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SULTAN RESOURCES LTD Capital/Financing Update 2022

May 3, 2022

65816_rns_2022-05-03_90e7bb07-13a1-4d3e-a939-8ce518e1d6e7.pdf

Capital/Financing Update

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Sultan Resources Ltd

ACN: 623652 522

ASX Code: SLZ

DIRECTORS

STEVEN GROVES MANAGING DIRECTOR

JEREMY KING CHAIRMAN

DAVID LEES NON-EXECUTIVE DIRECTOR

4[th] May 2022

FIRST BATCH OF AIRCORE RESULTS FOR KULIN HILL NI-SULPHIDE TARGET RECEIVED

CONTACT

Level 2, 23 Railway Road Subiaco 6008 www.sultanresources .com.au

[email protected]

sultanresources.com.au

Lake Grace Nickel Project - WA

  • Initial results for the first phase of aircore drilling of interpreted Ni-prospective ultramafic occurrences in the Lake Grace/Kulin area have been received

  • Results from the first 13 of 74 holes received

  • Strongly elevated nickel levels returned from interpreted ultramafic rocks at Kulin Hill:

  • Up to 0.86% Ni, 575ppm Co, 1.98% Cr recorded

  • Over 2.2km strike of ultramafic lithology confirmed at first target zone

  • Geological similarities between this zone and the Gonneville Intrusion have been recognised

  • Historic exploration at Lake Grace has previously shown ultramafic rocks with evidence of nickel + cobalt bearing sulfides and copper sulphides in drilling

  • The targets lie within part of interpreted mobile zone that hosts the recent Julimar Ni-Cu-PGE discovery

  • Follow up program including ground geophysics and drill testing proposed at Kulin Hill

Sultan Resources Limited (ASX: SLZ) ( Sultan or Company ) is pleased to announce that the first batch of results for the aircore drilling undertaken at the Company’s Lake Grace Ni project (ASX Announcement 03/02/2022) have been received.

During late December 2021 and early January 2022, Sultan completed an aircore drilling program across three areas at the Company’s Lake Grace Nickel Project (ASX Announcements 16/12/2021, 12/01/2022). A total of 74 holes for 2,324m were completed. Sultan’s licences contain historically drilled ultramafic rocks with evidence of nickel and cobalt bearing sulfides[1] and detailed airborne magnetic surveying by the company (ASX Announcement 03/07/2020) has revealed several unexplored areas with geophysical characteristics indicative of ultramafic rocktypes. The aircore program was designed to confirm the presence of ultramafic rocks interpreted from the magnetics and help determine the prospectivity of the region for hosting Ni-sulphide deposits.

Managing Director Steve Groves commented : “

We were really pleased to see the assay results showing chemistry typical of that expected in a layered ultramafic sequence and supporting our initial interpretations. The ultramafic sections were pleasingly evident throughout entire holes and remain open at depth. The

ASX ANNOUNCEMENT – 04 MAY 2022

sections tested are weathered and consequently, no sulphides were identified, but high sulphur levels coincident with high nickel values in fresher material towards the end of a couple of the holes provides great encouragement for the existence of Ni-sulphides within the system.

We have now confirmed that we have over 2.2km of strike of a thick, layered ultramafic intrusive sequence with historic evidence of Ni-sulphides to explore within a belt of rocks proven to host world class Ni-Cu-PGE deposit at Julimar and attracting great interest from a number of major mining houses.”

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2
4
3
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Figure 1: Sultan’s Lake Grace portfolio of tenements in relation to the tenement positions of Anglo American 1 (blue outline), Impact Minerals (maroon outline) and the Gold Road Resources/Cygnus Gold JV (orange outline). All of Sultan’s tenure lies within an interpreted mobile zone prospective for Ni-Cu mineralisation as postulated by Impact Minerals Ltd (see Impact Minerals announcement dated 10/06/2020)

Aircore Drilling Summary

The aircore program commenced at Target area 1 (“Kulin Hill”) in the northern end of the project at Kulin (E70/5095, Figure 2) where previously identified ultramafic rocks have been noted in historic drilling and mapping by Sultan (see ASX Announcement 20/11/2020). One traverse at this target was completed and visually identified probable ultramafic lithology in at least 3 holes (see ASX Announcement 16/12/2021). The aircore holes lie approximately 2km northwest of the historic diamond holes and confirm the strike extent of the ultramafic target.

The rig also completed a further 9 traverses at Target Area 2 some 20 km southeast of Kulin Hill (Figure 2). These holes ranged up to 61m in depth and intersected a variety of rocktypes ranging from felsic gneiss and granite to highly magnetic, mafic gneiss and the two deepest holes in the area (60 & 61m) ended in dark green to black, magnetic mafic rocks containing olivine, pyroxene and feldspar. Further work is required to classify the highly magnetic, mafic rocktypes and verify if they could belong to a larger mafic-ultramafic sequence. It is noted that the Gonneville Resource at Jumilar (see CHN ASX Announcement 09/11/2021) is hosted in a mafic-ultramafic intrusive

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ASX ANNOUNCEMENT – 04 MAY 2022

complex ranging from gabbro (mafic) to pyroxenite (UM), peridotite (UM) and harzburgite (UM). Sulphide mineralisation is hosted predominantly in ultramafic units though the mafic gabbroic units are also noted to host sulphide mineralisation.

At Target Area 3 a total of 10 traverses were completed (Figure 3). This area, which is much closer to Lake Grace, revealed some intersections of mafic granulites which are the host rocks to gold mineralisation previously drilled by Sultan at Lake Grace (see ASX Announcement 03/07/2019) as well as at established gold resources at Katanning (ASX: AUC) and Tampia (ASX: RMS) in a similar geological setting. No ultramafic rocks were recognised in the holes at Target 3. The magnetic anomaly at Target Area 3 is strongly deformed and, if it represents folded mafic granulites, would present as a highly prospective, previously unrecognised gold target.

Aircore Drilling Results – First Batch

Assay results for the first 13 of the 74 holes drilled have been received. The first four of these were into the magnetic target in the far north of the Kulin Hill tenure, six were drilled across the magnetic anomaly across target area 2 in the south of the Kulin Hill tenure and three were into the magnetic target area 3 in the Lake Grace tenure.

Kulin Hill Results

Three of the four holes drilled at Kulin Hill showed strongly elevated responses in elements such as Ni, Cr, Mg, Fe, S and Co that are indicative of weathered ultramafic lithology (Figures 4 to 8, Appendix 1 & 2). All three holes showed these strong responses throughout their entire length, indicating that the sequence is quite thick and warrants deeper testing of the fresh ultramafic sequence. Microscopic examination of the holes showed the sequence to be weathered throughout and consequently did not reveal the presence of sulphide minerals. The first hole in the traverse was deliberately drilled outside the magnetic anomaly to help define the western contact and correspondingly did not intercept ultramafic chemistry.

Assay results of note from the three ultramafic holes include:

SLGAC02 : 0 – 28m (Entire Hole) 28m @ 0.27% Ni, 74ppm Co, 0.85% Cr, 0.2% S.

Significant assay maxima include: 1m @ 0.46%Ni (25-26m), 1m @245ppm Co (25 – 26m), 11m @ 1.31% Cr (0 – 11m).

SLGAC03: 0 – 87m (Entire Holes) 87m @ 0.27% Ni, 134ppm Co, 0.51% Cr

Significant assay maxima include: 4m @ 0.56% Ni (50 – 54m), 4m @ 320ppm Co (46 – 50m), 8m @ 1.52% Cr (8 – 16m), 7m @ 0.22% S (79 – 86m)

SLGAC04 : 0 – 58m (Entire Hole) 58m @ 0.43% Ni, 170ppm Co, 0.55% Cr

Significant assay maxima include : 2m @ 0.76% Ni (56 – 58m), 4m @ 575ppm Co (18 – 22m), 26m @ 1.1% Cr (0 – 26m), 2m @ 0.3% S (56 – 58m).

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ASX ANNOUNCEMENT – 04 MAY 2022

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----- Start of picture text -----

Location of first 4
aircore holes into Kulin
Hill (Target Area 1)
~2km
Approximate
location of historic
diamond drill holes
Target
Area 2
----- End of picture text -----

Figure 2: Location of the interpreted ultramafic bodies (purple) and positions of completed aircore traverses at Kulin Hill (Target Area 1) and Target Area 2 over the Total Magnetic Intensity reduced to pole image over E70/5095.

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ASX ANNOUNCEMENT – 04 MAY 2022

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----- Start of picture text -----

Target
Area 3
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Figure 3: Location of the interpreted ultramafic bodies (purple) and positions of completed aircore traverses at Target Area 3 over the Total Magnetic Intensity reduced to pole image over E70/5085.

