Barrambie Gold Mineral Resource Estimate
Highlights
- Neometals Limited reports a Mineral Resource Estimate (“MRE”) for the Ironclad deposit at the 100% owned Barrambie Gold Project.
- The Inferred Mineral Resource is estimated at approximately 250,000 tonnes at 1.6g/t for 13,000 ounces gold.
25 June 2025 – Neometals Ltd (ASX: NMT) (“” or “the Company”), is pleased to announce the first MRE for the Ironclad Prospect at its 100% owned Barrambie Gold Project (“the Barrambie Project”), in Western Australia.
The MRE (see Table 1) was completed to substantiate historic, non-JORC estimates, in line with the indicative June Quarter 2025 timeline as stated in the Company’s recent Gold Strategy announcement[1]. The MRE is for mineralisation in the vicinity of the historic underground workings[2] and is based predominantly on shallow reverse circulation (“RC”) and rotary air blast (“RAB”) drilling (generally less than 75 metres deep).
Deposit |
Category |
Block Cut-off |
Tonnes |
Gold Grade (g/t) |
Gold Ounces |
Ironclad |
Inferred |
0.5g/t |
250,000 |
1.6g/t |
13,000 |
Table 1 Ironclad Inferred Mineral Resource Estimate, June 2025
The MRE supports the Company’s strategy of prioritising the Ironclad Prospect for potential development and mining due to the mine-ability of the near-surface mineralisation.
Next steps at Ironclad include assessment of the recently completed oriented diamond drill programme (results outstanding), infill drilling and preliminary economic evaluations. Planning is also underway for initial drilling at other high-priority targets along the 40km strike of greenstone within the Barrambie Project, including Mystery, Barrambie Ranges, and Kismet.
Neometals Managing Director, Chris Reed, says:
“This first MRE supports our view of the near-term mining potential at Ironclad and we will be focussing efforts on extension and infill drilling, evaluation studies and approvals to enable a decision to mine next financial year under a quarry and ore-sale model. This MRE just starts to scratch the surface of one of several historic mines and prospects along the 40km-long greenstone belt within our Barrambie Gold Project. Given that Barrambie has seen such little modern gold-focused drilling, we see this MRE for Ironclad as the start of an exciting journey.”
Figure 1 Ironclad Inferred MRE, plan view showing geology drilling (historic and 2025)
Figure 2 Ironclad Inferred MRE, cross-section view showing geology drilling (historic and 2025). Note: blocks occurring below the optimised pit remain unclassified and have not been included in the MRE
Figure 3 Ironclad Inferred MRE, long-section view showing geology drilling (historic and 2025). Note: blocks occurring below the optimised pit remain unclassified and have not been included in the MRE
A total of 239 RC RAB holes were used for the MRE, including 9 angled RC verification holes drilled by Neometals in February 2025. Historic drilling consists of vertical and angled holes of variable spacing: vertical at approximate 5m X 5m, and angled as close as 25m X 12m and 30m X 10m, increasing to 40m X 20m, below 50 meters (below surface).
The estimate was completed to substantiate historic data that pre-date the JORC Code, which were based on shallow, historic drilling in the vicinity of the old underground workings.[3] Extensions to mineralisation beyond the MRE area have not yet been sufficiently drill evaluated.
Gold mineralisation occurs in two different styles and locations: A zone of stockwork veining (the focus of historic exploration) within the saprolite zone, transitioning to a relatively tabular, steeply dipping, northwest striking shear/vein, at depth and along strike.
Estimation was completed using ordinary kriging within wireframes representing the current geological understanding. The Inferred classification reflects the high reliance on historic data and sensitivity to the interpretation and modelling approach.
About Barrambie
The Barrambie Project hosts one of the world’s highest-grade titanium deposits and is also highly prospective for gold mineralisation. Minimal gold exploration has occurred since the 1990s within Neometals’ 505 square kilometre tenure, which contains approximately 40km strike of the Barrambie Greenstone Belt. The potential for high-tenor gold mineralisation is demonstrated by several historic mining sites, with an average production grade of 24.8g/t, and, based on historic drill data, a gold Exploration Target for the Barrambie Project has been estimated at between 8Mt at 1.3g/t Au and 10.5Mt at 2.3g/t Au, for 335k and 775k ounces[4]. While the Company is reporting an MRE in respect of the Ironclad Prospect in this announcement, no modifications to the gold Exploration Target for the Barrambie Project are proposed at this point in time.
