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FREEHILL MINING LIMITED. Capital/Financing Update 2020

Oct 26, 2020

64918_rns_2020-10-26_058ce7b4-c445-46f0-aeb3-d69a042c0536.pdf

Capital/Financing Update

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ASX Release

==> picture [116 x 81] intentionally omitted <==

27 October 2020

Exploration at El Dorado reaffirms highly encouraging Copper and Gold mineralisation

  • Channel sampling reaffirms copper mineralisation identified during previous rockchip surveys

  • Several copper and gold surface structures have grades up to 2.51% Cu and 6.86 g/t Au

  • 400m exploratory diamond drill hole ES001 at Yerbas Buenas shows intense alteration zones with copper mineralisation of 0.1-0.32% Cu intercepted in 18 different intervals in the first 144m

  • Interval 91-92m of ES001 shows visible chalcopyrite veining; 0.287ppm Cu

  • Ground magnetic geophysics survey completed – identifies several magnetic high anomalies;

  • Induced Polarisation geophysics underway to define more copper targets

Freehill Mining Limited (ASX: FHS ‘Freehill’ or ‘the Company’) is pleased to announce that assay results have now been received from a detailed channel sampling and structural mapping program completed in late August 2020 across the El Dorado project area. Assays continue to show strong copper and gold mineralisation.

Whilst advancing development of the company’s JORC compliant 67 million tonne magnetite resource at the 100% owned Yerbas Buenas project is the Company’s priority, Freehill is pleased to confirm that follow-up exploration work at the El Dorado concessions continues to validate three high grade copper and gold zones and several potential iron structures. Significant assay results from the recent channel sampling survey include:

Copper assay Gold Assay Iron Assay
2.51% 1.32 ppm 18.75%
2.25% 0.51 ppm 7.90%
0.11% 1.81 ppm 11.05%
0.08% 6.86 ppm 6.82%
0.57% 0.03 ppm 12.40%
Table 1 – Channel sampling highlights

The El Dorado project covers 750 hectares over eight tenements and adjoins the northern boundary of Freehill’s Yerbas Buenas project area (Fig 1). El Dorado was acquired by Freehill in March this year and takes Freehill’s exploration and development area to approximately 1,250 Hectares in Chile’s highly prospective iron-copper-gold (‘IOCG’) belt. The project is located 7km WSW of the historic copper mining centre of La Higuera.

Encouraging Copper & Gold Mineralisation

Additional detailed surface sampling has been carried out in the central portion of El Dorado to test structural features that may influence mineralisation and to better define localised structures. Channel sampling has identified several additional zones of copper mineralisation with the most prospective area coincident with a magnetic high shown as D1 in Figure 2.

The channel sampling follows on from a rockchip campaign completed in July that identified three zones of mineralisation. (See ASX release: 25 Aug 2020).

Geochemical sampling confirms a NW-SE structural trend of mineralization and is consistent with a high chargeability

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com

|Tel: +61 (0)3 8658 5976 |email: [email protected] Melbourne Office |Level 24, 570 Bourke Street, Melbourne, Vic 3003 La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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zone identified in an earlier IP survey on Yerbas Buenas (Figure 8). Induced Polarisation surveys were carried out in the northern portion of the Yerbas Buenas concessions in early 2019 (Reported ASX release: 25 February 2019 & 17 April 2019).

Additional images of channel sampling points and the type of mineralisation in the area are shown in Fig 6 and 7.

A single 400m exploratory diamond drill hole (ES001) was completed in the northern extremity of the Yerbas Buenas concession within the northern IP anomaly and the core was recently relogged leading to a reinterpretation of the geological model.

The hole yielded several intersections with intense alteration and very encouraging copper sulphide mineralisation within the first 200m from collar. Over 18 intervals had copper grades greater than 1000ppm with several intervals exceeding 2,000ppm (0.2% Cu) including one interval of 3240ppm (0.324%) at only 114m depth. Diamond core images are shown in Fig 4 & 5 indicating visible copper sulphide mineralisation with significant assays for the drill hole presented in table 2. A complete list of Cu, Au & Fe assays for DDH ES-001 are provided in Attachment 1.

