ELEMENT 25 LIMITED — Regulatory Filings 2017

Feb 27, 2017

ABOUT MONTEZUMA MINING

==> picture [143 x 85] intentionally omitted <==

28 FEBRUARY 2017

HIGH GRADE COBALT MINERALISATION CONFIRMED AT THE PINNACLES PROJECT – JORC TABLE 1

Montezuma Mining Company Ltd (“Montezuma” or “Company”) provides the attached JORC Table 1 Annexure which relates to the announcement released on 28 February 2017.

Listed in 2006, Montezuma Mining Company Ltd (ASX: MZM) is a diversified explorer primarily focused on gold and manganese. The Company’s primary objective is to achieve returns for shareholders through selected strategic acquisitions and targeted exploration.

Montezuma has 100% interests in the Yamarna Gold Project in the Yamarna Greenstone Belt, the Holleton Gold Project in the Wheat Belt region and the Butcherbird Manganese/Copper Project in the Murchison region, all located in Western Australia.

MARKET DATA

MARKET DATA
ASX code:	MZM
Share price:	$0.17
Shares on issue:	83.5M
Market capitalisation:	$14.2M
Cash (at 30 December):	~$4.6M
Listed Investments:	~$8M

BOARD AND MANAGEMENT

Chairman Seamus Cornelius Executive Director Justin Brown Non-Executive Director John Ribbons Exploration Manager Dave O’Neill

FOR MORE INFORMATION…

Justin Brown

Executive Director

Phone: +61 8 6315 1400

Email: jbrown@montezuma.com.au Company information, ASX announcements, investor presentations, corporate videos and other investor material on the Company’s projects can be viewed at http://www.montezuma.com.au.

The information in this report that relates to Exploration Results, Mineral Resources and Mineral Reserves is based on information compiled by Mr Justin Brown who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results, Mineral Resources and Mineral Reserves were compiled, Mr Brown was an employee of Montezuma Mining Company Ltd. Mr Brown is a geologist and 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 Brown consents to the inclusion of this information in the form and context in which it appears in this report

Please note with regard to exploration targets, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

==> picture [196 x 308] intentionally omitted <==

Company information, ASX announcements, investor presentations, corporate videos and other investor material on the Company’s projects can be viewed at www.montezuma.com.au

JORC Table 1

JORC Code, 2012 Edition – Table 1 report – Pinnacles Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•The data presented herein is sourced from historic reports and as
techniques	specific specialised industry standard measurement tools appropriate	such the sampling technique, and its nature and quality, cannot be
	to the minerals under investigation, such as down hole gamma	determined with certainty.
	sondes, or handheld XRF instruments, etc). These examples should	•It can be assumed that industry standard methods have been utilised
	not be taken as limiting the broad meaning of sampling.	by the previous holders.
	• 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.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Reverse Circulation (RC) Percussion Drilling was used for the
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	reported program, using a KT42 Schramm Rig and RC42-2T face
	or standard tube, depth of diamond tails, face-sampling bit or other	hammer.
	_type, whether core is oriented and if so, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Due to the historic nature of the data, recovery cannot be determined
recovery	and results assessed.	with confidence.
	• Measures taken to maximise sample recovery and ensure	•The relationship between sample recovery and grade has not been
	representative nature of the samples.	determined.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.

Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been geologically and	•All logs were hand written and uploaded into a digital database by
	geotechnically logged to a level of detail to support appropriate	previous holders.
	Mineral Resource estimation, mining studies and metallurgical	•Not all geological data for the drilling is available. Where data is
	studies.	available, it has been compiled into a company database.
	• Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length andpercentage of the relevant intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter, half or all core	•All samples reported are taken from a 2 metre drilling interval.
sampling	taken.	•The sample preparation and sample size information is not available
techniques and sample preparation	• 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.	due to the historic nature of the data. •The methods of core preparation and sampling are not available due to the historic nature of the data.
	• 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 in
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain size of the material
	being sampled.
Quality of	• The nature, quality and appropriateness of the assaying and	•QAQC protocols are not provided in the historic data.
assay data	laboratory procedures used and whether the technique is considered
and	partial or total.
laboratory tests	• 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,
	duplicates, external laboratory checks) and whether acceptable levels
	of accuracy (ie lack of bias) andprecision have been established.
Verification	• The verification of significant intersections by either independent or	•The historic data cannot be verified and it has been collected from
of sampling	alternative company personnel.	publicly available sources.
and	• The use of twinned holes.
assaying	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
	• Discuss any adjustment to assay data.

