EV Resources : EVR to Acquire Highly Prospective Don Enrique Copper Project

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ASX ANNOUNCEMENT

28 February 2022

EV Resources to Acquire Highly Prospective Don

Enrique Copper Project in Peru

Highlights:

• EV Resources enters into an in-principle agreement with the principle shareholder of Minera Montserrat S.A.C., a Peruvian company, in order to acquire the Don Enrique Project.
• The Don Enrique Project consists of 4 licences covering 1,800Ha in an area 30km north east of Jauja and approximately 260km from the Nation's capital, Lima.
• Significant copper, gold and silver values returned from previous sampling of an underground exploration adit and from surface outcrop of over 1500m extent indicate considerable potential for the Project.
• Underground rock chip values to 4.7% Cu, 1269ppm Ag and 0.33ppm Au. Underground continuous channel sampling across mineralisation returned a best zone of 12m at 1.56% Cu, 282ppm Ag, 0.06ppm Au. Surface samples 800m from the adit returned up to 4.8% Cu, 251ppm Ag and 0.15ppm Au.
• Only 90m (adit) of the sulphide zone over a 1500m mapped extent of breccia has been sampled to date. Further sampling, mapping and geophysics is required before drilling with the intention to apply for a licence under the PPM (Pequeno Productora Minera).

EV Resources Limited (ASX:EVR) ("EVR", the "Company"), is pleased to announce that the Company has entered into an in-principle agreement with the principle shareholder of Minera Montserrat S.A.C, a Peruvian company and 100% owner of the Don Enrique Copper-Gold- Silver Project, located in Peru. Total consideration for the acquisition of 100% of Minera Montserrat S.A.C. is US$1.3m, payable over 2 years.

Don Enrique Copper-Gold-Silver Project

The project consists of 4 licences covering 1,800Ha, in an area 21km northeast of Jauja, and approximately 260km from the Nation's capital, Lima:

• Don Enrique, Licence number:	0100769-12,	1000 Ha.
• Chaupiloma 2007, Licence Number:	0105549-07,	100 Ha.
•	Chaupiloma 2008, Licence Number:	0101581-08,	100 Ha.
•	COCOA BEACH, Licence Number:	010155815,	600 Ha.

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DON ENRIQUE PROJECT

Cocoa Beach

Licence

Don Enrique Licence

Chaupiloma 2008 Licence

For personal

ADIT Chaupiloma 2007

Licence

Figure 1. Don Enrique Copper-Gold-Silver Project Location

The Project is about one hour from Jauja, which is connected to Lima by airplane with daily flights. The Project has immediate access to both water and low voltage power as well as good all-weather unpaved access roads. The combination of significant previous copper, gold and silver sample results, available road, water and power infrastructure with no towns present in the Project area makes Don Enrique a compelling exploration project.

Initial site visits, reconnaissance mapping and sampling was conducted by an experienced Peruvian exploration geologist and this work was subsequently reviewed by EV Resources' geologists and business development executives in multiple site visits conducted by way of due diligence.

Project Geology

Country rocks of the district consist of a sequence of clastic sediments, mainly sandstones and argillaceous shales, and pyroclastic volcanics and andesitic flow-porphyries. The sediments and volcanics are folded, faulted and intruded by a complex-igneous intrusive, varying in composition from microdiorite to dacite. These units have been later intruded by narrow

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felsic (aplitic) dykes. The sedimentary-volcanic sequence is known in central Perú as the "Permian Mitu Group", and the volcanic unit as "Catalina Volcanics". The area is crossed diagonally by a large regional fault zone, striking NW-SE, and can be followed for at least 40km.

At the main Don Enrique Prospect, copper-gold-silver mineralisation is hosted by two parallel, subvertical to steeply east dipping, hydrothermal breccia structures that range from 5m to 20m in width and are separated by a 90m wide zone of andesite.

As observed in the underground adit (Zone 1), vein material is composed in part of massive sulphides with patches and pods of quartz and calcite veinlets. Sulphides mainly comprise a mixture of patches of chalcopyrite, minor bornite together with scattered molybdenite, some galena and rare sphalerite. At the hanging-wall of the vein there is a zone more than 2m thick of hydrothermal breccia composed of altered rock-fragments with disseminated sulphides, and quartz fragments in a matrix of argillised and silicified materials with milky quartz and calcite veinlets.

At surface, Zone 1 crops-out discontinuously over widths of 15m to 20m for about 1km showing abundant iron oxides and traces of remnant sulphide within milky quartz. Zone 2 can be traced as almost continuous outcrop for 1.2 to 1.5km over 5 to 10m widths as milky quartz, hosting some scattered old small pits and trenches.

The breccia bodies and veining are interpreted to extend from surface to the valley floor, a vertical distance of 300m. There is no evidence of drilling at the prospect, hence it is unknown whether observed mineralisation is continuous from surface to the adit level.

Figure 2. View of Zone 1 (east) and Zone 2 (west) viewed to south. Distance from hill crest to valley

floor is 300 metres.

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Mapping has identified an outcrop of breccia across the alluvium-filled valley to the north of the adit area that returned elevated copper-gold-silver values. The outcrop is located 800m from the most northerly mapped extent of Zone 2 and it is thought that this may represent an offset continuation of this zone.

Previous Exploration

The vendor has supplied EV Resources with copies of work undertaken by previous companies in the Don Enrique Prospect area, comprising surface and underground sampling and geological reports. There is no evidence of drilling from surface or underground to test the depth extent or lateral continuity of mineralisation.

The area was prospected during the 60's by the Andes Orientales Exploration Co. who excavated a 90m exploration adit to the east of breccia Zone 1 and completed 4 cross-cuts to 20m extent to access the breccia-hosted mineralisation.

Figure 3. Exploration adit entrance.

Several companies have undertaken assessment work for the project since 2012 that has included surface and underground sampling. The most comprehensive work was undertaken by Stellar Mining Co. who undertook mapping and collected surface and underground samples to assess the Don Enrique Project during 2013 and 2014. In total 129 rock samples were collected, of which 54 were surface, 82 underground and additional standards, blanks and duplicates. This work included continuous channel sampling along the cross cuts. Other companies to undertake work include Copperfield Peru SAC, Masglas Americas Corporation and Solitario Exploration & Royalty Corp. Sufficient data has been provided to include results of sampling undertaken by these companies. Other information that cannot be verified has been excluded from this release.

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N

DIORITE

SEDIMENTS

Several lower-grade values
to 0.44% Cu, 48ppm Ag and	BRECCIA
0.07ppm Au

Figure 4. Higher-grade point and continuous channel results from underground sampling, eastern breccia lode. All sample points shown as green dots.

During assessment, previous companies undertook surface sampling along the 1500m extent of both zones with up to 1.39% Cu and 39ppm silver returned from sampling approximately 250m vertical distance above the adit level. A zone of breccia has been identified 800m northeast from the western breccia lode (Zone 2) and has been interpreted as a continuation of this zone based on geological mapping. Sampling of this breccia has returned up to 4.8% Cu, 251ppm Ag and 0.15ppm Au.

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311-313 Hay St Subiaco, Western Australia 6008

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