EXPLORATION UPDATE - WOLLOGORANG PROJECT, NT

Resolution Minerals Ltd (RML or Company) (ASX: RML) has received assays testing approximately half of the Cu-Co-Pb-Zn-Ag targets, from 21 drill holes totalling 3,152m of drilling, of a planned 6,500m reverse circulation (“RC”) drilling program at the Wollogorang Project in the Northern Territory (Figure 1). The Company targeted sediment-hosted copper, cobalt and other base metals as part of RML’s search for new energy metals.

Drilling was funded by OZ Minerals as part of their Initial-Period commitments as outlined in the earn-in and joint venture agreement between the two companies (ASX Announcement 24/8/2021).

Wollogorang Results

Only 3,152m of a planned 6,500m of drilling was completed before the onset of the wet season, with approximately 50% of the targets remaining untested (Figure 1). Sampling at 3m composites was completed, with selective total organic carbon (TOC) samples taken to validate reductive properties of the host rock.

Organic carbon analysis was completed on forty-five siltstone samples to confirm the presence of organic carbonaceous material. The average TOC value was 1.3%, with a maximum value of 3.5% TOC returned from the forty-five samples submitted. This is highly significant, given an “organic carbon content of 1% is the minimum amount of organic matter required in reduced stratigraphy for an effective chemical gradient along which metal may commence precipitation” (Jarrett et al, 2020).

Although no significant multi-element results were reported (all results <0.2% Cu, <0.3% Zn, <0.3% Pb and <10ppm Ag), confirmation of the right host rocks is very positive. Exploration implications have been derived for the remaining target areas, to be followed up post wet season, pending OZL’s decision to complete the planned second half of the drill targets and progress to the next stage of the earn-in agreement.