Nevada Lithium Project Update

Highlights

• Site visit and key stakeholder meetings completed by senior management
• Experienced Nevada-based team has been established
• Updated mapping of key prospect areas has been completed, in addition to a review of all historical data, confirming high prospectivity for significant lithium mineralisation
• Maiden 1,000m drill programme has been planned and necessary work permits are being submitted and processed in the coming weeks
• Soil-sampling programme at Kanyaka and Hawker Rare Earth Element (REE) Prospects at the Arden Project in South Australia to commence next week

The Company’s senior management conducted a site visit in late June / early July which included field visits to further assess the geology of the key prospect areas, together with meeting key stakeholders involved with the NLP.

Subsequent to the site visit, the Company has established an experienced Nevada-based team, including geologists, land management and legal counsel, to drive the Project forward.

The NLP comprises a large area that is considered highly prospective for large sedimentary-hosted lithium deposits across four prospect areas – Traction Prospect, San Antone Prospect, Heller Prospect and Lone Mountain Prospect. The Project is located close to the mining town of Tonopah in the mining-friendly counties of Nye and Esmeralda in the State of Nevada. The region is home to some very large sedimentary-hosted lithium deposits including Ioneer Resources’ (ASX:INR) Rhyolite Ridge Project and American Lithium Corporation’s (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) TLC Lithium Project (see Figure 2).

The in-country team has completed a thorough review of historic data as well as detailed mapping of the key prospect areas, confirming the high prospectivity for significant sedimentary-hosted lithium mineralisation (see Image 1).

An initial 1,000m reverse-circulation (RC) drill programme has been designed to selectively test stratigraphic targets within the Project area. Drill-holes have been planned in areas of mapped Siebert Formation, the same geological formation which hosts the large TLC Lithium Project nearby.

Permitting for the maiden drill programme has commenced and the approvals process is expected to be completed within four to six weeks. Local drilling contractors have also been approached and the Company is in the process of awarding the drilling contract.

Auroch Managing Director Aidan Platel commented:

“We are pleased with the progress we have made at our Nevada Lithium Project (NLP). Having an experienced local team is critical to the success of the Project, and since establishing our team they have been very busy reviewing all historic data and completing detailed field mapping of our key prospect areas, as we work towards a maiden drill programme.

After reviewing this work to-date and seeing the geology first-hand, we are very excited by the potential of the NLP to host significant lithium mineralisation, especially when looking at the success of our neighbours in the region, most notably American Lithium Corporation’s large TLC Lithium deposit which is very close to our project area.As such, we are working hard to progress through the permitting process towards commencing a maiden drill programme at the NLP.”

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