GEOCHEMICAL FOOTPRINT COMPATIBLE WITH PORPHYRY … · Proterozoic (Colider Group volcanism) and Mesozoic (Cururu diabase, 177Ma). Therefore, the extensive silica texture present from

AUSTRALIA Suite 1, Level 1 35 Havelock Street | West Perth, WA 6005 T +61 8 6555 2955 | F +61 8 6210 1153

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ASX MEDIA RELEASE 3 SEPTEMBER 2014

EXPLORATION UPDATE

GEOCHEMICAL FOOTPRINT COMPATIBLE WITH WORLD CLASS EPITHERMAL AND/OR PORPHYRY GOLD DEPOSITS EXTENDED TO 3.2 KM BY 1.0 KM

THE AIRBORNE MAGNETIC AND RADIOMETRIC SURVEY COMMENCED ON 29TH AUGUST OVER THE JUMA EAST TENEMENT BLOCK

COARSE GOLD DOCUMENTED IN OLD ALLUVAIL WORKINGS AT AÇO TARGET

JUMA EAST

BBX is pleased to announce the latest results from the exploration programme conducted at the Juma East Gold Project.

BBX is conducting a systematic exploration programme at its Juma East project, targeting epithermal and porphyry Au-Cu deposits, currently at regional scale focused on the documented old workings, but additional targets are expected to be defined by the airborne geophysical survey.

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1. Guida/Plato targets

Assay results for soil sampling conducted over the Plato target, along strike from the Guida target, extended the zone with geochemical signatures typical of large epithermal and/or porphyry gold deposits to 3.2 km oriented N60W by about 1 km in width, coincident with a magnetic high and structurally controlled by N60W and N10-30E fault systems.

The geological/geochemical/geophysical data collected to date indicate the presence of at least three different geological events superimposed at Guida/Plato, each with its own geochemical signatures.

The N60W and N10-30E fault systems have been active in this region from the Proterozoic to Mesozoic, creating channelways for mineralizing fluids related to specific igneous events in the Proterozoic (Colider Group volcanism) and Mesozoic (Cururu diabase, 177Ma).

Therefore, the extensive silica texture present from Guida to Aço, indicative of boiling in an epithermal gold system is interpreted to be of Proterozoic age, as well as the “silica gris”, a black silica present in thin veinlets from Guida to Aço, containing fine grained magnetite. These veinlets, which show a close association with alluvial and colluvial gold are commonly indicative of buried Au-Cu porphyry deposits. The magnetite present at Plato, closely associated with vanadium, chromium and titanium is interpreted to be related to a magmatic event during the Mesozoic, based on the 177Ma age of the Cururu diabase outcropping in the nearby Sucunduri River.

This association is evident in grab sample GUR0025 (216803E/9261782N – 178m RL – WSG 84) which also displays the element association reflecting the interpreted Proterozoic hydrothermal event (see table below).

The above 15 elements (Fe, V, Cr, Ti, As, Ag, Mo, Ga, Hg, Pb, Sb, Sc, Bi, Al and Th),plotted in maps 1 to 15 (appendix-group 1) show elevated values which define a zone of 3.2 km by 1.0 km;

GUR0025 Fe V Cr Ti As Ag Mo Ga Hg Pb Sb Sc Bi Al Th

AQ202 % PPM PPM % PPM PPM PPM PPM PPM PPM PPM PPM PPM % PPM

24.98 935 134 0.042 20.2 0.2 4.5 13 0.35 25.3 0.7 11.8 0.8 1.43 14.4For

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this same zone is also anomalous in a set of another 11 elements (P, U, Zn, Cu, Se, Nb, Zr, Hf, In, Sn, Te) plotted in maps 16 to 26 (appendix-group 2) not detected in the ferruginous grab sample GUR025.

16 other elements plotted in maps 27 to 42 (appendix-group 3) show no clear relationship with this zone and/or are clearly depleted in some cases.

The contours in the soil maps attached were automatically generated using the geostatistical tool of ArcGIS, applying inverse distance weighting, using the geometrical intervals to define 5 classes. This methodology was applied independently to the Guida soil concentrate results and to the Plato regular soil results.