CAUTIONARY STATEMENT – EXPLORATION TARGET
The Competent Person cautions that the potential quantity and grade of the Exploration Target are conceptual in nature and insufficient gold exploration has been undertaken to support estimation of a gold Mineral Resource for the Barrambie Project (notwithstanding this Ironclad MRE) and that there is no certainty that future exploration will result in the estimation of a Mineral Resource.
The Competent Person further cautions that exploration data relied on for this Exploration Target is based on activity undertaken by previous historical operators and have not or may not have been previously reported under the JORC Code or any of its precedents and the Competent Person considers that these data are indicative and not absolute measures of the presence of gold mineralisation.
Neometals considers the Barrambie Project to have potential to host multiple gold occurrences and has resumed gold exploration for first time in over 20 years, with a view to advance and grow existing and new targets.
Ironclad is an advanced target and the subject of a 1988 Notice of Intent lodged by a previous explorer, Samson Exploration NL, which contemplated multiple mines feeding a central processing facility at Barrambie.[5]
Authorised on behalf of Neometals by Christopher Reed, Managing Director.
ENDS
For further information, visit www.neometals.com.au or contact:
Christopher Reed
Managing Director/CEO
Neometals Ltd
T +61 8 9322 1182
Lucas Robinson
Managing Director
Corporate Storytime
T +61 408 228 889
ADDITIONAL INFORMATION
Exploration activities completed
The Competent Person cautions that certain Exploration Results contained within this release have been extracted from historical DEMIRS WAMEX[6] annual reports by previous historical operators. Further exploration and evaluation may affect confidence in these results under JORC 2012 standards. Nothing has come to the attention of Neometals or its Competent Person that cause them to question the accuracy or reliability of the previously reported drill results and work.
The Company has undertaken desktop evaluation of the work completed. However, it has not comprehensively validated the results and therefore is not to be regarded as reporting, adopting or endorsing these results in full.
To comply with ASX Listing Rule 5.7 and the associated FAQ 36 (Announcements of material acquisitions – former owners’ Exploration Results) details of historic exploration programmes by companies prior to Neometals for the relevant historic drill intercepts are reported in Neometals ASX announcements: (i) 23 September 2024, titled “Barrambie Gold Exploration Target”; and (ii) 5 February 2025, titled “Maiden Gold Drilling Programme Commences at Barrambie Project” as summarised in JORC Table 1, Sections 1 and 2 and reference the source WAMEX report A-number. These WAMEX reports can be accessed online at https://geoview.dmp.wa.gov.au/GeoView, using the unique A-number for each report. Each WAMEX report includes a technical explanation of the work completed and results achieved.
In April 2024, grab and rock chip sampling was completed over several prospects, historical workings and structural targets to verify historic data and test under-explored trends. In total, 43 samples were collected with the descriptions and assay results reported in Appendix 3 of Neometals’ ASX announcement of 23 September 2024, titled “Barrambie Gold Exploration Target”. That announcement sets out the detailed basis for the Exploration Target for the Barrambie Gold Project, which includes the results of those assays and the historical data compiled in relation to the relevant historic drill intercepts.
Neometals’ inaugural gold exploration drilling programme at the Barrambie Project focused predominantly on the Ironclad prospect, located at the historic Sugarstone mining centre, in the north of the Barrambie Project. A total of nine holes for 918m were completed at Ironclad and two holes for 126m were completed at Mystery North, located approximately 3km further north, as described in Figures 1 to 3 and Appendices 1, 2 and 3 of Neometals’ ASX announcement of 20 March 2025, titled “Exploration Update – Barrambie Gold Assays”. That announcement sets out further details regarding the exploration activities undertaken by Neometals to report Exploration Results in relation to the Barrambie Gold Project.
Proposed exploration activities
The potential quantity and grade of the Exploration Target is conceptual in nature and will require a systematic exploration effort over a number of years to verify and convert to additional Mineral Resource estimates at the Barrambie Project. Initial exploration in the next term of the licence will focus on verification and extension of the historic data, including:
- twin-hole drilling to verify the location and tenor of gold mineralisation identified in historic data;
- extension of the surface geochemistry sampling to ensure key structural and lithological positions have appropriate coverage;
- analysis for gold and pathfinder elements associated with large scale, orogenic gold mineralisation; and
- follow-up drill testing of priority targets.