Discussion

The assay results show that the three holes (SLGAC02, SLGAC03 and SLGAC04) drilled into semiultramafic to ultramafic composition geology that correlates with the northern end of the Kulin Hill magnetic target. The results demonstrate that the magnetic target in the north is a mid to upper mantle derived rock sequence, with the fresher material in these holes containing magnetite within the ultramafic sequence. The geochemistry and logged geology of the aircore holes confirms that the northern end of the Kulin Hill prospect contains the same layered ultramafic sequence as intersected in the historical drilling in the southern area of the same anomaly (ASX Announcement 12/01/2022). Sultan has now defined a significant ultramafic exploration target on the Kulin Hill Project with an area of over 2.2km of strike and up to 900m wide to explore.

The semi-ultra to ultramafic chemistry is confirmed by the high Ni and Cr content of the weathered rock which was almost always over 0.2% and 0.3% respectively. Microscopic examination of the drill chips has revealed the visual recognition of green Ni-containing secondary minerals in places and in some of the weathered rock Cr can be as high as 1.9%. However, an even better confirmation is the large intersection from 26m to EOH in SLGCA03 where the MgO content is over 20% MgO (Figure 8), suggesting only partial weathering of the semi-ultra to ultramafic chemistry. MgO

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ASX ANNOUNCEMENT – 04 MAY 2022

content at this level, along with Ni over 0.15% and Cr over 0.3% as it is in this intersection, is definitive evidence of ultramafic geology.

At this stage, due to the extent of weathering in the holes, there is no conclusive evidence of Nisulphides. However, the high MgO intersection in SLGCA03 is the least weathered and contains an interval between 79-84m where S content is above 0.2%. In lightly to unweathered rocks, sulphur at this level could represent sparsely populated disseminated Ni-sulphides. If so, this would be definitive evidence of fertile target geology in the area of drilling.

Also of particular interest is the bottom of hole sample in SLGAC04 (57-58m). This sample shows less weathering and has a higher S content than average for the drilling at 0.36% S. MgO is still strong at 6% MgO and higher Co values at 195ppm, Ni content of 0.65% and a Ni/Cr ratio over 2 indicates the potential for the presence of disseminated Ni-sulphides in the unweathered version of this rock unit.

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Figure 4: Plan view of the strong magnetic anomaly representing the ultramafic sequence. Sultan’s recent aircore holes were completed on the northwestern edge of the body, some 2 km away from historic drilling to the southeast.

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ASX ANNOUNCEMENT – 04 MAY 2022

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01 02 03 04
Elevated sulphur in shallow, weathered
rocks is likely due to the presence of gypsum
2m @ 0.76% Ni,
200ppm Co, 0.3% S
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Figure 5: Cross section, looking north, of the three aircore holes drilled into the ultramafic sequence. The drill traces show Ni ppm values down the left side and S% on the right. Of particular note is the increase in sulphur towards the bottom of holes 03 and 04 in less weathered material and coincident with elevated Ni levels.

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4m @ 0.7%
Ni, 575ppm
Co, 0.2% S
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Figure 6: Cross section, looking north, of the three aircore holes drilled into the ultramafic sequence. The drill traces show Ni ppm values down the left side and Co ppm on the right.

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ASX ANNOUNCEMENT – 04 MAY 2022

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11m 1.1% Cr,
0.39% Ni
8m 1.52% Cr,
0.42% Ni
26m 1.1% Cr,
0.49% Ni,
223ppm Co
----- End of picture text -----

Figure 7: Cross section, looking north, of the three aircore holes drilled into the ultramafic sequence. The drill traces show Ni ppm values down the left side and Cr ppm on the right. Cr is a typical element in ultramafic lithology and can be enriched, along with Ni, in shallow, weathered sections.

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33m @ >30% MgO
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Figure 8: Cross section, looking north, of the three aircore holes drilled into the ultramafic sequence. The drill traces show Ni ppm values down the left side and MgO% on the right. Of particular note is the increase in MgO towards the bottom of hole 03 which marks less weathered material and, coupled with the Ni and Cr levels, is conclusive evidence of ultramafic lithology.

None of the other assays received from the other 9 holes in the batch showed ultramafic chemistry. The holes drilled over the magnetic anomaly so far show the chemical signature of weathered mafic rocks. The remainder of the assays will provide a much clearer indication of the potential of these rocks for hosting base or precious metal mineralisation.

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ASX ANNOUNCEMENT – 04 MAY 2022

In conclusion, the shallow AC drilling has intersected semi-ultra to ultramafic geology in the north and has proven that Sultan has a very large intrusive ultramafic target for Ni-sulphide mineralisation at the Kulin Hill Project. The target is over 2.2km long and up to 900m wide. Further work will include drill-testing this target at depth to confirm the fresh rock geochemistry and assess for Nisulphide fertility as well as an initial geophysical assessment of the central portion of the ultramafic sequence once access approvals over this area are finalised.

Proposed Follow-up Work Program

The successful confirmation of over two kilometres of strike of a thick mafic-ultramafic sequence containing Ni-bearing sulphides[1] at Kulin Hill has elevated the prospect to be Sultan’s priority target in the 2022 field season.

Sultan is preparing to assess the body from the aircore area where access is already granted. This work will include deeper RC drill holes followed by down-hole EM test for the presence of sulphide minerals and any conductors at depth.

Negotiations to access the full length and breadth of the body, some of which extends beneath a salt lake, are ongoing and once granted, will allow the Company to assess the full potential of the target. A work program consisting initially of electromagnetic techniques such as Fixed Loop EM or magnetotellurics (MT) will be undertaken to detect any areas of strong conductance that might mark the location of sulphide accumulation. Any conductors identified will be ranked and the priority targets drilled with either Reverse Circulation and/or diamond methods.

Work at Target area two will be determined by the likelihood of the presence of a mafic-ultramafic sequence and could consist of ground EM followed by RC drilling.

Target Area 3 is potentially a prospective gold target and, if assay results are favourable, will be ranked alongside Sultan’s extensive suite of Lake Grace gold targets for further work.

The reminding assay results are awaited.

This announcement is authorised by Steve Groves, Sultan Resource Managing Director

For further information contact: Managing Director Steve Groves [email protected]

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on historical and recent exploration information compiled by Mr Steven Groves, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Groves is Managing Director and a full-time employee of Sultan Resources Limited. Mr Groves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Groves consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Competent Person is not aware of any new information or data that materially affects the information contained in the above sources or the data contained in this announcement.

About Sultan Resources

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ASX ANNOUNCEMENT – 04 MAY 2022

Sultan Resources is an Australian focused exploration company with a portfolio of quality assets in emerging discovery terranes currently targeted by successful explorers such as Newcrest Mining, Alkane Resources, Gold Road Resources, and Sandfire Resources. Sultan’s tenement portfolio includes prospective targets for porphyry Au-Cu, structurally-hosted gold, Nickel, Cobalt and base metals and include tenements located in the highly prospective east Lachlan Fold Belt of Central NSW as well as projects located within the southern terrane region of the Yilgarn Craton in south and south eastern Western Australia. Sultan’s board and management strategy is for a methodical approach to exploration across the prospects in order to discover gold and base metals that may be delineated via modern exploration techniques and exploited for the benefit of the company and its shareholders.

References – Lake Grace Nickel

  1. Summers, K.W.A., 1969, Final Report, Corrigin Project, WA. Electrolytic Zinc Company of Australasia Limited, WAMEX Report A7659

  2. Muskett, R., 2001, Annual and Final Report E70/2029, My Casino Ltd, WAMEX Report A63529

Appendix 1 – Lake Grace Nickel Aircore Collar Details

Hole ID Grid Easting Northing Azimuth Dip Final
Depth
SLGAC01 MGA94_50 606827 6415099 0 -90 25
SLGAC02 MGA94_50 606918 6415097 0 -90 28
SLGAC03 MGA94_50 606953 6415094 0 -90 87
SLGAC04 MGA94_50 606991 6415089 0 -90 58
SLGAC05 MGA94_50 609168 6394444 0 -90 34
SLGAC06 MGA94_50 609001 6394667 0 -90 61
SLGAC07 MGA94_50 609040 6394629 0 -90 53
SLGAC08 MGA94_50 609067 6394594 0 -90 47
SLGAC09 MGA94_50 609101 6394544 0 -90 60
SLGAC10 MGA94_50 609136 6394498 0 -90 42
SLGAC11 MGA94_50 617750 6366205 0 -90 31
SLGAC12 MGA94_50 617749 6366132 0 -90 34
SLGAC13 MGA94_50 617752 6365854 0 -90 27
SLGAC14 MGA94_50 617739 6365087 0 -90 33
SLGAC15 MGA94_50 617737 6365025 0 -90 30
SLGAC16 MGA94_50 616091 6364980 0 -90 23
SLGAC17 MGA94_50 616062 6364979 0 -90 23
SLGAC18 MGA94_50 616032 6364979 0 -90 24
SLGAC19 MGA94_50 617691 6364794 0 -90 41
SLGAC20 MGA94_50 617681 6364735 0 -90 41
SLGAC21 MGA94_50 616146 6366923 0 -90 10
SLGAC22 MGA94_50 616083 6366938 0 -90 13
SLGAC23 MGA94_50 615717 6366972 0 -90 26
SLGAC24 MGA94_50 616397 6368475 0 -90 12
SLGAC25 MGA94_50 616398 6368551 0 -90 18
SLGAC26 MGA94_50 616397 6368624 0 -90 21
SLGAC27 MGA94_50 616398 6368706 0 -90 16

