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SULTAN RESOURCES LTD Regulatory Filings 2023

Feb 16, 2023

65816_rns_2023-02-16_c7a44c65-521a-4c3e-a02e-b2e70f769818.pdf

Regulatory Filings

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Sultan Resources Ltd

ACN: 623652 522

CORPORATE DETAILS

ASX Code: SLZ

DIRECTORS

JEREMY KING CHAIRMAN

STEVEN GROVES NON-EXECUTIVE DIRECTOR

17[th] February 2023

KULIN HILL NICKEL PROJECT UPDATE – INITIAL GEOCHEMISTRY CONFIRMS TARGET GEOLOGY

Kulin Hill Project - WA

DAVID LEES NON-EXECUTIVE DIRECTOR

CONTACT

Suite 11, Level 2, 23 Railway Rd Subiaco WA 6008 www.sultanresources.com.au [email protected]

  • Initial assay results currently being returned for recently completed stratigraphic diamond hole

  • Returned geochemistry to date confirms on-ground geological interpretation – the layered ultramafic target rock, was intersected

  • Detailed analysis of geochemistry returned to date is underway

  • Recent reconnaissance over target area (Reserve 18455) concludes water levels in salt lake remain too high for any immediate access

  • Geophysics programme designed and to be implemented subject to final geochemical results and salt lake access

Sultan Resources Limited (ASX: SLZ) ( Sultan or Company ) is pleased to announce an update to the exploration work in progress at the Company’s Kulin Hill Project in southwest WA. Assay results from the recently completed stratigraphic diamond drill hole (see ASX announcement of 16 November, 2022) have begun to be returned and the initial results confirm the on-ground geological interpretation that a significant thickness of the ultramafic target rock was intersected.

A detailed assessment of the geochemistry is currently underway with results of this analysis expected in the coming weeks.

A reconnaissance survey over Reserve 18455 (Lot 225568), for which Sultan was recently granted access to by the WA Department of Mines, Industry Regulation and Safety (DMIRS) (see ASX announcement of 16/11/2022) concluded that the salt lake was still too wet from the late 2022 rains for any immediate access.

Subject to the full assessment of the geochemical results and the salt lake reserve drying sufficiently allowing access, the Company intends to continue exploration activities at Lake Grace. In preparation for this, The Company’s technical team has designed a geophysics programme over parts of the salt lake reserve which would be the precursor to a wider drill programme testing the prospect.

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

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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). The Kulin Hill Project is situated at the northern most end of the Sultan tenure on this map.

Diamond Hole Geochemical Assays

As detailed in the ASX announcement of 16/11/2022, in late 2022 the Company completed a single, deep stratigraphic diamond hole (SLGDD001) to 489.4m, which was designed to gather information on the nature of the layered ultramafic sequence beneath the weathering horizon intersected by Sultan in the previous shallow aircore drilling (ASX Announcement 4/5/2022). If proven to extend to any significant thickness or depth, it was also designed to assess the potential for sulphide mineralisation at Kulin Hill. The hole was collared in the vicinity of the previously drilled aircore holes and was drilled at -60[0] towards the southeast to target a strong magnetic body within the sequence as revealed by 3D inversion modelling (Figure 3).

Initial on-ground inspection of SLGDD001 suggested that the target layered ultramafic/mafic sequence extended to 256m down hole before a series of felsic and mafic gneisses was intersected. Weathering was observed to persist to about 70m down hole.

A total of 160 samples were selected and processed for geochemical analysis and sent to one of the main accredited laboratories in Perth.