Results from the recent channel sampling study shows El Dorado to have significant mineral alteration which is associated with Cu-Fe sulphide mineralisation which can contain gold. The work also identified a number of NW-SE trending structures that where channel sampled having significant gold, copper and iron grades of up to 22g/t Au and 9% Cu were associated with the trend ( see Fig 3 & Table 1).

El Dorado Ground Magnetic Geophysics Survey

A ground magnetic survey (Fig 2) was completed recently in the El Dorado concession area with continuous profiles along E-W lines and line spacing of 50 m for a total survey length of 157 line km. Several magnetic highs are evident and will be tested during future drilling campaigns.

The recent ground magnetics data from El Dorado has been merged with data acquired during previous ground magnetics surveys at Yerbas Buenas and are shown as a single amalgamated ground magnetics image in Fig 3 demonstrating the approximate N-S continuity within both project areas.

The geophysics indicate a large NW structure, previously identified on the lower portion of the Yerbas Buenas project area, extending into the El Dorado tenements. Copper, gold and iron channel sampling locations are shown in Fig 8-11 with Figure 8 showing the Induced Polarisation chargebility signature at -300m.

This primary structure appears to control copper mineralization in both the northern end of Yerbas Buenas and El Dorado. Induced Polarisation (IP) lines are planned to test the southern part of El Dorado for copper mineralization and will focus on the area shown as D1 which is coincident with significant surface mineralisation, which is adjacent to the IP survey in the northern part of Yerbas Buenas.

The strongest magnetic anomaly within El Dorado is labelled D1 and modelling suggests that the magnetite mineralization may extend to a significant depth at D1 and the magnetite grade may increase, slightly, with depth.

The National Geology and Mining Service ( Sernageomin) 1:100,000 geological mapping shows a clear NW contact point between sub-volcanic complexes and dioritic intrusives in the area where higher grade copper and gold mineralisation has been mapped by Freehill.

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com

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|Tel: +61 (0)3 8658 5976 |email: [email protected] |Level 24, 570 Bourke Street, Melbourne, Vic 3003 |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

Melbourne Office La Serena, Chile office

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Figure 1: Freehill’s tenement plan highlighting the El Dorado & Yerbas Buenas projects & Sernageomin La Higuera region 1:100,000 geology highlighting the geological contact passing through the centre of the El Dorado concession area

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Figure 2 – Ground magnetics survey TMI-RTP Figure 3 - Combined ground magnetics for all Yerbas for El Dorado concession area only Buenas and El Dorado concessions

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com Melbourne Office |Level 24, 570 Bourke Street, Melbourne, Vic 3003 La Serena, Chile office

|Tel: +61 (0)3 8658 5976 |email: [email protected] |Level 24, 570 Bourke Street, Melbourne, Vic 3003 |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Comment

Chief Executive Officer Peter Hinner said: “These channel sample results reaffirm our view that El Dorado has extensive copper mineralisation which exposes us to another major commodity with excellent long-term supply and demand characteristics. The IP Survey that is currently underway will help us better determine the extent of future copper exploration undertakings. That said, the rock chip sample from August and now these channel sampling results are clearly showing us that El Dorado is well endowed with extensive copper mineralisation.

“Also highly encouraging are the assay results we are reporting for the first time from a single hole we drilled at Yerbas Buenas, which confirm superb copper mineralisation. To have more than 18 intervals with copper mineralisation of meaningful grade is outstanding. While we are very much focused on advancing the feasibility study for the magnetite at YB, these results we have reported today on the copper give us sufficient confidence to now develop a comprehensive exploration and development program for our copper across Yerbas Buenas and now El Dorado. The IP program that has just started is the next major step in this exploration.”

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Figure 4 – Diamond core from hole ES-001 drilled into Induced Polarisation target. Sample is 4520, interval 91-92m showing visible chalcopyrite ( copper sulphide) veining and grade of 2870ppm ( 0.287% Cu)

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com

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|Tel: +61 (0)3 8658 5976 |email: [email protected] |Level 24, 570 Bourke Street, Melbourne, Vic 3003 |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

Melbourne Office La Serena, Chile office

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Figure 5 - Diamond core from hole ES-001 drilled into Induced Polarisation target. Samples 4513, interval 8485m showing intense alteration and sample 4547, interval 118-119m showing visible chalcopyrite veining.