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ASX ANNOUNCEMENT – 04 MAY 2022

Hole ID Grid Easting Northing Azimuth Dip Final
Depth
SLGAC28 MGA94_50 616409 6368411 0 -90 15
SLGAC29 MGA94_50 616815 6369184 0 -90 24
SLGAC30 MGA94_50 616816 6369271 0 -90 18
SLGAC31 MGA94_50 617877 6371516 0 -90 32
SLGAC32 MGA94_50 618072 6370007 0 -90 50
SLGAC33 MGA94_50 618128 6370091 0 -90 38
SLGAC34 MGA94_50 618522 6370665 0 -90 42
SLGAC35 MGA94_50 618518 6370893 0 -90 32
SLGAC36 MGA94_50 618527 6371470 0 -90 48
SLGAC37 MGA94_50 618423 6371473 0 -90 42
SLGAC38 MGA94_50 608791 6393097 0 -90 7
SLGAC39 MGA94_50 608743 6393097 0 -90 7
SLGAC40 MGA94_50 608713 6393097 0 -90 7
SLGAC41 MGA94_50 608690 6393098 0 -90 7
SLGAC42 MGA94_50 608661 6393099 0 -90 11
SLGAC43 MGA94_50 608608 6393108 0 -90 9
SLGAC44 MGA94_50 608701 6393291 0 -90 7
SLGAC45 MGA94_50 608756 6393275 0 -90 10
SLGAC46 MGA94_50 608780 6393247 0 -90 7
SLGAC47 MGA94_50 608806 6393856 0 -90 10
SLGAC48 MGA94_50 608729 6393846 0 -90 10
SLGAC49 MGA94_50 608647 6393846 0 -90 10
SLGAC50 MGA94_50 608598 6393845 0 -90 13
SLGAC51 MGA94_50 609773 6395615 0 -90 19
SLGAC52 MGA94_50 609692 6395743 0 -90 26
SLGAC53 MGA94_50 609620 6395862 0 -90 31
SLGAC54 MGA94_50 609534 6395950 0 -90 43
SLGAC55 MGA94_50 609435 6396034 0 -90 49
SLGAC56 MGA94_50 610017 6396339 0 -90 25
SLGAC57 MGA94_50 609873 6396348 0 -90 48
SLGAC58 MGA94_50 609740 6396352 0 -90 51
SLGAC59 MGA94_50 609645 6396358 0 -90 44
SLGAC60 MGA94_50 609777 6396677 0 -90 47
SLGAC61 MGA94_50 609842 6396687 0 -90 32
SLGAC62 MGA94_50 609926 6396687 0 -90 48
SLGAC63 MGA94_50 610036 6396681 0 -90 39
SLGAC64 MGA94_50 610140 6396678 0 -90 50
SLGAC65 MGA94_50 610239 6396688 0 -90 32
SLGAC66 MGA94_50 609975 6397065 0 -90 43
SLGAC67 MGA94_50 610048 6397071 0 -90 45
SLGAC68 MGA94_50 610124 6397071 0 -90 46
SLGAC69 MGA94_50 610213 6397066 0 -90 42
SLGAC70 MGA94_50 610289 6397066 0 -90 44

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ASX ANNOUNCEMENT – 04 MAY 2022

Hole ID Grid Easting Northing Azimuth Dip Final
Depth
SLGAC71 MGA94_50 610351 6397067 0 -90 46
SLGAC72 MGA94_50 610350 6397897 0 -90 36
SLGAC73 MGA94_50 610509 6397894 0 -90 27
SLGAC74 MGA94_50 610646 6397897 0 -90 37

Appendix 2 – Aircore Results Elements of significance only included.

