EV Resources Defines Two High-Priority Antimony Drill Targets at Los Lirios

EV Resources Uncovers Expanded Scale at Los Lirios as Geophysics Reveals Two High-Priority Drill Targets

EV Resources (ASX: EVR) has completed and interpreted a Controlled Source Audio-frequency MagnetoTelluric (CSAMT) ground geophysical survey at Lirios 1, delivering results that materially extend the known scale of the EV Resources Los Lirios antimony drill targets in Mexico. The survey has defined two discrete high-priority drill targets and a project-wide structural framework, with the hydrothermal system now confirmed to extend well beyond the boundaries of Phase 1 drilling — directly accelerating EVR's path toward a maiden JORC Mineral Resource Estimate (MRE).

"The data has delivered more than what we'd hoped for: a potential sub-vertical connected sulphide feeder zone to the east of our initial drilling, and a massive, coherent and open anomaly to the southeast that significantly increases the scale potential given the strength and size of the anomaly."
— Mike Brown, Managing Director & CEO, EV Resources

What the Survey Found: Three Critical Outcomes in One Programme

The CSAMT survey, comprising five lines spaced 100 metres apart with 25-metre dipoles, was collected and processed by Zonge International and independently validated and interpreted by SouthernRock Geophysics. The 2D inversion model imaged a coherent subsurface volume from surface to approximately 500 metres depth, resolving a highly dynamic resistivity environment — ranging from highly resistive unaltered limestone at over 10,000 ohm-metres down to low-resistivity zones below 40 ohm-metres — consistent with sulphide-bearing structures.

Three distinct targets were resolved from the interpretation:

Target 1: The Central Feeder Zone — Drilling Into the Engine Room

Immediately east of EVR's primary Phase 1 drilling cluster, the survey has resolved a distinct low-resistivity anomaly on Lines 1 and 2 that extends at depth and remains open to the north. This feature is structurally aligned with the shallow antimony mineralisation already confirmed in Phase 1 drilling — which returned 3.1 metres at 2.1% antimony from 8.1 metres — but extends downward in a sub-vertical orientation.

The interpretation is that this anomaly represents the primary structural conduit, or feeder zone, through which mineralising fluids migrated into the receptive limestone units now hosting the known CRD mineralisation. Testing this target at depth offers the prospect of intercepting higher-grade, structurally controlled mineralisation at the source of the system.

Target 2: The Southeast Conductor — An Open, Untested Anomaly of Significant Scale

The second and arguably most compelling target is a large, coherent, low-resistivity anomaly located approximately 500 metres southeast of current drilling, consistently observed across all five survey lines and remaining open to the north, south, and east. The anomaly displays a strong vertical low-resistivity signature associated with structural boundaries that then expands into an extensive, horizontally oriented low-resistivity zone.

According to the company's interpretation, this structural-stratigraphic signature is characteristic of high-grade sulphide replacement styles within carbonate packages — a classic signature for significant Carbonate Replacement Deposit (CRD) systems. This target has not yet been tested by any drilling and, consequently, represents an immediate priority for Phase 2.

Target 3: A Project-Wide Structural Framework for High-Grade Targeting

The survey also delineated a network of sub-parallel vertical faults and lineaments bounding both low-resistivity target zones. Critically, these newly identified structures are parallel to the two known feeder faults — San Elias and San Miguel — already associated with antimony mineralisation at the project.

Pit wall channel sampling at Los Lirios has previously indicated that antimony grade distribution within the CRD unit is highest in the immediate vicinity of feeder structures and diminishes laterally. By mapping this fault network, EVR now has a precise vectoring tool to predict where fluid-rock interaction was most intense — and therefore where localised high-grade zones are most likely to occur.

Understanding Carbonate Replacement Deposits: Why Does This Discovery Matter?

Carbonate Replacement Deposits (CRDs) represent one of the most economically significant styles of mineralisation globally, responsible for many of the world's largest base and precious metal deposits. Understanding how these systems form provides crucial context for evaluating the EV Resources Los Lirios antimony drill targets in Mexico.

How Do CRDs Form?

CRDs develop when hot, metal-rich hydrothermal fluids encounter reactive carbonate rocks (typically limestone or dolomite). The process involves several key stages:

1. Structural Preparation: Faulting and fracturing create pathways for fluid movement through the carbonate host rocks
2. Chemical Replacement: Acidic hydrothermal fluids dissolve the original carbonate minerals while simultaneously depositing metal sulphides in their place
3. Zonation: Different metals precipitate at varying temperatures and chemical conditions, creating distinct mineralogical zones

Key Characteristics of Economic CRDs

• Large Scale: CRDs can extend for hundreds of metres to several kilometres, supporting long-term mining operations
• High Grades: The replacement process can concentrate metals to exceptionally high grades, particularly near feeder structures
• Predictable Geometry: CRD systems typically follow stratigraphic horizons and structural controls, making them targetable through systematic exploration

Why Is the Los Lirios Setting Significant?

The antimony mineralisation at Los Lirios displays classic CRD characteristics within the Middle to Upper Jurassic limestone sequence. Furthermore, the presence of multiple parallel feeder structures (San Elias and San Miguel faults) combined with the newly identified fault network suggests a robust hydrothermal system capable of supporting significant mineralisation.

Key Investment Implications:

CRD systems offer several advantages for mining development:

• Predictable ore body geometry aids mine planning and resource estimation
• Large-scale potential supports long mine life projections
• High-grade zones near feeder structures provide attractive economics
• Established mining methods and metallurgy reduce development risk

Understanding the Technology: What Is a CSAMT Survey?

Controlled Source Audio-frequency MagnetoTelluric (CSAMT) is a ground-based geophysical technique used to measure subsurface electrical resistivity — essentially, how strongly different rock types resist the flow of electrical current.

