25 Nov

Santy Aircore Results Define 2.2km-Long Gold Anomaly

Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 1 2 5 November 2021 SANTY AIRCORE R ESULTS DEFINE 2.2KM - LONG GOLD ANOMALY HIGHLIGHTS • All assays received from first pass A ir core (AC) drilling completed at the Santy Gold Project, located in Western Australia’s Murchison Region. • Shallow, w ide - spaced (400m x 200m) gr id successfully outlined a 2.2km - long gold regolith anomaly (Fig. 1) . • The Santy Prospect (IZ5) is a structural target identified from magnetic interpretation which coincides with highly anomalous rock chips (up to 100g/t) , with mineralisation remaining open in all directions and at depth. • Encouragingly, with most of the San ty Project under a complex sequence of regolith cover, gold mineralisation was intersected in both weathered and fresh rock. • Drilling at magnetic target UM 1 intersected anomalous levels of N ickel, C obalt and Platinum Group Elements (PGE’s), highlighting t he potential for Julimar - style ultramafic intrusive mineralisation. • Follow - up exploration planned for H 1 2022 with programs including: • Detailed drone aero - magnetics program in early January to assist with geological interpretation and drill targeting beneath cover. • Step - out drilling: m ineralisation at the main Santy Prospect (IZ5) remains open in all direction s with new step - out aircore traverses to grow the gold footprint. • In fill drilling: to define the primary source of the gold mineralisation in advance of Reverse Circulation drilling. • Three high - priority targets, all located on the Tallering Greenstone Belt and along strike from Adaman Resources A Zone Deposit (63,000 oz Au at 2.1g/t gold) and the Mixy Deposit (65,000 oz Au 4.3g/t gold), remain untested. 1 1 ASX Announcement – BPM Corporate Presentation (18 Feb 2021) Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 2 2 5 November 2021 Figure 1 – Santy Gold Project with newly identified 2.2km - long gold trend which remains open in all directions. Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 3 2 5 November 2021 C ommenting on the results, CEO Chris Swallow : “ This is a great start to exploration at Santy, with the definition of a large anomal ous gold trend in wide spaced aircore drilling provid ing a high level of confidence that we have the right project with the potential to deliver a major gold discovery in the Murchison Region . As many recent Western Australian gold discoveries have highlighted, e xploring under - cover requires multiple stage exploration programs to deliver a fusion of geological and geophysical data, guiding the geological understand ing guid ing future drill program s . Our work at Santy is just in its infancy, but we are excited by the opportunity and believe the Project has all the hallmarks for a potential gold discovery .” For further information contact: Chris Swallow Chief Executive Officer E: contact@bpmminerals.com P: +61 412 174 882 BPM Minerals Ltd (ASX: BPM) ( ‘ BPM ’ or ‘ the Company ’ ) is pleased to announce that it has now received all assays from first pass a ir c ore drilling at its Santy Gold Project, located in Western Australia’s Murchison Region, 430km north of Perth . The Santy Project comprises two granted Exploration Licences (EL’s) and two applications totalling 663km 2 which remains largely underexplored , with 80% of granted tenure under transported cover. The Santy Project lies within the Tallering Greenstone Belt, considered prospective for mesothermal gold and VMS base - metal mineralisation. Deposits within the Tallering Belt include high - grade deposits and historical production from the Mixy Deposit ( 65,000 Oz Au @ 4.3g/t Au ), A - Zone: 63,000 Oz Au @ 2.1g/t Au and Royal Standard Mine ( 68,000t @ 13.1g/t Au ) 2 . Drilling at the Santy Project has defined a very coherent gold anomaly at the IZ5 structural target, now known as the ‘ Santy Prospect’ (Fig. 2) . The Santy Prospect gold anomaly is characterised as a 2.2km - long 25ppb gold anomalous tr end contained within a prominent north - northeast trending shear zone . 