Hole_Id Sample Number From (m) To (m) Interval (m) Cu ppm Au ppm Fe %
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001		 4482 33.00 34.00 1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00		 2480 0.07
0.02
0.04
0.02
0.05
0.04
0.04
0.03
0.05
0.02
0.02
0.03
0.1
0.03
0.07
0.03
0.03
< 0.01		 8.02
7.69
7.48
6.49
5.63
4.89
8.06
6.59
7.82
5.63
4.92
5.33
6.68
5.6
7.4
4.86
4.97
8.18
4491
4510
4512		 48.00
81.00
83.00		 49.00
82.00
84.00		 1050
1720
1460
4520 91.00 92.00 2870
4522
4527
4528
4539
4540
4541
4542		 93.00
98.00
99.00
110.00
111.00
112.00
113.00		 94.00
99.00
100.00
111.00
112.00
113.00
114.00		 1310
1480
1050
1720
1100
1060
1640
4543 114.00 115.00 3240
4544 115.00 116.00 1760
4545 116.00 117.00 3180
4546 117.00 118.00 1700
4547 118.00 119.00 2450
4564 143.00 144.00 1200

Table 2 – Significant copper, gold and iron intersections for diamond drill hole ES001. Samples greater than 2000ppm Cu highlighted

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Figure 6 - WNW fault hydrothermal quartz-hematite- Figure 7- NW vein zone, quartz-albita-actinolite-clays jarosite (6.8g/t Au), in diorite host rock. -sericite-chalcopyrite (2.5% Cu, 1.3g/t Au) channel sample 311804 channel sample 311814

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com Melbourne Office |Level 24, 570 Bourke Street, Melbourne, Vic 3003 La Serena, Chile office

|Tel: +61 (0)3 8658 5976 |email: [email protected] |Level 24, 570 Bourke Street, Melbourne, Vic 3003 |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Figure 8 - IP plan (-300m depth), high chargeability associated with NW mineralised trend (area of interest), mapped structures and channel sampling results

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com |Tel: +61 (0)3 8658 5976 |email: [email protected] Melbourne Office |Level 24, 570 Bourke Street, Melbourne, Vic 3003 La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Figure 9 – Gold surface sampling grades

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com |Tel: +61 (0)3 8658 5976 |email: [email protected] Melbourne Office |Level 24, 570 Bourke Street, Melbourne, Vic 3003 La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Figure 10 - Copper surface sampling grades

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com |Tel: +61 (0)3 8658 5976 |email: [email protected] Melbourne Office |Level 24, 570 Bourke Street, Melbourne, Vic 3003 La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Figure 11 – Iron surface sampling grades

Future Exploration by Freehill

Exploration works scheduled during the quarter will include completion of three Induced Polarisation lines through the primary target zone ‘D1’ identified in June ( See ASX release: 25 Aug 2020) followed by possible trenching.

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com |Tel: +61 (0)3 8658 5976 |email: [email protected] Melbourne Office |Level 24, 570 Bourke Street, Melbourne, Vic 3003 La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Competent Persons Statement

The information in this report that relates to exploration results is based on information compiled by Mr Peter Hinner, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hinner is a full-time employee of Freehill Mining Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’ (the JORC Code 2012). Peter Hinner consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Freehill Mining Limited

Freehill Mining Limited (ASX: FHS) is a mineral exploration company focused on the development of its 100%-owned Yerbas Buenas magnetite project in Chile. Yerbas Buenas has proven magnetite mineralisation as well as being prospective for both gold and copper mineralisation. Drilling results to date have so far demonstrated that magnetite mineralisation extends along at least a 2km contiguous corridor of what is shown by geophysics to be a 3km long structure extending from the northern boundary to southern boundary of the property. The company has also identified copper and gold mineralisation testing has commenced with diamond drilling on two IP anomalies highlighted in earlier exploration.

