and Reflection Radiometer (“ASTER”) and [ii] Sentinel-2. Multispectral image sensors simultaneously capture image data within multiple wavelength ranges (bands) across the electromagnetic spectrum. Each band is commonly described by the band number and the band wavelength centre position. Geological interpretation is then based on the responses displayed in the imagery against known surface hydrothermal alteration and/or surface geology associated with key mineral deposits. Fathom Geophysics (Core & Core, 2023) processed the ASTER and Sentinel-2 data for use in the interpretation of potential mineralisation.

Eleven (11) prospective targets were identified from the satellite spectral imagery with geological interpretation completed on the TMT project by Independent Hydrothermal Systems Specialist Dr Steve Garwin. The 11 prospective targets have been ranked for prospectivity based on spectral response and geological interpretation, resulting in the delineation of prospective targets that show potential for high- sulphidation epithermal mineral systems and/or porphyry-style mineral systems. The selected targets have been ranked for prospectivity across six (6) categories with the A-class category considered to be of higher potential than the B-class; the targets within each class are prioritised from 1 (highest) to 3 (lowest) [refer to Figure 2 on page 3].

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