2. Aço target

The soil sampling at Aço target was conducted on five 400m-spaced lines sampled at 80m intervals. A total of 220 soils samples, 22 chip and grab samples and 11 channel samples was collected and submitted for analysis. Results are expected by the end of September.

Figure 1 – Soil samples location at Aço target, along strike from Plato.

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Similar rocks to Guida occur at the Aço target with intense sericitisation and banding resulting from shearing oriented N60-70W. Black silica (“silica gris”) veinlets are common, parallel to the foliation and in stockworks, mainly in the areas where intense rudimentary gold mining has been carried out in the alluvials. The gold present is mainly coarse (photos 1-4), similar to the gold mined at Guida.

1 – 215712E/92622278N – 127m RL

2 – 215623E/9262875N – 111m RL

Gold panned – Aço target

Detail

Photos 1-4 – Panned gold in alluvial old workings at Aço target

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3. Work Programme

Mapping and soil sampling is currently being conducted over the Pepita and Pintado targets, on six 400m-spaced lines sampled every 80m, on each target (figure 2).

Figure 2 – Soil sampling program at Pepita and Pintado targets.

AIRBORNE MAGNETIC AND GAMMA SURVEY

CGG Airborne initiated the airborne magnetic and radiometric geophysical survey over the Juma East tenement block on 29th August. It is anticipated that the survey will be completed in 15 days and the final results received by 15th October.

Reconsult, a São Paulo-based consultancy specialising in processing and interpreting geophysical data has being engaged to support BBX’s geological team on the geophysical/geological/geochemical data integration to define drilling targets at Juma East.

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The survey is being conducted on 200m line spacing with the exception of the area covering the Pintado magnetic anomaly, the Guida/Plato/Aço targets and the low magnetic circular feature to the east, which will be infilled at 100m spacing. The magnetic anomalies are interpreted as being related to the Jurassic magmatic event in the Alto Tapajós sedimentary basin whilst the magnetic low is associated with a Proterozoic granitic body. Gold was recovered by garimpeiros in the 1990’s from the top of a lateritic hill at the contact of these two zones.

Map A – CPRM´s Analytical Signature + 1st Vertical Derivative aeromagnetic map, 500m-spaced line survey with BBX airborne survey program and potential for Au-Ag, Au-Cu and Fe-V mineralisation styles at Juma East.

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The acting CEO Jeff McKenzie commented that “the results obtained continue to validate the conceptual exploration model applied in this project, and highlight the potential for a major discovery in the short term”.

For further information, Contact: BBX Minerals Limited Jeff McKenzie | Acting CEO Tel: +64 22 3421271

The information in this report relates to Mineral Resources and Exploration results is based on and fairly represents information and supporting documentation prepared by Mr. Antonio de Castro who is a Member of the Australasian Institute of Mining and Metallurgy. BBX´s Consulting Geologist Mr. Castro has sufficient experience which is relevant to the style of mineralization and the type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Castro consents to the inclusion in the report of the matters based on his information.

About BBX MINERALS

BBX Minerals Limited (ASX: BBX) is a mineral exploration company listed on the Australian Securities Exchange. Its major focus is Brazil, mainly the southern Amazon, and a region BBX believes is vastly underexplored with high potential for the discovery of world class gold-copper deposits

BBX´s key asset is the Juma East Gold Project in the Apuí region – Amazonas State. The company has 384 km2 of granted exploration leases, and an additional 478 km2 of applications within the Colider Group, a highly prospective geological environment for epithermal gold and Au-Cu porphyry deposits. The region is under-explored and could provide BBX with a pipeline of high growth, greenfields gold-copper discoveries.

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Map Appendix

Group 1, maps 1 to 15 - Contours of assay results in soil samples at Plato and soil concentrates at Guida showing anomalous values over the main targets as per the metals association detected in the grab sample GUR 025.