For further information, please contact: Peter Hinner Paul Davies Chief Executive Officer Chief Financial Officer Freehill Mining Limited Freehill Mining Limited +61 410569635 +61 419 363 630

Media & investor relations inquiries: Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448

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Follow @FreehillMining on Twitter Follow Freehill Mining on LinkedIn

Freehill Mining Ltd – iron ore producers |ACN 091 608 025 |www.freehillmining.com

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|Tel: +61 (0)3 8658 5976 |email: [email protected] |Level 24, 570 Bourke Street, Melbourne, Vic 3003 |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

Melbourne Office La Serena, Chile office

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Attachment 1 – All El Dorado reconnaissance surface sampling assays –

Compilation of all rockchip and channel samples taken during last three sampling campaigns

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----- Start of picture text -----

Sample North East
Area RL Fe % Cu% Au (ppm)
Number (WGS84) (WGS84)
ED 8 EN01 6725408 280216 328 - - 0.78
ED 8 EN02 6725408 280216 328 - - 10.98
ED 8 EN03 6725394 280283 299 - - 0.08
ED 8 EN04 6725387 280300 296 - - 0.03
ED 8 EN05 6725387 280300 296 - - 4.29
ED 8 EN06 6725387 280300 265 - - 0.17
ED 8 EN07 6725387 280300 265 - - 1.77
ED 8 EN08 6725387 280300 265 - - 2.28
ED 8 EN09 6725387 280300 265 - - 0.02
ED 8 EN10 6725425 280351 354 - - 4.01
ED 8 EN11 6725362 280423 342 - - 0.62
ED 8 EDM01 6725581 280190 401 7.94 0.094 0.028
ED 8 EDM02 6725581 280190 451 2.07 0.044 0.003
ED 8 EDM03 6725518 280289 375 3.06 0.049 0.014
ED 8 EDM04 6725428 280343 375 36 1.480 0.018
ED 8 EDM05 6725379 280340 368 18.35 0.288 3.56
ED 8 EDM06 6725385 280297 381 10.9 0.384 7.12
ED 8 EDM07 6725405 280212 407 20.5 0.817 22.1
ED 8 EDM08 6725405 280212 408 4.44 0.054 0.644
ED 8 EDM09 6725286 280255 401 10 0.248 13.0
ED 8 EDM10 6725288 280242 400 1.89 0.048 0.353
ED 8 EDM11 6726870 280611 513 16.55 3.55 0.245
ED 5 EDM12 6726868 280586 526 22.3 4.02 0.866
ED 5 EDM13 6726868 280586 526 7.62 0.063 0.013
ED 5 EDM14 6726868 280586 526 9.2 0.049 0.018
ED 5 EDM15 6726983 280594 519 10.7 0.042 0.013
ED 5 EDM16 6728256 279712 947 18.2 9.93 1.59
ED 5 EDM17 6727134 280310 603 29.0 2.09 0.721
ED 1 EDM18 6727787 279644 989 12.25 3.27 0.738
ED 1 EDM19 6727787 279644 989 2.1 0.568 0.035
ED8 311802 6725426 280347 365 10 0.018 0.002
ED8 311803 6725390 280281 357 11.05 0.113 1.81
ED8 311804 6725401 280212 404 6.82 0.081 6.86
ED8 311805 6725426 280158 419 1.08 0.002 0.005
ED8 311806 6725744 279808 485 10.4 0.013 0.008
ED8 311807 6725926 279026 657 12.4 0.577 0.032
ED8 311808 6725987 278890 657 7.29 0.059 0.006
ED8 311809 6725908 279125 617 18.75 2.25 0.514
ED8 311810 6725337 279230 552 7.03 0.024 0.004
ED8 311811 6725236 280226 364 8.08 0.020 0.002
ED8 311812 6725424 280074 422 39.6 0.044 0.001
ED7 311813 6725521 279766 409 1 0.003 0.001
ED7 311814 6725521 279766 401 7.9 2.51 1.305
ED7 311815 6725315 279929 337 1.42 0.003 0.001
----- End of picture text -----

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Freehill Mining Ltd – iron ore producers | ACN 091 608 025 |www.freehillmining.com | Tel: +61 03 86021700 Melbourne Office |88 Miller Street, West Melbourne, Vic 3003 |email: [email protected] La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Attachment 2 – DDH ES-001 assays

Coordinate system: WGS84,19J Coordinates: Northing 6.724.912 Easting 280.042, Elevation: RL 267.22 m Azimuth: 0.059 Dip: -50.2 degrees

