Mining Discovery

EMEX Receive first assay results from the Großarl project in Land Salzburg & announce financing

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Wednesday 23rd August 2023 – Großarl, Austria

Ekometall Group Ltd., through its wholly owned Austrian subsidiary Ekometall Exploration GmbH. (EMEX), have received the first batch of laboratory results from prospecting at the Schwarzwand, Astentofern and Frauenkogel targets, within the Großarl licence area in Land Salzburg, Austria.

Sixty-two rock samples were analysed by ALS in Romania with a 13-day turnaround (including delivery) using ALS methods Au-AA25 fire assay with AAS finish for gold, ME-ICP61 acid digest with ICP-AES finish for a 33-element suite including base metals, and CU-OG62 acid digest with ICP-AES finish for ore grade copper (>1% Cu). Full geochemical results are included in the appendix for reference.

The maps below show selected results in plan view, and overlaid onto LiDAR/3D projected models of the historic mine workings at Astentofern and Schwarzwand. Please scroll left & right to see them all.

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25 of the 62 analysed samples reported > 0.5% Cu and no significant values were reported for potentially deleterious elements like As, Sb, Bi or Cd in sulphide rich samples. Importantly all U values were below the detection limit of the ME-ICP61 method (>10 ppm U).

An entirely new exploration target has also been identified at ‘Frauenkogel’, which will be followed up in the field in the coming 7-10 days.

Prospecting on the Frauenkogel Target in July 2023.

Sampling of historical mine waste dumps and newly discovered outcrops confirmed presence of Cu mineralisation. The composition of waste material on the historical dumps indicate that historical mining was primarily focused on recovering sulphur from massive pyrite ore rather than Cu from disseminated or semi massive chalcopyrite bearing parts of the system. As such, Cu enriched areas may remain inside the mine complexes on further investigation.

3D modelling of historical data is in progress to better understand the geometry of individual ore bodies and define specific targets for further investigation, to confirm these assumptions and to discover potentially economical copper ore resources. Further samples from our Kelchalpe & Panzendorf properties are being delivered to ALS Romania for analysis and we expect to report their results within 2-4 weeks.

Highlighted Samples:

Sample EXR0061 from the new ‘Frauernkogel’ target reports 3.7% copper and 1 g/t gold, and sample EXR0060 reports 0.99% copper and 0.42 g/t gold in a newly explored area with no historic mining or exploration. Both samples represent strongly limonitized fragments from float in close proximity to a mapped shear zone. Samples are typical for the oxidized gossanous part of sulphide rich systems with pyrite crystal boxworks and abundant Cu secondary minerals (malachite).

Sample EXR0041 from the Astentofern target reports 5.1% copper from a sulphide rich system. This sample contains semi-massive sulphides, mainly pyrite and chalcopyrite, hosted in greenschists, found in a mining waste dump.

Full results are included in this document’s appendix.

Corporate Update: Announcement of Financing

Following the receipt of these early affirmative sampling results and the imminent completion of our 100% owned subsidiary’s maiden field campaign in Austria, within budget and ahead of schedule, Ekometall Group Ltd. will seek to raise GBP £300,000 through the sale of equity to qualifying investors, to support its subsidiary with Phase 2 field work across its 4 projects in Austria.

10,000,000 shares are provisionally offered at £0.03/share, alongside a warrant for the purchase of 1 share at £0.05 within 36 months of issue.

Please contact [email protected] for further information and to participate in this offering.

Ekometall Exploration GmbH. Geschäftsführer Severina Ditzov commented:

Our whole team have worked hard to deliver an intense work program throughout this summer season, it provides a huge boost to see this first set of samples returned with strong copper grades. This is just one of three projects that we’re expecting results back from in the coming weeks, so there’s plenty of news still lined up for our investors.

Ekometall Group Ltd. CEO Liam Hardy commented:

It’s very encouraging to see respectable numbers alongside these beautiful rocks for the first time since the 1970s. We always knew there was copper here in Großarl, we have the old maps and we’ve seen the old mines and we were always confident. This first run of lab results gets us a half-step closer to proving our theories about the region’s potential to the market and includes samples with impressive grades above what had been historically reported.

New samples from Frauernkogel, taken by senior geologist Peter Zitnan & our visiting student geologist Bethsabée Tatitscheff, have also revealed an entirely new Cu-Au target to the West of the licence area, which we can’t wait to return to and map fully.

Every step we take forwards as a team strengthens our case for re-exploring Austria’s famous past-producing regions, not only to reassess the old mines, but with the potential for new discoveries.

The team are looking forward to sharing our work program with exploration partners and investors over the coming days as we look to finance further exciting Alpine work through to January 2024. We will be hosting site visits and investor calls so, please do reach out if you’re interested in joining our story.

