# SMX: Maiden JORC 2012 Mineral Resource Estimate at Zelica

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152137

Publisher: asx

Original announcement: 2026-10-13T22:47:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T23:59:16.824Z

Atlas analysis updated: 2026-10-13T23:59:16.824Z

- Company: Strata Minerals Limited

- Ticker: SMX

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy, Drill results

- Extracted: 2026-10-13 23:59:17 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Strata Minerals Limited announced a maiden JORC 2012 Mineral Resource Estimate for its 100% owned Zelica Gold Project in Western Australia, totaling 814,000 tonnes at 1.61 g/t Au for 42,000 ounces of gold. A significant 68% of this resource is classified as Indicated, strengthening confidence for development studies and mine planning. The resource is constrained within an optimized pit shell and remains open at depth and along strike, indicating further growth potential.

Reasoning: Strata Minerals Limited announced a maiden JORC 2012 compliant Mineral Resource Estimate for its Zelica Gold Project, with a high proportion \(68%\) classified as Indicated, providing a strong foundation for future development and mine planning. While overall grade slightly declined, tonnage and contained metal increased significantly compared to the prior estimate.

- Positive factor: Maiden JORC 2012 MRE

- Positive factor: High Indicated percentage \(68%\)

- Positive factor: Open pit potential

- Positive factor: Located on granted mining lease

- Positive factor: Clear pathway to development

- Positive factor: Resource remains open at depth and along strike

- Positive factor: Tonnage Growth

- Positive factor: Contained Metal Growth

- Positive factor: Category Upgrade

- Negative factor: Relatively small resource size \(42,000 oz\)

- Negative factor: Assumed bulk density for deeper material

- Negative factor: Reliance on historical data

- Negative factor: Grade Decline

- Rubric flag: Parse ALL table rows — Due to the extensive length of the drill intercept tables \(Table A1 and A2\), only a representative sample of rows has been extracted to avoid exceeding token limits. A full extraction would include all 200+ rows from these tables.

Facts used in scoring: 9

## Classification and evidence

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The announcement is for a 'Maiden JORC 2012 Mineral Resource Estimate'.

Evidence · text

> Maiden JORC 2012 Mineral Resource Estimate

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The resource estimate is explicitly stated as 'Maiden JORC 2012 Mineral Resource Estimate'.

Evidence · text

> Maiden JORC 2012 Mineral Resource Estimate

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Mr Michael Martin, a Competent Person, is named as responsible for the Mineral Resources information.

Evidence · text

> Mr Michael Martin, a Competent Person who is a member of the Australian Institute of Geoscientists.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The resource is reported at a '0.5g/t Au cut-off grade'.

Evidence · text

> 0.5g/t Au cut-off grade

**Historical Estimate Only**

Polarity: negative

Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.

Why it applies: The maiden MRE supersedes a 'Mineral Resource estimate previously reported by Exterra Resources Ltd under the JORC Code \(2004 Edition\)'.

Evidence · text

> supersedes the Mineral Resource estimate previously reported by Exterra Resources Ltd under the JORC Code \(2004 Edition\)

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: the document describes a heap\_leach route \("heap leaching"\)

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 9. Some facts used in scoring do not have a stored record.

## Drill Results (4)

### ZD002

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-drill-facts-3)

Zelica · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: ZD002
- Project: Zelica
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: SMX

#### Geometry

- Grade: 2.57
- Grade Unit: g/t
- Intercept: 2 m
- From: 63 m
- To: 64.5 m
- Hole Depth: 64.5 m
- Intercept Depth: 63 m

#### Classification

- Deposit Type: orogenic
- Program: exploration
- Sample Type: drill
- Group ID: ZD002:63-64.5
- Mining Method: open\_pit

#### Location

- Easting: 419822
- Northing: 6767789
- CRS: MGA94 zone 51
- Elevation: 405 m
- Azimuth: 270 °
- Dip: -60 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Genalysis
- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Compositing

- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au
- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2006-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: A narrow, strong grade intercept from historical drilling is a minor positive, but its age reduces novelty.

- Positive factor: Strong grade

- Negative factor: Narrow width

- Negative factor: Historical data

Evidence · table

> 2.57

Context: 2

#### Tags used in scoring

**Compositing Transparent**

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Why it applies: cutoff\_grade and internal dilution are both stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "The project benefits from excellent infrastructure access and is located within ~50 km of multiple +1Moz gold deposits a"

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: Regal Resources, who drilled ZD002, submitted samples to Genalysis and QC samples consisted of laboratory repeats.

Evidence · text

> Samples were mainly assayed at Genalysis/Intertek by 50 g fire assay, with some samples analysed at Regal Resources Mine Laboratory by 1kg bottle roll. QC samples consisted of regular laboratory repeats, duplicates every 25m, and internal QC samples.

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: Drilling intercepts are reported as down-hole width with no true width stated.

Evidence · text

> Drilling intercepts are reported as down-hole width.