Hole_Id Sample Number From (m) To (m) Interval (m) Cu ppm Au ppm Fe %
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001		 4482 33.00 34.00 1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00		 2480 0.07
0.04
0.01
0.01
0.04
0.01
0.01
< 0.01
0.01
0.02
0.01
< 0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
< 0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.04
0.02
0.02
0.02
0.01
0.02
0.02
< 0.01
0.01		 8.02
6.56
4.8
5.51
5.89
6
3.28
6.76
7.72
7.69
5
5.2
5.36
5.23
7.73
6.65
3.36
5.2
7.19
7.72
4.41
3.63
5.1
4.18
3.72
4.85
5.45
3.8
7.48
6.84
6.49
5.67
4.06
4.77
5.46
4.24
4.22
4483
4484
4485
4486
4487
4488
4489
4490		 34.00
35.00
36.00
37.00
43.00
45.00
46.00
47.00		 35.00
36.00
37.00
38.00
44.00
46.00
47.00
48.00		 635
300
60.5
131
241
215
156
400
4491 48.00 49.00 1050
4492
4493
4494
4495
4496
4497
4498
4499
4500
4501
4502
4503
4504
4505
4506
4507
4508
4509		 49.00
53.00
54.00
55.00
56.00
57.00
60.00
61.00
62.00
63.00
64.00
65.00
66.00
67.00
77.00
78.00
79.00
80.00		 50.00
54.00
55.00
56.00
57.00
58.00
61.00
62.00
63.00
64.00
65.00
66.00
67.00
68.00
78.00
79.00
80.00
81.00		 518
153
191
250
105
124
134
284
244
474
134
91.2
208
496
121
272
86.7
168
4510 81.00 82.00 1720
4511 82.00 83.00 840
4512 83.00 84.00 1460
4513
4514
4515
4516
4517
4518		 84.00
85.00
86.00
87.00
88.00
89.00		 85.00
86.00
87.00
88.00
89.00
90.00		 748
891
594
695
258
395

|88 Miller Street, West Melbourne, Vic 3003 |email: [email protected] |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

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Freehill Mining Ltd – iron ore producers | ACN 091 608 025 |www.freehillmining.com | Tel: +61 03 86021700 Melbourne Office |88 Miller Street, West Melbourne, Vic 3003 |email: [email protected] La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

Hole_Id Sample Number From (m) To (m) Interval (m) Cu ppm Au ppm Fe %
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001		 4519 90.00 91.00 1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00		 836 0.02
0.05
0.03
0.04
0.01
0.02
0.01
0.02
0.04
0.03
0.02
0.02
0.01
< 0.01
0.01
0.01
0.01
0.01
< 0.01
0.01
0.05
0.02
0.02
0.03
0.1
0.03
0.07
0.03
0.03
0.01
< 0.01
< 0.01
< 0.01
< 0.01
0.02
< 0.01
< 0.01
< 0.01
< 0.01
< 0.01
0.01
0.01
0.01
0.02
0.01
< 0.01
< 0.01
0.01
0.01
< 0.01		 4.21
5.63
5.86
4.89
3.91
4.56
4.51
5.23
8.06
6.59
4.71
4.6
3.47
4.77
5
6.41
7.8
11.9
3.14
6.87
7.82
5.63
4.92
5.33
6.68
5.6
7.4
4.86
4.97
7.68
4.49
7.74
1.84
3.74
4.82
2.62
4.24
4.33
4.22
3.78
2.35
5.09
5.62
6.22
6.4
8.18
4.19
6.81
4.52
3.83
4520 91.00 92.00 2870
4521 92.00 93.00 873
4522 93.00 94.00 1310
4523
4524
4525
4526		 94.00
95.00
96.00
97.00		 95.00
96.00
97.00
98.00		 296
525
381
607
4527
4528		 98.00
99.00		 99.00
100.00		 1480
1050
4529
4530
4531
4532
4533
4534
4535
4536		 100.00
101.00
102.00
103.00
104.00
105.00
106.00
107.00		 101.00
102.00
103.00
104.00
105.00
106.00
107.00
108.00		 622
713
114
119
346
163
374
433
106
488
4537
4538		 108.00
109.00		 109.00
110.00
4539
4540
4541
4542		 110.00
111.00
112.00
113.00		 111.00
112.00
113.00
114.00		 1720
1100
1060
1640
4543 114.00 115.00 3240
4544
4545
4546
4547		 115.00
116.00
117.00
118.00		 116.00
117.00
118.00
119.00		 1760
3180
1700
2450
4548
4549
4550
4551		 122.00
123.00
124.00
130.00		 123.00
124.00
125.00
131.00		 54.4
136
115
175
288
751
83.1
281
615
383
331
185
109
361
922
582
4552
4553
4554
4555
4556
4557
4558
4559
4560
4561
4562
4563		 131.00
132.00
133.00
134.00
135.00
136.00
137.00
138.00
139.00
140.00
141.00
142.00
143.00
144.00
145.00
146.00
157.00		 132.00
133.00
134.00
135.00
136.00
137.00
138.00
139.00
140.00
141.00
142.00
143.00
144.00
145.00
146.00
147.00
158.00
4564 1200
4565
4566
4567
4568		 188
820
81
90.3

