Near Surface High Grade Drilling Results Provide Positive Indicators for Development at Adina

Lithium explorer / developer Winsome Resources (ASX:WR1 ; “Winsome” or “the Company”) is pleased to announce further excellent results from resource delineation drilling at its 100%-owned Adina Lithium Project in the Eeyou Istchee James Bay region of Quebec, Canada. Results continue to highlight the large scale and positive grade characteristics of the Adina Lithium Project as the Company progresses towards a Mineral Resource Update towards the end of H1 2024 and initial project studies in H2 2024.

HIGHLIGHTS

• Assay results from circa 4,700m of resource delineation drilling undertaken in Q4 2023 continue to demonstrate the thick, shallow, high-grade nature of mineralisation at the large-scale Adina Lithium Deposit.
  
• The Adina Lithium Deposit includes a substantial zone of near surface mineralisation (Main Zone) highlighting the potential for open pit mining with a low waste to ore strip ratio.
• Results from the Main Zone (MZ) include:
  • 61.9m at 1.40% Li₂O from 3.5m (AD-23-135, MZ)
  • 52.8m at 1.46% Li₂O from 19.0m (AD-23-129, MZ)
  • 40.5m at 1.93% Li₂O from 69.5m (AD-23-093, MZ)
  • 27.1 m at 1.72% Li₂O from 52.2m (AD-23-123, MZ)
• New intersections in the Footwall Zone (FWZ) continue to return high grade results, enabling higher value zones of mineralisation to be targeted in initial mining scenarios:
  • 25.9m at 1.59% Li₂O from 275.0m (AD-23-093, FWZ)
  • 29.4m at 1.21 % Li₂O from 286.6m (AD-23-106, FWZ)
  • 15.3m at 1.60% Li₂O from 229.3m (AD-23-111, FWZ)
  • 14.2m at 1.53% Li₂O from 234.9m & 14.3m at 1.26% Li₂O from 264.7m (AD-23-115)
  • 6.6m at 1.89% Li₂O from 208.7m & 27.9m at 1.31 % Li₂O from 225.3m (AD-23-125)
  • 34.9m at 1.09% Li₂O from 235.4m incl. 17.6m at 1.46% Li₂O (AD-23-1 30A, FWZ)
• Regular receipt of assay results ensures update to Adina Inferred Mineral Resource Estimate of 59Mt at 1.12% Li₂O on track for completion in H1 2024
• Project studies are advancing and on track for completion in H2 2024

WINSOME’S MANAGING DIRECTOR CHRIS EVANS SAID:

“It is pleasing to be able to provide our shareholders with another set of assay results from the 2023 resource delineation drill programme. The aim is to provide consistency for resource modelling and project studies and these intersections are certainly consistent with the previous excellent results at Adina. What is especially encouraging is the mineralisation is oriented in a manner likely to be favourable to a low strip open pit operation, which I anticipate will prove positive in our development studies later this year.

The board and I have been through previous lithium price cycles in recent years and therefore understand the ingredients for a successful, profitable project, regardless of the prevailing short-term commodity pricing environment. We anticipate the current project studies will demonstrate Adina is a robust project which will be attractive to investors and funding partners. We look forward to sharing the results of these studies when they are completed later this year.”

Recently received drilling results are summarised in Table 1 below and are from 13 infill resource delineation holes representing 4,693 metres of drilling completed in Q4 2023 at Adina. Assay results are pending from another 13,000m of drilling completed in 2023, which continue to be received in line with expected turn-around times as advised previously due to the use of multiple laboratory contractors.

Winsome remains confident all 2023 results will be received in the near term enabling it to proceed with an update to the Mineral Resource Estimate (MRE) for Adina which currently sits at 59Mt at 1.12% Li₂O, classified in the Inferred category (refer to ASX Announcement 11 December 2023). This update is expected to include material in the higher confidence Indicated category due to the closer spacing of drill data now available.

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