Maiden JORC Resource 6.65Mt @ 2.5g/t for 530,000oz

Defining A Multi-Million Ounce Gold Project, Cote d’Ivoire

In May 2020, Exore announced a maiden independent JORC 2012 Mineral Resource Estimate for the Company’s Bagoe Project in northern Cote d’Ivoire.

  • Maiden JORC Resource for Bagoe Gold Project of 530,000oz @ 2.5g/t gold (at 1.0g/t cut-off) or 600,000oz @ 1.9g/t (at 0.5g/t cut-off) (refer ASX Announcement 4 May 2020)
  • Based on initial 12 months of drilling
  • Proximal to several operating gold mines and +1Moz gold deposits
  • ~2,000km2 unexplored position northern Cote d’Ivoire

Exore Land Position

Exore’s Land Position in Northern Cote d’Ivoire

Summary JORC Table

Bagoe Gold Project, Cote d’Ivoire

JORC 2012 Mineral Resource Estimate

Cut-Off

Classification

Tonnes (kt)

Gold Grade

Ounces

0.5g/t

Indicated

950

3.0g/t

90,000

Inferred

8,800

1.8g/t

510,000

Total

9,750

1.9g/t

600,000

1.0g/t

Indicated

750

3.5g/t

90,000

Inferred

5,850

2.3g/t

440,000

Total

6,650

2.5g/t

530,000

Table One | Bagoe Gold Project JORC 2012 Mineral Resource Estimate
(figures may not add up due to appropriate rounding)
Refer ASX Announcement 4 May 2020

Antoinette Deposit

  • Maiden JORC Resource of 415,000oz at 2.3g/t gold
  • Mineralisation OPEN, along strike and at depth, results outside resource include 9m @ 5.66g/t gold fr 106m and 12m @ 4.48g/t gold fr 83m3
  • Shallow gold drilled over 1km of strike with several kms of potential
  • Several +100g/m oxide intersections including:
    • 25m @ 6.9g/t gold fr 32m
    • 17m @ 22.5g/t gold fr 8m
    • 11m @ 9.0g/t gold fr 50m
    • 14m @ 11.2g/t gold fr 12m
    • 35m @ 2.9g/t gold fr 65m
    • 13m @ 8.3g/t gold fr 0m

Veronique Deposit

  • Maiden JORC Resource of 110,000oz at 3.2g/t gold2 from just a first phase 3,000m RC program
  • Mineralisation OPEN along strike and at depth, latest result outside resource include 3m @ 6.45g/t gold fr 3m
  • First pass drilling has included
    • 2m @ 44.1g/t gold fr 62m
    • 20m @ 6.5g/t gold fr 8m
    • 5m @ 12.3g/t gold fr 56m
    • 4m @ 76.3g/t gold fr 32m
    • 8m @ 7.7g/t gold fr 78m
    • 2m @ 21.2g/t gold fr 26m
    • 12m @ 7.0g/t gold fr 16m
    • 11m @ 4.3g/t gold fr 31m
    • 4m @ 9.6g/t gold fr 16m
    • 5m @ 7.7g/t gold fr 39m

Maiden JORC Resource 6.65Mt @ 2.5g/t for 530,000oz

  • Mineral Resource Estimate extends from surface with 85% to 90% of ounces within the top 150m
  • Exore discovery cost of approximately US$8/ounce (including the cost of Bagoe regional exploration and in-country administration and overheads)
  • Mineralisation at all areas remains open, along strike and at depth
  • Recent step-out drilling results outside of the Mineral Resource for follow up include:
    • 9m @ 5.66g/t gold from 106m (new footwall zone at Antoinette)
    • 10m @ 1.71g/t gold from 33m, 12m @ 1.16g/t gold from 35m and 12m @ 4.48g/t gold from 83m (shallow step-out extensions at Antoinette)
    • 12m @ 3.88g/t gold from 8m (at new Juliette discovery ~2.5km along strike from Antoinette)
    • 3m @ 6.45g/t gold from 3m (new 80m step-out result at Veronique)

Lower Cut-Off

Deposit

Indicated

Inferred

Total

Tonnes (kt)

Grade (g/t)

Ounces

Tonnes (kt)

Grade (g/t)

Ounces

Tonnes (kt)

Grade (g/t)

Ounces

0.5g/t

Antoinette

950

3.0

90,000

7,450

1.6

390,000

8,400

1.8

485,000

Veronique

1,350

2.8

120,000

1,350

2.8

120,000

Total

950

3.0

90,000

8,800

1.8

510,000

9,750

1.9

600,000

1.0g/t

Antoinette

750

3.5

90,000

4,800

2.1

330,000

5,550

2.3

415,000

Veronique

1,050

3.2

110,000

1,050

3.2

110,000

Total

750

3.5

90,000

5,850

2.3

440,000

6,650

2.5

530,000

Antoinette Central Cross Sections

  • Numerous +50gm (grade x thickness) shallow oxide intersections including
    • 17m @ 22.52g/t gold fr 8m
    • 18m @ 3.34g/t gold fr 42m
    • 6m @ 10.56g/t gold fr 44m
    • 14m @ 11.24g/t gold fr 12m
    • 13m @ 8.30g/t gold fr 0m
    • 25m @ 6.87g/t gold fr 32m
    • 11m @ 9.07g/t gold fr 50m
    • 12m @ 7.22g/t gold fr 62m
    • 10m @ 6.86g/t gold fr 58m
    • 35m @ 2.93g/t gold fr 65m
  • High grade OPEN at depth

Multiple High-Grade Plunging Zones

  • Multiple high-grade (+50gm) plunging zones of deeply weathered (~50-70 metres) gold mineralisation
  • Oxide mineralisation completely OPEN along strike
  • Last step-out drill holes to south returned:
    • 9m @ 5.66g/t gold from 106m; and
    • 12m @ 4.48g/t gold from 83m
  • Metallurgical test work on oxide and transitional mineralisation >95% gold extraction from cyanide leaching
  • Further metallurgical test work being undertaken on high grade at depth

Veronique | High Grade Gold Discovery

  • 12km south of Antoinette and within same permit
  • +7 kilometre long coherent, high tenor, gold-in-soil anomaly
  • Very high-grade soil samples | up to 1,320ppb gold
  • Soil & auger indicative of multiple high-grade veins
  • Most of soil anomaly remains untested