Technical notes from this sampling program:

Grab sampling is a common early-stage method of prospecting for metals. Our geologists covered a large area of ground across the region and collected rock samples from, at and around outcrops and historically noted targets and mines.

Our team labelled all samples while collecting as either ‘outcrop’ (also known as ‘rock-chip’ sampling) when they were taken directly from exposed bedrock, or ‘float’ (also known as ‘Boulder’ Sampling’) when they were taken from mine adits, waste dumps, streams, glacial depositional areas, but not from around recent man-made features (roads, buildings, stone walls, etc.) which could have been brought from elsewhere for construction.

‘Outcrop’ samples are used with confidence to directly update our workroom and understand our mineralised systems. ‘Float’ results are not included in our overall deposit models and are instead used as a tool to vector our exploration efforts towards areas of metalliferous bedrock, especially in areas where physical outcrop is limited. All samples were also taken in duplicate. Before sending samples to the laboratory, they were scrubbed and rinsed in clean water and air dried.

In this phase of work, all samples are assumed to carry a sampling bias towards the selection mineralised rocks from both float, mine waste and outcrop for analysis. As such these results may not be representative of any wider mineralised system. What they do confirm is that copper and gold samples exist at economic grades within the Hüttschlag & Großarl districts and merit further investigation by our team.

About Ekometall Group Ltd.:

Our company was founded in 2023 as ‘Ekometall Group Ltd.’ in the UK, with a wholly owned subsidiary ‘Ekometall Exploration GmbH’ in Austria, following a year of intensive archive work to unearth modern scale development targets amongst the extensive records of the Geologische Bundesanstalt (Geosphere) and Salzburger Landesarchive.

Utilising more than 3000 pages of watercolour painted maps, detailed extraction records and first-hand expert accounts of past operation, our team moved to secure Austria’s largest mineral exploration land package, comprising 705 Schürfberechtigung (exploration claims) over c.322km2 of prospective ground, between 4 projects in Land Salzburg & Tirol, containing more than 70 past-producing mines and mineral occurrences.

EMEX completed an initial seed financing with participation from international funds and local private investors and established a skilled board & advisory to manage an ambitious work program throughout 2023-2024.

Our geologists are active in the field, verifying Austria’s exceptional historic geological data, combining good-old-fashioned field work, with modern geochemistry, geophysics and remote sensing technology. Our goal this summer season is to digitally model, define and rank our targets for viability and further investigation through winter and into 2024.

We believe we have all of the necessary components lined up to rediscover and develop copper deposits, in a country that is pro-mining and highly supportive of its traditional. well-managed and culturally integrated national industry.

For more information about our projects and investment opportunities, in English or German, please contact:

Follow:              @emexploration
Visit:                 www.emexploration.at
Email:               [email protected]

