Quarterly Activities Report To 30 September 2022

HIGHLIGHTS

• Field activities have commenced at the Willi Creek project in the Gascoyne region of Western Australia prospective for REE mineralisation.
  
• Field activities have included a site visit to conduct preliminary reconnaissance and geological mapping of the prospective strike.
• A Heritage Survey was successfully completed this week and a Program of Works will now be prepared in advance of a maiden drilling campaign.
• Over 20 kilometres of prospective strike has been identified in close spatial association to a highly radiometric granitoid coincident with an extensive N-S trending fault and prominent outcropping vein structures.
• The geological setting of the older Moorarie Suite metagranite gneiss is interpreted to be a similar geological setting to the Hasting Technology Metals Limited Yangibana deposits and the recent Dreadnought Resources Limited REE discoveries.
• Mr Simon Coxhell appointed as Technical Consultant to the Company.

WILLI CREEK PROJECT (E09/2464)

The Willi Creek project tenement is located in the Gascoyne region of Western Australia and covers an area of approximately 217 square kilometres. The tenement is immediately adjacent to Dreadnought Resources (ASX: DRE) Mangaroon Rare Earth Project which has recently announced significant drill intersections of thick REE ironstones at its Yin and Sabre prospects located to the east of project area.

The tenement was originally pegged in 2021 based on its very close spatial association to a large granitoid that covers approximately 50 square kilometres that is strongly radiometric and one of the most radiometric granitoids in the Gascoyne Region.

REE mineralisation associated with the granitoid may include typical late-stage mineralising effects such as pegmatites, proximal alteration, or alteration of reactive mineralogies in associated rocks and contact zones.

Internal pegmatites or late-stage differentiated phases such as aplites, porphyry dykes, or veins, are presumed to exist in the eastern half of the granitoid where broad areas of white rocks occur, with some fairly prominent outcrops. This is a potential opportunity for REE- enriched metasomatic phases that may concentrate the already interpreted anomalous REE in the granite.

Importantly, an extensive N-S trending fault is mapped on the GSWA 1:100K sheet, cutting through older Moorarie Suite metagranite gneiss. The fault is associated with prominent structures identified from aerial imagery that are semi-coincident with regional thorium enrichments. These structures extend over 20 kilometres of strike, are orientated in a dominant north-south orientation and are between 2-10 metres wide. This is interpreted as a similar geological setting to the Hasting Technology Metals Limited (ASX: HAS) Yangibana deposits and the recent Dreadnought Resources (ASX: DRE) REE discoveries.

Heritage Surveys over the Willi Creek project have been successfully completed this week to allow a comprehensive exploration program to proceed.

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