Jervois Global Completes U.S. Department of Defense Reimbursed Drilling at ICO's Sunshine Deposit – Junior Mining Network

Mr. Bryce Crocker reports:

Highlights: 

• Jervois receives results from surface drilling campaign at Sunshine deposit; programme fully refundable by the United States (“U.S.”) Department of Defense (“DoD”) Defense Production Act (“DPA”) Title III US$15 million grant award (“Agreement Funding”) 

• Sunshine is a historic resource adjacent to Jervois’s 100% owned ICO deposit 

• Results from seven-hole program (ca. 1,100 metres (“m”)) include: 

• 2.9m calculated true width (“CTW”) @ 0.01% cobalt (“Co”), 0.27% copper (“Cu”), 0.03 grams per metric tonne (“g/t”) gold (“Au”) (Drillhole SS23-01A)

• 1.2m CTW @ 0.34% Co, 10.05% Cu, 13.68 g/t Au (Drillhole SS23-02) 

• 1.7m CTW @ 0.68% Co, 0.35% Cu, 0.51 g/t Au (Drillhole SS23-03) 

• 0.5m CTW @ 1.55% Co, 0.02% Cu, 1.30 g/t Au (Drillhole SS23-04) 

• 2.6m CTW @ 0.78% Co, 0.12% Cu, 0.41 g/t Au (Drillhole SS23-05) 

• 3.2m CTW @ 0.05% Co, 0.89% Cu, 0.07 g/t Au (Drillhole SS23-06A) 

• 0.9m CTW @ 0.07% Co, 1.10% Cu, 0.03 g/t Au (Drillhole SS23-07) 

• Sunshine results will be used to validate historic drilling within the deposit and incorporated into an updated Sunshine Mineral Resource Estimate (“MRE”) 

• Jervois is continuing underground development to support extensional drilling of the RAM deposit, activities which are also fully refundable by the DoD 

• Prior to these exploration programmes, ICO’s mineral resource and reserve is already the largest and highest grade confirmed cobalt orebody in the U.S. 

• Cobalt has been declared by the U.S. Government a critical mineral, and a reserve or price floor to sustain domestic American production has been put forward by the U.S. Congressional Select Committee on the Chinese Communist Party (see Jervois ASX announcement dated 13 December 2023, “Jervois welcomes U.S. Congressional Select Committee proposal for a reserve to sustain cobalt price”) 

30 January 2024 – TheNewswire – Australia – Jervois Global Limited (“Jervois” or the “Company”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF)Jervois Global Limited (“Jervois” or the “Company”) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) is pleased to report results from its inaugural Sunshine drilling campaign at its Idaho Cobalt Operations (“ICO”) in Idaho, United States (“U.S.”).

Collar information is provided in Table 1, along with tabulated analytical results (Table 2), a plan view map showing drill pad locations (Figure 1) and a cross-sectional overview of drilling methodology (Figure 2).

Uncapped drill results include:

• Hole SS23-01A intersected 2.9m CTW at 0.01% Co, 0.27% Cu, 0.03 g/t Au. 

• Hole SS23-02 intersected 1.2m CTW at 0.34% Co, 10.05% Cu, 13.68 g/t Au. In addition, mineralization was encountered in the hanging wall (HW”) to the Sunshine mineralized horizon, grading 0.42% Co, 0.18% Cu, 0.10 g/t Au across 1.0m CTW. 

• Hole SS23-03 intersected 1.7m CTW at 0.68% Co, 0.35% Cu, 0.51 g/t Au. 

• Hole SS23-04 intersected 0.5m CTW at 1.55% Co, 0.02% Cu, 1.30 g/t Au. Again, additional, mineralization was encountered in the footwall (FW”) to the Sunshine mineralized horizon, grading 0.15% Co, 0.71% Cu, 0.03 g/t Au across 2.2m CTW. 

• Hole SS23-05 intersected 2.6m CTW at 0.78% Co, 0.12% Cu, 0.41 g/t Au. 

• Hole SS23-06A intersected 3.2m CTW at 0.05% Co, 0.89% Cu, 0.07 g/t Au. 

• Hole SS23-07 intersected 0.9m CTW at 0.07% Co, 1.10% Cu, 0.03 g/t Au. In addition, mineralization was encountered in the HW to the Sunshine mineralized horizon, grading 0.78% Co, 0.19% Cu, 0.38 g/t Au across 0.9m CTW, as well as in the FW to the Sunshine mineralized horizon, grading 0.25% Co, 0.22% Cu, 0.03 g/t Au. 

These drilling results will be utilized to confirm historic drill intercepts, comprised of 19,000m (104 drillholes) of core drilling, within the Sunshine deposit and be incorporated alongside within an updated Australian JORC / Canadian CIM compliant Sunshine Mineral Resource Estimate (“MRE”).

ICO continues with the resource extension programme at its RAM deposit (see ASX announcement dated 20 November 2023, “Jervois commences U.S. government-funded resource extension programme at ICO’s RAM deposit”).

Based on the existing U.S. DoD US$15.0 million Agreement Funding, costs for these exploration programmes, up to the end of Q3 2024 for exploration development, drilling, logging, assaying, MRE modelling and Jervois programme supervision, are fully reimbursed. The Agreement Funding is under the Manufacturing Capability Expansion and Investment Prioritization office of Industrial Base Policy using the U.S. DPA Title III authorities and utilises funds from the Additional Ukraine Supplemental Appropriations Act.

Table 1: Sunshine Drillhole Collars 

* Coordinates provided in Mine Grid of RAM Deposit.
** Drill hole abandoned prior to mineralized intersection

Table 2: Sunshine Drilling Results

* Sunshine (SS), Sunshine Hangingwall (SS HW), Sunshine Footwall (SS FW)
** Calculated true widths determined for the composited intercept mid-point, perpendicular to the down-dip projection of the Sunshine deposit target models derived from historic Sunshine drilling
Note: All grades are reported uncut for all zones

Figure 1: Sunshine Drill Pad Locations

Figure 2: Sunshine Section A Showing SS23-07 in Relation to Historic Drill Intercepts

Quality Assurance

Jervois sent all drill core samples to ALS Global Laboratories (Geochemistry Division), an independent and fully accredited laboratory (ISO 9001:2008), in Vancouver, Canada, for analysis for gold by Fire Assay and multi-element Induction Coupled Plasma Spectroscopy.  

Jervois employs a regimented Quality Assurance, Quality Control (“QA/QC”) program where at least 10% duplicates, blanks and certified reference material are inserted into each sample shipment.

On behalf of Jervois Global Limited

Bryce Crocker, Chief Executive Officer

For further information, please contact:

Competent Person’s Statement

The information in this release that relates to Mineral Exploration is based on information compiled by Andrew Turner, P.Geol. who is a consultant for the company and a member of The Association of Professional Engineers and Geoscientists of Alberta.  Andrew Turner has sufficient experience which is relevant to the style of mineralisation and 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.  Andrew Turner consents to the inclusion in the release of the matters based on the information in the form and context in which it appears. 

Qualified Person’s Statement

The technical content of this news release has been reviewed and approved by Andrew Turner, P.Geol., a consultant for the Company and a Qualified Person as defined by National Instrument 43-101. 

Forward-Looking Statements

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “expected” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the timing of drilling operations at ICO, the outcome of the drilling program, timing of an updated resource model and certain other factors or information. Such statements represent Jervois’ current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.