Freehill Mining Ltd – iron ore producers | ACN 091 608 025 |www.freehillmining.com | Tel: +61 03 86021700

==> picture [595 x 22] intentionally omitted <==

Melbourne Office |88 Miller Street, West Melbourne, Vic 3003 |email: [email protected] La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

Hole_Id Sample Number From (m) To (m) Interval (m) Cu ppm Au ppm Fe %
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001
ES-001		 4569 158.00 159.00 1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00		 171
677
77.6
109
233
212
178
101
160		 0.01
0.02
0.01
< 0.01
0.01
< 0.01
< 0.01
< 0.01
0.01
0.03
0.01
0.01
0.01
< 0.01
< 0.01
< 0.01
< 0.01
< 0.01
< 0.01
< 0.01
0.01
< 0.01
< 0.01
< 0.01
0.12
< 0.01		 4.76
7.92
3.76
6.19
7.4
7.24
4.25
3.37
2.6
5.62
4.14
7.82
4.41
3.61
8.47
8.7
3.47
4.34
4.83
3.85
6.13
5.55
6.78
8.45
4.36
5.41
4570
4571
4572
4573
4574
4575
4576
4577		 164.00
165.00
166.00
187.00
188.00
189.00
201.00
202.00		 165.00
166.00
167.00
188.00
189.00
190.00
202.00
203.00
4578 203.00 204.00 999
4579
4580
4581
4582
4583
4584
4585
4586		 204.00
207.00
221.00
230.00
239.00
251.00
252.00
253.00		 205.00
208.00
222.00
231.00
240.00
252.00
253.00
254.00		 618
424
425
82.8
83.6
25.4
18.1
36.1
27.4
11.7
70.9
67.5
57.5
84.7
153
203
4587 254.00 255.00
4588
4589
4590
4591
4592
4593
4594		 257.00
283.00
302.00
320.00
321.00
328.00
355.00		 258.00
284.00
303.00
321.00
322.00
329.00
356.00

==> picture [595 x 22] intentionally omitted <==

Freehill Mining Ltd – iron ore producers | ACN 091 608 025 |www.freehillmining.com | Tel: +61 03 86021700 Melbourne Office |88 Miller Street, West Melbourne, Vic 3003 |email: [email protected] La Serena, Chile office |Level 7, Edificio Seville, Avenida Del Mar La Serena, Chile South America

