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POLYMETALS RESOURCES LTD Regulatory Filings 2021

Oct 19, 2021

65598_rns_2021-10-19_17f8aa68-cc1b-4433-89d6-3aaf1eaa244f.pdf

Regulatory Filings

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20 October 2021

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ADDITIONAL POSITIVE RESULTS FROM PHASE 2 DRILLING PROGRAM

KEY HIGHLIGHTS

  • All assays now received from 7,320m Alahiné Phase 2 drilling program.

  • Key gold intersections reported within the final batch include:

  • AH21ARC094

▪ 1m @ 51.73 g/t Au from 9m

o AH21ARC095

▪ 1m @ 96.00 g/t Au from 8m

  • AH21ARC096

  • 1m @ 34.2g/t Au from 18m

  • AH21ARC102

  • 13m @ 0.73 g/t Au from 8m, and

  • 10m @ 0.89 g/t Au from 47m,

  • AH21ARC103

  • 19m @ 0.99 g/t Au from 80m (hole ended in mineralisation)

  • Including 9m @ 1.03 g/t Au from 90m,

  • AH21ARC109

  • 3m @ 2.50 g/t Au from 32m

  • AH21ARC110

  • 3m @ 1.26 g/t Au from 38m,

  • 4m @ 2.50 g/t Au from 58m, and

  • 7m @ 1.16 g/t Au from 76m

o AH21ARC125

▪ 3m @ 6.81 g/t Au from 7m

  • Strong North/Northeast trend is evident and the Phase 2 drilling results have presented Polymetals with multiple targets that remain open at depth.

  • Site activities remain unaffected by recent political activities in country.

ASX: POL

Page 1 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Polymetals Resources Ltd (ASX: POL , “ Polymetals ” or the “ Company ”) is pleased to announce it has received all assay results from its recently completed Phase 2 drilling program at the Company’s Alahiné Gold Project ( Alahiné ), located in Guinea’s Siguiri Basin, West Africa.

The Phase 2 drilling program comprised 98 drill holes, consisting of 94 Air Core ( AC ) and 4 Reverse Circulation ( RC ), for a total of 7,320m. The drilling program was designed to test the prolific artisanal gold workings, areas enclosed by 40 ppb Au-in-soil contour and new priority targets identified by the Polymetals exploration team.

Polymetals Resources CEO, Alex Hanly said,

“We are very encouraged by what we have seen at Alahiné. The third batch of assays have confirmed our interpretation from Batches 1 and 2, that there are a number of targets on-strike that require further extension drilling, and north-south step-out drilling. As demonstrated in Figure 5, the strong North / Northeast trend is clearly evident and as such, the Phase 2 drilling results have presented Polymetals with multiple targets that remain open at depth.

“The high-grade near surface intercepts of 96g/t Au, 51g/t Au and 34 g/t Au provide potential for possible near-term gold production within the Alahiné licence. Further drilling of these shallow high grade areas and the multiple undrilled zones of +100ppb gold in soils within the Alahiné licence will be systematically tested over the coming months.”

DRILLING RESULTS

Geological investigations of the Alahiné exploration licence are still at an early stage, but the broad strategy of the Phase 2 drilling program was to investigate the well-defined NNE trending soil gold response located in the eastern third of the licence area.

Plan and cross-sectional views of the reported holes are provided in Figures 2-5.

Detailed results of significant intercepts can be found in Table 1, included within Appendix 1.

The Phase 2 program has focussed on:

  1. Follow-up of mineralised intercepts from the Phase 1 drilling program,

  2. Follow-up of the best soil-Au anomalies not yet tested, and

  3. Investigation of intense artisanal mining activity.

With a strike length in excess of 4km and with drill traverses spaced at 500m intervals, numerous anomalous responses remain untested.