Hole_ID
From
(m)
To
(m)
Int
(m)
Cu
ppm
Zn
ppm
Co
ppm
Ni
ppm
Cr
ppm
Fe %
Mg
%
*MgO
%
S %
Mn
ppm
Au
ppm
SLGAC01
0
4
4
48
38
20
126
650
3.91
2.11
3.50
3250
688
-0.01
SLGAC01
4
8
4
64
82
30
124
350
8.36
1.88
3.12
650
712
-0.01
SLGAC01
8
10
2
62
94
30
106
200
8.26
2.01
3.34
350
916
-0.01
SLGAC01
10
11
1
140
272
40
266
200
8.12
1.15
1.91
250
528
-0.01
SLGAC01
11
12
1
130
360
55
384
150
5.55
0.25
0.42
200
164
-0.01
SLGAC01
12
16
4
20
58
5
36
-50
1.74
0.17
0.28
150
110
-0.01
SLGAC01
16
20
4
14
36
-5
22
-50
1.84
0.2
0.33
150
114
-0.01
SLGAC01
20
24
4
12
58
10
40
-50
2.14
0.36
0.60
150
160
-0.01
SLGAC01
24
25
1
10
46
-5
24
-50
1.47
0.21
0.35
100
88
-0.01
SLGAC02
0
4
4
34
242
90
4390
12500
42
1.12
1.86
2650
836
-0.01
SLGAC02
4
8
4
76
332
75
3670
12900
44.1
0.24
0.40
3400
756
-0.01
SLGAC02
8
11
3
52
410
60
3470
13900
29.1
0.33
0.55
3000
658
-0.01
SLGAC02
11
15
4
22
198
30
1650
6050
11.2
0.37
0.61
1550
334
-0.01
SLGAC02
15
19
4
16
88
15
652
1300
3.5
0.59
0.98
1100
158
-0.01
SLGAC02
19
23
4
18
236
85
2000
6800
11.8
1.08
1.79
1500
488
-0.01
SLGAC02
23
24
1
10
224
90
2540
7650
13.5
0.88
1.46
1350
542
-0.01
SLGAC02
24
25
1
4
322
165
4040
14900
21.9
0.79
1.31
2050
866
-0.01
SLGAC02
25
26
1
6
280
245
4570
7350
24.5
0.63
1.05
1250
1070
-0.01
SLGAC02
26
27
1
2
148
105
1970
3850
11.7
0.46
0.76
950
508
-0.01
SLGAC02
27
28
1
8
150
115
1830
4400
13.6
0.37
0.61
950
726
-0.01
SLGAC03
0
4
4
32
102
40
1250
4400
13.2
0.92
1.53
800
708
-0.01
SLGAC03
4
8
4
40
38
15
454
2650
13.5
0.77
1.28
1250
230
-0.01
SLGAC03
8
12
4
104
274
95
4150
16300
38.8
0.58
0.96
2700
832
-0.01
SLGAC03
12
16
4
82
264
105
4160
14100
29.1
0.7
1.16
2500
928
-0.01
SLGAC03
16
20
4
16
78
10
492
550
3.06
0.47
0.78
1000
134
-0.01
SLGAC03
20
22
2
14
88
30
936
2200
5.41
0.56
0.93
1000
246
-0.01
SLGAC03
22
26
4
12
260
145
3810
5650
15.9
1.05
1.74
1400
948
-0.01
SLGAC03
26
27
1
14
352
215
6020
1900
14.7
1.3
2.16
1100
838
-0.01
SLGAC03
27
28
1
10
214
165
2780
2350
17.4
0.54
0.90
900
1250
-0.01
SLGAC03
28
29
1
8
150
165
2280
3450
17.7
0.39
0.65
500
2920
-0.01
SLGAC03
29
30
1
4
220
215
3050
3600
13.3
0.9
1.49
1300
6370
-0.01
SLGAC03
30
31
1
4
110
105
1590
2400
9.61
0.4
0.66
1150
934
-0.01
SLGAC03
31
35
4
6
230
215
3590
6700
19.2
1.01
1.68
1700
956
-0.01
SLGAC03
35
39
4
2
220
230
3740
6450
15.6
1.36
2.26
1800
1220
-0.01		 Hole_ID
From
(m)
To
(m)
Int
(m)
Cu
ppm
Zn
ppm
Co
ppm
Ni
ppm
Cr
ppm
Fe %
Mg
%
*MgO
%
S %
Mn
ppm
Au
ppm
SLGAC01
0
4
4
48
38
20
126
650
3.91
2.11
3.50
3250
688
-0.01
SLGAC01
4
8
4
64
82
30
124
350
8.36
1.88
3.12
650
712
-0.01
SLGAC01
8
10
2
62
94
30
106
200
8.26
2.01
3.34
350
916
-0.01
SLGAC01
10
11
1
140
272
40
266
200
8.12
1.15
1.91
250
528
-0.01
SLGAC01
11
12
1
130
360
55
384
150
5.55
0.25
0.42
200
164
-0.01
SLGAC01
12
16
4
20
58
5
36
-50
1.74
0.17
0.28
150
110
-0.01
SLGAC01
16
20
4
14
36
-5
22
-50
1.84
0.2
0.33
150
114
-0.01
SLGAC01
20
24
4
12
58
10
40
-50
2.14
0.36
0.60
150
160
-0.01
SLGAC01
24
25
1
10
46
-5
24
-50
1.47
0.21
0.35
100
88
-0.01
SLGAC02
0
4
4
34
242
90
4390
12500
42
1.12
1.86
2650
836
-0.01
SLGAC02
4
8
4
76
332
75
3670
12900
44.1
0.24
0.40
3400
756
-0.01
SLGAC02
8
11
3
52
410
60
3470
13900
29.1
0.33
0.55
3000
658
-0.01
SLGAC02
11
15
4
22
198
30
1650
6050
11.2
0.37
0.61
1550
334
-0.01
SLGAC02
15
19
4
16
88
15
652
1300
3.5
0.59
0.98
1100
158
-0.01
SLGAC02
19
23
4
18
236
85
2000
6800
11.8
1.08
1.79
1500
488
-0.01
SLGAC02
23
24
1
10
224
90
2540
7650
13.5
0.88
1.46
1350
542
-0.01
SLGAC02
24
25
1
4
322
165
4040
14900
21.9
0.79
1.31
2050
866
-0.01
SLGAC02
25
26
1
6
280
245
4570
7350
24.5
0.63
1.05
1250
1070
-0.01
SLGAC02
26
27
1
2
148
105
1970
3850
11.7
0.46
0.76
950
508
-0.01
SLGAC02
27
28
1
8
150
115
1830
4400
13.6
0.37
0.61
950
726
-0.01
SLGAC03
0
4
4
32
102
40
1250
4400
13.2
0.92
1.53
800
708
-0.01
SLGAC03
4
8
4
40
38
15
454
2650
13.5
0.77
1.28
1250
230
-0.01
SLGAC03
8
12
4
104
274
95
4150
16300
38.8
0.58
0.96
2700
832
-0.01
SLGAC03
12
16
4
82
264
105
4160
14100
29.1
0.7
1.16
2500
928
-0.01
SLGAC03
16
20
4
16
78
10
492
550
3.06
0.47
0.78
1000
134
-0.01
SLGAC03
20
22
2
14
88
30
936
2200
5.41
0.56
0.93
1000
246
-0.01
SLGAC03
22
26
4
12
260
145
3810
5650
15.9
1.05
1.74
1400
948
-0.01
SLGAC03
26
27
1
14
352
215
6020
1900
14.7
1.3
2.16
1100
838
-0.01
SLGAC03
27
28
1
10
214
165
2780
2350
17.4
0.54
0.90
900
1250
-0.01
SLGAC03
28
29
1
8
150
165
2280
3450
17.7
0.39
0.65
500
2920
-0.01
SLGAC03
29
30
1
4
220
215
3050
3600
13.3
0.9
1.49
1300
6370
-0.01
SLGAC03
30
31
1
4
110
105
1590
2400
9.61
0.4
0.66
1150
934
-0.01
SLGAC03
31
35
4
6
230
215
3590
6700
19.2
1.01
1.68
1700
956
-0.01
SLGAC03
35
39
4
2
220
230
3740
6450
15.6
1.36
2.26
1800
1220
-0.01
SLGAC01 0
4
4
48
38
20
126
650
3.91
2.11
3.50
3250
688
-0.01
SLGAC01 4
8
4
64
82
30
124
350
8.36
1.88
3.12
650
712
-0.01
SLGAC01 8
10
2
62
94
30
106
200
8.26
2.01
3.34
350
916
-0.01
SLGAC01 10
11
1
140
272
40
266
200
8.12
1.15
1.91
250
528
-0.01
SLGAC01 11
12
1
130
360
55
384
150
5.55
0.25
0.42
200
164
-0.01
SLGAC01 12
16
4
20
58
5
36
-50
1.74
0.17
0.28
150
110
-0.01
SLGAC01 16
20
4
14
36
-5
22
-50
1.84
0.2
0.33
150
114
-0.01
SLGAC01 20
24
4
12
58
10
40
-50
2.14
0.36
0.60
150
160
-0.01
SLGAC01 24
25
1
10
46
-5
24
-50
1.47
0.21
0.35
100
88
-0.01
SLGAC02 0
4
4
34
242
90
4390
12500
42
1.12
1.86
2650
836
-0.01
SLGAC02 4
8
4
76
332
75
3670
12900
44.1
0.24
0.40
3400
756
-0.01
SLGAC02 8
11
3
52
410
60
3470
13900
29.1
0.33
0.55
3000
658
-0.01
SLGAC02 11
15
4
22
198
30
1650
6050
11.2
0.37
0.61
1550
334
-0.01
SLGAC02 15
19
4
16
88
15
652
1300
3.5
0.59
0.98
1100
158
-0.01
SLGAC02 19
23
4
18
236
85
2000
6800
11.8
1.08
1.79
1500
488
-0.01
SLGAC02 23
24
1
10
224
90
2540
7650
13.5
0.88
1.46
1350
542
-0.01
SLGAC02 24
25
1
4
322
165
4040
14900
21.9
0.79
1.31
2050
866
-0.01
SLGAC02 25
26
1
6
280
245
4570
7350
24.5
0.63
1.05
1250
1070
-0.01
SLGAC02 26
27
1
2
148
105
1970
3850
11.7
0.46
0.76
950
508
-0.01
SLGAC02 27
28
1
8
150
115
1830
4400
13.6
0.37
0.61
950
726
-0.01
SLGAC03 0
4
4
32
102
40
1250
4400
13.2
0.92
1.53
800
708
-0.01
SLGAC03 4
8
4
40
38
15
454
2650
13.5
0.77
1.28
1250
230
-0.01
SLGAC03 8
12
4
104
274
95
4150
16300
38.8
0.58
0.96
2700
832
-0.01
SLGAC03 12
16
4
82
264
105
4160
14100
29.1
0.7
1.16
2500
928
-0.01
SLGAC03 16
20
4
16
78
10
492
550
3.06
0.47
0.78
1000
134
-0.01
SLGAC03 20
22
2
14
88
30
936
2200
5.41
0.56
0.93
1000
246
-0.01
SLGAC03 22
26
4
12
260
145
3810
5650
15.9
1.05
1.74
1400
948
-0.01
SLGAC03 26
27
1
14
352
215
6020
1900
14.7
1.3
2.16
1100
838
-0.01
SLGAC03 27
28
1
10
214
165
2780
2350
17.4
0.54
0.90
900
1250
-0.01
SLGAC03 28
29
1
8
150
165
2280
3450
17.7
0.39
0.65
500
2920
-0.01
SLGAC03 29
30
1
4
220
215
3050
3600
13.3
0.9
1.49
1300
6370
-0.01
SLGAC03 30
31
1
4
110
105
1590
2400
9.61
0.4
0.66
1150
934
-0.01
SLGAC03 31
35
4
6
230
215
3590
6700
19.2
1.01
1.68
1700
956
-0.01
SLGAC03 35
39
4
2
220
230
3740
6450
15.6
1.36
2.26
1800
1220
-0.01