Map 1 - Fe (iron)

Map 2 - V (vanadium)

Map 3 - Cr (chromium)

Map 4 - Ti (titanium)

Map 5 - As (arsenic)

Map 6 - Ag (silver)

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Map 7 - Mo (molybdenum)

Map 8 - Ga (galium)

Map 9 - Hg (mercury)

Map 10 - Pb (lead)

Map 11- Sb (antimony)

Map 12 - Sc (scandium)

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Map 13 – Bi (bismuth)

Map 14 - Al (aluminium)

Map 15 - Th (thorium)

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Group 2, maps 16 to 26 - Contour of assay results in soil samples at Plato and soil concentrates at Guida for additional anomalous elements over the Guida/Plato targets.

Map 16 - P (phosphorous)

Map 17 - U (uranium)

Map 18 - Zn (zinc)

Map 19 – Cu (copper)

Map 20 – Se (selenium)

Map 21 – Nb (niobium)

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Map 22 - Zr (zirconium)

Map 23 - Hf (hafnium)

Map 24 - In (indium)

Map 25 - Sn (tin)

Map 26 - Te (telurium)

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Group 3, maps 27 to 42 - Contours of assay results in soil samples at Plato and soil concentrates at Guida, marking lithological features or other regional alteration zones and depleted elements over the Guida/Plato targets.

Map 27 - Au (gold)

Map 28 - Pd (palladium)

Map 29 - K (potassium)

Map 30 - Ba (barium)

Map 31 - Mg (magnesium)

Map 32 - Mn (manganese)

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Map 33 - Co (cobalt)

Map 34 - Ni (nickel)

Map 35 – Cd (cadmium)

Map 36 – Cs (caesium)

Map 37 – Ce (cerium)

Map 38 – Y (ytrium)

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Map 39 – Li (lithium)

Map 40 – Rb (rubdium)

Map 41 – TI (tallium)

Map 42 – W (tungsten)

Map 43 – google image

Map 44 – radar image

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The following Table and Sections are provided to ensure compliance with JORC Code (2012 Edition).

TABLE 1 – Section 1: Sampling Techniques and Data

Criteria JORC Code Explanation Commentary Sampling Techniques

Nature and quality of sampling (e.g. 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.

Soil sampling: sampling has been conducted on surveyed lines, collecting approx. 1 kg of soil from 0.5 m below the organic horizon.

Channel chip samples: results are not reported in this announcement

Rock chip samples: results are not reported

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

All data is stored in the data base following appropriate QA/QC procedures.

Sample location by GPS Garmin 60CSx

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where “industry standard “ work has been done this would re relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay). In other cases more explanation may be required, such as where there is course gold that has inherent sampling problems. Unusual commodities or mineralisation types ( e.g. submarine nodules ) may warrant disclosure of detailed information.

The sampling conducted is on a regional basis, 200m x 80m and 400m x 80m to determine if mineralogical and element association supports the exploration model for this region (epithermal and porphyry mineralisation).

The determination of an appropriate soil sampling preparation and assaying methodology to account for the coarse gold grains present in the soils and saprolite is still in process.

Drilling Techniques

Drill types (e.g. core, reverse circulation, open hole hammer, rotary air blast, auger, Bangka, sonic etc ) and details (e.g. core diameter, triple or standard tube,

Drilling results are not reported in this announcement.

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depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so by what method etc).

Drill Sample Recovery

Method of recording and assessing core and chip sample recoveries and results assayed.


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 /course material.


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 percentages of the relevant intersections logged.


Sub- Sampling Techniques and Sampling Procedures

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 sample wet or dry.


For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Sample preparation

by crushing the entire

sample, riffle splitting

and pulverizing a 1 kg

sample is appropriate

for soils and saprolite

Quality control procedures adopted for all sub – sampling stages to maximise representivity of samples.

All samples were split

in the laboratory

using riffle splitters

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for

Results for duplicates

show acceptable

representivity

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field duplicate/second –half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The sample size is

adequate for fine

clay-rich soils and

saprolite

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.

Soil concentrates

grab and chip

channel samples

were assayed at

ACME by ICP-MS 30

grams for 53

elements, which is

adequate for regional

exploration

For geophysical tools, spectrometers, hand held XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation etc.

Aero-geophysics is in progress, with results not reported in this announcement.