Page 2 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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As shown in Figures 2 to 4, very similar geology has been encountered over the strike length tested. Deep but variable weathering ranging from 50 to 100m vertical depth has been encountered. The nature of the lateritic profile is unclear at present, but appears to comprise auriferous lateritic gravels overlying a well-developed mottled zone which gives way to intensely bleached saprolite, saprock then fresh rock. Section 1294450N (Figure 2) records partial erosion of the present-day lateritic profile with thicknesses varying from 10m to zero, in the centre of the traverse. For the two more southerly traverses, the ferruginous profile is intact and varies in thickness from 15m in section 1293950N (Figure 3) to 5m in section 1291950N (Figure 4).

The gold content of the near surface lateritic gravels is variable, but values of 1m at 51.73 g/t in hole AH21ARC094 and 1m at 96.00 g/t in hole AH21ARC095 are significant (refer to Figures 1 and 2).

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Figure 1: Panned visible supergene gold at AH21ARC095 8-9m drill chips (assayed 96.00 g/t Au)

Within the zone of saprolitic weathering, Figures 2 to 4 illustrate the extent of quartz veining and gold mineralisation. These zones are extensive and contain two types of targets that require follow-up:

  1. Narrow intercepts of >10 g/t Au (eg. holes AH21ARC065[1] , AH21ARC074[1] , AH21ARC075[1] and AH21ARC094), and

  2. Shallow but potentially economic low-grade intercepts such as shown in holes AH21ARC074 and AH21ARC102.

1 Refer to ASX release dated 15 September 2021 “ Further Positive Results From Phase 2 Drilling Program”

Page 3 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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The current program has focussed principally on shallow supergene gold resources within the weathered zone, but high gold values (eg. 21.40 g/t Au in hole AH21ARC065[2] and 11.56 g/t Au in hole AH21ARC075[2] ) encountered at Air Core refusal hints at deeper potential. Similarly, intense artisanal activity recovering high grade gold from shallow depth implies a gold source nearby. Potentially deeper, unweathered portions of that source are an important target.

NEXT STEPS

Ongoing follow-up work will initially focus on near surface high grade supergene gold deposits. This will involve drilling of the several examples of this ore type identified by the Phase 2 drilling program.

Field work will continue testing undrilled prospects which display significant (>100ppb) soil Au anomalies. Results from the Phase 2 drilling program suggest that soil values of this magnitude and higher are indicative of near surface high grade supergene gold deposits. The potential of such deposits to generate a substantial near-term cash flow makes their follow-up compelling.

Further preparatory field work and laboratory studies will be carried out to confirm primary Au mineralisation targets within this well-endowed gold exploration licence.

2 Refer to ASX release dated 15 September 2021 “ Further Positive Results From Phase 2 Drilling Program”

Page 4 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Figure 2: Alahiné Section 1294450N showing gold mineralised intercepts (Note: down hole length, true width not known)

Page 5 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Figure 3: Alahiné Section 1293950N showing gold mineralised intercepts (Note: down hole length, true width not known)

Page 6 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Figure 4: Alahiné Section 1291950N showing gold mineralised intercepts (Note: down hole length, true width not known)

Page 7 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Figure 5: Alahiné North plan view showing all Phase 2 results.

Page 8 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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POLITICAL SITUATION UPDATE

Following the Company’s release[3] on the change in government, the Company is pleased to advise that its exploration activities at Alahiné and Mansala have been unaffected by the recent military removal of the president and government in Guinea.

On the 6 October 2021, Mr Mohamed Béavogui was appointed as the transitional Prime Minister. Mr Béavogui (68) is a well-regarded expert in agricultural development financing and risk management. It was further announced that no member of the military or transition government will be eligible to take part in planned elections at the end of the transition period.

Polymetals continues to monitor the situation but remains confident the military action will not affect exploration work or hinder its business strategy.

COMPETENT PERSON STATEMENT

The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Dr Christopher Johnston, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Johnston is a Director of Polymetals Resources 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”. Dr Johnston consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.

This announcement was authorised for release by the Board of Polymetals Resources Ltd.

Contact information:

Alex Hanly Victoria Humphries Chief Executive Officer Media & Investor Relations [email protected] [email protected] +61 (0) 448 418 725 +61 (0) 431 151 676

For more information, visit www.polymetals.com.