page 12

ASX ANNOUNCEMENT – 04 MAY 2022

Hole_ID
From
(m)
To
(m)
Int
(m)
Cu
ppm
Zn
ppm
Co
ppm
Ni
ppm
Cr
ppm
Fe %
Mg
%
*MgO
%
S %
Mn
ppm
Au
ppm
SLGAC03
39
42
3
-2
156
155
2230
4800
11.9
1.01
1.68
2350
852
-0.01
SLGAC03
42
46
4
4
226
255
3520
7650
18.1
1.25
2.08
1650
1190
-0.01
SLGAC03
46
50
4
-2
258
320
4150
8050
18
1.37
2.27
1850
1640
-0.01
SLGAC03
50
54
4
-2
256
225
5580
5850
13.1
2.42
4.02
1950
1230
-0.01
SLGAC03
54
58
4
2
156
135
4290
3500
7.71
12
19.92
1200
2000
-0.01
SLGAC03
58
60
3
-2
142
125
2070
3150
8.35
17.9
29.71
800
1390
-0.01
SLGAC03
60
64
4
-2
116
125
2320
3100
8.27
20.3
33.70
700
1300
-0.01
SLGAC03
64
67
3
-2
62
80
1000
1400
3.9
20.6
34.20
700
1570
-0.01
SLGAC03
67
70
3
-2
46
75
952
900
3.1
20.9
34.69
1300
844
-0.01
SLGAC03
70
74
4
-2
74
120
2050
3200
8.01
20
33.20
1300
1150
-0.01
SLGAC03
74
75
1
2
74
130
2370
3650
8.94
19.3
32.04
1200
1310
-0.01
SLGAC03
75
76
1
-2
86
140
2560
4200
9.45
19.9
33.03
800
1190
-0.01
SLGAC03
76
77
1
-2
82
140
2470
3650
8.4
20.1
33.37
900
1330
-0.01
SLGAC03
77
78
1
2
74
130
2180
3450
7.7
19.5
32.37
1500
1540
-0.01
SLGAC03
78
79
1
2
92
140
2360
3800
8.27
19.7
32.70
1700
1280
-0.01
SLGAC03
79
80
1
4
84
115
1960
3050
6.65
19.6
32.54
2150
1210
-0.01
SLGAC03
80
81
1
-2
74
100
1730
2800
6.06
19.7
32.70
2200
1170
-0.01
SLGAC03
81
82
1
2
62
70
1120
1950
4.34
19.1
31.71
2750
1070
-0.01
SLGAC03
82
83
1
2
54
60
878
1350
3.83
17.4
28.88
2400
1030
-0.01
SLGAC03
83
84
1
6
96
105
1690
3150
6.26
16.9
28.05
2250
1070
-0.01
SLGAC03
84
85
1
4
84
105
1620
3150
5.66
16.1
26.73
1700
1520
-0.01
SLGAC03
85
86
1
2
90
115
1820
3700
6.42
16.1
26.73
2200
1270
-0.01
SLGAC03
86
87
1
2
74
85
1390
3250
5.7
11.9
19.75
1100
1320
-0.01
SLGAC04
0
4
4
42
486
100
5450
19800
38.9
1.15
1.91
2300
1450
-0.01
SLGAC04
4
8
4
98
222
50
2400
12900
31
0.32
0.53
2150
476
-0.01
SLGAC04
8
12
4
18
150
35
1590
6150
13.7
0.27
0.45
1200
340
-0.01
SLGAC04
12
15
3
100
234
235
4690
12300
44.6
0.59
0.98
2600
2270
-0.01
SLGAC04
15
18
3
76
236
310
5940
10600
47.8
0.55
0.91
2700
4180
-0.01
SLGAC04
18
22
4
38
310
575
6970
8000
33.3
1.13
1.88
2050
11700
-0.01
SLGAC04
22
26
4
4
296
285
7340
4500
17.6
1.71
2.84
1200
2710
-0.01
SLGAC04
26
30
4
4
280
170
5420
1400
12.1
1.95
3.24
1250
1260
-0.01
SLGAC04
30
33
3
4
192
160
3530
1200
9.83
1.72
2.86
1200
1010
-0.01
SLGAC04
33
36
3
2
146
150
3140
1050
10.6
1.3
2.16
1300
1120
-0.01
SLGAC04
36
37
1
4
110
105
2450
1150
10.4
1.03
1.71
1750
844
-0.01
SLGAC04
37
40
3
-2
50
35
800
150
1.9
0.38
0.63
600
176
-0.01
SLGAC04
40
42
2
-2
256
70
3970
300
4.19
2.11
3.50
700
202
-0.01
SLGAC04
42
44
2
-2
134
100
2270
1400
11.7
1.3
2.16
1500
548
-0.01
SLGAC04
44
48
4
-2
130
85
2350
1250
9.04
1.24
2.06
1200
500
-0.01
SLGAC04
48
49
1
4
166
125
3690
1850
12.1
1.35
2.24
1850
678
-0.01
SLGAC04
49
50
1
2
352
125
6820
1150
9.05
2.73
4.53
1250
414
-0.01
SLGAC04
50
51
1
4
154
85
3370
1150
8.16
1.52
2.52
1450
368
-0.01
SLGAC04
51
52
1
36
198
270
4740
3050
25.1
1.14
1.89
2150
5760
-0.01
SLGAC04
52
53
1
4
170
145
4030
1900
15.8
1.2
1.99
1700
1410
-0.01		 Hole_ID
From
(m)
To
(m)
Int
(m)
Cu
ppm
Zn
ppm
Co
ppm
Ni
ppm
Cr
ppm
Fe %
Mg
%
*MgO
%
S %
Mn
ppm
Au
ppm
SLGAC03
39
42
3
-2
156
155
2230
4800
11.9
1.01
1.68
2350
852
-0.01
SLGAC03
42
46
4
4
226
255
3520
7650
18.1
1.25
2.08
1650
1190
-0.01
SLGAC03
46
50
4
-2
258
320
4150
8050
18
1.37
2.27
1850
1640
-0.01
SLGAC03
50
54
4
-2
256
225
5580
5850
13.1
2.42
4.02
1950
1230
-0.01
SLGAC03
54
58
4
2
156
135
4290
3500
7.71
12
19.92
1200
2000
-0.01
SLGAC03
58
60
3
-2
142
125
2070
3150
8.35
17.9
29.71
800
1390
-0.01
SLGAC03
60
64
4
-2
116
125
2320
3100
8.27
20.3
33.70
700
1300
-0.01
SLGAC03
64
67
3
-2
62
80
1000
1400
3.9
20.6
34.20
700
1570
-0.01
SLGAC03
67
70
3
-2
46
75
952
900
3.1
20.9
34.69
1300
844
-0.01
SLGAC03
70
74
4
-2
74
120
2050
3200
8.01
20
33.20
1300
1150
-0.01
SLGAC03
74
75
1
2
74
130
2370
3650
8.94
19.3
32.04
1200
1310
-0.01
SLGAC03
75
76
1
-2
86
140
2560
4200
9.45
19.9
33.03
800
1190
-0.01
SLGAC03
76
77
1
-2
82
140
2470
3650
8.4
20.1
33.37
900
1330
-0.01
SLGAC03
77
78
1
2
74
130
2180
3450
7.7
19.5
32.37
1500
1540
-0.01
SLGAC03
78
79
1
2
92
140
2360
3800
8.27
19.7
32.70
1700
1280
-0.01
SLGAC03
79
80
1
4
84
115
1960
3050
6.65
19.6
32.54
2150
1210
-0.01
SLGAC03
80
81
1
-2
74
100
1730
2800
6.06
19.7
32.70
2200
1170
-0.01
SLGAC03
81
82
1
2
62
70
1120
1950
4.34
19.1
31.71
2750
1070
-0.01
SLGAC03
82
83
1
2
54
60
878
1350
3.83
17.4
28.88
2400
1030
-0.01
SLGAC03
83
84
1
6
96
105
1690
3150
6.26
16.9
28.05
2250
1070
-0.01
SLGAC03
84
85
1
4
84
105
1620
3150
5.66
16.1
26.73
1700
1520
-0.01
SLGAC03
85
86
1
2
90
115
1820
3700
6.42
16.1
26.73
2200
1270
-0.01
SLGAC03
86
87
1
2
74
85
1390
3250
5.7
11.9
19.75
1100
1320
-0.01
SLGAC04
0
4
4
42
486
100
5450
19800
38.9
1.15
1.91
2300
1450
-0.01
SLGAC04
4
8
4
98
222
50
2400
12900
31
0.32
0.53
2150
476
-0.01
SLGAC04
8
12
4
18
150
35
1590
6150
13.7
0.27
0.45
1200
340
-0.01
SLGAC04
12
15
3
100
234
235
4690
12300
44.6
0.59
0.98
2600
2270
-0.01
SLGAC04
15
18
3
76
236
310
5940
10600
47.8
0.55
0.91
2700
4180
-0.01
SLGAC04
18
22
4
38
310
575
6970
8000
33.3
1.13
1.88
2050
11700
-0.01
SLGAC04
22
26
4
4
296
285
7340
4500
17.6
1.71
2.84
1200
2710
-0.01
SLGAC04
26
30
4
4
280
170
5420
1400
12.1
1.95
3.24
1250
1260
-0.01
SLGAC04
30
33
3
4
192
160
3530
1200
9.83
1.72
2.86
1200
1010
-0.01
SLGAC04
33
36
3
2
146
150
3140
1050
10.6
1.3
2.16
1300
1120
-0.01
SLGAC04
36
37
1
4
110
105
2450
1150
10.4
1.03
1.71
1750
844
-0.01
SLGAC04
37
40
3
-2
50
35
800
150
1.9
0.38
0.63
600
176
-0.01
SLGAC04
40
42
2
-2
256
70
3970
300
4.19
2.11
3.50
700
202
-0.01
SLGAC04
42
44
2
-2
134
100
2270
1400
11.7
1.3
2.16
1500
548
-0.01
SLGAC04
44
48
4
-2
130
85
2350
1250
9.04
1.24
2.06
1200
500
-0.01
SLGAC04
48
49
1
4
166
125
3690
1850
12.1
1.35
2.24
1850
678
-0.01
SLGAC04
49
50
1
2
352
125
6820
1150
9.05
2.73
4.53
1250
414
-0.01
SLGAC04
50
51
1
4
154
85
3370
1150
8.16
1.52
2.52
1450
368
-0.01
SLGAC04
51
52
1
36
198
270
4740
3050
25.1
1.14
1.89
2150
5760
-0.01
SLGAC04
52
53
1
4
170
145
4030
1900
15.8
1.2
1.99
1700
1410
-0.01
SLGAC03 39
42
3
-2
156
155
2230
4800
11.9
1.01
1.68
2350
852
-0.01
SLGAC03 42
46
4
4
226
255
3520
7650
18.1
1.25
2.08
1650
1190
-0.01
SLGAC03 46
50
4
-2
258
320
4150
8050
18
1.37
2.27
1850
1640
-0.01
SLGAC03 50
54
4
-2
256
225
5580
5850
13.1
2.42
4.02
1950
1230
-0.01
SLGAC03 54
58
4
2
156
135
4290
3500
7.71
12
19.92
1200
2000
-0.01
SLGAC03 58
60
3
-2
142
125
2070
3150
8.35
17.9
29.71
800
1390
-0.01
SLGAC03 60
64
4
-2
116
125
2320
3100
8.27
20.3
33.70
700
1300
-0.01
SLGAC03 64
67
3
-2
62
80
1000
1400
3.9
20.6
34.20
700
1570
-0.01
SLGAC03 67
70
3
-2
46
75
952
900
3.1
20.9
34.69
1300
844
-0.01
SLGAC03 70
74
4
-2
74
120
2050
3200
8.01
20
33.20
1300
1150
-0.01
SLGAC03 74
75
1
2
74
130
2370
3650
8.94
19.3
32.04
1200
1310
-0.01
SLGAC03 75
76
1
-2
86
140
2560
4200
9.45
19.9
33.03
800
1190
-0.01
SLGAC03 76
77
1
-2
82
140
2470
3650
8.4
20.1
33.37
900
1330
-0.01
SLGAC03 77
78
1
2
74
130
2180
3450
7.7
19.5
32.37
1500
1540
-0.01
SLGAC03 78
79
1
2
92
140
2360
3800
8.27
19.7
32.70
1700
1280
-0.01
SLGAC03 79
80
1
4
84
115
1960
3050
6.65
19.6
32.54
2150
1210
-0.01
SLGAC03 80
81
1
-2
74
100
1730
2800
6.06
19.7
32.70
2200
1170
-0.01
SLGAC03 81
82
1
2
62
70
1120
1950
4.34
19.1
31.71
2750
1070
-0.01
SLGAC03 82
83
1
2
54
60
878
1350
3.83
17.4
28.88
2400
1030
-0.01
SLGAC03 83
84
1
6
96
105
1690
3150
6.26
16.9
28.05
2250
1070
-0.01
SLGAC03 84
85
1
4
84
105
1620
3150
5.66
16.1
26.73
1700
1520
-0.01
SLGAC03 85
86
1
2
90
115
1820
3700
6.42
16.1
26.73
2200
1270
-0.01
SLGAC03 86
87
1
2
74
85
1390
3250
5.7
11.9
19.75
1100
1320
-0.01
SLGAC04 0
4
4
42
486
100
5450
19800
38.9
1.15
1.91
2300
1450
-0.01
SLGAC04 4
8
4
98
222
50
2400
12900
31
0.32
0.53
2150
476
-0.01
SLGAC04 8
12
4
18
150
35
1590
6150
13.7
0.27
0.45
1200
340
-0.01
SLGAC04 12
15
3
100
234
235
4690
12300
44.6
0.59
0.98
2600
2270
-0.01
SLGAC04 15
18
3
76
236
310
5940
10600
47.8
0.55
0.91
2700
4180
-0.01
SLGAC04 18
22
4
38
310
575
6970
8000
33.3
1.13
1.88
2050
11700
-0.01
SLGAC04 22
26
4
4
296
285
7340
4500
17.6
1.71
2.84
1200
2710
-0.01
SLGAC04 26
30
4
4
280
170
5420
1400
12.1
1.95
3.24
1250
1260
-0.01
SLGAC04 30
33
3
4
192
160
3530
1200
9.83
1.72
2.86
1200
1010
-0.01
SLGAC04 33
36
3
2
146
150
3140
1050
10.6
1.3
2.16
1300
1120
-0.01
SLGAC04 36
37
1
4
110
105
2450
1150
10.4
1.03
1.71
1750
844
-0.01
SLGAC04 37
40
3
-2
50
35
800
150
1.9
0.38
0.63
600
176
-0.01
SLGAC04 40
42
2
-2
256
70
3970
300
4.19
2.11
3.50
700
202
-0.01
SLGAC04 42
44
2
-2
134
100
2270
1400
11.7
1.3
2.16
1500
548
-0.01
SLGAC04 44
48
4
-2
130
85
2350
1250
9.04
1.24
2.06
1200
500
-0.01
SLGAC04 48
49
1
4
166
125
3690
1850
12.1
1.35
2.24
1850
678
-0.01
SLGAC04 49
50
1
2
352
125
6820
1150
9.05
2.73
4.53
1250
414
-0.01
SLGAC04 50
51
1
4
154
85
3370
1150
8.16
1.52
2.52
1450
368
-0.01
SLGAC04 51
52
1
36
198
270
4740
3050
25.1
1.14
1.89
2150
5760
-0.01
SLGAC04 52
53
1
4
170
145
4030
1900
15.8
1.2
1.99
1700
1410
-0.01

