Avenira : Results from Jundee South Historic Data Compilation

ASX ANNOUNCEMENT AND MEDIA RELEASE

27 October 2020

Results from Jundee South Historic Data Compilation

Avenira Limited (ASX:AEV) (Avenira) advises that it has successfully completed a review of historical drilling data covering its Jundee South Project (the Project), which covers 720km2 in the Yandal Greenstone Belt in Western Australia.

A total of 6,158 historic drill holes were located throughout the Project after an extensive effort collecting, collating, interpreting and summarising information and data.

Many of the holes were drilled vertically using the Rotary-Air-Blast (RAB) drilling method, which was the standard drilling method used throughout the Yandal Belt pre-2000. This method can be prone to contamination when drilling conditions are not optimal, hence they do not provide an appropriate level of quality control for resource estimation or confident target assessment.

Highlights

• Intersections of greater than 10 gram x metres comprise:

		Historic Hole			Intersection		Including
		AVAC133		20m@0.76g/t Au from 92m		4m@2.05g/t Au from 96m
		emcMRAB11a		16m@1.41g/t Au from 32m		8m@2.21 g/t Au from 36m
		gcmLVRB220		4m@4.63g/t Au from 0m
		gcmLVRB244		8m@5.74g/t Au from 32m		4m@11.30 g/t Au from 32m
		gcmLVRC14		9m@1.43g/t Au from 95m		1m@3.68 g/t Au from 97m
							and 4m@2.04 g/t Au from 100m

	gcmSHRB36		4m@9.68g/t Au from 84m
	gcmWWRB102		20m@0.67g/t Au from 56m
	gcmWWRC1		19m@1.10g/t Au from 106m

2m@12.90 g/t Au from 85m

8m@1.07 g/t Au from 56m

13m@1.41 g/t Au from 109m and 1m@3.30 g/t Au from 112m

Suite 6, 100 Mill Point Road, South Perth WA 6151 :: PO Box 1704 West Perth WA 6874 :: [phone] :: [e-mail]

Some of the historic intersections have been subject to varied degrees of follow-up work, in part as the threshold defining anomalous grade was higher historically, sometimes in the order of 0.5g/t gold, as a result of depressed gold prices and ample opportunity for near-surface discoveries. As Avenira continues with the current drill program, the Company will reassess the anomalies using higher quality drilling methods including Aircore (AC) and Reverse Circulation (RC). The locations of the anomalies relative to the whole drilling database is contained in Figure 1.

Avenira's Executive Chairman, Mr. Brett Clark commented, "These results are the culmination of a significant parcel of work by the Avenira team which was almost forensic in nature and provides the Company with an exciting pipeline of walk-uptargets to assess in more detail following the completion of the maiden Aircore drilling program, currently being carried out at Jundee South.

The Avenira team is currently prioritising these walk-up drill targets and will report back to the market with an anticipated schedule of upcoming drill programs and supporting field activities. Importantly, this review provides Avenira with a strong and full pipeline of exploration targets in this highly prospective greenstone belt."

A compilation of the drilling intersections and the relevant collar information are contained in Appendices A

• B, respectively. A list of DMIRS Open File Reports pertaining to each intercept is contained in Appendix C. The JORC Table 1 is contained in Appendix D.

Figure 1.

Location of anomalies relative to the geological interpretation, location of all drill holes and existing priority drilling targets (see ASX release dated 4 June 2020) within Avenira leases.

This announcement has been authorised by the Board of Avenira Limited.

Brett Clark

Executive Chairman

[phone]

About Avenira Limited

Avenira Limited (ASX:AEV) is an exploration company focused on gold assets in Western Australia and a phosphate asset in the Northern Territory with technology rights.

Jundee South Gold Project

Avenira's Jundee South Gold Project in Western Australia comprises a tenement suite covering more than 720 km2 of the Yandal Greenstone Belt adjacent to several significant gold deposits, including the world class Jundee Mine (10Moz), Bronzewing (4Moz) and Darlot (3.5Moz) deposits.

The Jundee South Project area is located within 3km of the operating Jundee Mine and covers more than 60km strike of highly prospective greenstone stratigraphy. The project area contains major regional structures interpreted to control gold mineralisation through the Yandal Greenstone Belt and contains a number of historically defined gold occurrences.

The Yandal Greenstone belt is in the north eastern part of the Norseman-Wiluna gold belt in the Archaean Craton of Western Australia.

Avenira has commenced a drilling program in September 2020 at Jundee South comprising Priority 1 and Priority 2 targets based on geophysical interpretation of data.

Access is via a well-established road network, and given the number of operating mines in the area, there is ready access to accommodation and services.

Wonarah Phosphate Project

Avenira's Wonarah Phosphate Project in the Northern Territory is considered to be one of Australia's largest phosphate projects:

• Measured Resource of 64.9 Mt @ 22.4% P2O5
• Indicated Resource of 133 Mt @ 21.1% P2O5
• Inferred Resource of 352 Mt @ 21% P2O5 (15% cut-off)

The Project is close to infrastructure such as the Northern Gas Pipeline which runs through the project area. It is also adjacent to the national highway and a high quality water source.

Novophos Inc' 7% ownership

Avenira owns approximately a 7% interest in Novophos Inc' a private company in the United States focussed on the development of an advanced game changing super phosphoric acid production technology. Avenira has exclusive licence rights to the Novophos Technology in Australia

For further information on the company please refer to the company's website at www.avenira.com