3 Refer to ASX release dated 07 September 2021 “Polymetals Projects Status Update”

Page 9 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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ABOUT POLYMETALS

Polymetals aims to become a gold production company, initially focusing on its two 100% owned exploration licences within Guinea’s Siguiri Basin, totalling 112km[2] .

The Siguiri Basin hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.

Polymetals’ Exploration Licences, known as Alahiné (64.2km[2] ) and Mansala (48.2km[2] ), host extensive historic and current artisanal gold production which reinforces exploration potential of the area.

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Figure 6: Proximal gold deposits relative to Polymetals Exploration Licences.

Page 10 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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APPENDIX 1 - Detailed results of significant intercepts

Table 1: Alahiné significant mineralised intercepts from second batch of assay results.

Hole ID From (m) To (m) Significant Gold Intersections
(Interval(m) @g/tgold)
AH21ARC088 9 13 4m @ 0.32g/t Au
AH21ARC092 1 9 8m @ 0.44g/t Au
AH21ARC093 96 97 1m @ 1.05g/t Au
AH21ARC094 9 10 1m @ 51.73g/t Au
22 23 1m @ 1.07g/t Au
AH21ARC095 8 9 1m @ 96.00g/t Au
56 57 1m @ 0.52g/t Au
AH21ARC096 18 19 1m @ 34.20g/t Au
AH21ARC098 32 33 1m @ 0.82g/t Au
AH21ARC099 37 38 1m @ 2.79g/t Au
AH21ARC101 61 62 1m @ 3.01g/t Au
AH21ARC102 4 5 1m @ 1.11g/t Au
8 21 13m @ 0.73g/t Au
47 57 10m @ 0.89g/t Au
AH21ARC103 55 56 1m @ 3.37g/t Au
80 99 19m @ 0.99g/t Au
Including 9m @ 1.03g/t Au from 90m
(hole ended in mineralisation)
AH21ARC104 58 59 1m @ 0.38g/t Au
77 78 1m @ 0.35g/t Au
86 87 1m @ 15.93g/t Au
AH21ARC107 16 17 1m @ 0.41g/t Au
AH21ARC109 23 24 1m @ 0.61g/t Au
32 35 3m @ 2.50g/t Au
55 56 1m @ 5.17g/t Au
60 64 4m @ 0.78g/t Au
86 87 1m @ 0.41g/t Au
AH21ARC110 4 5 1m @ 0.46g/t Au
33 34 1m @ 0.48g/t Au
38 41 3m @ 1.26g/t Au
58 62 4m @ 2.50g/t Au
68 69 1m @ 2.24g/t Au
76 83 7m @ 1.16g/t Au
AH21ARC111 7 8 1m @ 0.64g/t Au
47 51 4m @ 0.76g/t Au
AH21ARC112 5 6 1m @ 1.17g/t Au
AH21ARC113 2 3 1m @ 0.89g/t Au
17 18 1m @ 0.35g/t Au
32 38 6m @ 0.88g/t Au
52 53 1m @ 0.33g/t Au
AH21ARC114 27 28 1m @ 0.80g/t Au
37 38 1m @ 0.40g/t Au

Page 11 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Hole ID From (m) To (m) Significant Gold Intersections
(Interval(m) @g/tgold)
42 47 5m @ 0.45g/t Au
61 62 1m @ 0.43g/t Au
AH21ARC117 0 2 2m @ 0.41g/t Au
AH21ARC118 10 13 3m @ 0.28g/t Au
15 16 1m @ 0.81g/t Au
35 37 2m @ 1.07g/t Au
44 45 1m @ 0.46g/t Au
48 49 1m @ 0.37g/t Au
51 52 1m @ 0.52g/t Au
56 58 2m @ 0.58g/t Au
(hole ended in mineralisation)
AH21ARC120 90 92 2m @ 0.65g/t Au
AH21ARC124 39 41 2m @ 0.74g/t Au
AH21ARC125 7 10 3m @ 6.81g/t Au
36 37 1m @ 0.45g/t Au
AH21ARC126 19 23 4m @ 0.49g/t Au
43 47 4m @ 0.81g/t Au
55 59 4m @ 0.58g/t Au
71 73 2m @ 1.99g/t Au
97 104 7m @ 0.28g/t Au
108 109 1m @ 0.36g/t Au

Notes:

  • Intercept cut-off grade is 0.25 g/t gold.

