Drilling Highlights Potential For Further Significant Resource Growth At Mandilla

Astral Resources NL (ASX: AAR)(Astral or the Company) is pleased to report assay results from recently completed in-fill and extensional RC drilling at the Hestia Deposit, part of the 100%-owned Mandilla Gold Project (Mandilla or MGP), located approximately 70km south of Kalgoorlie in Western Australia (Figure 1).

HIGHLIGHTS

• High-grade reverse circulation (RC) drill results returned from the Hestia Deposit at the Mandilla Gold Project, with best results outside of the current Mineral Resource Estimate (MRE) including:
  • 10m at 6.35g/t Au from 133m in MDRC698;
  • 6m at 6.07g/t Au from 85m and 6m at 1.85g/t Au from 103m in MDRC694;
  • 5m at 1.97g/t Au from 44m and 8m at 3.61g/t Au from 95m in MDRC690;
  • 9m at 3.21g/t Au from 192m in MDRC688;
  • 6m at 3.02g/t Au from 97m in MDRC672;
  • 3m at 5.20g/t Au from 176m in MDRC676;
  • 2m at 5.47g/t Au from 52m in MDRC693;
  • 4m at 2.64g/t Au from 129m in MDRC687; and
  • 9m at 2.11g/t Au from 44m in MDRC689.
• Approximately 6,000 metres of new RC and diamond resource drilling has been completed at Theia to 4 April, with drilling ongoing.
• At the Feysville Gold Project’s Kamperman Prospect, a single diamond drill (DD) hole intersected a broad high-grade zone of 10m at 4.57g/t Au from 148m in FRCD208. This intersection is situated on a previously-untested sheared ultramafic/dacitic porphyry contact.

Astral Resources’ Managing Director Marc Ducler said: “The results from the Hestia in- fill and extensional drill programs have provided the team with confidence that the next update to the Hestia MRE will deliver a significant increase both in terms of ounces and grade.

“Recent diamond drilling completed at Theia this year also appears encouraging from visual inspection and, with assay results for this drilling pending, additional DD holes have been added to the program to both upgrade the resource classification and potentially identify additional gold mineralisation at depth below current resource limits.

“Ourfocusfor2023is to increase the resource base to a critical mass that will support a robust standalone mine development at Mandilla. The results from Hestia are strongly supportive of this aim.

“It is anticipated that Feysville will represent a satellite ore source for Mandilla with new high-grade assay results from the Kamperman Prospect providing further encouragement.

“Astral has completed over 14,741 metres of drilling at Mandilla in our 2023 programs, with RC and diamond drilling continuing in support of our commitment to resource growth and continual improvement of the project quality.

“Assay results from the ongoing drilling at Theia are expected to be announced in the coming weeks.

“Against the backdrop of a strong gold price and improving investor sentiment in the gold sector, a positive period ahead for Astral is anticipated.”

In addition, high-grade results have also been returned from diamond drilling at the Kamperman Prospect, part of the 100%-owned Feysville Gold Project (Feysville or FGP), located 50km north of Mandilla.

Figure 1 – Mandilla and Feysville Gold Projects location map.

MANDILLA GOLD PROJECT

The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.

In December 2022, Astral announced an updated MRE of 30Mt at 1.1 g/t Au for 1.03Moz of contained gold¹for the Mandilla Gold Project.

Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group (Figure 2).

Significant NW to WNW-trending structures along the western flank of the project are interpreted from aeromagnetic data to cut through the granitic intrusion. These structures are considered important in localising gold mineralisation at Theia, which now has a mineralised footprint extending over a strike length of more than 1.5km.

A second sub-parallel structure hosts gold mineralisation at the Iris deposit. The mineralised footprint at Iris extends over a strike length of approximately 700 metres, combining with Theia to form a mineralised zone extending over a strike length of more than 2.2 kilometres.

At Eos, located further to the south-east, a relatively shallow high-grade mineralised palaeochannel deposit has been identified.

Mineralisation over approximately 800 metres of strike at the Hestia deposit, located approximately 500 metres west of Theia, is associated with a shear zone, adjacent to a mafic/sediment contact, interpreted to be part of the major north-south trending group of thrust faults known as the Spargoville Shear Corridor. The mineralisation at Hestia, which is present in a different geological setting to the primary mineralisation at Theia and Iris, remains open both down-dip and along strike.

Locally, the Spargoville Shear Corridor hosts the historically mined Wattle Dam gold mine (266koz at 10.6g/t Au) and, further to the north, the Ghost Crab/Mt Marion mine (>1Moz).

Recent metallurgical testing²on the Theia Deposit by the Company, has demonstrated, high gravity recoverable gold, fast leach kinetics and exceptional overall gold recoveries with low reagent consumptions and coarse grinding.

Mandilla is covered by existing Mining Leases which are not subject to any third-party royalties other than the standard WA Government gold royalty.

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