Initial assay results are now being returned and detailed analysis of these is currently underway at Sultan. Although analysis is yet to be completed, the initial geochemistry does confirm the onground geological identification/interpretation of the target ultramafic geology in SLGDD001. Magnesium oxide (MgO) concentrations as high as 41% MgO combined with chrome (Cr) concentrations of 0.53% Cr (over 1m from 208m downhole depth) have been returned in the assay results, which are definitively indicative of ultramafic geology. A detailed analysis of the returned assay results by Sultan is now underway and is expected to be completed and ready for reporting in the coming weeks.

page 2

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

Accessibility to Reserve 18455 and Main Target Zone

The confirmation of ultramafic geology in SLGDD001 provides confidence that the hole was drilled through the footwall of an ultramafic sequence along the edge of the body and that thicker intervals of this target sequence would be encountered in the centre of the body beneath the salt lake reserve the Company has recently been granted full access to (see ASX announcement of 16 November, 2022). The majority of the reserve is salt lake and a recent reconnaissance expedition to the area concluded that the salt lake was still too wet to access for exploration, inclusive of ground geophysics. The area received unusually late rains well past the normal rain season last year, filling the salt lake with water, which has yet to dry out.

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Magnetic anomaly
representing the ultramafic
intrusive sequence
Reserve 18455
SLGDD001
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Figure 2: 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. Diamond hole SLGDD001 is indicated by the white trace. The pale shaded area indicates the portion of the magnetic anomaly covered by Reserve 18455 (Lot 225568) to which SLZ have recently been granted full access.

page 3

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

This announcement is authorised by the Board of Sultan Resources Ltd

For further information contact: 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 a non-Executive Director 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

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

  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: Summary Table of drill hole details for drill holes referenced in this ASX announcement.

Hole ID Easting Northing Elevation
(mASL)
Grid
System
GPS
System
Av. Azimuth
(deg)
MAGNETIC
Av. Dip
(deg)

Final End
Of Hole
Depth
(m)
SLGDD001 607001.4 6415086 NA GDA94 hhGPS 129.3 59 489.4

The collar location references are using the GDA94 Zone 5o datum system. DGPS = Differential Global Positioning System, Hh = hand held, DMT = Did not Meet Target. Azimuth and dip are averages from multiple downhole surveys during drilling, taken at 5m intervals from surface.

page 4

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

Appendix 2: Table of significant figures relevant to this ASX announcement.

HOLE ID Depth
From
m

Depth
To
m


Interval
Width
m

Magnesium
(Mg)
wt%

Magnesium
Oxide
(MgO)
calculated
wt%

Chrome
(Cr)
wt%
SLGDD001 208 209 1 24.7 41.002 0.525

MgO calculation has been accomplished by multiplying Mg by 1.66 assuming approximate molecular weights for Mg of 24.3 and for O of 16. See the JORC Table 1 in Appendix 3 for details of geochemical assay methods.

page 5

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

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.

The geochemical samples referenced with
assay results in this ASX announcement
represent half core from NQ2 diamond
core (50.6mm diameter as full core).

The core is cut in the field by a portable
core cutter circular saw using a diamond
blade.

Sampling intervals have been carefully
selected based on the target mineralisation
so as to better ascertain alteration
mineralogy and geochemistry associated
directly with the mineralisation for
exploration purposes.

Sampling intervals are also selected on a
continuous basis so that full 1m assay results
can be quantified and announced, which
means sub-metre intervals are selected so
that when grouped together they add to a
full metre.

The cut line for the half core sample is
selective and determined based on the
best knowledge available for which
geological features host the target
mineralisation. For example, if it is a certain
structure, the structure is ‘halved’, if it is
foliation the foliation is ‘halved’. This
method is used to make sure the sample is
as representative as possible of the ‘true’
concentration of the target element in the
core.

In some instances, hand-held portable XRF
method has been used to ascertain very
approximate ranges of transition element
concentrations and if so this method has
been explained in Appendix 1 of this ASX
announcement.
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).

All drilling related to drill holes discussed in this
ASX announcement utilised a combination of
mud-rotary (MR), to first drill through the
paleochannel, followed by Diamond drilling
in the basement rock. The diamond drilling
was used to collect NQ2 core (50.6mm
diameter) from the drill hole with standard
tube. Core orientation was achieved by
referencing the bottom of hole with a Reflex
downhole orientation tool for each core
sample tube. Drill core was refitted where
broken from sample tube by jig-saw
matching where possible. A line was drawn
along core to reference the bottom of hole
orientation for referencing structural
measurements to.