  • Intervals are reported with a maximum of 4m of internal dilution.

Page 12 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Table 2: Alahiné Project Phase 2 Drilling Program details

Hole ID Method
(AC or RC)		 Northing
(UTM)		 Easting
(UTM)		 RL
(m)		 Azimuth
(degrees)		 Dip
(degrees)		 Depth
(m)		 Assay Status
AH21ARC029 RC 1296150 508450 418 180 -60 120 Assays received
AH21ARC030 RC 1296037 508400 419 360 -55 120 Assays received
AH21ARC031 AC 1296349 508743 425 270 -60 69 Assays received
AH21ARC032 AC 1296349 508694 422 270 -60 81 Assays received
AH21ARC033 AC 1296348 508644 426 270 -60 69 Assays received
AH21ARC034 AC 1295949 508863 406 270 -60 39 Assays received
AH21ARC035 AC 1295948 508815 403 270 -60 52 Assays received
AH21ARC036 AC 1295949 508764 407 270 -60 48 Assays received
AH21ARC037 AC 1295950 508714 405 270 -60 51 Assays received
AH21ARC038 AC 1295950 508666 411 270 -60 53 Assays received
AH21ARC039 AC 1295951 508616 413 270 -60 56 Assays received
AH21ARC040 AC 1295949 508564 410 270 -60 31 Assays received
AH21ARC041 AC 1295949 508515 415 270 -60 61 Assays received
AH21ARC042 AC 1295950 508465 418 270 -60 52 Assays received
AH21ARC043 AC 1295956 508412 421 270 -60 65 Assays received
AH21ARC044 AC 1295951 508364 420 270 -60 45 Assays received
AH21ARC045 AC 1295951 508315 439 270 -60 40 Assays received
AH21ARC046 RC 1296069 508455 408 360 -60 120 Assays received
AH21ARC047 AC 1295950 508064 425 270 -60 75 Assays received
AH21ARC048 AC 1295958 508113 425 270 -60 63 Assays received
AH21ARC049 AC 1295950 508165 431 270 -60 68 Assays received
AH21ARC050 AC 1295949 508211 425 270 -60 69 Assays received
AH21ARC051 AC 1295946 508266 422 270 -60 51 Assays received
AH21ARC052 AC 1295450 508124 422 270 -60 105 Assays received
AH21ARC053 AC 1295452 508173 431 270 -60 74 Assays received
AH21ARC054 AC 1295451 508216 425 270 -60 93 Assays received
AH21ARC055 AC 1295452 508272 419 270 -60 84 Assays received
AH21ARC056 AC 1295440 508324 420 270 -60 69 Assays received
AH21ARC057 AC 1295450 508377 424 270 -60 81 Assays received
AH21ARC058 AC 1295450 508424 419 270 -60 75 Assays received
AH21ARC059 AC 1295450 508525 417 270 -60 57 Assays received
AH21ARC060 AC 1295450 508573 413 270 -60 55 Assays received
AH21ARC061 AC 1295452 508624 413 270 -60 36 Assays received
AH21ARC062 AC 1295450 508672 404 270 -60 39 Assays received
AH21ARC063 AC 1295450 508718 403 270 -60 43 Assays received
AH21ARC064 AC 1295447 508456 419 270 -60 63 Assays received
AH21ARC065 AC 1294951 508163 421 270 -60 82 Assays received
AH21ARC066 AC 1294951 508214 422 270 -60 98 Assays received
AH21ARC067 AC 1294952 508266 425 270 -60 99 Assays received
AH21ARC068 AC 1294950 508313 414 270 -60 88 Assays received
AH21ARC069 AC 1294949 508363 416 270 -60 75 Assays received
AH21ARC070 AC 1294949 508412 418 270 -60 62 Assays received
AH21ARC071 AC 1294950 508463 413 270 -60 57 Assays received
AH21ARC072 AC 1294949 508513 416 270 -60 67 Assays received
AH21ARC073 AC 1294951 508563 421 270 -60 65 Assays received
AH21ARC074 AC 1294451 508054 399 270 -60 105 Assays received
AH21ARC075 AC 1294449 508106 400 270 -60 60 Assays received
AH21ARC076 AC 1294450 508155 405 270 -60 105 Assays received
AH21ARC077 AC 1294450 508205 401 270 -60 87 Assays received
AH21ARC078 AC 1294450 508253 399 270 -60 50 Assays received
AH21ARC079 AC 1294450 508306 399 270 -60 92 Assays received

