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Corporate Spotlight

The Yerbas Buenas “YB” magnetite project is located in Region IV of Chile on the coast about 500km north of the capital Santiago.

The mine is approximately 50kms north of the large cities of Coquimbo and La Serena and only 2kms west of the PanAmerican Highway.
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Video Interview with Freehill Mining Peter Hinner


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ASX Announcement 28th January 2020


Freehill Mining Limited (ASX: FHS ‘Freehill’ or ‘the Company’) is pleased to announce that the diamond drilling

campaign carried out at the Company’s 100%-owned Yerbas Buenas project was successfully completed in late

December and early assays are indicating extremely encouraging iron results with more high grade magnetite


Twenty holes were drilled using two diamond drill rigs with 4,805 metres drilled. Eighteen of the holes targeting

new magnetite mineralisation in the recently acquired Arenas XI tenement (see ASX announcement 2

September 2019).

To date, two of the 20 holes have been assayed and both holes have returned significant intersections of

magnetite over long intervals (see Table 2 below and refer highlights above).

Ore preparation of the diamond core is being carried out at Australian Laboratory Services (ALS) in Coquimbo,

Chile with the pulps sent to the ALS Iron Ore Technical Centre laboratory in Perth, Australia for analysis.

All samples will initially undergo XRF and Magnasat analyses with selected samples having Davis Tube analysis.

Due to the necessity of carrying out the analysis in Australia and the time for freighting samples, reporting all

assay results is expected to take several more weeks however the company will endeavour to report batches

of results as they become available.

Figure 3 – Diamond drill hole locations for 2019 drilling program shown in white together with the more


southerly 2018 RC drill holes shown in orange



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Significant Indication of Copper Mineralisation Identified in the Northern Area of Yerbas Buenas 

ASX Announcement 9 December 2019 


  • Geochemical survey shows strong copper mineralisation in northern area of Yerbas Buenas 
  • Study area contains two strong IP anomalies highlighted in previous Freehill exploration 
  • Grades of up to 0.9% Cu and 0.17 g/t Au returned (rockchip sample 525506) 
  • Drilling of the IP structures will target copper & gold mineralisation

Chile focused magnetite project development company and copper explorer Freehill Mining Limited (ASX:FHS; “Freehill” or “the Company”) is pleased to confirm the completion of a geochemical study covering the north eastern portion of the of the Company’s 100%-owned Yerbas Buenas(“YB”) project area which hosts two IP anomalies previously identified in 2018 and earlier in 2019 (ASX announcement 2 September 2019 (see Fig 1&3). 

This is the first time this northern area has been explored and the Company is pleased to confirm the presence of encouraging copper mineralisation in samples collected. The geochemical study covered an area of approximately 2 km2 and included 164 rockchip samples and 40 soil sediment samples (see Fig 4) which were analysed for copper, gold, cobalt, tellurium and iron.

Analysis of the geochemical results has highlighted a number of Cu, Au and Fe anomalies in the north-eastern portion of Freehill’s tenements (see Fig 6) and a diamond drill program targeting the northern IP anomaly as well as the anomalous Cu/Au mineralisation. The northern IP anomaly drilling will be carried out as part of Freehill’s current magnetite drilling program that is targeting a large magnetite structure contained on Freehill’s recently acquired southern tenement.

Geochemical Study Background 

Freehill contracted Tracking SPA (Tracking), a Chilean geological consulting firm that specialises in the exploration for Cu/Au mineralisation in Chile, to complete a geochemical and geological study of the area covering the two anomalies highlighted during Induced Polarisation (IP) geophysical programs carried out in 2018 and 2019 (see ASX releases 22 February 2019 & 17 April 2019 ).

The geophysical programs highlighted two IP anomalies, which are large structures with high chargeability, that start at near surface (northern anomaly) and between 100 and 150 metres below surface (southern anomaly). See Figure 1 for location of IP anomoly’s and current magnetite drill area. 

Figure 1 – Project area looking north and showing current area shown by red dotted area being drilled for magnetite and two locations to immediate north that are scheduled to be diamond drilled during December to test for copper mineralisation in two large Induced Polarisation anomalies 

The two structures appear to be east-west mineralised band or fault structures inside a larger north-south corridor along the eastern side of the property (see Figure 3) and both structures are open to the east and north. 

The two structures are consistent with the mineral distribution and tectonic controls found in the Chilean Iron Belt which has a known genetic and spatial link between IOA (iron oxide apatite) and IOCG (iron oxide copper gold) deposits. 

Geological surface mapping of the northern area shows several subvolcanic andesite bodies trending northwesterly in and associated with hornfels and quartz diorite bodies associated with magnetite mineralization on the district which are also associated with calc-sodic alteration of the host rock.

When plotted against the ground magnetics, the geochemical results (see Figure 6) and a northwest-southeast trend can be mapped in the geology, geochemistry and geophysics.

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Yerbas Buenas Drill Program Progressing Well 

ASX Announcement 19 November 2019 

  • 6 of 18 holes completed for 1,600 metres drilled – program ongoing along ~1.1km magnetite structure 
  • Remaining holes targeting extension of high grade YB6 structure hole YB016 (16m @ 61% Fe) 
  • Mineralisation extends deeper than initially indicated - third diamond rig mobilising to site to fasttrack program 
  • Assays expected late Dec – drill core produced to date showing a number of high grade intersections

19 November 2019: Chilean-focused magnetite and copper project exploration/development company Freehill Mining Limited (“Freehill” or “the company”, ASX: FHS) is pleased to report excellent progress of its current 18-hole diamond drill program at the flagship Yerbas Buenas (‘YB”) project in Chile.