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ASX ANNOUNCEMENT – 17 FEBRUARY 2023

Criteria **JORC Code explanation ** Commentary

No orientation was achieved on TED05 as it
was a vertical hole intended to for use a
water bore going forward.
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/gain of fine/coarse material.

Recovery was not recorded for the MR drilling.
Core loss was recorded by the driller and
checked by the geologist when measuring up
the core. Core loss was marked in the core
storage trays with core blocks.

To minimise core loss the driller was notified of
any known difficult ground conditions and the
depths at which they may be encountered to
ensure the driller could adjust his drilling
technique prior to intersecting them.

Not enough geochemistry data has been
accumulated to date to make an assessment of
any bias of geochemical assay results due to
coreloss.
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.

Logging of soft sediment MR drilling samples of
the paleochannel is on a metre by metre or 2
metre basis. Given the paleochannel is not the
target geology, the geology is only recorded
where no drilling has occurred in the location
already.

Logging of diamond core is achieved both at
the drill rig and at the exploration camp on
portable core racking prior to sample selection
and core cutting.

Both geology and structures/veins are logged
throughout the core. Alpha and beta angles
are used for structural orientation relative to the
core axis and then converted to true orientation
after consideration of the dip and azimuth of
the drill hole at the particular downhole depths.

All geological intervals are logged to the closest
1cm although it is obvious that such accuracy is
within the error in overall length that will occur
from drilling to receiving the core at the logging
table.

Hand held pXRF analysis is used to aid in the
identification of major rock types, in particular
for ascertaining potential protoliths through
areas of intensive alteration.

All core is measured and checked to the drillers
log for depth correction and oriented with a
core axis line drawn for bottom of core.

Geological logging is qualitative and
quantitative in nature.

Visual estimations of sulphides and geological
interpretations are based on examination of drill
core using the naked eye and a 20x hand lens
during drilling operations.

page 7

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

Criteria **JORC Code explanation ** Commentary

It should be noted that whilst % mineral
proportions are based on standards as set out
by JORC, they are estimation only and can be
subjective to individual geologists to some
degree.

Details of the sulphides, type, nature of
occurrence and general % proportion
estimation are found within the text of the
announcement if reported at all.
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.

In-field sampling techniques are described
above.

At the lab, samples were crushed to a nominal
2mm using a jaw crusher before being split using
a rotary splitter (or riffle splitter when rotary
splitter is not available) into 400-700g samples
for pulverising.

Samples were pulverised to a nominal >90%
passing 75 micron for which a 100g sample was
then selected for analysis. A spatula was used to
sample from the pulverised sample for digestion.

The ALS and Bureau Veritas geochemical
laboratories in Perth that are used for this Project
both use their own internal standards and
blanks as well as flushing and cleaning methods
accredited by international standards.

Sample sizes and splits are considered
appropriate to the grain size of the material
being sampled as according to the Gi standard
formulas.

The laboratory introduced geochemical
standards for specific elements and of different
grades as per the geologist’s instructions at the
rate of 1 in 20 or 5% or at smaller intervals. In this
case the specific standards used were targeted
for gold (Au).

To estimate total error, field duplicates are
taken to undergo all the same crushing, splitting
and milling procedures at the lab. A field
duplicate is taken at a rate of approximately 1
in 20 samples or 5% of the sample stream or
where considered appropriate due to
observations of the drill core and according to
the geologist’s instructions

All duplicates are ‘true duplicates’, that is they
are the other half of the core sampled, which
means no core remains in areas of duplicate
sampling. Due to the early stage of exploration
and need to preserve core for observation and
further study, duplicate sampling has been
limited to 10cm lengths of core at this stage.
.

page 8

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

Criteria **JORC Code explanation ** Commentary
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.

Gold (Au), Platinum (Pt) and Palladium (Pd)
were analysed by Fire Assay and Inductively
Coupled Plasma Mass Spectrometry (ICPMS)
finish which has a detection limit of 0.001g/t Au.
All other elements are analysed by ICP with
either a MS or Optical Emission Spectrometry
(OES) finish, whichever is most accurate for the
individual element within the matrix of the
sample being analysed. A combination of a lab
developed mixed acid digest and peroxide
fusion followed by dilute HCl digest were used
to get elements into solution (excluding Au)
prior to analysis and the most accurate method
chosen for each element based on matrix
geochemistry (post initial analyses).

