Ann: June 2023 Quarterly Activities Report & Cash Flow Report, page-5

This is a small company using money frugally, we will be well rewarded...

RECENT DRILLING RESULTS
Holes MTD025 and MTD026 (EIS2) were completed during the quarter (ASX, MTD025 Extends Nickel
Mineralisation, 17 April 2023; Completion of MTD026 and Upcoming MobileMT Survey, 27 June 2023). Drilling
of the next hole MTD027 is ongoing and is currently at around 1,150m depth.
Hole MTD025 was designed to test a DHEM geophysical anomaly and follow-up on Phase 1 hole MTD018. The
DHEM survey identified a strong (~5,000-15,000S) shoot-like offhole anomaly.
MTD025 intersected a ~446m thick package of high MgO adcumulate dunite ultramafic. Two shallow intervals of
disseminated magmatic sulphides (trace to 1%) were seen in the top 200m of the hole, in a similar zone to that
seen in previous holes MTD012, MTD022 and MTD023.
Hole MTD026 (EIS2) was located approximately halfway between holes MTD023 (EIS1) and MTD020. Both of
these holes showed extensive intersections of disseminated sulphide mineralisation, with hole MTD020 being
the first significant occurrence during the Phase 1 drilling program (ASX, Disseminated Sulphides Seen Over
300m in Hole MTD020, 26 July 2022; MTD020 Assays Confirm Extensive Working Mineral System, 7 November
2022). The hole attempted to test the footprint of mineralisation across the body of the Complex and was drilled
with the aid of WMG’s EIS award (ASX, WMG Wins $220,000 EIS Award to Drill Mulga Tank, 17 October 2022).
Hole MTD026 was drilled to a total depth of 1,548.3m and intersected ~1,400m of variably serpentinised and
talc-carbonate altered high MgO adcumulate to extreme adcumulate dunite ultramafic (60.2-1,469.7m), beneath
60.2m of sand cover (0-60.2m), before encountering a footwall of predominantly basalt and silicified shales at
1,479.7m depth (1,469.7-1,548.3m).
The dunite was divided by an approximately ~38m thick dolerite unit (749-787.3m) that most likely represents a
later dyke/sill. This dolerite unit was seen at a nearly identical depth and thickness in hole MTD023.
Disseminated magmatic sulphides (trace to 2%) were observed down the majority of the hole, starting from
around 117m depth. In a number of places the disseminated sulphides coalesced into interstitial blebs (3 to 5%
sulphide) between former olivine crystals and also approached net textured (5 to 10% sulphide).
Multiple intersections of high-tenor remobilised massive nickel sulphide blebs and veining were also observed
down the length of the hole with these appearing to increase in frequency towards the basal contact of the
Complex (Figure 2). This interesting observation, in a new previously undrilled area, supports the potential for
multiple massive sulphide sources or deposits within the Complex (Perseverance-style basal massive sulphide)
and not just limited to the Western Margin where previously encountered.
Overall hole MTD026 shows a number of similarities with the first EIS deep hole MTD023 (~1km to the NW) but
it appears to contain a much “richer” disseminated sulphide content and remobilised massive sulphide veinlets
down the hole (Figure 2).
CURRENT HOLE
Drilling of hole MTD027 (planned hole MTP026) on the eastern margin of the Mulga Tank Complex is still in
progress and is currently at a depth of around 1,150m.
The hole was designed to test a coincident gravity and magnetic high, and minor MLEM anomaly, as well as for
the presence of nickel sulphide mineralisation in an area of the Complex that has had no previous drilling. The
hole was anticipated to intersect the footwall of the intrusion at around 750m, based on the Company’s lopolith
shaped geological model of the main body, but the drilling so far appears to show the eastern margin of the
Complex is much steeper dipping than the western margin.
The Company will update shareholders on the results of this hole once it is complete.

IDKA
IMO
DYOR