page 13

ASX ANNOUNCEMENT – 04 MAY 2022

Hole_ID
From
(m)
To
(m)
Int
(m)
Cu
ppm
Zn
ppm
Co
ppm
Ni
ppm
Cr
ppm
Fe %
Mg
%
*MgO
%
S %
Mn
ppm
Au
ppm
SLGAC04
53
54
1
8
196
165
4840
2200
19.3
1.33
2.21
1800
1050
-0.01
SLGAC04
54
55
1
12
162
140
4470
2150
14.9
1.34
2.22
2900
1700
-0.01
SLGAC04
55
56
1
8
172
130
4920
1700
12.7
2.08
3.45
2200
1300
-0.01
SLGAC04
56
57
1
4
262
205
8620
3650
15.2
4.75
7.89
2450
1010
-0.01
SLGAC04
57
58
1
6
222
195
6590
3100
13.5
3.77
6.26
3600
1410
-0.01
SLGAC05
27
30
3
8
74
20
76
50
4.41
1.43
2.37
200
708
-0.01
SLGAC05
30
33
3
16
52
5
40
50
2.69
0.65
1.08
350
362
-0.01
SLGAC05
33
34
1
8
68
20
66
50
4.33
1.44
2.39
200
654
-0.01
SLGAC06
53
57
4
64
158
25
82
100
8.53
0.98
1.63
100
936
-0.01
SLGAC06
57
58
1
42
148
25
108
100
7.14
0.78
1.29
150
728
-0.01
SLGAC06
58
59
1
60
126
20
116
100
7.93
0.7
1.16
150
636
-0.01
SLGAC06
59
60
1
58
180
30
76
100
9.33
1.31
2.17
100
1180
-0.01
SLGAC06
60
61
1
44
166
30
86
100
9.3
1.58
2.62
1100
1150
-0.01
SLGAC07
44
48
4
40
178
25
40
50
8.61
0.91
1.51
100
902
-0.01
SLGAC07
48
52
4
30
126
15
26
50
6.1
0.73
1.21
100
598
-0.01
SLGAC07
52
53
1
28
112
20
20
50
5.67
0.67
1.11
50
656
-0.01
SLGAC08
42
46
4
38
140
20
34
50
7.76
1.05
1.74
100
774
-0.01
SLGAC08
46
47
1
40
158
25
30
50
8.07
1.35
2.24
-50
704
-0.01
SLGAC09
51
55
4
16
118
15
26
50
4.86
0.75
1.25
100
212
-0.01
SLGAC09
55
56
1
70
184
25
44
150
10.1
0.94
1.56
-50
230
-0.01
SLGAC09
56
57
1
68
126
25
32
50
8.52
0.62
1.03
-50
494
-0.01
SLGAC09
57
58
1
48
168
25
48
50
7.39
1.49
2.47
1200
696
-0.01
SLGAC09
58
59
1
58
168
30
52
-50
8.81
2.45
4.07
1600
908
-0.01
SLGAC09
59
60
1
46
166
30
46
100
8.63
2.48
4.12
1550
1000
-0.01
SLGAC10
38
41
3
80
126
15
36
150
8.66
1.08
1.79
150
592
-0.01
SLGAC10
41
42
1
58
94
10
16
100
5.74
0.72
1.20
50
418
-0.01
SLGAC11
26
27
1
42
94
25
42
100
6.85
1.67
2.77
800
666
-0.01
SLGAC11
27
30
3
64
150
40
82
200
11.7
3.66
6.08
2100
1310
-0.01
SLGAC11
30
31
1
76
162
45
82
200
11.7
3.6
5.98
2100
1320
-0.01
SLGAC12
29
33
4
68
144
40
84
150
11.1
3.47
5.76
2050
1220
-0.01
SLGAC12
33
34
1
58
150
45
80
200
12
3.73
6.19
2250
1340
-0.01
SLGAC13
22
26
4
70
158
45
86
150
11.3
2.63
4.37
200
1540
-0.01
SLGAC13
26
27
1
80
178
50
92
200
10.6
3.22
5.35
1850
1160
-0.01

