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South32 Ltd.

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Summary

Project:

Hermosa

Deposit:Taylor
Location:United States
Commodities:Zinc-Lead-Copper
Date:6/17/2019
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Pre-Feasibility Study
Report details:17-6-2019: South32 Ltd. announces a Resource Estimation report for its Taylor deposit at the Hermosa project. JORC resource declared at project. South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) is pleased to report for the first time a
Resources:(Resource, Total): 155Mt @ 3.39% Zn, 3.67% Pb, 69g/t Ag
CP/QP:[Resources]: Matthew Readford (Internal)
ABSTRACT:South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) is pleased to report for the first time a Mineral Resources estimate for the Taylor Deposit which forms part of its 100% owned Hermosa Project located in Arizona, USA (Appendix 1 – Figure 1). The Mineral Resource (Table A) is reported in accordance with the JORC Code (2012)1 guidelines at 155 million tonnes, averaging 3.39% zinc, 3.67% lead and 69 g/t silver with a contained 5.3 million tonnes of zinc, 5.7 million tonnes of lead and 344 million ounces of silver. The Mineral Resource remains open at depth and laterally, with multiple targets to be tested as we continue our extensive surface drilling program. 72% of the Mineral Resource is in the Measured and Indicated categories (Table A), including 21 million tonnes in the Measured category at 4.07% zinc, 3.61% lead and 51 g/t silver, providing a compelling base from which to advance the Hermosa Project’s pre-feasibility study and target additional mineralisation. To demonstrate the deposit’s optionality, a range of tonnages and grades for the Mineral Resource at different NSR2 cut-offs is included in Table B. The Mineral Resource estimate does not include the zinc-manganese-silver oxide Clark Deposit3 . South32 Chief Executive Officer, Graham Kerr said “Our declaration of a Mineral Resource for the Taylor Deposit for the first time in accordance with the JORC Code represents a key milestone as we progress one of the most exciting base metals projects in the industry. The ongoing drilling program, and the resampling and relogging activity undertaken since our acquisition of the Taylor Deposit has significantly de-risked our investment, increased our confidence in the project and confirmed its ability to deliver strong returns to our shareholders over many decades. We expect to conclude our pre-feasibility study for the project before the end of the 2020 financial year.

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