2 Adaman Resources, Snake Well Gold Project (source: Kalamazoo, 2017a and 2017b) Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 4 2 5 November 2021 Peak assay results from the prospect included: • SAC079 – 17m @ 77ppb Au (from 6m) including 1m @ 303ppb Au (from 8m) Numerous potential hosts for gold mineralisation are present along the main trend, which is supported by observations during drilling of a complex series of felsic volcanics, felsic porphyry, basaltic dykes and felsic schist below a zone of transported cover. Th is is the first drilling completed at the Santy Prospe c t by BPM that is coincident with previous sampling programs ( rock chips up to 100.6 g/t Au 3 ) and regional magnetic anomalism . Figure 2 – Santy Gold Project plan view, with complete d aircore and soil sampling results overlain prospective geology Drilling at magnetic anomaly UM1 intersected anomalous levels of Nickel, C obalt and Platinum Group Elements (PGE’s), highlighting the potential for Julimar - style ultramafic intrusive mineralisation. 3 ASX Announcement - S anty interpretation delivers 17 walk - up drill targets (22 April 2021) Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 5 2 5 November 2021 UM 1 covers a 2.8km - long magnetic high located on the contact between the greenstone belt to the south and the granite - gneiss terrain to the north. Drilling intersected a chalcedony caprock in addition to further weathered ultramafic roc ks at the prospect , peak assay results demonstrating the potential included: • SAC068 – 27m @ 2 , 464ppm Ni, 203ppm Co, & 10 ppb PGE’s (from 20m) including 5m @ 5 , 810ppm Ni, 515ppm Co & 22ppb PGE’s (from 35m) Detailed results and a complete explanation of the methods followed in drilling and assaying the reported holes can be found as appendices to this report. NEXT STEPS A d etailed drone magnetic program is planned for early January to assist with geological interpretation and drill targeting . Further aircore drilling is planned for H1 2022 includ ing s tep - out and infill drilling at the Santy Prospect (IZ5) to define and extend the gold anomalism in advance o f Reverse Circulation drilling. The drilling program will also include the t hree high - priority targets (IZ6, 7 & 8) along strike from the A Zone and Mixy Deposit ’s. - END – This release is authorised by the Board of Directors of BPM Minerals Limited. For further information contact: Chris Swallow Chief Executive Officer E: contact@bpmminerals.com P: +61 412 174 882 Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 6 2 5 November 2021 Competent Person ’ s Statement The information in this announcement that relates to Exploration Results is based on information compiled by Oliver Judd , who is a Member of AusIMM and who has more than five years’ experience in the field of activity being reported on. T he information in the market announcement is an accurate representation of the available data. Mr. Judd has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Judd consents to the inclusion in the report of the matters based on his information in the form a nd context in which it appears. Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 7 2 5 November 2021 About BPM Minerals BPM Minerals Limited (ASX:BPM) is a Perth - based gold, nickel and base - metal explorer with a portfolio of projects located across some of Western Australia’s most prolific greenstone belts (Fig . 3 ) . The Company seeks to build its landholdings within Tier - 1 mining locations, close to existing deposits and world - class infrastructure. The management and exploration teams are well supported by an experienced Board of Directors who have a strong record of funding and undertaking exploration activities which have resulted in the discovery of globally significant deposits both locally and internationally. Figure 3 - BPM Minerals Western Australian Base and Precious Metals Projects . Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 8 2 5 November 2021 TABLE 1 – SANTY PROJECT DRILL RESULTS (GOLD) Prospect Hole_ID Fm To Sample Type Interval (m) Au ppb Da2 SAC012 29 30 Original 1 46 Da2 SAC018 25 30 Composite 5 29 Da1 SAC047 0 5 Composite 5 28 Da1 SAC053 0 5 Composite 5 42 IZ5 SAC070 55 58 Composite 3 39 IZ5 SAC071 50 54 Composite & Orig 4 71 IZ5 SAC072 20 25 Composite 5 34 IZ5 SAC073 35 42 Composite 7 73 IZ5 SAC079 6 23 Original 17 77 inc. 8 9 Original 1 303 IZ5 SAC080 25 36 Composite & Orig 11 23 IZ5 SAC082 15 24 Composite & Orig 9 83 IZ5 SAC083 20 35 Composite 15 54 IZ5 SAC089 19 20 Original 1 28 Notes: 25ppb Au reporting cutoff TABLE 2 – SANTY PROJECT DRILL RESULTS ( Ni - Cu - Co - PGE's ) Prospect Hole_ID Fm To Sample Type Interval (m) Co_pp m C u_pp m Ni_pp m Pt_pp b Pd_pp b MAG2 SAC002 10 69 Composite & Orig 59 120 23 1720 3 5 IZ2 SAC046 15 55 Composite 40 104 31 1700 NA NA UM1 SAC063 15 30 Composite 15 139 31 1387 4 4 UM1 SAC065 10 24 Composite & Orig 14 112 73 1599 7 3 UM1 SAC068 20 47 Composite 27 203 15 2464 8 2 inc. 35 40 Composite 5 515 15 5810 18 4 UM2 SAC099 15 27 Composite 12 120 124 1350 9 3 Notes: 1000ppm Ni reporting cutoff NA = Not Assayed Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 9 2 5 November 2021 TABLE 3 – SANTY PROJECT DRILL HOLE DETAILS Prospect Hole_ID Depth MGA_E MGA_N RL Drill_Type Dip Azi Coastal CAC001 69 369676 6896636 300 AC - 90 0 Coastal CAC002 48 369276 6896637 300 AC - 90 0 Coastal CAC003 51 369475 6896436 300 AC - 90 0 Coastal CAC004 23 369272 6896441 300 AC - 90 0 Coastal CAC005 78 369675 6896435 300 AC - 90 0 Coastal CAC006 51 369471 6896838 300 AC - 90 0 Coastal CAC007 33 369274 6896842 300 AC - 90 0 Coastal CAC008 38 369674 6896832 300 AC - 90 0 MAG2 SAC001 60 374217 6892546 274 AC - 90 0 MAG2 SAC002 69 374452 6892878 275 AC - 90 0 Da2 SAC003 40 372801 6902195 309 AC - 90 0 Da2 SAC004 45 372605 6902201 309 AC - 90 0 Da2 SAC005 51 372401 6902201 310 AC - 90 0 Da2 SAC006 28 372003 6902200 310 AC - 90 0 Da2 SAC007 26 372203 6902205 310 AC - 90 0 Da2 SAC008 34 371799 6902200 310 AC - 90 0 Da2 SAC009 44 371601 6901803 310 AC - 90 0 Da2 SAC010 67 371799 6901801 310 AC - 90 0 Da2 SAC011 23 372001 6901802 310 AC - 90 0 Da2 SAC012 30 372197 6901791 310 AC - 90 0 Da2 SAC013 66 372395 6901796 310 AC - 90 0 IZ2_3 SAC014 25 371004 6901399 300 AC - 90 0 IZ2_3 SAC015 15 371203 6901401 300 AC - 90 0 IZ2_3 SAC016 36 371405 6901395 300 AC - 90 0 IZ2_3 SAC017 36 371602 6901396 300 AC - 90 0 IZ2_3 SAC018 33 371802 6901398 300 AC - 90 0 IZ2_3 SAC019 20 372001 6901398 300 AC - 90 0 IZ2_3 SAC020 24 372201 6901397 300 AC - 90 0 IZ2_3 SAC021 10 370801 6901406 300 AC - 90 0 IZ2_3 SAC022 18 370604 6901406 300 AC - 90 0 Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 10 2 5 November 2021 IZ2_3 SAC023 19 371001 6900997 300 AC - 90 0 IZ2_3 SAC024 14 371201 6901000 300 AC - 90 0 IZ2_3 SAC025 17 370800 6901003 300 AC - 90 0 IZ2_3 SAC026 20 370600 6901002 300 AC - 90 0 IZ2_3 SAC027 12 371198 6900595 300 AC - 90 0 IZ2_3 SAC028 16 371400 6900598 300 AC - 90 0 IZ2_3 SAC029 32 371601 6900596 300 AC - 90 0 IZ2_3 SAC030 30 370998 6900600 300 AC - 90 0 IZ2_3 SAC031 35 370802 6900602 300 AC - 90 0 IZ2_3 SAC032 66 370599 6900600 300 AC - 90 0 IZ2_3 SAC033 19 370996 6900191 300 AC - 90 0 IZ2_3 SAC034 10 371197 6900199 300 AC - 90 0 IZ2_3 SAC035 35 371396 6900199 300 AC - 90 0 IZ2_3 SAC036 42 371600 6900200 300 AC - 90 0 IZ2_3 SAC037 22 370800 6900198 300 AC - 90 0 IZ2_3 SAC038 62 370598 6900201 300 AC - 90 0 IZ2_3 SAC039 42 371596 6899796 300 AC - 90 0 IZ2_3 SAC040 41 371398 6899798 300 AC - 90 0 IZ2_3 SAC041 38 371196 6899796 300 AC - 90 0 IZ2_3 SAC042 10 370999 6899798 300 AC - 90 0 IZ2_3 SAC043 15 370801 6899796 300 AC - 90 0 IZ2_3 SAC044 44 370602 6899797 300 AC - 90 0 IZ2_3 SAC045 32 370396 6899797 300 AC - 90 0 IZ2_3 SAC046 55 370195 6899800 300 AC - 90 0 Da1 SAC047 34 373199 6904205 325 AC - 90 0 Da1 SAC048 15 372999 6904202 325 AC - 90 0 Da1 SAC049 12 372799 6904197 325 AC - 90 0 Da1 SAC050 43 372601 6904201 325 AC - 90 0 Da1 SAC051 49 372397 6904196 325 AC - 90 0 Da1 SAC052 24 373408 6904195 325 AC - 90 0 Da1 SAC053 23 373598 