Highlights
- 10 of 11 drill holes intersected a laterally extensive Carbonate Replacement (CRD) style limestone unit at Lirios 1.
- Shallow, sub-horizontal and gently folded system defined in 3D modelling, open in multiple directions.
- Drilling ties in with channel sampling of this unit that has returned antimony grades up to 30.2%, establishing an immediate significant target ahead of pending assays.
- The CRD unit has been traced across a minimum 400m strike and remains open in all but one direction, with step-out drilling confirming extension well beyond historical workings.
- Consistent unit thickness of approximately 1–2.25m supports continuity and scale potential.
- Clear pathway to initiate delineation of an Exploration Target and maiden JORC Mineral Resource Estimate – a key value-creation milestone for shareholders.
EV Resources Limited (ASX: EVR) (“EVR” or “the Company”) is pleased to provide an update on drilling and geological modelling at its 70%-owned Los Lirios Antimony Project in Oaxaca, Mexico. Ten of eleven drill holes from first pass drilling at Lirios 1 have successfully intersected a laterally extensive, shallow CRD system, with the system remaining open in multiple directions. This represents a significant milestone in the advancement of the project. Assay results are pending.
The structural and geological evidence to date, corroborated by high-grade channel sampling at surface, provides strong early confidence in the scale and continuity of the Los Lirios system. EVR is advancing towards both an Exploration Target and maiden JORC Mineral Resource Estimate (MRE), underpinned by the Tecomatlán Processing Plant 50km away and already in active refurbishment.
EV Resources CEO, Mike Brown, commented: “Intersecting this shallow CRD unit in 10 of 11 holes confirms Los Lirios is a system-scale target. CRD deposits are the world’s largest class of antimony mineralisation and offer significant scale potential relative to epithermal vein type deposits. The geometry, grade of channel samples and structural controls are consistent with that kind of scale. We now have a clear, well-defined target as we advance towards an Exploration Target and maiden JORC resource.”
Significance of Carbonate Replacement System
CRD deposits represent the largest global source of antimony and are typically associated with large-scale, long-life mineral systems. The geometry, alteration and structural controls observed at Los Lirios are consistent with internationally significant CRD-style antimony deposits. Confirming this system type through this drilling program marks a first critical upgrade in the scale thesis for Los Lirios.
Extensive, Shallow System Defined and Scalable
The Company has completed 11 drill holes at Lirios 1. Ten intersected a consistent silicified limestone unit identified as a carbonate replacement horizon, occurring at shallow depths and relatively uniform thickness of 1 to 2.25 metres and interpreted to extend laterally across the drilled area. The unit is gently folded (see Figure 2). A step-out hole approximately 200 metres to the southwest of historical workings also intersected the unit, demonstrating likely strike continuity (see Figure 2). Based on drilling to date, the CRD unit has been traced across a minimum 400 metre strike to the southwest (see Figure 3), aligned with the 6km Lirios Fault Zone corridor. This remains open except to the north-east, where Hole DDH-L1-01-26, the most northerly hole drilled at Lirios 1, did not intersect the CRD unit (Figure 1).
The CRD unit demonstrates control by vertical and low-angle structures acting as fluid conduits. Mineralising fluids are considered to have migrated along these structures before dispersing laterally into receptive limestone horizons beneath a gypsum cap unit. Massive stibnite mineralisation observed at surface proximal to the structures is consistent with other global CRD deposits that show the presence of high-grade feeder zones, establishing a priority for Phase 2 drilling.
While assay results from drilling are pending, geological logging and correlation with channel samples provide strong confidence in the prospectivity of the defined system1.
The consistent intersection of the CRD unit across multiple drill holes, combined with demonstrated lateral continuity and structural controls, indicates strong potential for a scalable mineralised system. The unit remains open in most directions and represents a priority target for ongoing exploration.
1 ASX Announcement “Exceptional Channel Sampling Results up to 30.2% Sb”, 24 February 2026
Additional Channel Sampling Results
The Company has also received the results from a second batch of 18 lower priority channel samples from Los Lirios. These confirm the widespread distribution of mineralisation within the historical workings. The results are consistent with the emerging regional scale of the system and support planning for expanded exploration across the broader Los Lirios tenement. Full results are provided in Appendix A.
Production Infrastructure 50km Away, Refurbishment Underway
Los Lirios sits just 50km from EVR’s Tecomatlán Processing Plant in Puebla, which is currently undergoing active mechanical refurbishment and electrical upgrades. The plant provides a direct, low-capex processing pathway for Los Lirios ore, significantly reducing development risk. EVR’s hub-and-spoke strategy, which includes initially processing third-party ore before integrating Los Lirios feed, means production can be accelerated ahead of Los Lirios reaching full development scale.
- Complete Phase 1 drilling at Hormiguero and Lirios 2.
- Receipt and interpretation of assay results from Phase 1 drilling at Lirios 1.
- Integration of geophysical survey data with geological model to define high-priority Phase 2 drill targets, including feeder structure testing.
- Planning of Phase 2 drilling to further define extensions of the CRD system and feeder structures.
- Advance delineation of an Exploration Target and initiate maiden JORC MRE planning.
– ENDS –
For further information, please contact:
Mike Brown
Managing Director & CEO
Tel: +61 466 856 061
E: [email protected]
This ASX announcement was authorised for release by the Board of EV Resources Limited.
About EV Resources
EV Resources (ASX: EVR) is a critical minerals exploration and development company focused on securing the North American antimony supply chain.
We are rapidly transitioning from a diversified explorer to a near-term antimony producer. Antimony is a designated critical mineral by the US, EU, and Australia, with applications in energy storage, battery technology, defence, and high-tech applications.
Our asset portfolio is strategically positioned in mining-friendly jurisdictions:
- Tecomatlán Processing Plant, (Mexico). Provides a near term low CAPEX path to becoming an antimony producer. Refurbishment and installing a gravitational concentrator circuit is underway, providing a low cost highly efficient processing path for antimony, initially processing 3rd party sourced ore and eventually Los Lirios material.
- Los Lirios Antimony Project (Mexico): Our flagship, high-grade antimony project, 50km from the Tecomatlán plant. First-pass drilling has confirmed a laterally extensive CRD system, with advancement towards a maiden JORC Resource delineation underway.
- US Antimony Projects – Dollar and Milton (Nevada): 100%-owned assets strategically positioned to support the US domestic critical minerals supply chain, aligned with US government antimony designation priorities
Competent Person Statement
The information in this release that relates to Exploration Results is based on information compiled by Mr Mike Brown who is a Member of the Australian Institute of Geoscientists (MAIG). Mr Brown is the Managing Director and CEO of EVR. Mr Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Brown consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.
Compliance Statement
This announcement contains information exploration results extracted from ASX market announcement dated 24 February 2026 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.
Forward Looking Statement
Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. There can be no assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors.
These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
Source: EV Resources Ltd.
Original Press Release: https://api.investi.com.au/api/announcements/evr/e7e96b0c-b3d.pdf