Approximately 1,600 metres of drilling has been completed to date, being six of the planned 18 holes with drilling focused on the exceptionally high grade YB6 magnetite structure (refer Figure 2), which was discovered following the Company’s maiden drill program in late 2018.

The current drill program is targeting the YB6 structure which extends into the recently acquired and strategically important southern tenement Arenas XI (refer ASX announcement: 2 September 2019 and Figure 1).

Initial drilling shows that high grade mineralisation extends deeper than initially indicated by the 3D inversion model. A significant number of drill core intersections show the distinct black colouration typical of high grade magnetite and are supported by corresponding magnetic susceptibility readings (refer figures 3 and 4). Given these developments, the total number of metres drilled may be extended with this campaign. 

Drill core sample preparation is being carried out by an ALS laboratory in Coquimbo and samples will then be dispatched to the ALS Iron Ore Technical Centre in Perth for assaying with results expected in late December.

Drilling is ongoing with new targets outlined in Figure 5, overleaf. To ensure the program is completed prior to January, a third diamond drill rig will be mobilised next week.

Freehill’s Chief Executive Officer Peter Hinner commented: 

“To date, the planned drill program has progressed very well. The Company has not experienced any delays due to the social climate in Chile. We will shortly commission a third drill rig in the coming weeks and this clearly reflects the confidence we have in the project. 

“Initial indications of mineralisation at depth are encouraging and we look forward to exploring these sections further. YB’s Mineral Resource Estimate is expected to grow materially based on results from this drill program and future drilling. We look forward to reporting first assays and other exploration updates in the interim.”

Click here to view the full announcement 


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4,500m Drill Program Underway at Yerbas Buenas 

ASX Announcement 24 October 2019 


  • Diamond drilling has commenced at Freehill’s 100%-owned Yerbas Buenas magnetite project including new strategically important southern tenement Arenas XI 
  • Continuous 1.1km long magnetic structure where grades up to 61% Fe were intersected in our previous drilling campaign 
  • Geophysics modelling trebles the size of the YB6 magnetite structure 
  • Potentially high value copper targets being tested

Freehill Mining Limited (“Freehill” or “the Company”, ASX: FHS) is pleased to report that it has now commenced its next phase of magnetite drilling. Two diamond drill rigs are currently drilling on the project including the tenement (Arenas XI) acquired in August 2019 (reported ASX-FHS 2 September 2019) with the objective of completing the campaign by early December (see Figure 1).

Drilling in late 2018 included a high-grade hole (YB-016), containing 120m averaging 30% Fe starting near to surface, which was located near the southern edge of the project tenement in the YB-6 anomaly.

Freehill’s newly acquired tenement lies immediately to the south of YB-016 and a geophysical survey completed by Freehill confirms the YB-6 anomaly continues to the south and is entirely contained in the new tenement (see white boundary in Figure 1 below).

This provides a strategically important extension to the YB-6 structure and provides exceptional exploration continuity as the magnetic footprint of the YB-6 anomaly has been increased from 9.6 hectares to over 29 hectares.

The majority of this drilling program will be carried out on the significant extension of YB-6. 

Major features of the YB-6 structure extension are: 

  • Overburden is primarily mineralised sand cover and thus easy to strip (no blasting) 
  • Sits within predominantly gently sloping ground 
  • Simple pre-stripping process that can potentially generate revenue

Click here to view the full announcement 


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Our Board

Our Board is comprised of directors with extensive experience in mining, particularly in Chile, finance, debt and equity markets and investment.

Mr Ray Mangion

Mr Ray Mangion


Mr Mangion has been a non-executive director of Freehill Mining Limited since its listing in January 2017. He has performed the role of Managing Director of Morbak Investments Pty Ltd for the past 18 years, having created the business as a start-up business. He has approximately 30 years’ managerial experience and holds an Associate Diploma of Business (Accounting) and an RG146 Associate Diploma in Financial Planning.

Mr Peter Hinner

Mr Peter Hinner

Chief Executive Officer

Over the past several years he has worked as a project consultant internationally on projects in Africa, Korea, Indonesia, Malaysia and South America. His previous roles have included senior management and operational positions in several of the largest mineral operations including BP Minerals Indonesia and the Tiwest Joint Venture mine in Western Australia and has previously been COO of an industrial minerals company and a senior consultant to KPMG.

He holds a Bachelor of Science from the Queensland University of Technology with post graduate qualifications in mining, metallurgy and business management.

Mr Paul Davies

Mr Paul Davies

Finance Director

Mr Davies has extensive experience as CFO of both publicly traded and privately held companies. Over the past 10 years he has been involved with many early stage companies involving reporting, strategic planning, systems implementation, fundraising and IPO. Prior to this Mr Davies was Director in Charge of Corporate and Institutional Banking for Deutsche Bank Australia and a member of the Deutsche Bank Credit Committee. He has been directly involved in over $20 billion worth of transactions involving origination, advising, arranging, structuring, project finance, lead managing, syndication, negotiation, risk management, including servicing many of Australia’s major mining companies. Before Deutsche Bank Mr. Davies worked for a number of years with both Bankers Trust Australia and Macquarie Bank.

With his 20 plus years in the finance sector Mr Davies brings to the company considerable experience in both debt and equity markets in addition to significant understanding of the mining sector.

Mr Davies holds an Economics Degree from Monash University, has qualified as a Chartered Accountant and is an alumnus of the Stanford Business School.

Mr Sam Duddy

Mr Sam Duddy

Non-Executive Director

Mr Duddy is currently a board member and majority shareholder of a Civil Construction firm and brings to the Board a wealth of knowledge and experience in Business Management, Engineering and finance, Mr Duddy holds a First Class Honours degree in Science from the University of Queensland along with a Masters of Property Studies and a Masters of Business Administration also from this university. 

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