Page 13 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Hole ID Method
(AC or RC)		 Northing
(UTM)		 Easting
(UTM)		 RL
(m)		 Azimuth
(degrees)		 Dip
(degrees)		 Depth
(m)		 Assay Status
AH21ARC080 AC 1294451 508356 401 270 -60 52 Assays received
AH21ARC081 AC 1294451 508405 399 270 -60 68 Assays received
AH21ARC082 AC 1294450 508453 398 270 -60 86 Assays received
AH21ARC083 AC 1294450 507424 381 270 -60 76 Assays received
AH21ARC084 AC 1294450 507473 388 270 -60 81 Assays received
AH21ARC085 AC 1294451 507524 386 270 -60 81 Assays received
AH21ARC086 AC 1294451 507573 394 270 -60 117 Assays received
AH21ARC087 AC 1294451 507624 398 270 -60 81 Assays received
AH21ARC088 AC 1294449 507676 393 270 -60 81 Assays received
AH21ARC089 AC 1294450 507722 394 270 -60 93 Assays received
AH21ARC090 AC 1294450 507763 388 270 -60 87 Assays received
AH21ARC091 AC 1294451 507827 393 270 -60 69 Assays received
AH21ARC092 AC 1294449 507875 405 270 -60 87 Assays received
AH21ARC093 AC 1294449 507924 398 270 -60 105 Assays received
AH21ARC094 AC 1294445 507961 407 270 -60 93 Assays received
AH21ARC095 AC 1294447 507975 402 90 -60 83 Assays received
AH21ARC096 AC 1293954 507480 371 270 -60 60 Assays received
AH21ARC097 AC 1293950 507535 365 270 -60 78 Assays received
AH21ARC098 AC 1293954 507585 375 270 -60 87 Assays received
AH21ARC099 AC 1293951 507635 376 270 -60 88 Assays received
AH21ARC100 AC 1293951 507682 371 270 -60 104 Assays received
AH21ARC101 AC 1293950 507743 386 270 -60 98 Assays received
AH21ARC102 AC 1293950 507783 376 270 -60 97 Assays received
AH21ARC103 AC 1293949 507831 386 270 -60 99 Assays received
AH21ARC104 AC 1293950 507884 380 270 -60 99 Assays received
AH21ARC105 AC 1293950 507936 382 270 -60 101 Assays received
AH21ARC106 AC 1293954 507334 365 270 -60 64 Assays received
AH21ARC107 AC 1293951 507386 372 270 -60 69 Assays received
AH21ARC108 AC 1293951 507436 357 270 -60 87 Assays received
AH21ARC109 AC 1293951 507805 384 270 -60 99 Assays received
AH21ARC110 AC 1291949 506945 395 270 -60 105 Assays received
AH21ARC111 AC 1291950 506984 395 270 -60 60 Assays received
AH21ARC112 AC 1291951 507030 395 270 -60 60 Assays received
AH21ARC113 AC 1291954 507080 394 270 -60 53 Assays received
AH21ARC114 AC 1291952 507124 401 270 -60 63 Assays received
AH21ARC115 AC 1291699 506898 390 270 -60 49 Assays received
AH21ARC116 AC 1291700 506952 391 270 -60 60 Assays received
AH21ARC117 AC 1291701 506999 389 270 -60 60 Assays received
AH21ARC118 AC 1291700 507051 387 270 -60 58 Assays received
AH21ARC119 AC 1291699 507100 384 270 -60 81 Assays received
AH21ARC120 AC 1291451 507033 377 270 -60 105 Assays received
AH21ARC121 AC 1291450 507074 377 270 -60 60 Assays received
AH21ARC122 AC 1291449 507130 364 270 -60 60 Assays received
AH21ARC123 AC 1291449 507177 372 270 -60 60 Assays received
AH21ARC124 AC 1291450 506979 376 270 -60 69 Assays received
AH21ARC125 AC 1291458 506928 378 270 -60 63 Assays received
AH21ARC126 RC 1291952 507098 395 270 -60 123 Assays received

