Ann: March 2024 Quarterly Report and Appendix 5B, page-4

LCL Resources (ASX: LCL) (LCL or the Company) is pleased to provide an overview of
activities in the March 2024 quarter.
The Company continues to see material success at its PNG Nickel Project (LCL 100%),
building upon critical emerging understandings and field work in the second half of 2023.
The 2024 field program has discovered additional outcrop of structural hosted
hydrothermal nickel +/- gold in multiple locations and trench results at the Veri Veri target
which has confirmed the exciting potential.
As part of continued efforts to streamline operations and reduce costs, the Company’s
Managing Director, Jason Stirbinskis, resigned as CEO and Director, with relevant
functions absorbed within the current board and senior management team.
A General Meeting of shareholders was held in January as an administrative requirement
to list share options and approve shares issues linked to the Company’s December capital
raise. The Company ended the quarter with $2.6 million cash.
PNG Exploration
High grade nickel sulphide confirmed in outcrops at Iyewe
The Company received assay results from its December 2023 Iyewe Prospect
reconnaissance field program. Of the 16 samples collected from nickel sulphide bearing
outcrops and float, 10 assayed >5% Ni and five of these samples assayed >10% Ni.1
Importantly, nine of the samples were distal from the historical Iyewe drill area and two of
these samples were highly anomalous in gold, assaying 4.80g/t and 2.48g/t, confirming
the previously reported association of high grade nickel with high grade gold. Some of
the newly discovered outcrops do not appear to be strike extensions of known outcrops
thus suggesting additional mineralised structures within the Iyewe region (Figure 1).
Geophysics modelling highlights more targets
The Company’s 2.5D inversion modelling of historical VTEM surveys1 have confirmed VTEM
responses from known nickel sulphide exposures at Veri Veri and Iyewe and identified
several additional anomalies for follow-up work. New targets include a high priority
conductor at Anuia, between Veri Veri and Iyewe, coincident with nickel sulphide float
(Figures 2 & 4)1
High grade nickel sulphides assayed in Veri Veri trench
Trenching across the Veri Veri mineralised corridor identified multiple zones of high grade
nickel and gold, associated with ultramafic host rocks of the Papuan Ultramafic Belt (Figures
2 and 3). The best intercepts returned2:
• 20m @ 1.58% Ni, 0.9 g/t Au (from 8-28m)
• 14m @ 3.24% Ni, 0.71 g/t Au (from 90-104m)
• 19m @ 2.46% Ni, 0.65 g/t Au (from 131-150m)
• 14m @ 2.82% Ni, 0.83 g/t Au (from 159-173m)
The nickel mineralisation is associated with serpentinised ultramafics, which contain
structural lenses (boudins) and minor veins of nickel sulphide, dominated by the high grade
nickel sulphide mineral heazlewoodite. The nickel sulphide zones (reporting grades up to
10.86% Ni) have a geochemical correlation with gold (up to 2.19 g/t Au)