6904199 325 AC - 90 0 Da1 SAC054 33 373803 6904200 325 AC - 90 0 Da1 SAC055 26 373397 6904602 325 AC - 90 0 Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 11 2 5 November 2021 Da1 SAC056 54 373195 6904597 325 AC - 90 0 Da1 SAC057 28 372996 6904603 325 AC - 90 0 Da1 SAC058 35 372793 6904605 325 AC - 90 0 Da1 SAC059 38 372596 6904597 325 AC - 90 0 Da1 SAC060 46 372398 6904596 325 AC - 90 0 Da1 SAC061 39 373596 6904599 328 AC - 90 0 Da1 SAC062 39 373793 6904593 328 AC - 90 0 UM1 SAC063 36 373462 6905273 325 AC - 90 0 UM1 SAC064 23 373869 6905651 325 AC - 90 0 UM1 SAC065 24 373854 6905554 325 AC - 90 0 UM1 SAC066 29 373853 6905450 325 AC - 90 0 UM1 SAC067 21 374930 6906549 322 AC - 90 0 UM1 SAC068 48 374931 6906413 322 AC - 90 0 UM1 SAC069 45 374904 6906277 322 AC - 90 0 IZ5 SAC070 59 378801 6899199 270 AC - 90 0 IZ5 SAC071 54 378599 6899199 270 AC - 90 0 IZ5 SAC072 33 378402 6899202 270 AC - 90 0 IZ5 SAC073 43 378199 6899201 270 AC - 90 0 IZ5 SAC074 12 378802 6899606 270 AC - 90 0 IZ5 SAC075 12 378602 6899604 270 AC - 90 0 IZ5 SAC076 16 378402 6899603 270 AC - 90 0 IZ5 SAC077 17 378202 6899603 270 AC - 90 0 IZ5 SAC078 30 379068 6899601 270 AC - 60 270 IZ5 SAC079 30 379233 6900123 270 AC - 60 315 IZ5 SAC080 36 378943 6900310 270 AC - 60 135 IZ5 SAC081 27 378967 6900283 270 AC - 60 135 IZ5 SAC082 24 378800 6900602 270 AC - 90 0 IZ5 SAC083 45 379003 6900601 270 AC - 60 90 IZ5 SAC084 10 379199 6900600 270 AC - 90 0 IZ5 SAC085 19 379400 6900598 270 AC - 90 0 IZ5 SAC086 29 379001 6900997 270 AC - 90 0 IZ5 SAC087 8 378801 6900998 270 AC - 90 0 IZ5 SAC088 31 379202 6900995 270 AC - 90 0 Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 12 2 5 November 2021 IZ5 SAC089 20 379399 6900993 270 AC - 90 0 IZ5 SAC090 11 379000 6901398 270 AC - 90 0 IZ5 SAC091 23 379198 6901402 270 AC - 90 0 IZ5 SAC092 36 379398 6901396 270 AC - 90 0 IZ5 SAC093 56 379599 6901398 270 AC - 90 0 IZ5 SAC094 12 379402 6901800 270 AC - 90 0 IZ5 SAC095 18 379627 6901804 270 AC - 90 0 IZ5 SAC096 50 379799 6901795 270 AC - 90 0 IZ5 SAC097 8 379200 6901796 270 AC - 90 0 IZ5 SAC098 57 379574 6900602 270 AC - 60 315 UM2 SAC099 28 368644 6902839 300 AC - 90 0 UM2 SAC100 4 368239 6902432 300 AC - 90 0 Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 13 2 5 November 2021 1. JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE 1.1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. AC Drilling • Aircore Drilling was utilised to produ ce a 1m sample from which a ~3kg 5 metre composite samples was collected. Samples were then submitted to the laboratory where they were pulverised to produce a 30g charge for fire assay (Au, Pd, Pt) and a further sub sample for multi element analysis via I CP - MS. Drilling techniques • Drill type (eg core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so, by what method, etc). AC Drilling • Aircore drilling was utilized using a ~3 inch bit. Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 14 2 5 November 2021 Criteria JORC Code explanation Commentary Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bia s may have occurred due to preferential loss/gain of fine/coarse material. AC Drilling • Sample recovery, representivity and suitability was observed visually during drilling and sampling. • It is not known if a relationship between recovery and grade exists at this point. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. AC Drilling • AC chips were logged by a qualified geologist with sufficient experience in this geologic al terrain and relevant styles of mineralisation using an industry standard logging system. • It is not anticipated that the information and results gathered during the drill program would be used for a mineral resource estimation. • Lithology, mineralisation, alteration, veining, weathering and structure were all recorded digitally. • Logging is qualitative, quantitative or semi - quantitative in nature. Sub - sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub - sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the AC Drilling Composite Sampling • An aluminium scoop was used to sub - sample each spoil pile to create a 2 - 3kg 5m composite sample in a calico. The se samples are considered to represent an indication of mineralisation. If an indication of mineralisation is achieved during assaying, the corresponding 1m split samples will be submitted for assay and supersede the composite sample assay during reporting . Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 15 2 5 November 2021 Criteria JORC Code explanation Commentary in situ material collected, including for instance results for field duplic ate/second - half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Certified Registered Material was inserted into the sample string at a rate of approximately every ~30 th sample for internal QAQC purposes. • Samples are submitted to ALS laboratories (Perth WA) for a 30g Fire Assay with ICP - AES finish (Au_ICP21 - gold on ly) or PGM_ICP23 (Au,Pt,Pd) in addition to ME - ICP61, a 33 element multi - element package via 4 acid digestion and ICP - AES finish. A 2 - 3kg samples is oven dried to 105 degC and is then pulverised to 85% passing 75um. Standard laboratory QAQC is undertaken an d monitored. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, d uplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. AC Drilling • Fire Assay with ICP - AES finish is considered a total technique for assessment. • PGM_ICP23 is considered a to tal technique for assessment. • ME - ICP61 is considered a total technique for most elements and minerals however some minerals may not have been completely dissolved during prep and so the technique is considered partial for some minerals and elements. • All te chniques are considered suitable for the phase of exploration and the objectives sought. • Standard laboratory QAQC is undertaken and monitored by the laboratory and by the company upon assay result receival. • All QAQC is deemed to have passed internal standards. Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 16 2 5 November 2021 Criteria JORC Code explanation Commentary Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verificati on, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Logging and sampling weas recorded directly into a digital logging system, verified and will eventually be stored in an offsite database. • No twinning has been undertaken. • No adjustments to any assay data have been undertaken. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys ), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. AC Drilling • Drilling locations are recorded using a Garmin handheld GPS accurate to +/ - 3m Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • AC Drilling • Data spacing is not sufficient to establish a MRE. • Sample compositing (5m samples) was used to create a sample for lab analysis. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the dr illing orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • AC Drilling • Drilling traverses were typically perpendicular to the interpreted geological strike. • It is not known whether the drilling and sampling strategy has created a bias at this point. Sample security • The measures taken to ensure sample security. • Samples were collected by BPM personnel. • Samples were secured in poly weave bags and bulka - bags before being transported to the laboratory by a company Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 17 2 5 November 2021 Criteria JORC Code explanation Commentary sub - contractor. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • Results have been reviewed by other technical personnel within the company. 