Genmin : Bandjougoy Drilling Confirms Scale and Potential

Published: 2021-11-22 17:08:21 ET GEN.AX

only23 November 2021

Bandjougoy drill results confirm scale and Resource growth potential

useEarlier pilot scale test work delivered 62 - 65% Fe product grades

Highlights

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Diamond drilling Oxide Mineral Resource growth program completed at Bandjougoy prospect.

Program comprised 25 holes for approximately 3,000m and builds on 12 diamond holes completed in 2018.

Drill results reported in this announcement represent the first 6 of the 25 diamond holes. Assay results pending for the remaining 19 holes. Drill results continue to confirm a large-scale,flat-lying mineralised system at or near surface.

Bandjougoy's strike length of 6.3km is the single largest target for Oxide mineralisation at Baniaka without an Oxide Mineral Resource; it has an in-situ Oxide Exploration Target of 67-124Mt at 35-49% Fe1.

The strike length and width of Bandjougoy show favourable geometry for the potential development of a large- scale open pit mining operation.

Pilot scale metallurgical test work on bulk Bandjougoy Detrital Iron and Soft Oxide samples returned Lump, Fines and Pellet Feed products between 62 and 65% Fe.

Bandjougoy is now anticipated to provide the centre of gravity for the Baniaka Preliminary Feasibility Study, which is scheduled for completion at the end of Q1 2022.

African iron ore explorer and developer, Genmin Limited (Genmin or Company) (ASX: GEN), is pleased to report the results of the first two (2) drill sections from its recently completed diamond drilling program at the Bandjougoy Forprospect at its 100% owned Baniaka Iron Ore Project (Baniaka) located in the Republic of Gabon, Central West

Africa (Figure 1).

Drilling intersected oxidised iron mineralisation (Oxide) beneath the Detrital Iron Deposit (DID) mineralisation at Bandjougoy (Figure 2 and Figure 3). Oxide iron mineralisation comprises both Soft Oxide and Intact Oxide material types. DID and Soft Oxide are the primary targets to support a mining operation at Baniaka.

Managing Director and Chief Executive Officer, Joe Ariti commented: "The drill results continue to confirm the large- scale Oxide potential of Bandjougoy that is approximately 300 metres wide, gently dipping and immediately beneath the flat-lying surficial DID. The shallow dip would enable simple open pit extraction with a high mining yield per vertical metre in comparison to more steeply dipping systems, with low stripping ratios on commencement of mining due to DID at or close to ground surface with a thin veneer of unconsolidated cover. Pilot scale metallurgical test work on

1 The Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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both DID and Soft Oxide bulk samples from Bandjougoy returned 62-65% Fe grades across a suite of Lump, Fines and Pellet Feed products."

only"We are targeting the definition of an Oxide Mineral Resource at Bandjougoy to complement its DID Mineral Resource and given its potential scale and proximity to existing Mineral Resources at Tsengué, Bandjougoy is likely to form the centre of gravity for infrastructure layout in the Baniaka Preliminary Feasibility Study", he continued.

In-situ iron grades from Oxide mineralisation reported in the first two completed sections are in line with the feed grades for bulk Soft Oxide metallurgical samples from Bandjougoy. Sample MIN06039 graded 48% Fe as reported n 15 September 2021 and sample MIN6030 graded 35.3% Fe as reported on 29 October 2021. Both samples

achieved +62% Fe product grades during pilot scale test work.

Bandjougoy Drilling Results

useThe 2021 diamond drilling at Bandjougoy builds on 12 diamond drill holes completed on the prospect in 2018. These new holes were drilled on 400m and 800m spaced sections and confirmed Oxide and Primary mineralisation on the eastern part of Bandjougoy (significant intercepts were reported in the Company's Prospectus dated 9 February 2021 (Prospectus)).