COMPETENT PERSONS STATEMENT
The information in this report that relates to Exploration Results, Exploration Targets and Mineral Resources is based on and fairly represents information and supporting documentation compiled by Mr Jeremy Peters. Mr Peters is a Director of Burnt Shirt Pty Ltd, a geological and mining engineering consultancy and has sufficient experience relevant to the reporting of Exploration Results, Exploration Targets and Mineral Resources in Western Australian Archaean orogenic gold mineralisation to qualify as a Competent Person as defined in the December 2012 Edition of the “Australasian Code for Reporting of Exploration Results”. Mr Peters consents to the inclusion of the matters in this report based on this information in the form and context in which it appears.
Information relating to Exploration Results and Exploration Targets has been presented in the following previous market announcements by Neometals. Mr Peters was the Competent Person for those market announcements. Copies of those announcements are available on the Company's website at www.neometals.com.au/en/investors or ASX's website at www.asx.com.au.
(i) 23 September 2024, titled “Barrambie Gold Exploration Target”; (ii) 5 February 2025, titled “Maiden Gold Drilling Programme Commences at Barrambie Project”; and (iii) 20 March 2025, titled “Exploration Update – Barrambie Gold Assays”.
About Neometals Ltd
Neometals’ purpose is to deliver stakeholder value by enabling the sustainable production of critical and valuable materials essential for a cleaner future. The Company is commercialising a portfolio of sustainable processing solutions that recycle and/or recover critical materials from high-value waste streams in parallel with the exploration and development of low impact mining operations at its Barrambie Gold Project.
The Company’s portfolio of processing solutions under development comprise:
- Lithium-ion Battery (“LiB”) Recycling technology (50% NMT) – patented technology being commercialised (Via Primobius GmbH) with 150-year-old German plant builder, SMS group GmbH. Primobius is supplying Mercedes-Benz a 2,500tpa recycling plant, which is currently being installed and commissioned.
- Lithium Chemicals (70% NMT) – patented ELi Process™ co-owned 30% by Mineral Resources Ltd, aiming to produce battery quality lithium hydroxide from brine and/or hard-rock feedstocks at lowest quartile operating costs. Successfully completed Pilot scale test work and planning industrial validation with funding partners through continuous demonstration plant trials, targeting a technology licensing business model.
- Vanadium Recovery (100% NMT) – patent pending hydrometallurgical process, aiming to produce high-purity vanadium pentoxide from steelmaking by-product (Slag) at lowest-quartile operating cost and carbon footprint. Planning to exploit under a technology licensing business model. Project financing process for first commercial plant in progress (86.1% NMT).
The Company’s upstream mineral asset has two separate styles of mineralisation and mineral resources:
- Barrambie Gold (100% NMT) – historic high-grade gold producing area in early 1900s, with very limited modern exploration. Maiden gold exploration targets highlighted potential for camp-scale brownfields gold discoveries. Active exploration program being undertaken in 2025. Barrambie is proximal to a number of camp-scale gold projects with existing processing infrastructure.
- Barrambie Titanium and Vanadium (100% NMT) – the world’s second highest grade hard-rock titanium deposit is currently in a divestment process.
Neometals_Barrambie_short_DE_PRcom.004
Figure 4 Barrambie Project showing Ironclad MRE location, tenure, geology and historic production centres.
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[1] For full details in relation to the Company’s Gold Strategy refer to Neometals’ ASX announcement dated 10 April 2025 “Gold Strategy”.
[2] For full details in relation to the historic data and exploration programs by companies prior to Neometals refer to Neometals’ ASX announcement dated 23 September 2024 “Barrambie Gold Exploration Target”.
[3] For full details of historic data refer to Neometals’ ASX announcement dated 23 September 2024 “Barrambie Gold Exploration Target”.
[4] For full details refer to Neometals’ ASX announcements dated 23 September 2024 titled “Barrambie Gold Exploration Target”
[5] For further information see WAMEX report A30688. These WAMEX reports can be accessed online at https://geoview.dmp.wa.gov.au/GeoView, using the unique A-number for each report. Each WAMEX report includes a technical explanation of the work completed and results achieved.
[6] Department of Energy, Mines, Industry Regulation and Safety, Western Australia. WAMEX is the Western Australian Mineral Exploration Report database.