Geophysics

(analytical signal + 1st

vertical derivative)

map presented in this

announcement was

produced by the

Brazilian Geological

Survey – CPRM with

data collected at 500

m space lines,

oriented N/S.

Nature of quality control

procedures adopted ( e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Duplicates and

blanks introduced in

the soils and chip

samples for quality

control, plus

standards, on a 1 in

20 basis.

Results of QA/QC

samples indicate an

acceptable level of

precision and

accuracy.

Verification of Sampling

The verification of significant intersections by either independent or alternative company personnel.

Drilling results are not reported in this announcement. F

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and Assaying

Criteria

The use of twinned holes Drilling results are not reported in this announcement.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All assay data is downloaded directly from the digital laboratory report to the company´s digital database, and backed up daily on an external hard-drive.

Discuss and adjustment to assays

No adjustments to assays were carried out. Assays of concentrates for gold were back-calculated to reflect the grade of the original sample on direct weight proportion basis.

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 Mine Resource estimation

Mineral resource estimation are not reported in this announcement.

Specification of grid system used

Samples were located using a GPS Garmin 60CSx

Quality and adequacy of topographic control.

As above; this method is adequate for reconnaissance geochemical sampling

Data Spacing and Distribution

Data spacing for reporting of Exploration results.

Data spacing is adequate for reconnaissance exploration

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 classification applied.

Mineral Resources and Ore Reserves estimation are not included in this announcement

Whether sample compositing has been applied.

No sample composition has been employed

Orientation of Data in relation to

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which is

The sampling is still on a reconnaissance geochemical nature. Orientation is therefore irrelevant

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Geological Structure

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.


Sample security

The measures taken to ensure sample security.

The samples were personally delivered in the bus by the technician and picked up on arrival by the laboratory´s personnel, maintaining continuous chain of custody.

Audit or Reviews

The results of any audits or reviews of sampling techniques and data.

No audits or reviews of sampling techniques were undertaken

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 Juma East project is 100% owned by BBX with the exploration titles granted in 02/08/2013, all other details were presented in previous ASX announcements.

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 company is not aware of any impediment to obtaining a license to operate in the area

Exploration done by Other Parties

Acknowledgment and appraisal of exploration by other parties

No previous exploration by other parties

Geology Deposit type, geological setting and style of mineralisation

Au-Ag epithermal alkalic geochemical signature in a rift geological setting amenable for a low sulphidation epithermal gold system like

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Porgera & a porphyry Au-Cu alkalic deposit like Scarious.

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

Current geological information at regional scale

Maps of geochemical results for soil samples presented showing the anomalous zones for each element presented and discussed in the announcement.


If the exclusion of this information is justified on the basis that the information is not Material and that this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.


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.

Drilling results are not

reported in this

announcement

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 aggregation should be shown in detail.


reported in this

announcement

The assumptions used for any reporting of metal equivalent values should be clearly stated.


reported in this

announcement

Relationship between Mineralisation widths and

These relationships are particularly important in the reporting of Exploration results.


reported in this

announcement

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intercept lengths

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.


reported in this

announcement

If it is not known and only the down

hole lengths are reported, there should be a clear statement to this effect (e.g. down hole length true width not known).


reported in this

announcement

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.


reported in this

announcement

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.


reported in this

announcement

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.

Remote sensing structural interpretation of satellite and radar images presented supporting conceptual exploration model for this project

Recent maps in pdf released by CPRM of an airborne magnetic-gamma survey conducted in the region on a 500m spaced lines flown North/South, supports conceptual exploration model for this project

No other exploration data is available for this project other than what has been reported in previous announcements. .

Further Work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large- scale step-out drilling)

Regional geological mapping

Extending soil sampling to Pepita and Pintado old workings

Detail aeromagnetic survey on all leases

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Diagrams clearly highlighting the

areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Mineralized zone is not defined to date; geological information is being collected to delineate the potentially economic zone for future drilling.

Inspect old workings in the region to define its potential

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Documents

GEOCHEMICAL FOOTPRINT COMPATIBLE WITH PORPHYRY … · Proterozoic (Colider Group volcanism) and Mesozoic (Cururu diabase, 177Ma). Therefore, the extensive silica texture present from