The 2021 diamond drilling program at Bandjougoy comprises approximately 3,000m for 25 holes. The drill results reported in this announcement represent the first six (6) of these 25 holes with assays received from ALS laboratories at Loughrea, Ireland, and Johannesburg, South Africa.

personalThe holes targeted the downdip extension of iron mineralisation on existing section BJ323000E (drill hole BWDD013, Figure 4) and tested the possibility of deeper oxidation and iron enrichment along an interpreted structure on newly reported section BJ322200E (Figure 5).

All six (6) holes for a total of 522.5m drilling were successful in intercepting Oxide and/or Primary mineralisation at downhole depths that were forecast during drill planning.

Significant intercepts and collar locations are provided in Table 1 and Table 2, with key Oxide (comprising both Soft Oxide and Intact Oxide material) intervals listed below:

Genmin has previously reported pilot scale metallurgical test work on bulk samples (1-2 tonnes), by Bond Equipment in Klerksdorp, South Africa (refer ASX Announcement dated 15 September 2021 and the Quarterly Activities Report dated 29 October 2021). The bulk samples were from Baniaka and included DID and Soft Oxide samples from Bandjougoy.

ForThe Soft Oxide sits immediately below the DID in the geological profile (Figures 4 and 5) and is typically finer than the DID with more material reporting to be -1mm size fraction. Consequently, Lump and Fines yields are lower than achieved with DID feed, but an additional Pellet Feed product (-0.5+0.05mm) is produced. The iron grades for both Lump and Fines products from Soft Oxide sample MIN06035 (head grade 48% Fe) was 62.3%, with an overall mass yield of 45%.

or Soft Oxide sample MIN06030 (head grade 35.3% Fe), the Pellet Feed size fraction (73% of the sample mass after scrubbing), was subject to a single stage spiral rougher test and produced a concentrate before cleaning of 62.5% Fe at a mass yield of 41%. With a subsequent spiral cleaning stage to follow the rougher stage, the Fe grade is expected to further increase, through the removal of misplaced, liberated gangue.

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Table 1. Significant Intercepts for Bandjougoy prospect diamond drill sections BJ322200E & BJ323000E

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Mineralisation

Depth From

Depth

Interval1

Core

Fe1

SiO2

Al2O3

Prospect

Section

Hole ID

Zone

(m)

Loss

(%)

(m)