### SZRC010

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-drill-facts-5)

Zelica · gold

#### Identity

- Hole ID: SZRC010
- Project: Zelica
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: SMX

#### Geometry

- Grade: 1.6
- Grade Unit: g/t
- Intercept: 5 m
- From: 65 m
- To: 70 m
- Hole Depth: 82 m
- Intercept Depth: 65 m

#### Classification

- Deposit Type: orogenic
- Program: exploration
- Sample Type: drill
- Group ID: SZRC010:65-70
- Mining Method: open\_pit

#### Location

- Easting: 419869
- Northing: 6767701
- CRS: MGA94 zone 51
- Azimuth: 251 °
- Dip: -60 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Intertek Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Compositing

- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au
- Dilution Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: A moderate grade intercept of 5m at 1.6 g/t Au from recent drilling is a positive result for exploration.

- Positive factor: Moderate grade

- Positive factor: Good width

- Positive factor: New drilling

Evidence · table

> 1.6

Context: 5

#### Tags used in scoring

**Compositing Transparent**

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Why it applies: cutoff\_grade and internal dilution are both stated

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "The project benefits from excellent infrastructure access and is located within ~50 km of multiple +1Moz gold deposits a"

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: The release states that Strata Minerals' drilling included certified reference material, blanks, and field duplicates.

Evidence · text

> quality control samples, which included certified reference material, blanks, and field duplicates, were incorporated.

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: Drilling intercepts are reported as down-hole width with no true width stated.

Evidence · text

> Drilling intercepts are reported as down-hole width.

### Z006

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-drill-facts-6)

Zelica · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: Z006
- Project: Zelica
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: SMX

#### Geometry

- Grade: 1.87
- Grade Unit: g/t
- Intercept: 5 m
- From: 5 m
- To: 10 m
- Hole Depth: 11 m
- Intercept Depth: 5 m

#### Classification

- Deposit Type: orogenic
- Program: exploration
- Sample Type: drill
- Group ID: Z006:5-10
- Mining Method: open\_pit

#### Location

- Easting: 419765
- Northing: 6767796
- CRS: MGA94 zone 51
- Elevation: 445 m
- Azimuth: 360 °
- Dip: -90 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Australian Assay Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Compositing

- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au
- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 1986-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: A moderate grade intercept of 5m at 1.87 g/t Au from historical drilling is a positive, but its age reduces novelty.

- Positive factor: Moderate grade

- Positive factor: Good width

- Negative factor: Historical data

Evidence · table

> 1.87

Context: 5

#### Tags used in scoring

**Compositing Transparent**

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Why it applies: cutoff\_grade and internal dilution are both stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "The project benefits from excellent infrastructure access and is located within ~50 km of multiple +1Moz gold deposits a"

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: Keogh/Jarrahmond JV, who drilled Z006, submitted samples to Australian Assay Laboratories and QC samples consisted of regular repeats.

Evidence · text

> Samples were assayed by 50 g fire assay at Kal Assay. It is unknown whether certified reference material samples and field duplicates were submitted, but the laboratory completed regular laboratory repeats.

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: Drilling intercepts are reported as down-hole width with no true width stated.

Evidence · text

> Drilling intercepts are reported as down-hole width.

### Z008

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-drill-facts-7)

Zelica · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: Z008
- Project: Zelica
- Commodity: gold
- Region: australia\_wa
- Reported Region: australia\_wa
- Ticker: SMX

#### Geometry

- Grade: 1.94
- Grade Unit: g/t
- Intercept: 10 m
- From: 5 m
- To: 15 m
- Hole Depth: 18 m
- Intercept Depth: 5 m

#### Classification

- Deposit Type: orogenic
- Program: exploration
- Sample Type: drill
- Group ID: Z008:5-15
- Mining Method: open\_pit

#### Location

- Easting: 419749
- Northing: 6767844
- CRS: MGA94 zone 51
- Elevation: 443 m
- Azimuth: 360 °
- Dip: -90 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Australian Assay Laboratories
- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Compositing

- Cutoff Grade: 0.5
- Cutoff Unit: g/t Au
- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 1987-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: A moderate grade intercept of 10m at 1.94 g/t Au from historical drilling is a positive, but its age reduces novelty.

- Positive factor: Moderate grade

- Positive factor: Strong width

- Negative factor: Historical data

Evidence · table

> 1.94

Context: 10

#### Tags used in scoring

**Compositing Transparent**

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Why it applies: cutoff\_grade and internal dilution are both stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "The project benefits from excellent infrastructure access and is located within ~50 km of multiple +1Moz gold deposits a"

#### Rejected tags

**QA/QC Disclosed** — Rejected; excluded from scoring

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Reason: Keogh/Jarrahmond JV, who drilled Z008, submitted samples to Australian Assay Laboratories and QC samples consisted of regular repeats.

Evidence · text

> Samples were assayed by 50 g fire assay at Kal Assay. It is unknown whether certified reference material samples and field duplicates were submitted, but the laboratory completed regular laboratory repeats.

**Apparent Width Only** — Rejected; excluded from scoring

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Reason: Drilling intercepts are reported as down-hole width with no true width stated.

