BARBARA MINERAL RESOURCE UPGRADE: OPEN PIT STRENGTHENED WITH GRADE INCREASE, IN-FILL DRILLING Updated resource underpins Feasibility Study as new phase of deep drilling commences HIGHLIGHTS • Updated JORC 2012 compliant Mineral Resource estimate completed for Barbara Copper Project, North Queensland comprising: o Indicated Resource of 3.25Mt grading 1.7% Cu, 0.15g/t Au, 2.76g/t Ag and 281g/t Co, containing 55,600t of copper, 15,700oz of gold, 288,500oz of silver and 914t of cobalt. o Inferred Resource of 1.49Mt grading 1.3% Cu, 0.16g/t Au, 2.17g/t Ag and 369g/t Co, containing 19,900t of copper, 7,200oz of gold, 103,500oz of silver and 546t of cobalt. • Mineral Resource based on 186 drill holes (57 diamond and 129 RC), providing a high level of confidence in the integrity and robustness of the deposit as a result of extensive in-fill drilling. • 74% of copper metal content in the Mineral Resource now classified in the Indicated Resource category, available for conversion to Probable Ore Reserves. • The updated resource represents a 14% increase in overall copper grade to 1.6% Cu, with the average grade of the Indicated Resource increasing to 1.7% Cu. • Definitive metallurgical testing, including leaching and flotation laboratory test work, currently underway – underpinning ongoing work associated with the Barbara Feasibility Study. • Diamond drilling underway targeting resource extensions below the open pit to assess the potential for future underground mining (Barbara Deeps). Syndicated Metals Limited (ASX: SMD – “Syndicated” or “the Company”) is pleased to announce an updated JORC 2012 compliant Mineral Resource estimate for its flagship Barbara Copper-Gold Joint Venture Project in North Queensland (Figure 1), paving the way for open pit optimisation and design work to progress the project to the next stage. The updated Mineral Resource is set out in Table 1 below (also refer to Figure 2 and Appendix 1):
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