BJ322200E

BWDD014a

Oxide

7.4

34.5

27.1

0.0

37.5

37.9

4.0

0.09

0.02

BJ322200E

BWDD014a

Primary

34.5

42.5

8.0

0.0

35.9

41.6

1.2

0.07

0.08

BJ322200E

BWDD014a

Oxide

42.5

48.5

6.0

0.0

40.2

38.4

1.1

0.09

0.02

BJ322200E

BWDD014a

Primary

48.5

65.6

17.1

0.0

34.1

44.3

1.8

0.06

0.04

BJ322200E

BWDD015

DID

0.0

10.3

0.0

45.5

20.2

7.2

0.08

0.03

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BJ322200E

BWDD015

Oxide

10.3

41.5

31.3

0.0

44.4

28.8

3.2

0.05

BJ322200E

BWDD016

DID

0.0

7.5

0.0

45.5

21.4

6.5

0.15

0.03

BJ322200E

BWDD016

Oxide

7.5

56.6

49.1

0.0

40.9

36.3

2.3

0.05

0.03

Bandjougoy

BJ322200E

BWDD017

DID

0.0

3.0

0.0

43.7

24.0

6.7

0.09

0.03

BJ322200E

BWDD017

Oxide

3.0

43.0

40.0

1.5

40.9

32.0

3.8

0.07

0.06

BJ322200E

BWDD017

Oxide

55.3

62.0

6.7

0.0

34.3

47.4

1.3

0.04

0.01

BJ322200E

BWDD017

Primary

62.0

68.0

6.0

0.0

32.7

47.0

2.0

0.05

0.03

BJ322200E

BWDD018

Primary

32.2

42.5

10.4

0.0

30.7

48.0

3.2

0.07

0.17

BJ322200E

BWDD018

Oxide

42.5

59.0

16.5

1.5

36.8

41.6

2.5

0.06

0.02

BJ322200E

BWDD018

Primary

59.0

90.5

31.5

0.0

32.5

45.1

2.0

0.06

BJ323000E

BWDD013

Primary

37.5

95.5

58.0

0.0

34.8

44.9

1.6

0.05

0.04

BJ323000E

BWDD0012

Oxide

9.0

47.5

38.5

0.0

40.0

38.4

1.8

0.02

0.01

BJ323000E

BWDD0012

Primary

47.5

55.2

7.8

0.0

37.6

42.9

1.0

0.05

0.01

BJ323000E

BWDD0022

Oxide

17.2

47.2

30.0

0.0

36.6

44.0

2.0

0.03

0.02

BJ323000E

BWDD0022

Primary

47.2

75.8

28.6

0.0

36.2

43.2

1.2

0.05

0.04

Notes:

1Aggregation criteria provided in JORC Table 1 (Appendix 1)

2Drillholes included on section in Figure 4 but previously reported in the IGR in the Prospectus.

Drilling also confirmed the shallow northerly dip of the Banded Iron Formation (BIF) hosting the iron mineralisation,

and a true BIF thickness of 55 - 60m in this part of Bandjougoy.

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Drill hole BWDD017 intersected a fault zone (Figure 5), which is interpreted as a subvertical reverse fault. This is noteworthy in the presence of oxidised BIF at greater depth than expected, which is interpreted to represent deeper oxidation along the structure. Oxide mineralisation is encountered to vertical depths of up to 40m below surface on section BJ323000E, and up to 55m below surface along the interpreted fault on section BJ322200E.

ForThe 18 holes reported to date on 400m drill sections yield positive Oxide and Primary drill results over 2km of the 4.4km Bandjougoy prospect. The remainder of the now complete 2021 diamond program aimed at extending drilling

n 400m sections westward for the entire strike length of Bandjougoy.

The Primary BIF mineralisation remains open at depth2 on both sections and represents a strategic target to define a significant underlying magnetite asset at Bandjougoy.

2 The interpreted down-dip extent of the BIF is restricted to 1.5x nominal drill spacing in Figure 4 and Figure 5.

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only

Prospect

Drill section

Hole ID

Hole Length

Easting

Northing

Elevation

Dip

Azimuth

(m)

(degrees)

BJ322200E

BWDD014A

322,207

9,772,213

497

-51.3

179.1

BJ322200E

BWDD015

322,200

9,772,046

552

-48.9

164.9

BJ322200E

BWDD016

322,212

9,772,091

547

-50.1

171.8

Bandjougoy

BJ322200E

BWDD017

322,197

9,772,149

499

-50.3

180.2

BJ322200E

BWDD018

108.5

322,204

9,772,259

484

-48.4

177.6

BJ323000E

BWDD013

110

323,010

9,772,711

537

-50

180

BJ323000E

BWDD001

81.5

323,001

9,772,606

540

-48.7

178.9

BJ323000E

BWDD002

114.5

323,002

9,772,657

530

-50.2

185.7

Note: Coordinates are referenced to UTM Zone 33S (WGS84 Datum)

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Bandjougoy: Context & Significance

The Bandjougoy prospect is 4.4km long with an unfolded strike extent of 6.3km of BIF and is the single largest drill target for Oxide mineralisation at Baniaka that does not currently have a Mineral Resource Estimate.