EKOMETALL EXPLORATION GMBH.
Appendix – Full Results Table
Project:
EMEX2 – Großarl, Land Salzburg, Austria
Submitted By:
Peter Zitnan
[email protected]
Independent Qualified Person:
Rowan Thorne
[email protected]
ALS ROMANIA SRL
Loc. Gura Rosiei, Comuna Rosia Montana
Alba Alba 517619
Phone: +40 258 780 395 Fax: +40 258 780 208
www.alsglobal.com/geochemistry
METHODAu-AA25ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61Cu-OG62ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61ME-ICP61
SAMPLEAuAgAlAsBaBeBiCaCdCoCrCuCuFeGaKLaLiMgMnMoNaNiPPbSSbScSrThTiTlUVWZn
UNITppmppm%ppmppmppmppm%ppmppmppmppm%%ppm%ppmppm%ppmppm%ppmppmppm%ppmppmppmppm%ppmppmppmppmppm
EXR001<0.01<0.53.986130127.680.752636020 5.29100.810301.1959850.4336300122.47<512333<200.17<10<1066<1093
EXR002<0.01<0.52.871300.9<216.05<0.539375190 2.28100.6610300.7792510.3228310180.11<56819<200.11<10<1042<1077
EXR0030.16<0.53.82710<0.5<20.441.29570271 23.7100.07<10203.33805920.7453603>10.0<51410<200.52<10<1086<10121
EXR004<0.01<0.58.478<10<0.5<24.120.535174288 6.01100.07<10305.23127053.669045020.98<525138<200.56<10<10161<10160
EXR005<0.01<0.54.9861701.2<211.71.5190677920 4.02100.9920401.24169020.5353380110.52<513463<200.24<10<1079<10143
EXR006<0.01<0.53.785801.1<223.80.83631>100001.4151.98100.7520200.75710<10.3129290110.91<57473<200.13<10<1044<1068
EXR007<0.01<0.51.56<550<0.5<231.1<0.511113380 0.86<100.3310<100.431285<10.516130180.15<59819<200.06<10<1018<1015
EXR0080.01<0.53.617<10<0.5<20.530.629621670 8.97100.01<10203.8886450.5336330<25.49<5157<200.51<10<10112<10215
EXR009<0.012.24.52<520<0.530.431.1351289200 14.55100.36<10101.91590122.01501002>10.0<51914<200.44<10<10109<10144
EXR0100.042.53.5814<10<0.5<20.261.467839620 11.7100.03<10102.81858441.1342190809.3<5119<200.28<10<1082<10323
EXR0110.01<0.54.03820<0.5<20.371.4111251830 33100.51<10101.8236721.162765021.08<5921<200.43<10<1094<10184
EXR0120.0631.432510<0.550.11.412429>100001.5639.7<100.05<10<101.1152380.2447108>10.0635<200.1<10<1030<10108
EXR0130.01<0.54.721510<0.5<20.04<0.5585882 11.8100.18<10204.71288360.383815057.73<5153<200.4<10<10119<1051
EXR0140.01<0.52.727<10<0.5<20.07<0.51835906 4.46<100.07<10<100.9824961.451550<23.1<556<200.08<10<1025<10129
EXR0150.040.53.671950<0.5<20.061105761040 21.7101.9<10100.48132410.2419203>10.0<576<200.1<10<1069<1094
EXR016<0.01<0.50.38<520<0.5<219.15<0.5318263 0.99<100.14<10<100.29132510.0166060.06<52331<200.03<10<105<1013
EXR0170.02<0.52.371820<0.5<20.111.113861391 19.4<100.9<10100.82154450.0625502>10.0<586<200.13<10<1069<1054
EXR0180.010.66.46<5<10<0.5<20.270.68565510 4.7100.12<10203.7734112.7728660<21.03<5106<200.2<10<1087<10384
EXR0190.020.94.49<5<10<0.5<20.180.98356350 3.54100.1<10102.6433311.8318520<20.82<575<200.11<10<1056<10183
EXR0200.030.94.9717<10<0.5<20.110.962572360 12.65<100.07<10<100.81190193.352890<2>10.0<5411<200.17<10<1027<1092
EXR021<0.01<0.54.28<5<10<0.5<21.12<0.596390 1.99100.04<10101.4236912.4124430<20.06<5836<200.15<10<1040<10214
EXR0220.11.30.6786<10<0.5<20.021.428314628 25.7<100.02<10<100.731752170.02273025>10.0<534<200.02<10<1023<10156
EXR0230.063.641110<0.5<20.09<0.5115848 4.28100.61<10103.2633560.413450141.4<5145<200.36<10<10115<1054
EXR024<0.01<0.59.165400.5<20.11<0.52918832 6.21201.8<10409.1672140.2687240<20.22<5197<200.38<10<10185<10100
EXR025<0.01<0.58.071020<0.5<20.12<0.51315854 6.66101.07<10308.1762850.347418020.48<5256<200.52<10<10212<1093
EXR026<0.01<0.51.36<5<10<0.5<20.05<0.54229 1.13<100.02<10<100.0917010.9794020.02<5151<200.03<10<102<103
EXR027<0.01<0.51.14520<0.5<213.45<0.53164 1.22<100.13<10100.35157510.5830150.02<54531<200.02<10<1010<1018
EXR0280.23<0.58.7471401.1<23.910.650436574 7.85202.1710401.69823<12.6612157020.01<539221<201.3<10<10201<10109
EXR029<0.01<0.58.426400.6<28.990.62610720 5.79200.4810201.221240<12.25691060<20.01<527240<200.74<10<10165<1072
EXR0300.02<0.54.3512<10<0.5<20.511.423087830 24100.01<10304.51065780.38651304>10.05158<200.54<10<10130<10175
EXR0310.03<0.53.514<10<0.5<23.431.4159561485 21100.01<10<100.95455480.0129507>10.059339<200.17<10<10103<1020
EXR0320.01<0.53.466<10<0.5<20.350.79960377 15.6<100.07<10102.33550411.262940<2>10.0<5119<200.49<10<1067<1068
EXR0330.01<0.52.85<5<10<0.5<20.48132902800 5.83100.05<10203.0989620.2936240<22.73<5116<200.25<10<1080<10199
