Maiden Drill Program Delivers Multiple Sulphide Hits at the William Lake Nickel Project

Critical metals explorer Leeuwin Metals Ltd (Leeuwin or the Company) (ASX: LM1) is pleased announce an update on the progress of drilling activities at the Company’s 100% owned William Lake Nickel Project (William Lake) in Manitoba, Canada.

HIGHLIGHTS

• Confirmation of significant nickel sulphide mineralisation in all drill holes solidifies William Lake as a major nickel system within the world-class Thompson nickel belt
• Drilling to date has intersected multiple zones of massive sulphide and disseminated nickel sulphide mineralisation
• Significant intercept from hole WL23-367, at the W56 target:
  • 1.4m massive to semi massive sulphide zone with spot pXRF of 5% Ni within 24m zone of disseminated nickeliferous sulphides from 227.2m
    
• Drilling is ongoing, with 8 holes completed, totalling ~4,000m; priority assays expected in coming weeks
• Untested geophysical anomalies have been identified through down hole electromagnetic (DHEM) surveys at the high-priority prospects of W21 and W56
• Highly encouraging mineralisation intercepted in all drill holes extending zones beyond the historic nickel sulphide intercepts
• Completion of on-site visit by Glencore technical committee

“The results from our first drill program confirms that William Lake is a significant nickel system within the world-class Thompson nickel belt. Drilling has intersected nickel sulphides in all holes to date affirming the presence of significant mineralisation.

This successful start to our exploration program has not only confirmed the accuracy of our existing geological model but has also showcased the immense scale of the project. The utilisation of drilling and DHEM techniques has further reinforced the view that our project represents a significant nickel system. Given the desirability of high-grade Class 1 nickel deposits in the context of the green energy transition, Leeuwin is in an ideal position to capitalise on this opportunity at William Lake.

Additionally, we extend our gratitude to the Glencore technical committee personnel for their attendance during the project site visit. Their presence and input are greatly appreciated.

We look forward to updating the market in the coming weeks, as we receive results from our assays.”

Figure 1: W56 prospect - WL23-367 Massive Sulphides at 227.2m and net texture sulphides at 248.5m.

Figure 2: W21 prospect - WL23-370 Stringer Sulphides from 400m including a 30cm zone of semi massive sulphides - left (90% pyrrhotite, 10% pentlandite).

Initial Drilling and DHEM

The Company’s maiden drill program continues to be a success, providing confirmation of the geological model, and identifying extensive areas of pentlandite-rich massive to disseminated sulphides. The drilling has been focused on extending known high-grade nickel mineralisation at the W56 and W21 prospects through +100m step-out drill holes. The results support the interpreted continuity of mineralisation and provides further geological information to enable targeting of higher grade zones. Assays for all holes are currently pending, but we expect results to be available in the coming weeks. See Table 2 of Appendix A for a summary of significant visual intercepts.

Initial DHEM testing at W21 has identified a large conductor measuring 200m x 60m, which coincides with higher grades of nickel mineralisation in historical drilling. We anticipate the results of further surveys are anticipated shortly, providing additional insights into the deposit.

W56 Prospect - Summary of Results

Four holes, totalling ~2,100m of diamond drilling, have been completed at the W56 target, which is a large-scale prospect. Historical data indicates a continuity of high tenor nickel sulphides along a trend of over 2km. Leeuwin’s maiden drill program was specifically designed to target interpreted high-grade shoots. All four holes have intersected nickeliferous sulphides within the target horizon, effectively extending the mineralisation along strike and up-dip from historical intercepts (refer to Appendix B Table 1 for details).

To the northwest of the W56 target, drill hole WL23-367 has intercepted a zone of 1.4m of massive to semi-massive sulphides (50% pyrrhotite, 20% pyrite and 5% pentlandite) at a depth of 227.2m. This sulphide zone is part of a broader 24m interval containing disseminated and net-textured nickeliferous sulphides, from 227.2m (15% pyrrhotite and 1% pentlandite) (refer Figure 1). Portable X- ray Fluorescence (pXRF) spot readings within the semi-massive sulphide zone at 227.5m ranged from 0.9% Ni up to 5% Ni, while concentrations of net to heavy disseminated sulphides within the wider interval exhibited spot pXRF readings ranging from 0.5% Ni up to 3% Ni.

Hole WL23-367 is a 180m up dip extension to high-grade nickel mineralisation intercepted in WL96- 168, where a historical result of 7.83m @ 1.73% Ni from 572m was obtained in the main target horizon (refer to historical results in the Company's Prospectus on the ASX, dated 28/03/2023).

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