Beryl Well Exploration Update

A recent desk top study of historical WAMEX data2 on Company tenure specifically focussed on niobium and tantalum potential has revealed high grade niobium rock chips samples at Beryl Well by previous tenure holders Venus Metals Limited (ASX:VMC) in 2016 (Refer VMC ASX release1 dated 15/07/2016).

Beryl Well rock chip sampling by VMC returned high-grade Niobium and Tantalum assays located along 500 metres of strike length including:

• N109 42.8% Niobium & 13.1% Tantalum
• N112 1.82% Niobium & 0.53% Tantalum

A field visit was undertaken last week by Company personnel to appraise historical exploration activities at Beryl Well, including the 2021 Company drilling exploration program for which no significant results were obtained, locate areas of historical high grade rock chip samples and determine the possible spatial distribution of the anomalous zones.

The Company took a total of 10 rock chip samples on both previously tested and untested pegmatites in and around the Beryl Well Project area and towards possible northern extensions of the pegmatite swarm. Numerous untested pegmatites were observed as well as possible niobium and tantalum rich “float” for which the source is unknown. Samples have been sent to the laboratory for analysis and results are expected in approximately four weeks. Any recommendations for further work will be determined upon receipt of the assay results.

BERYL WELL PROJECT

The Beryl Well Project overlies the historical Nardoo & Morrissey Hill workings, with over a tonne of tantalum having been produced from the area in the 20th century2. Numerous pegmatites are described in the area and mica, beryl and tantalo-columbite have all been mined in the past. Host rocks for the pegmatites are quartz- feldspathic gneisses of early Proterozoic age intruded by early Proterozoic granitoids to which the pegmatites are related3.

Drilling completed by EMT in 2021 focused on the southern pegmatites with a total of 30 reverse circulation holes for 1717 metres drilled with no significant results returned. The drilling was targeted on the outcropping pegmatite units to test the concept of cross cutting later structures providing a conduit to the mineralisation.

The previous high grade rockchips returned by the work of VMC are located to the north of the drilling completed and the recent field visit focused on this area to assess any further potential. Once the results from the rock chip sampling is returned the Company will evaluate the results and decide on the next phase of work.

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