JORC Code, 2012 Edition – Table 1 report

Freehill Mining Limited

Section 1 Sampling Techniques and Data

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.		 •
Data
provided
includes
Channel
sampling, diamond drilling of ES-001
hole and ground magnetic geophysics.
•
NQ diamond core drilling carried out
by DV Drilling using a Cortech 1300G
maxi track mounted drill rig.
•
Refer
to
Attachment
2
of
announcement.
Hole
ES-001
orientated as shown, and were drilled
at dip of 50.2° in a north direction.
•
Core remained in the custody of the
company after being picked up from
the drilling site.
•
Protocol set up and several magnetic
•
The drill hole locations were located by
survey differential GPS and checked
against
known
government
benchmarks.
•
Down hole surveys were conducted on
all holes during drilling for azimuth and
orientation using Reflex Ezi-Gyro and
Reflex-Ori
•
Surface sampling undertaken using
conventional methods described in
previous table 1 versions. Assays
from current sampling campaign and
previous rockchip campaigns
provided in Attachment 1 of media
release.
•
Ground magnetics carried out Agarli
geofisica using 50m line spacing and
the same equipment used in
previously reported surveys/
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).		 •
DDH drilling was the method chosen for
hole drilled. The core diameter was HQ
triple tube (in weathered rock and
surficial sands ) and NQ size in
competent rock.
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 bias may have occurred
due to preferential loss/gain of fine/coarse material.		 •
Core
recoveries
were
observed
during the drilling and any core loss
was noted in the geological logs.
•
Samples
were
checked
by
for
volume, moisture content, possible
contamination and recoveries. Any
issues are discussed with the drilling
contractor.
•
Some core loss was apparent and
noted
(generally
<5%)
in
the
weathered portion of the holes,
howeverthiswas generallyminor.
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.		 •
All core sample logged by a qualified
geologist with experience in
magnetite deposits in Chile to a level
appropriate with the style of
mineralization
•
Logging was both qualitative and
quantitative
•
Lithology, alteration, mineralization
level & magnetic susceptibility all
logged
•
All core remained as full core until
fully logged and magnetic
susceptibilitymeasurements

FREEHILL MINING LIMITED

Criteria JORC Code explanation Commentary
recorded.
•
Four magnetic susceptibility
readings taken of each metre of core
prior to cutting and the averaged
recorded.
•
All holes were logged in full.
•
Channel sampling samples and site
mineralistion all logged by Tracking
SpA senior geologist in presence of
Freehill geologist.
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 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.		 •
All ES001 core cut using a standard
electric diamond saw.
•
The preparation of samples follows
industry practice.
•
Following
detailed
logging
and
magnetic
susceptibility
measurements taken the core was
marked for orientation and cut in half
by diamond saw.
•
Assay sample intervals were then
marked by the geologist and ½ core
samples bagged into plastic bags
and dispatched to AGS Coquimbo,
Chile for ore preparation.
•
Ore preparation was a standard ore
prep method which involved oven
drying, crushing to ~5kg to 85% -10#
and a 250g sub-sampled pulverized
of 95% passing 150#
•
Field QA_QC involved submitting
blank material and also certified
standard pulps. The laboratory also
carried out internal standard QA_QC
procedures. The sample sizes are
considered appropriate to the grain
size ofthematerialbeing sampled.
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, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.		 •
Sample
preparation
of
channel
samples
completed
by
ALS
Coquimbo and pulps sent to ALS
Lima.
•
Sample preparation and assaying of
DDH ES001 samples done by
Activation
Geological
Services
Coquimbo laboratory. Pulversied to
95% passing 150#. Gold assayed by
30g Fire Assay with AAS finish.
Copper and other elemenst assayed
by 4 acid digest followed by ICP.
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 verification, data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 •
No
twinned
holes
have
been
completed to date – ES001 was a
reconnaissance hole.
•
Drill logs and geological logging has
been done on hand written sheets
which are converted to digital format
each day.
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.		 •
Hole location has been done using
differential GPS by a registered
surveying company.
•
Drill collar elevations and project area
topography
have
been
double
checked by GeoAmbiente using a
GPS
GEODÉSICO
V60
GNSS
MARCA HI-TARGET drone with +/-
1.5mm accuracy
•
All digital data, maps and data
products associated with the drilling
program areprovided in coordinate

FREEHILL MINING LIMITED

Criteria JORC Code explanation Commentary
system: datum WGS84 and projection
UTM zone 19S.
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.		 •
Not
applicable
–
ES001
reconnaisance hole only
•
Drilling line spacing not applicable as
only a single hole drilled.
•
No sample compositing has been
done. Assay intervals have been
selected based on lithology and visual
assessment
of
any
sulphide
mineralization present.
•
Any single assay sample does not
contain more than 2m of core.
•
Channel
sampling
position
and
orientation
dependent
on
visible
structure ar each samplinglocation
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 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.		 •
ES001 drilled north based on
hypothesized structures and 3 IP
lines. No actual structure determined
yet
•
No orientation based sampling bias
has been identified in the data to
date.
•
The main structure is thought to dip to
the west
Sample
security		 •
The measures taken to ensure sample security.		 •
Chain of Custody from drilling through
to delivery of samples to the
laboratory is entirely the supervision
of Freehill and its employees. From
the ore preparation stage at ALS
Coquimbo or AGS Coquimbo the
samples were under the control of
ALS or AGS until fully assayed in
Coquimbo or Lima.
Audits or
reviews		 •
The results of any audits or reviews of sampling
techniques and data.		 •
None completed to date