Criteria	JORC Code explanation	Commentary
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•The survey method for collar co-ordinates is not recorded in the
data points	down-hole surveys), trenches, mine workings and other locations	historic data. Visual checks have been applied where possible using
	used in Mineral Resource estimation.	aerial photography and/or Google Earth imagery to locate holes
	• Specification of the grid system used.	correctly if errors are discovered.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•Data has been collected at various spacings.
and	• Whether the data spacing and distribution is sufficient to establish the
distribution	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.
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	•The historic data is to be used as a guide to future exploration and at
of data in	possible structures and the extent to which this is known, considering	face value has been collected in a manner that is sensible with
relation to	the deposit type.	respect to general geological trends and deposit types.
geological structure	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	•More detailed interpretation will be required to assess this further.
Sample	• The measures taken to ensure sample security.	•Due to the historic nature of the data presented, this cannot be
security		determined.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No external audits or reviews have been conducted apart from
reviews		internal company review during the compilation of the historical data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The Pinnacles Project consists of a single granted exploration license
tenement	agreements or material issues with third parties such as joint	- E28/2577.
	ventures, partnerships, overriding royalties, native title interests,	•The tenure is 100% owned by Montezuma Mining Corporation Ltd.
	historical sites, wilderness or nationalpark and environmental

Criteria	JORC Code explanation	Commentary
and land	settings.
tenure status	• The security of the tenure held at the time of reporting along with any
	known impediments to obtaining a licence to operate in the area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•The historical exploration data has been collected by various parties
done by		and has been reported to high standards.
other parties		•The methods of exploration and techniques used are considered appropriate for the deposit types sought(Ni,Co,Au)
Geology	• Deposit type, geological setting and style of mineralisation.	•The majority of the historical exploration has been focused on the
		discovery of Archean greenstone derived lateritic nickel and cobalt
		mineralisation.
		•A minor amount of exploration has been completed for Archean lode
		style gold mineralisation.
Drill hole	• A summary of all information material to the understanding of the	•Refer to document and associated table.
Information	exploration results including a tabulation of the following information	•The drilling presented is selective and represents a small portion of
	for all Material drill holes:	the overall drilling database.
	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.
Data	• In reporting Exploration Results, weighting averaging techniques,	•Results have been presented as collected from historic data sources.
aggregation	maximum and/or minimum grade truncations (eg cutting of high
methods	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.
Relationship	• If the geometry of the mineralisation with respect to the drill hole	•Only downhole lengths are reported.
between	angle is known, its nature should be reported.	•However, due to the nature of the mineralisation and deposit type,
mineralisatio	• If it is not known and only the down hole lengths are reported, there	these widths are believed to be close to true widths.
n widths and	should be a clear statement to this effect (eg ‘down hole length, true _width not known’). _	•Further work is required to determine exact orientations.

Criteria	JORC Code explanation	Commentary
intercept
lengths
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•N/A
	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.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•The historic data presented is selective to illustrate trends only.
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be reported	•Refer to document.
substantive	including (but not limited to): geological observations; geophysical
exploration data	survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral	•Future work will include further compilation and detailed interrogation
	extensions or depth extensions or large-scale step-out drilling).	of the historic data.
	• Diagrams clearly highlighting the areas of possible extensions,	•Based on the outcomes of the above work, follow-up and or extension
	including the main geological interpretations and future drilling areas,	work will be carried out on the project.
	provided this information is not commercially sensitive.