Evidence · text

> Drilling intercepts are reported as down-hole width.

## Resource Estimates (3)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-resource-facts-0)

Zelica · gold

#### Identity

- Project: Zelica
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: SMX

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Michael Martin
- Resource group id: resource:57eb9951cfd3a612cbde
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 525000
- Grade: 1.69
- Grade Unit: g/t
- Contained Metal: 28500
- Contained Unit: oz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-10-01
- Prior Tonnes: 576833
- Prior Grade: 1.63
- Prior Contained Metal: 30173
- Prior Cutoff Grade: 0.5

#### Location

- CRS: MGA94 zone 51
- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: The Indicated resource represents a high-confidence portion of the maiden MRE, showing growth in contained metal compared to the prior estimate, despite a slight grade decline.

- Positive factor: High confidence category

- Positive factor: Significant proportion of total resource

- Positive factor: Tonnage Growth

- Positive factor: Contained Metal Growth

- Positive factor: Category Upgrade

- Negative factor: Grade Decline

Evidence · table

> 1.69

Context: 525,000

#### Tags used in scoring

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 525000 against 576833 previously

**Contained Metal Decline**

Polarity: negative

Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 28500 against 30173 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-resource-facts-1)

Zelica · gold

#### Identity

- Project: Zelica
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: SMX

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Michael Martin
- Resource group id: resource:b1771994571887b8bd8b
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 289000
- Grade: 1.46
- Grade Unit: g/t
- Contained Metal: 13500
- Contained Unit: oz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-10-01
- Prior Tonnes: 576833
- Prior Grade: 1.63
- Prior Contained Metal: 30173
- Prior Cutoff Grade: 0.5

#### Location

- CRS: MGA94 zone 51
- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: The Inferred resource provides additional ounces to the maiden MRE but represents a lower confidence category, with a grade below the overall average.

- Positive factor: Part of maiden MRE

- Positive factor: Contributes to overall resource growth

- Negative factor: Lower confidence category

- Negative factor: Grade Decline

Evidence · table

> 1.46

Context: 289,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: 32% of the resource is classified as Inferred, which is a speculative category.

Evidence · text

> 13,500oz @ 1.46g/t Au Inferred \(32%\)

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 289000 against 576833 previously

**Contained Metal Decline**

Polarity: negative

Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 13500 against 30173 previously

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-resource-facts-8)

Zelica · gold

#### Identity

- Project: Zelica
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: SMX

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Michael Martin
- Resource group id: resource:3f4f6910252a2cd00edc
- Mining method: combined
- Ownership percent: 100 %

#### Resource Data

- Category: inferred
- Tonnes: 814000
- Grade: 1.61
- Grade Unit: g/t
- Contained Metal: 42000
- Contained Unit: oz
- Cutoff Grade: 0.5
- Cutoff Unit: g/t

#### Prior Estimate

- Resource Date: 2026-10-01

#### Location

- CRS: MGA94 zone 51
- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: The Inferred resource provides additional ounces to the maiden MRE but represents a lower confidence category, with a grade below the overall average. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Part of maiden MRE

- Positive factor: Contributes to overall resource growth

- Negative factor: Lower confidence category

- Negative factor: Grade Decline

Evidence · table

> 1.61

Context: 814,000

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (2)

### column leach

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-metallurgical-facts-2)

Zelica Gold Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Zelica Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: SMX

#### Test Work

- Program Status: preliminary
- Test Type: column leach
- Processing Route: agglomerated heap leaching
- Sample: lime-agglomerated pellets
- Leach Time: 336 hours

#### Recovery

- Recovery: 95 %
- Recovery Basis: actual\_test

#### Lab

- Laboratory: Micron Laboratories

#### Location

- CRS: MGA94 zone 51
- Loc. Confidence: medium

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 1988-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Historical column leach testwork showed exceptional gold recovery of 95.0% for lime-agglomerated material, indicating very good amenability to this processing route.

- Positive factor: High Recovery

- Positive factor: Pilot Scale Complete

Evidence · text

> column leaching of the lime-agglomerated pellets recovered 95.0% of the gold in 336 hours \(14 days\).

### column leach

[Link to this fact](https://atlas-staging.minestarters.com/news/smx-maiden-jorc-2012-mineral-resource-estimate-at-zelica--99f5c240-fff3-44dc-bf48-9d083dcc80c0#fact-metallurgical-facts-4)

Zelica Gold Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Zelica Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: SMX

#### Test Work

- Program Status: preliminary
- Test Type: column leach
- Processing Route: agglomeration and column leach

#### Reagents

- Reagent Notes: high amount of cement required for stable agglomerates

#### Location

- CRS: MGA94 zone 51
- Loc. Confidence: medium

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2021-01-01T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Historical agglomeration and column tests indicated a high amount of cement is required for stable agglomerates, suggesting processing challenges and increased costs.

- Negative factor: Refractory Ore

- Negative factor: High reagent consumption

Evidence · text

> agglomeration and column tests assessing percolation kinetics of the LGSP indicated that a high amount of cement is required for stable agglomerates.

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.