29.9m of Spodumene-Bearing Pegmatites Intercepted in step-out hole, extending known strike length

Highlights

• Multiple spodumene-bearing pegmatite dykes intersected in step-out hole MF22-121, including a near surface intersection of 20.8m from 45.25m to 66.05m downhole
• Drill collar for MF22-121 steps out 50m to the east of any previous drilling
• A total of 56 of 62 drill holes have intersected spodumene-bearing pegmatite
• The lateral width of mineralised pegmatite at Mavis Lake project continues to extend to the east, providing confidence for increasing scale and potential resource

The spodumene-bearing pegmatite zones intersected in MF22-121 are approximately 50m to the east of previously announced MF22-116 and MF22-117 spodumene bearing pegmatite zones (refer to ASX Announcement 2 August 2022 and ASX Announcement 9 August 2022). These zones (as determined by visual assessment) illustrate further continuity of the lithium enriched zones confirmed in the Company’s Phase 1 drilling program and subsequent/ongoing assay reporting.

Continued intersection of pegmatite provides support to the building geological assessment of significant pinching and swelling throughout the pegmatites and possibly a plunge trending towards the northwest. Understanding the geometries and plunges of the pegmatites will aid in further zone delineation as the Company continues to test the continuity to the east of Pegmatite 6, towards Pegmatite 18. Refer to table 1 for further details on holes MF22-119 to MF22-121.

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