This analytical technique is considered a total
analysis for all intent and purposes.

No other analytical techniques are relevant to
reporting in this ASX announcement.

All QAQC procedures (duplicates etc) have
been outlined above.

Acceptable levels of accuracy for all data
referenced in this ASX announcement have
been achieved given the purpose of the
analysis (firstpass exploration)
Verification
of sampling
and
assaying
The verification of significant intersections
by either independent or alternative company
personnel.

All intervals selected for sampling are made by
geologists in the field and double checked by
their supervising geologist.

The same procedure as above is completed for
the determination of significant intervals and
their cut-offs for the reporting of geochemical
assay results

There are no twinned holes reported on in this
ASX announcement.

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.
The use of twinned holes.
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.
Specification of the grid system used.
Eastings and northings are in MGA94, Zone 50
Quality and adequacy of topographic
control.

Elevation were in AHD (MGA94, Zone 50)

All drill hole collars referenced in this ASX
announcement have beensurveyedfor

page 9

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

Criteria **JORC Code explanation ** Commentary
easting, northing & elevation using handheld
GPS at this stage only unless otherwise stated.
At the end of the drilling campaign a DGPS
with 10cm horizontal and vertical accuracy is
used to survey in the drill hole collars.
Data
spacing
and
distribution
Data spacing for reporting of Exploration
Results.

Drilling has been for exploration only, spacing
varies between targets. A map of all drill hole
locations referenced in this ASX announcement
has been provided in the text of the
announcement. A drill hole collar table was
provided in Appendix 1.

No sample compositing has been applied to
data referenced in this ASX announcement.
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.
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.

As sampling of half core is selective based on
the knowledge of the controls on mineralisation,
where structure is an important control on
mineralisation, it is sampled accordingly to
reduce any bias.

Samples are carefully selected according to the
geological features hosting the mineralisation so
as to be as representative as possible. Further
details of this process are outlined above.
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 samples are given a project scale code and
consecutive sample number that has no
reference to drill hole, depth in drill hole or
location of drill hole thus ensuring anonymity of
sample numbers.

All samples are bagged in calico bags inside
poly-weave bags inside bulla bags for transport.
Samples are either delivered personally to the
laboratory by the field geologist or field
manager if deemed important or transported to
Perth by appropriate transport company within
1-2 days of delivery to in-field dock/pick-up
location.
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 10

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

(Criteriain this sectionapplyto all succeeding sections.)
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.
The Kulin Hill 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.

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.
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:

All the information relevant to the drill holes
referenced in this ASX announcement is
contained in the appendices of this
document if applicable.

Elevations are given where a DGPS has been
used but otherwise it has not been given due
to the known problems of hand held GPS
devices to give accurate elevations.

A table of collar coordinates is included in
the appendices of this report.

Plan figures showing the target areas is
included in the document.

page 11

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

Criteria JORC Code explanation Commentary
Easting and northing of the drill
hole collar
See above
o_elevation or RL (Reduced_
Level – elevation above sea level in
metres) of the drill hole collar
o_dip and azimuth of the hole_ See above
o_down hole length and_
interception depth
o_hole length._
·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.

No data aggregation methods have been
used in this ASX announcement.

No cut-offs have been used to report the
grades of mineralisation in this ASX
announcement
·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.

No true widths have been stated in this ASX
announcement, all relate to downhole
intercept lengths. This has been adequately
reported in the text of the announcement.
·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.
All provided above within the ASX announcement.
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.
All relevant information is provided in the text of this
ASX announcement

page 12

ASX ANNOUNCEMENT – 17 FEBRUARY 2023

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.
No other exploration data collected is considered
material to this announcement.
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).
The details of the nature of future work around the
Dusty Project nickel discoveries has yet to be
determined.
·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
document.

page 13