Here is why it matters for investors in an antimony CRD project:

• Limestone, the host rock at Los Lirios, is highly resistive (poor conductor), typically registering above 10,000 ohm-metres in the model
• Sulphide minerals — including the stibnite (antimony sulphide) that hosts the project's mineralisation — are significantly more conductive, appearing as low-resistivity anomalies in the model
• This contrast allows geophysicists to identify zones where sulphide mineralisation or sulphide-bearing structures may exist, even where no drilling has yet been conducted

The survey effectively provides a subsurface map that guides where drill holes should be placed to maximise the probability of intercepting mineralisation — reducing exploration risk and improving capital efficiency.

Key Glossary Terms

• CRD (Carbonate Replacement Deposit): A mineralisation style where hydrothermal fluids replace limestone with metal-bearing sulphide minerals, often forming large, high-grade bodies
• Resistivity: A measure of how strongly a material opposes electrical flow. Low resistivity in the context of this survey indicates the potential presence of conductive sulphide minerals
• 2D Inversion Model: A mathematical process that converts raw geophysical measurements into a cross-sectional image of subsurface resistivity, enabling geological interpretation
• Feeder Zone / Feeder Structure: A sub-vertical fault or conduit through which mineralising fluids travel upward before dispersing into receptive host rocks
• JORC MRE: A Mineral Resource Estimate prepared in accordance with the JORC Code (2012 Edition), the standard for reporting mineral resources on ASX. An MRE is a key de-risking milestone for exploration-stage companies

What Comes Next: Phase 2 Planning Well Advanced

Field crews are currently on the ground conducting geological verification, correlating the geophysical anomalies with surface geology and geochemistry ahead of final drill pad location decisions. The Phase 2 programme has dual objectives: generating sufficient drill density to underpin a maiden JORC Mineral Resource Estimate, and testing the high-priority SE anomaly to potentially expand the known mineralised footprint.

The forward work programme is structured as follows:

The company has confirmed that Phase 2 drilling will focus across three principal areas: Los Lirios 1 (LZ1), Los Lirios 2 (LZ2), and Hormiguero, with the goal of delivering the project's maiden JORC 2012 Mineral Resource Estimate.

The Investment Case: Scale, Timing, and a Critical Commodity

Several elements of this announcement reinforce the investment case for EVR at this stage of exploration.

1. The system is larger than previously understood.

Prior to this survey, EVR's mineralisation footprint was defined by Phase 1 drilling alone. The CSAMT results now confirm the hydrothermal system extends significantly beyond those holes, with two open anomalies — one of which covers the area consistently across all five survey lines — defining a system with materially greater scale potential.

2. Two well-defined, immediate drill targets de-risk Phase 2 capital allocation.

Rather than drilling on geological inference alone, EVR enters Phase 2 with geophysically defined targets, a structural framework for high-grade vectoring, and on-ground field verification already underway. This systematic approach to exploration reduces the likelihood of uninformative drill holes.

3. The path to a maiden JORC MRE is clearly mapped.

The company's stated strategy is to use Phase 2 drilling to both expand mineralisation and generate sufficient density for a JORC MRE — a key value inflection point for exploration-stage ASX companies that typically unlocks broader institutional interest and enables project-level valuation.

4. The project sits within an integrated antimony development strategy.

Los Lirios is EVR's flagship project, located 50 kilometres from the company's Tecomatlán Processing Plant in Mexico, where a gravitational concentrator circuit is being installed to process third-party antimony ore as a near-term, low-capital-expenditure path to production. This integrated model means that exploration success at Los Lirios could connect to a processing pathway that is already being developed in parallel.

5. Antimony is a designated critical mineral across multiple jurisdictions.

Antimony is listed as a critical mineral by the United States, the European Union, and Australia, with applications in energy storage, battery technology, defence, and high-technology sectors. EVR's company description notes its strategic focus on securing the North American antimony supply chain.

Why Investors Should Watch EV Resources

EVR is entering a high-activity period with multiple near-term catalysts across exploration, resource definition, and production development. The CSAMT results have materially strengthened the geological case for the EV Resources Los Lirios antimony drill targets in Mexico by confirming system-scale potential and providing actionable drill targets.

Key reasons to monitor EVR:

• Two geophysically defined, high-priority drill targets ready for Phase 2 testing — one adjacent to existing mineralisation, one an entirely untested large-scale anomaly
• Structural vectoring framework now in place to systematically target high-grade zones within the CRD system
• Field verification currently underway, indicating Phase 2 drill planning is at an advanced stage
• Maiden JORC MRE as a near-term stated objective, representing a significant value catalyst for the project
• Integrated asset base combining an exploration-stage flagship project with a processing plant under active refurbishment

Key Takeaway:

EV Resources has significantly expanded the scale potential of its Los Lirios Antimony Project through a systematic geophysical programme that has defined two compelling drill targets and a project-wide structural framework. With Phase 2 drilling planning advancing and a maiden JORC Mineral Resource Estimate as the near-term objective, EVR is approaching a series of exploration catalysts that could materially re-rate the project. Investors focused on critical minerals exposure with near-term drilling newsflow should keep a close watch on developments.

Ready to Dig Deeper Into EV Resources' Los Lirios Antimony Project?

With two geophysically defined, high-priority drill targets now confirmed, a project-wide structural framework in place, and Phase 2 drilling planning well advanced toward a maiden JORC Mineral Resource Estimate, EV Resources (ASX: EVR) is approaching a series of exploration catalysts that could materially re-rate Los Lirios. Investors seeking critical minerals exposure with near-term drilling newsflow can learn more about EVR's integrated antimony strategy and upcoming milestones by visiting evresources.com.au.