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 held at the time of reporting
along with any known impediments to obtaining a
licence to operate in the area.		 •
The Yerbas Buenas Project is located
on licenses held through Chilean
subsidieries in which Freehill
Investments currently has a 100%
interest. Licenses are numbers 04102-
2723-1, 04102-2714-2, 04102-2715-0,
04102-2755-K, 04102-2937-4 and total
398 hectares
•
Freehill Investments Pty Ltd has a
100% interest in these subsidiaries.
The licences allow for the extraction of
up to 5000 tonnes per month and
application currently with Sernageomin,
the Chiliean mining authority.
Exploration
done by other
parties		 •
Acknowledgment and appraisal of exploration by
other parties.		 •
Two Reverse Circulation drill holes-
SDHYB1101 & 1102- completed by
previous tenement holder Compania
Mineria Pacifico (CAP) in 2011 and
referred to in prospectus section 2.5 of
IGR
•
Holes drilled to 101m & 150m, Dip70

FREEHILL MINING LIMITED

Criteria JORC Code explanation Commentary
degrees, azimuth 119, E6,723,594
N279,725 & E6,723,564 N279,758
•
Complete drill hole assays provided by
Compania Minera del Pacifico,
photographs of drilling activity and hole
collars, geophysics by
Geoexploracoiones,
•
Samples assayed for Total %Fe and %
magnetics by Davis Tube.
•
50m line spaced ground magnetics
survey completed over 800mx800m in
2010 by Geoexploraciones
Geology •
Deposit type, geological setting and style of
mineralisation.		 •
The deposit occurs within the El Tofo
and Atacama Fault region with those
projects lying along the El Tofo Fault
being primarily iron bearing whilst those
along the Atacama Fault tending to be
predominantly copper bearing. The
central area is characterised by three
dominant intrusive structures.The
structural setting is one of NE-SW
trending subvertical tabular bodies with
apatite the primary gangue. The
primary intrusives unit is a diorite with
veins of quartz-magnetite,
disseminated magnetite. Andesitic
porphyry occurs with abundant biotite,
quartz with magnetite as well as
hydrothermal breccia with magnetite.
Yerbas Buenas shows some evidence
evidence of IOCG mineralisation
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 report, the Competent Person should clearly
_explain why this is the case. _		 •
Table of drill hole positions provided in
report appendix
Data
aggregation
methods		 •
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade
truncations (eg 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. _		 •
Not applicable for currently reported
magnetic susceptibility measurements.
Relationship
between
mineralisation
widths 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’). _		 •
Not applicable for currently reported
magnetic susceptibility measurements.
•
Geometry of mineralization not yet
determined but will be determined as a
result of the current drilling campaign
Diagrams •
Appropriate maps and sections (with scales) and		 •
See Figure in Appendix following body

FREEHILL MINING LIMITED

Criteria JORC Code explanation Commentary
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. _		 of 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 to avoid misleading reporting of Exploration
_Results. _		 •
This document is considered to be a
balanced report of the diamond core
logging and magnetic susceptibility
measurements taken to date.
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
characteristics; potential deleterious or contaminating
_substances. _		 •
Not applicable for magnetic
susceptibility measurements.
Further work •
The nature and scale of planned further work (eg
tests for lateral extensions or depth extensions 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.		 •
Detailed mapping and rock-chip
sampling of main geophysical targets
are being undertaken together with
sampling in a 0.5 Hec bulk sampling pit
•
Surface sampling, mapping and
trenching/pitting of the IP anomaly is
planned for Q4 2019 where it appears
to be exposed at surface.
•
Followup RC ‘in-fill’ drilling of the YB6
magnetic structure is planned for Q2
2020 to upgrade the resource category

FREEHILL MINING LIMITED

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