Notes:

  • Co-ordinate projection UTM, WGS 84 Zone 29 North.

Page 14 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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APPENDIX 2 – JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria **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.		 The sampling referred to in this release
refers to Reverse Circulation (RC) drilling
and Air Core (AC) drilling.
Samples were all collected by qualified
geologists
or
under
geological
supervision.
A total of 4 RC holes totalling 480m and
94 AC Holes totalling 6,840m are detailed
in the accompanying announcement.
Representative samples of the material
drilled was collected for every metre
drilled directly from the rig cyclone.
Each 1 metre sample was weighed
prior to splitting, to provide a record of
sample recovery.
Samples for assay were riffle-split from
each 1 metre interval. Weight of such
samples was 2-3kg.
The samples are considered to be
representative of the rock being drilled
The nature and quality of the of sampling
is carried out in conformity with industry
standard QAQC procedures.
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). _		 The sampling referred to in this release
refers to RC drilling and AC drilling. The
contractor was Target Drilling Limited.
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.		 Representative samples of the material
drilled was collected for every metre
drilled.
Each 1 metre sample was weighed prior
to splitting, to provide a record of sample
recovery.
Drilling method was selected so as to
maximise sample recovery.
Assay values for each sample batch was
compared with sample weights, and a
correlation coefficient was calculated. A
representative was always present at the
rig to monitor and record recovery. There
were no significant sample recovery
problems.

Page 15 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Criteria **Explanation ** Commentary
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.		 Drill chips were logged for lithology,
mineralogy, mineralization, weathering,
alteration, colour and any other relevant
characteristics. Geological logging
conformed to the standardized system
adopted by the Company during its first
drilling program.
Logging was both qualitative of
quantitative
depending
on
the
characteristic being recorded. The whole
length of each hole was logged.
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.		 Both RC and AC cuttings when dry, were
sampled by riffle splitting. For wet
samples, the cuttings were dried as much
as is practicable on site, then coned and
quartered to produce a suitable weight
for assay.
Samples
were
transported
to
SGS
Laboratories in Bamako, Mali. There,
they were dried, crushed to a nominal
2mm using a Boyd Crusher, then <0.1 kg
was split using a rotary splitter. Reject
samples were retained in the original bag
and stored. The split was pulverized in a
LM2 swing mill to a nominal 85% passing
75 microns. Approximately 200g sub-
sample was taken for assay, with the
pulverised residue retained in a plastic
bag. All the preparation equipment was
flushed with barren material prior to the
commencement of the job. The milling
process thoroughly homogenizes the
sample to allow a 50g sub-sample to be
collected manually for fire assay for gold.
Duplicate samples are collected for assay
at 50 metre intervals.
The sample size far exceeds the “million
grain rule” and as such is appropriate in
this instance.
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.		 The technique selected is a fusion
technique
which
breaks
down
the
mineral
content
of
the
sample
completely. The PbO flux is reduced to
Pb metal during the fusion process, and
precious metals are accumulated within
the resultant Pb prill. Dissolution of the
prill, and measurement of the Au
abundance in the resultant solution
provides a precise and accurate measure
of the total Au abundance in the sample.
Standard
reference
materials
and
duplicates are included in the analytical
stream by both the company and the
laboratory.
Comparison of the measured value of
the standard and the accepted value
provides a clear measure of laboratory
performance.

