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Centaurus Metals Ltd.

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Summary

Project:

Itapitanga

Deposit:Itapitanga
Location:Brazil
Commodities:Nickel-Cobalt
Date:10/22/2018
Report Code:JORC
Report Type:Exploration/Drilling Update
Project Stage:Pursuing Resources Definition
Report details:22-10-2018: Centaurus Metals Ltd. announces an Exploration/Drilling Update report for its Itapitanga deposit at the Itapitanga project. Drilling results incl. 4.7m @ 2.44% Ni, 0.03% Co from 5m. Centaurus Metals (ASX Code: CTM) is pleased to report outstan
Resources:x
CP/QP:[Overall Report]: Roger Fitzhardinge (Internal)
ABSTRACT:Centaurus Metals (ASX Code: CTM) is pleased to report outstanding new results from ongoing hand‐held auger drilling at the 100%‐owned Itapitanga Nickel‐Cobalt Project discovery in northern Brazil, where exploration continues to expand the scale and potential of the discovery including potential new high‐grade zones. The new auger results have confirmed that high‐grade laterite mineralisation continues into undrilled areas at the Daniel’s Creek fault zone and along the western contact of the Northern Target, as well identifying a new discovery in the north‐east of the tenement package. All three highly prospective areas have not been tested by Reverse Circulation (RC) drilling and lie outside the current Exploration Target. The Exploration Target for the Itapitanga Nickel‐Cobalt Project currently stands at 35‐45Mt at 0.80% to 1.10% nickel, 0.07% to 0.12% cobalt and 18g/t to 30g/t scandium. Centaurus cautions that the potential quantity and grade of the Exploration Target is conceptual in nature and to date there has been insufficient exploration to define a JORC compliant Mineral Resource. It is also uncertain if further exploration and resource development work will result in the estimation of a Mineral Resource. For full details of the Exploration Target please refer to the Company’s ASX Release of 1 August 2018. A Phase 2 drilling program is being planned with the aim of allowing the Company to prepare a maiden JORC Mineral Resource estimate for the project. Any future drilling, however, will only be possible after the Company has secured the appropriate RC drill licence for the wetland and vegetated areas at the project. Daniel’s Creek Fault Zone The focus of the recent hand‐held auger drilling has been on the Daniel’s Creek Fault Zone (the central part of the Northern Target), where the first phase of RC drilling returned some of the project’s best assay results, including ITAP‐RC‐18‐127 (32m at 1.02% Ni and 0.13% Co) and ITAP‐RC‐18‐139 (15.0m at 0.92 % Ni and 0.22% Co).

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