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24 February 2022

ASX Market Announcements

FIELD EXPLORATION COMPLETED AT

BRUNGLE CREEK EL8954 AND McALPINE EL9252, NSW

Ausmon Resources Limited ("Company") is pleased to announce completion of the Phase 2 field based exploration at Brungle Creek EL8954 and McAlpine EL9252 (Figure 1) that commenced on 2 February 2022 as announced on that date.

A total of 238 soil and 18 rock samples have been collected from 9 target areas.

Figure 1: Location of Cobalt Projects near the McAlpine and Brungle Creek Prospects NSW

AUSMON RESOURCES LIMITED ABN 88 134 358 964 'World Tower" Suite 1312, 87-89Liverpool Street, Sydney NSW 2000 Australia.

PO BOX 20188 World Square, NSW 2002 Australia

Tel : 61 2 9264 6988 Fax: 61 2 9283 7166 Email: office@ausmonresources.com.au

www.ausmonresources.com.auASX code: AOA

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The tenements are located in south east NSW, 15 km north east of Tumut (Figure 2) and south from the Thuddungra (NicoYoung) (Figure 1) cobalt project of Jervois Mining Limited (ASX:JRV) (see JRV ASX announcement of 24 May 2019 and of 31 January 2022 for details on that project).

The Company completed soil sampling traverses across 9 of 12 proposed targets (Figures 3 and 4) located on the western flank of the Honeysuckle Range with some areas not sampled because of the landholder unavailability and logging in process in the Redhill State Forest. The field team collected on average 25 samples/day followed by the scanning of each sample with the Company's Olympus Delta pXRF and calibration to set of standards.

The soil sampling traverses were completed across targets identified from the recently completed Satellite Alteration Study and areas with elevated historic gold and copper rock chip results from previous explorers as reported in the NSW Government GIS Website - Minview.

Exploration within the polygons comprised grid-based soil sampling with sampling along 200 m and 100 m E-W sampling lines and samples collected every 50 m.

Figure 2: Location of Brungle Creek (EL8954) and McAlpine (EL9252) tenements

North East of Tumut

The samples have been delivered by the crew to ALS Geochemical Laboratory in Orange NSW for analysis. The results will determine the nature and extent of any follow up exploration. The Chief Technical Officer has also met landholders to discuss future work and access agreements in preparation for future exploration as may be required.

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Figure 3: 1:100,000 Tumut Geology Map showing the 9 soil sampling areas on geology

Figure 4: 1:100,000 Tumut Geology Map showing the historical prospects on geology

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The areas sampled were primarily located within the Coolac Serpentinite Belt (Sc) Figure 3. A few samples were located in the adjacent Honeysuckle Igneous Complex comprising primarily basalt (CuR2 and AuR3). One sample area (BO19) was located within the Young Granodiorite and associated with a N-S shear zone (Tumut 1:100,000 geology map).

An announcement will be made when results have been received from the laboratory.

Follow up Exploration:

  • Phase 3 or surficial exploration will comprise sampling of high priority samples not visited during Phase 2.
  • Follow up of significant results from the Phase 2 sampling.
  • Evaluation of other possible targets not already considered

Background

In the December 2021 Quarter, Perth based consultancy Earthscan combined high spectral resolution satellite imagery satellites ASTER and Landsat 8 with high spatial resolution imagery satellite Pleiades to highlight areas of alteration shown in Figure 5. The alteration targets were ranked low, medium and high. This Phase 2 exploration program aimed to evaluate the high priority alteration targets in priority. The alteration minerals of interest are:

□alunite/pyrophyllite

□kaolinite group minerals

□illite group minerals □iron oxides □silica

□epidote/chlorite/actinolite and carbonate

Alteration is the process whereby primary rock minerals are "altered" to produce a different mineral and the alteration effect can form a broad halo around a mineral deposit. Hydrothermal fluids move to the surface from intrusive rocks at depth and the fluids "alter" the original minerals to form alteration minerals thus providing a broader exploration footprint. These "alteration footprints" can be mapped using processed satellite imagery from ASTER and Landsat satellites to name just two. The satellite images are processed to enhance alteration minerals to the ones mentioned above.

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Figure 5: Alteration Target Mc08 centred on the McAlpine Copper Mine - strong green colour

Figure 6: NSW Geological Survey 1:250,000 Outcrop Geology Map showing:

High Priority Satellite Targets, historical anomalous gold and copper rock results and broad geological setting west to east granite/ultramafic/sediments and volcanics

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Ausmon Resources Ltd. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 01:51:07 UTC.