Bandjougoy does, however, have an in-situ Oxide Exploration Target of 67 million tonnes (Mt) to 124Mt grading at

35% to 49% Fe, which confirms the significance of the prospect, in addition to the following complementary criteria:

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The BIF at Bandjougoy typically dips at approximately 30 to 40 degrees to the North. The shallow dip results

Primary Mineral Resource estimates that have previously been reported to the market.

in wider horizontal thickness exposed to weathering and iron enrichment, hence greater potential volume of

DID and Oxide mineralisation per vertical metre that may be amenable to shallow open cut mining when

compared to more steeply dipping BIF units;

An elevated ground magnetic anomaly is noted between 320 000mE and 322 000mE (Figure 3), which is

considered to represent thickening of the BIF unit;

The presence of the overlying DID Mineral Resource reported to the market on 21 July 2021; and

Bandjougoy represents the strike extension of Tsengué contiguous to the East. Tsengué has DID, Oxide and

The Company's strategy is to consolidate Bandjougoy and Tsengué into a single geological model with the intent of achieving a Mineral Resource Estimate that achieves a minimum Indicated classification. This, combined with the Flouflou and Bingamba North prospects, forms the focus of activity for Mineral Resource estimations as the foundation of the Company's Baniaka Preliminary Feasibility Study.

Information regarding the Bandjougoy Exploration Target is extracted from the "Independent Geologist's Report on the Mineral Assets of Genmin

For

Limited" (IGR) authored by SRK Consulting (Australasia) Pty Ltd. The IGR is included in the Prospectus. The Bandjougoy Exploration Target is

conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in

the estimation of a Mineral Resource.

This announcement has been authorised by the Board of Directors of Genmin Limited.

or further information, please contact:

Joe Ariti

Alex Cowie

Follow GEN

Managing Director & CEO

Investor Relations

GENMIN Limited

NWR Communications

T: +61 8 9200 5812

M: +61 412 952 610

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About GENMIN

Genmin Limited (ASX: GEN), is an ASX-listed African iron ore exploration and development company with a onlypipeline of projects in the Republic of Gabon, central West Africa. The Company has a 100% interest in three

(3) projects comprising six (6) exploration licences covering approximately 5,270km2.

Genmin's Baniaka and Bakoumba projects are located in south-east Gabon near the provincial city of Franceville, where the Company has an extensive footprint and controls all acreage prospective for iron ore. The Baniaka and Bakoumba projects represent a potential iron ore hub with 2,450km2 of landholding and 121km

f iron mineralised strike with only 16% drill tested with diamond drilling.

Genmin's flagship project, Baniaka, is at feasibility stage with defined Mineral Resources reported in useaccordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code), and is favourably situated adjacent to existing and operating bulk

commodity transport and renewable energy infrastructure.

Gabon is a stable central West African country with a mining and oil production history dating back to the early 1960s. It is currently the second largest producer of manganese ore in the world and eighth largest crude oil producer in Africa.

Competent Persons Statement

personalThe Competent Persons responsible for the exploration data and geological interpretation used in this nnouncement are:

Mathieu Lacorde, a full-time employee and minor shareholder of Genmin Limited. Mr Lacorde also holds performance rights over shares that have vesting conditions unrelated to Baniaka. Mr Lacorde is a Member of the Australian Institute of Geoscientists and has sufficient relevant experience to the style of mineralisation and type of deposit under consideration, and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code.

Marcus Reston, a full-time employee of Genmin Limited. Mr Reston holds performance rights over shares that have vesting conditions that are related to Baniaka. Mr Reston is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient relevant experience to the style of mineralisation and type of deposit under consideration, and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code.

Mr Lacorde and Mr Reston consent to the inclusion in this announcement of the matters based on his information in the form and content in which it appears.

The information in this announcement that relates to the reporting of metallurgical results is based on Forinformation compiled by Giuseppe Ariti who is a full-time employee, and shareholder, of Genmin Limited. Mr Ariti is a member of the Australasian Institute of Mining and Metallurgy and has sufficient, relevant experience to the style of mineralisation and type of deposit under consideration, and to the activity for which he is

undertaking to qualify as a Competent Person as defined in the JORC Code.

Mr Ariti consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

JORC Table 1

Reporting criteria for the Exploration Results set out in this announcement is summarised in the JORC Table 1 Checklist of Assessment of Reporting Criteria for Exploration Results, located at Appendix 1 at the end of this announcement.

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Genmin Ltd. published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 22:06:37 UTC.