*MgO % is a calculated value using Mg% x 1.66

page 14

ASX ANNOUNCEMENT – 04 MAY 2022

Appendix 3 – JORC Table

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling
techniques		 Nature and quality of sampling (eg cut
channels, random chips, or specific specialised
industry standard measurement tools
appropriate to the minerals under
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc).
These examples should not be taken as limiting
the broad meaning of sampling.
• Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any measurement
tools or systems used.
• Aspects of the determination of
mineralisation that are Material to the Public
Report.In cases where ‘industry standard’ work
has been done this would be relatively simple
(eg ‘reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was
pulverised to produce a 30 g charge for fire
assay’). In other cases more explanation may
be required, such as where there is coarse gold
that has inherent sampling problems. Unusual
commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of
detailed information.		 Aircore Program

Aircore drilling was undertaken by
Bostech Drilling Australia Ltd based
out of Perth, Western Australia.

Drill samples consist of 2-3kg of
material representing in-situ rock
collected at 1m intervals from
surface.

1m samples are placed on the
ground in rows of 20.

Single samples were collected as
4m composites using a scoop to
obtain 2-3kg of material
representative of 4m of drilling.

Intervals of interest consisted of 1m
samples submitted for whole-rock
multi-element analysis.

Sampling and analytical
procedures detailed in the sub-
sampling techniques and sample
preparation section.
Drilling
techniques		 Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast, auger,
Bangka, sonic, etc) and details (eg core
diameter, triple or standard tube, depth of
diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what
method, etc).		 Lake Grace Nickel
Vertical Aircore drilling to blade or hammer
refusal, ideally at the top of bedrock.
Drill sample
recovery		 Method of recording and assessing core
and chip sample recoveries and results
assessed.
• Measures taken to maximise sample
recovery and ensure representative nature of
the samples.
• Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gainof fine/coarsematerial.		 • Drilling involved frequent reaming to clean
the hole at the start of each new rod, regular
cleaning of the cyclone and use of high
pressure air to avoid wet samples.
•Sample recovery size and sample conditions
(dry, wet, moist) were recorded in the field
sample data log
Logging Whether core and chip samples have
been geologically and geotechnically logged
to a level of detail to support appropriate
Mineral Resource estimation, mining studies
and metallurgical studies.
• Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel, etc) photography.
• The total length and percentage of the
relevant intersections logged.
•Geological logging of the diamond core
and aircore chips has been completed and
recorded on excel spreadsheet logging
systems,
•All core has been meter marked, Recovery
and RQD completed, Orientated, alpha and
beta measurements on structures and vein
sets, core photography and sampling has
been completed and recorded on the

page 15

ASX ANNOUNCEMENT – 04 MAY 2022

Criteria **JORC Code explanation ** Commentary
company logging and sampling excel
spreadsheet
The description is qualitative and includes
lithology, alteration and mineralisation
Sub-
sampling
techniques
and
sample
preparation		 If core, whether cut or sawn and whether
quarter, half or all core taken.
• If non-core, whether riffled, tube sampled,
rotary split, etc and whether sampled wet or
dry.
• For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
• Quality control procedures adopted for all
sub-sampling stages to maximise representivity
of samples.
• Measures taken to ensure that the
sampling is representative of the in situ material
collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to
the grain size of the material being sampled.		 •4m Composite samples were collected from
pre-numbered calico bags. Sample weights
were 2.5 - 3 kg. 4m composite samples were
collected into numbered polyweave bags
for dispatch to the assay laboratory.
•Samples are dried (nominal 110 degrees C),
crushed and pulverized to produce a
homogenous representative sub-sample for
analysis. All samples are pulverised utilising
ALS preparation techniques PUL-23. A grind
quality target of 85% passing 75μm has been
established and is relative to sample size,
type and hardness.
•End of hole one metre samples were taken
to for multi-element, whole rock analysis to
characterise rock type.
•The sample size and sample preparation
prior to analysis are considered to be
appropriate for the expected mineralisation.
Quality of
assay data
and
laboratory
tests		 The nature, quality and appropriateness
of the assaying and laboratory procedures
used and whether the technique is considered
partial or total.
• For geophysical tools, spectrometers,
handheld XRF instruments, etc., the parameters
used in determining the analysis including
instrument make and model, reading times,
calibrations factors applied and their
derivation, etc.
• Nature of quality control procedures
adopted (e.g. standards, blanks, duplicates,
external laboratory checks) and whether
acceptable levels of accuracy (i.e. lack of
bias) and precision have been established.		 • Aircore, Reverse Circulation and Diamond
drill samples are analysed for 48 elements
including Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce,
Co, Cr, Cs, Cu, Fe, Ga, Be, Hf, In, K, La, Li, Mg,
Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc,
Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y Zn and Zr
using method ME-MS61 (four acid ICP-MS).
Gold will be analysed separately using ALS
method Au-AA22, with a lower detection limit
of 0.001 ppm.
•Soil Samples were analysed for 53 elements
including Au, Ag, Al, As, B, Ba, Be, Bi, Ca, Cd,
Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, Hg, In, K,
La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Pd, Pt,
Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U,
V, W, Y, Zn & Zr using method AuME-ST44.
•External certified reference material /
standards, blanks and duplicates are
submitted every 50th, 51st and 52nd sample
respectively for QAQC purposes.
•QAQC samples are analysed on return of
assay results, CRM are tested against certified
values and pass is awarded if results fall within
3 standard deviations of the mean, a failure
of results and/or investigation with the
laboratory if results fall outside 3 standard
deviations of the mean certified value.
Duplicates are assessed paired against each
other and blanks are checked for elevated
elements of interest.
Verification
of sampling
and
assaying		 The verification of significant intersections
by either independent or alternative company
personnel.
•A review of the assay data against the
logged information by the field technician
and geologist has been completed to verify
intercepts.

page 16

ASX ANNOUNCEMENT – 04 MAY 2022

Criteria **JORC Code explanation ** Commentary
•Internal laboratory standards are
completed as a matter of course as well as
introduced blind standards/CRM by the
Company
The use of twinned holes. •Sample data was captured in the field and
data entry completed. Sample data was
then loaded into the
Company’s database and validation checks
completed to ensure data accuracy.
•No twinned holes have been completed at
this stage
•A calculated value of MgO has been
referred to in the document. This was
achieved by multiplying the assay value of
Mg by a conversion factorof 1.66.
Documentation of primary data, data
entry procedures, data verification, data
storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of
data points		 Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and other
locations used in Mineral Resource estimation.		 Lake Grace Nickel
Collar placement and pickups were via hand
held GPS using MGA94, Zone 50
Specification of the grid system used. MGA94, Zone 50
Quality and adequacy of topographic
control.		 Elevation were in AHD (MGA94, Zone 50)
Data
spacing
and
distribution		 Data spacing for reporting of Exploration
Results.		 Data spacing of aircore holes is suitable in
first pass exploration
Whether the data spacing and distribution
is sufficient to establish the degree of
geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.		 The drilling data at its established density and
nature is not sufficient for use in a mineral
resource estimation. The approaches used
are only suitable for the exploration stage.
Whether sample compositing has been
applied.
Orientation
of data in
relation to
geological
structure		 Whether the orientation of sampling
achieves unbiased sampling of possible
structures and the extent to which this is known,
considering the deposit type.		 Lake Grace Nickel
The aircore holes were all vertical and are
deemed sufficient for at this stage of
exploration.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
Sample
security		 The measures taken to ensure sample
security.		 All geochemical samples were selected by
geologists in the field delivered directly to the
lab by Sultan’srepresentatives
Audits or
reviews		 The results of any audits or reviews of
sampling techniques and data.
No audits or reviews on current data at this
stage

