BHT/SEDEX Lead-Zinc Mineralised Footprint Extended at Four Corners Prospect - Lyons River Project

Dalaroo Metals Ltd (ASX: DAL or "Company") is pleased to provide an update on exploration activities from its Lyons River Project in Western Australia, where its program of RC drilling has been successfully completed at the Four Corners prospect (Figures land 2). Lyons River comprises a strategic (100% owned) land position of 703 km2 within the Proterozoic Mutherbukin Zone of the Gascoyne Province.

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Highlights

• Eight RC holes completed totalling 1,989 metres extend BHT/SEDEX style lead (Pb) -zinc (Zn) mineralisation at Four Corners prospect, Lyons River Project

• Assays highlight shallow near surface zones of notable lead-zinc mineralisation

• Significant silver (Ag) intercepts coincident with lead zinc assays verify BHT/SEDEX setting model

• Drill hole LRRC001 intersects lm @ 0.43% Pb, 0.95% Zn and 7.5 g/t Ag from 47m

• Drill hole LRRC006 returns encouraging results of 9m @ 0.34 % Pb and 0.21% Zn from 140m including 5m @ 0.38% Pb, 0.26% Zn and 1.5 g/t Ag from 144m

• Over 500m strike length of lead-zinc mineralization outlined at the NE zone with the 2.5km long, Induced Polarisation (IP) anomaly at Four Corners

• Lead-zinc mineralization at NE zone remains open to the north, east and west

The assay results confirm the district as an emerging Broken Hill Type ("BHT") / Sedimentary Exhalative ("SEDEX") deposit setting.

A total of eight RC drill holes for 1,989 metres ranging in depth from 219 to 287 metres were completed in the December Quarter 2021 (Figure 1 and Table 1). The RC drill programme at the Four Corners prospect was designed to test several base metal targets and follow up on the encouraging Pb-Zn results corresponding with the metamorphosed stratabound sequence of pyritic psammitic and pelitic rocks intersected previously by four EIS funded diamond drill holes during late 2020 within the 2.5km long IP anomaly peaking at 33 mV/V (Figure 1). Previously outlined lead-zinc-copper mineralization (comprising — values of up to 2.3% Pb, 0.3% Zn, 0.9% Cu & 4g/t Ag) at the Central zone occurs over a strike length 200m.

Dalaroo's RC drilling programme was successful in intersecting zones of interbedded psammitic to pelitic plus mafic lithologies together with multiple zones of disseminated base metal sulphides associated with significant pyrite intervals. The psammitic to pelitic and mafic lithologies display varying garnet intensities that appear laterally extensive. In addition to extending Pb-Zn mineralsation along strike, the programme has provided geological constraints on the underlying stratigraphic package at Four Corners prospect, which will be crucial for targeting of future work programs at Lyons River.

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