1.2 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure he ld at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Santy project, consisting of granted Exploration Licences E59/2407 and E59/2437 covering 252 km2 is located approximately 450 km north of Perth and 120 to 180 km northeast of Geraldton, Western Australia. • It is readily accessible from Mullewa is via t he sealed Geraldton – Mt Magnet highway and thereafter northwards along the unsealed road to Tallering and Wandina Stations. Internal access is via station tracks and fence lines. Exploration done by other parties • Acknowledgment and appraisal of explorati on by other parties. • Most of the past exploration work within the project area including drilling, surface sampling; geophysical surveys, geological mapping has been largely complete by CRAE, Giralia, Roebuck, Royal, Atlas Iron and Galahad Resources from 1 990s to 2018. • The reports are available on the West Australian Mines Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 18 2 5 November 2021 Criteria JORC Code explanation Commentary Department WAMEX open file library. Geology • Deposit type, geological setting and style of mineralisation. • The Project lies on the northeastern end of the Archaean Tallering greenstone belt located along the western edge of the Murchison domain in the Yilgarn Craton. The northeast trending belt measures about 100 by 15 km and is characterised by the regionally extensive Gabinintha and Windanning Formations. The Gabanintha Formation is the most extensive unit and consists of a mixture of tholeiitic and high - magnesium basalts, felsic volcanic and volcanoclastic rocks and sediments. • The overlying Windanning Formation is restricted to the Tallering R ange area and contains abundant jaspilite, banded iron, and grey - white cherts interlayered with felsic volcanic rocks and volcanoclastic sediments and minor basalts. Post - tectonic granitic rocks have intruded the greenstone belt and the entire area is cros s - cut by numerous Proterozoic mafic dykes as interpreted from aeromagnetic imagery. Regional metamorphic grade within the belt varies from greenschist to lower amphibolite facies. Higher - grade metamorphosed rocks have been partially retrograded to greensch ist facies. • Much of the Project area is covered by a veneer of lateritic pisolite gravels and ferricretes, silty clays and loams, and granite - derived eolian sands Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 19 2 5 November 2021 Criteria JORC Code explanation Commentary Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the r eport, the Competent Person should clearly explain why this is the case. • All drilling details are reported within the body of this report. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut - off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high - grade results and longer lengths of low - grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • Standard weighted averaging techniques were used to rep ort assay results. • 25ppb Au was used as lower reporting cut off for gold assays. • 1000ppm Ni was used as lower reporting cut off for nickel assays. • No top cutting was applied. • No metal equivalent reporting was used. Relationship between mineralisatio n widt hs and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • The geometry of mineralisation in relation to geology/structure is unknown at this point. Level 1 , 10 Outram Street West Perth, WA 6005 | contact@bpmminerals.com | +61 8 9467 6393 20 2 5 November 2021 Criteria JORC Code explanation Commentary Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views . • All relevant diagrams are shown within the body of this report. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results. • The accompanying document is a balanced report with a suitable cautionary note. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characterist ics; potential deleterious or contaminating substances. • Suitable commentary of the geology encountered is given within the text of this document. Further work • The nature and scale of planned further work (e.g., tests for lateral extensions or depth extens ions or large - scale step - out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Further heritage clearances and AC drill testing of the remaining targets at the project. • Follow up drilling of any anomalies identified from assaying. • Aero - magnetic surveying

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