Page 16 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Criteria **Explanation ** Commentary
Analysis
of
duplicates
provides
a
measure
of
repeatability,
but
this
approach is less reliable when coarse
gold ispresent in the samples.
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.		 All drilling results were scrutinized by
senior management of the company.
Significant intercepts will be checked by
re-assay.
The use of twinned holes is not relevant
in this instance.
All drilling data is accumulated initially in
spreadsheets, and ultimately transferred
to a master database for archiving.
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.		 Drill collars are initially located on the
ground using handheld GPS receivers.
Accuracy expected is ±5m.
Geological mapping of trenches, mine
workings and other locations is done at
an accuracy of ±5m.
DGPS pick up of all drill collars will be
carried out on completion of individual
drilling programs to locate drill holes to
±1m or better accuracy.
In the current project, the relevant grid
system is UTM WGS84 Zone 29 Northern
Hemisphere.
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.		 At this early stage in the exploration of
the tenement, spacing of drill holes along
traverses of 50m is considered
appropriate.
Spacing of drill traverses is relatively wide
at 250m and 500m, but is designed to
examine individual Au-anomalous areas
rather than measure mineral resources.
No
sample
compositing
has
been
applied.
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.		 Orientation of drill traverses at this early
stage of exploration is considered
satisfactory. When the structural controls
on mineralization becomes clear, hole
orientations may be changed.
Sample security •
The measures taken to ensure sample security.		 Drill samples are returned to the
Company compound in Alahiné Village
every evening.
One security guard is on duty at the
compound at all times.
Audits or reviews •
The results of any audits or reviews of sampling techniques
and data.		 There has been no external audit or
review of the Company’s techniques or
data for Phase 2.
Review of sampling techniques used in
Phase 1 drilling by the Company’s
independent
Geologist
found
the
sampling procedures to be satisfactory.

Page 17 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Section 2: Reporting of Exploration Results

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.		 Exploration Licence No. 22123
(Alahiné Project), comprising a total
land area of 64.21 km2located at
Alahiné village in Siguiri prefecture,
Guinea. The licence will expire on 10
April 2022.
Exploration done by other parties •
Acknowledgment and appraisal of
exploration by other parties.		 The details of previous exploration
and results were summarised as
Annexure B – Independent
Geologist’s Report, pages 106-293 – in
the Polymetals Prospectus and can
be found on the website;
https://www.polymetals.com/site/Op
erations/reports.
Geology •
Deposit type, geological setting and style
of mineralisation.		 Primary target is Birimian/Siguiri-style
regolith-hosted oxide gold
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.		 See Table 1 and Table 2.
Appropriate locality maps for some of
the holes also accompanies this
announcement.
Further information in regards to
Phase 1 scout RC drilling (21 holes)
and the details and results are
summarised in the Annexure B –
Independent Geologist’s Report,
pages 106-293 – in the Polymetals
Prospectus and can be found on the
website,
https://www.polymetals.com/site/Op
erations/reports.
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		 RC and AC drill sampling was in one
metre intervals.
For the 0.25g/t Au cut-off calculations,
up to 4m (down hole) of internal
waste.
No weighting or high-grade cutting

Page 18 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

ASX Announcement

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Criteria JORC Code explanation Commentary
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.		 technique has been applied to the
data reported.
Assay results are generally quoted
rounded to 2 decimal places.
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’). _		 Clear statement provided within
accompanying report.
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.		 Included in the Prospectus -
Annexure B: Independent Geologist’s
Report, pages 106-293.
Appropriate maps and cross sections
are included within 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
considered to represent a balance
report.
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.		 There are no other exploration data
which is considered material to the
results reported in the
announcement.
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.		 Results of the Alahiné Phase 2 drill
program are currently being assessed
and planning of the Phase 3 drilling
program is in progress.

Page 19 of 19 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]

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