Section 2 Reporting of Exploration Results

page 17

ASX ANNOUNCEMENT – 04 MAY 2022

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(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Mineral tenement and · Type, reference Lake Grace Nickel
land tenure status name/number, location and The Lake Grace Project lies in the eastern
ownership including agreements or wheatbelt, approximately 250km east-
material issues with third parties such southeast of Perth. The Project comprises five
as joint ventures, partnerships, Exploration Licences (70/5081, 70/5082,
overriding royalties, native title 70/5085, 70/5095 and 70/5179) covering an
interests, historical sites, wilderness or area of approximately 690km2 over or near
national park and environmental the prospective Yandina Shear Zone which is
settings. known to host gold mineralisation elsewhere
in the Southwest Terrane. All licences are
held 100% by Sultan Resources The Lake
Grace tenements are subject to Native Title
Claim by the Ballardong People
(WAD6181/1998). The North Tarin Rock
Nature Reserve has a trivial impact the
western margin E70/5081.
· The security of the tenure held Titles are granted. No issues or impediments
at the time of reporting along with to prevent work proceeding.
any known impediments to
obtaining a licence to operate in the
area.
Exploration done by · Acknowledgment and Lake Grace Nickel
other parties appraisal of exploration by other Historic exploration by Electrolytic Zinc
parties. Company has been referred to in the
document. Relevant reports are referenced
in the document
The document also refers to Chalice Mining
Ltd’s Julimar Project where some geological
similarities and targets types are noted.
Geology · Deposit type, geological Lake Grace Nickel
setting and style of mineralisation. The Project lies in the Lake Grace Domain of
the Southwest Terrane. It is comprised of
granulite facies granitic gneisses, gneissic
remnants of greenstone belts, charnokitic
granites and post-tectonic granites. The
greenstone rock sequences are
metamorphosed to high-grade upper
amphibolite to granulite facies. Structurally-
controlled gold mineralisation occurs
broadly as multiple, well-defined stacked
elongate to ellipsoidal lodes that vary in size
from 1-10 m thick, 50-150 m wide (east-west)
and 50-200 m long (north-south) that have
undergone post-mineralisation deformation.
The gneissic package dips between 35° to
40° to the southeast and strikes 040°. The host
rocks form an open synform that plunges 30°
toward 120
Drill hole Information · A summary of all information A table of collar coordinates is included in
material to the understanding of the the appendices of this report.
exploration results including a Plan figures showing the target areas is
tabulation of the following included in the document
information for all Material drill holes:
Easting and northing of the drill Drilling is reported in MGA94, Zone 50 ant
hole collar Lake Grace and MGA94, Zone 55 at
Razorback
o elevation or RL (Reduced Lake Grace
Level – elevation above sea level in AHD in MGA94, Zone 50
metres) of the drill hole collar
o dip and azimuth of the hole Holes were all drilled vertically.
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Criteria JORC Code explanation
Commentary
Mineral tenement and
land tenure status		 ·Type, reference
name/number, location and
ownership including agreements or
material issues with third parties such
as joint ventures, partnerships,
overriding royalties, native title
interests, historical sites, wilderness or
national park and environmental
settings.
Lake Grace Nickel
The Lake Grace Project lies in the eastern
wheatbelt, approximately 250km east-
southeast of Perth. The Project comprises five
Exploration Licences (70/5081, 70/5082,
70/5085, 70/5095 and 70/5179) covering an
area of approximately 690km2 over or near
the prospective Yandina Shear Zone which is
known to host gold mineralisation elsewhere
in the Southwest Terrane. All licences are
held 100% by Sultan Resources The Lake
Grace tenements are subject to Native Title
Claim by the Ballardong People
(WAD6181/1998). The North Tarin Rock
Nature Reserve has a trivial impact the
western margin E70/5081.
·The security of the tenure held
at the time of reporting along with
any known impediments to
obtaining a licence to operate in the
area.
Titles are granted. No issues or impediments
to prevent work proceeding.
Exploration done by
other parties		 ·Acknowledgment and
appraisal of exploration by other
parties.
Lake Grace Nickel
Historic exploration by Electrolytic Zinc
Company has been referred to in the
document. Relevant reports are referenced
in the document
The document also refers to Chalice Mining
Ltd’s Julimar Project where some geological
similarities and targets types are noted.
Geology ·Deposit type, geological
setting and style of mineralisation.
Lake Grace Nickel
The Project lies in the Lake Grace Domain of
the Southwest Terrane. It is comprised of
granulite facies granitic gneisses, gneissic
remnants of greenstone belts, charnokitic
granites and post-tectonic granites. The
greenstone rock sequences are
metamorphosed to high-grade upper
amphibolite to granulite facies. Structurally-
controlled gold mineralisation occurs
broadly as multiple, well-defined stacked
elongate to ellipsoidal lodes that vary in size
from 1-10 m thick, 50-150 m wide (east-west)
and 50-200 m long (north-south) that have
undergone post-mineralisation deformation.
The gneissic package dips between 35° to
40° to the southeast and strikes 040°. The host
rocks form an open synform that plunges 30°
toward 120
Drill hole Information ·A summary of all information
material to the understanding of the
exploration results including a
tabulation of the following
information for all Material drill holes:
A table of collar coordinates is included in
the appendices of this report.
Plan figures showing the target areas is
included in the document
Easting and northing of the drill
hole collar
Drilling is reported in MGA94, Zone 50 ant
Lake Grace and MGA94, Zone 55 at
Razorback
o elevation or RL (Reduced
Level – elevation above sea level in
metres) of the drill hole collar
Lake Grace
AHD in MGA94, Zone 50
o dip and azimuth of the hole
Holes were all drilled vertically.

page 18

ASX ANNOUNCEMENT – 04 MAY 2022

Criteria JORC Code explanation Commentary
o down hole length and
interception depth		 All holes logged in 1 m increments down the
length of the hole
o hole length. Hole length is the distance from the surface
to the end of the hole, as measured along
the drill trace.
·If the exclusion of this
information is justified on the basis
that the information is not Material
and this exclusion does not detract
from the understanding of the report,
the Competent Person should clearly
explain why this is the case.
Data aggregation
methods		 ·In reporting Exploration Results,
weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high
grades) and cut-off grades are
usually Material and should be
stated.
·Where aggregate intercepts
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure
used for such aggregation should be
stated and some typical examples of
such aggregations should be shown
in detail.
·The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
Relationship between
mineralisation widths
and intercept lengths		 ·These relationships are
particularly important in the
reporting of Exploration Results.		 Any intersections included in the
accompanying report are down hole
lengths. The true widths of these intersections
are not known.
·If the geometry of the
mineralisation with respect to the drill
hole angle is known, its nature should
be reported.
·If it is not known and only the
down hole lengths are reported,
there should be a clear statement to
this effect (e.g. ‘down hole length,
true width not known’).
Diagrams ·Appropriate maps and
sections (with scales) and tabulations
of intercepts should be included for
any significant discovery being
reported These should include, but
not be limited to a plan view of drill
hole collar locations and
appropriate sectional views.		 Appropriate maps included within the body
of the report.
Balanced reporting ·Where comprehensive
reporting of all Exploration Results is
not practicable, representative
reporting of both low and high
grades and/or widths should be
practiced to avoid misleading
reporting of Exploration Results.		 The accompanying document is considered
to represent a balanced report.
The author has referenced numerous ASX
releases by neighbouring exploration
companies where balanced reporting is
considered to have been undertaken.

page 19

ASX ANNOUNCEMENT – 04 MAY 2022

Criteria JORC Code explanation Commentary
Other substantive
exploration data		 ·Other exploration data, if
meaningful and material, should be
reported including (but not limited
to): geological observations;
geophysical survey results;
geochemical survey results; bulk
samples – size and method of
treatment; metallurgical test results;
bulk density, groundwater,
geotechnical and rock
characteristics; potential deleterious
or contaminating substances.		 The author has referenced publicly available
historic reports where balanced reporting is
considered to have been undertaken.
Lake GRace
The document also refers to Chalice Mining
Ltd’s Julimar Project where some geological
similarities and target types are noted.
Chalice’s work has all been publicly reported
in line with JORC 2012 standards.
Otherwise, the balance of the information is
not considered material.
Further work ·The nature and scale of
planned further work (e.g. tests for
lateral extensions or depth extensions
or large-scale step-out drilling).		 Lake Grace
The aircore program has only recently
commenced. If successful in identifying
prospective areas, further work would
include geophysical surveying and further
drilling
·Diagrams clearly highlighting
the areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is not
commercially sensitive.		 Diagrams covering the target areas and
main geological interpretation are
contained within the report.

page 20

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