EXR0340.021.22.04<5<10<0.5<20.170.87578520 2.54<100.04<10101.441530.7715380100.95<552<200.12<10<1032<10133
EXR0350.03<0.50.0826<10<0.5<20.020.514815774 12.9<100.01<10<100.1124270.029109>10.0<521<200.03<10<103<1032
EXR0360.020.51.0813<10<0.520.071.299455450 15.05<100.04<10101.29351340.0126809>10.0552<200.11<10<1033<1098
EXR0370.090.82.9<5<10<0.5<20.317.93188>100001.057.15<100.02<10203.0990480.523421045.09<5153<200.25<10<1078<102490
EXR0380.01<0.52.5913<10<0.530.23<0.517948618 23.7100.02<10202.526001280.3848504>10.0<593<200.29<10<1069<10105
EXR0390.032.84.72<5<10<0.560.723.338110>100003.28.42100.08<10305.131275190.954430<24.54<5198<200.51<10<10138<10350
EXR040<0.01<0.57.54<5100.5<28.640.7401711900 5.55100.08<10404.031250<12.879149030.21<525211<200.6410<10164<10117
EXR0410.054.52.028<10<0.5180.22.326949>100005.0621.2100.03<10202.41649660.11341307>10.0<585<200.210<1068<10207
EXR0420.032.81.829<10<0.570.131.636850>100002.9422.9<100.02<10202.25591560.073412012>10.0<564<200.15<10<1056<10197
EXR0430.033.94.6<510<0.530.613.743112>100003.468.75100.1<10304.781205260.8452400<25.16<5187<200.51<10<10138<10342
EXR0440.011.30.39620<0.5<25.79<0.5715>100001.4053.09<100.15<10102.9893210.05123071.5251236<200.01<10<1016<1036
EXR045<0.01<0.52.23<51000.6<224.8<0.516231920 1.32100.910100.64651<10.281721090.55<54623<200.1<10<1032<1032
EXR0460.0210.532610<0.540.081.7661148920 37.7<100.01<10100.591831370.0122<104>10.0<514<200.05<10<1016<1091
EXR0470.01<0.50.811<10<0.5<20.08<0.51343106 8.98<100.02<10100.8325650.121170<28.68<532<200.07<10<1021<1035
EXR0480.0622.455<10<0.520.160.7539>100001.0253.11<100.03<10101.1819541.2510600331.37<547<200.07<10<1029<1030
EXR0490.01<0.52.531410<0.5<20.090.65640110 36.5100.01<10101.994711560.0233304>10.0<563<200.15<10<10175<1049
EXR0500.02<0.50.66710<0.5<20.01<0.572041 >50100.01<10<100.583501290.014520<20.12<528<200.04<10<10154<1070
EXR0510.02<0.52.4830<0.5<20.1418264882 29.6100.43<10<103.266872590.01632205>10.0<511112<200.210<1060<1096
EXR0520.03<0.51.231220<0.5<20.090.5111183200 49.4100.13<10<101.794402670.016320056.23<5485<200.02<10<10155<1077
EXR053<0.0117.38<5<10<0.5<21.970.727138964 5.5100.04<10205.19130532.537650091.43<522134<200.64<10<10169<10480
EXR0540.020.97.29520<0.5<20.160.616943170 8.93100.59<10202.3527683.8939180<27.42<568<200.17<10<1042<10114
EXR0550.01<0.57.34<510<0.5<20.10.54647571 7.41100.13<10101.12167115.27206026.72<5319<200.0810<1021<1072
EXR0560.085.23.48<5<10<0.560.23.31153>100002.975.37100.11<10202.88293121.12041043.1<567<200.14<10<1051<10469
EXR0570.12.76.782310<0.570.881.8157173>100002.518.2200.24<10507.73552730.219657088.59<52251<200.66<10<10203<10171
EXR0580.01<0.55.1913<10<0.5<20.211.1157113307 21.8100.04<10203.33484521.7347607>10.0<51011<200.23<10<1068<1082
EXR0590.01<0.55.576<10<0.5<21.9913.9281201415 4.05100.02<10203.24156012.336156030.51<51678<200.38<10<10119<103350
EXR0600.422.75.8212010<0.520.611.1233939990 17.8100.01<10502.6861531.281216020.18<51385<200.18<10<1084<10117
EXR0611.02151.2734510<0.540.221.827271>100003.7126.9<100.01<10<100.2618140.03677060.58<5436<200.19<10<1033<10150
EXR062<0.01<0.52.736220<0.5<22.62<0.51023116 3.17100.3610302.02112520.235740<20.27<56114<200.1<10<1054<1077

Notes on analysis:

While this certified analysis by ALS Romania gives confidence in the geochemistry of our samples, and while Ekometall Exploration GmbH. follow best practice operating procedures in the field and during sample preparation, there will always be a limited potential for human, contamination, or data processing errors to occur. Be aware that although these results are considered reliable by our team at this stage of our work, they should not be considered 100% conclusive, or suggestive of any future deposit scale, grade, continuity or valuation.

ALS Romania utilised blanks, certified reference materials, and duplications to ensure their confidence in this data. The full method, from sampling through to receipt of results, is available on request. Should you have any questions about our compliance procedures and sampling methodology, please email the company at [email protected] or for independent reporting information, please email Rowan Thorne of Prospex Consulting Ltd. at [email protected]

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