The directors of Encounter Resources Ltd. announced that a suite of compelling drill targets have been identified at the Carrara and Jessica projects in the NT. These projects are being explored in partnership with South32 under Farm-in Agreements. Jessica covers ~6,300km2 along key structural corridors east of Tennant Creek and is prospective for sediment-hosted copper and IOCG style deposits.

Access to the project is via the sealed Tablelands Highway that traverses the western side of Jessica. Jessica captures compelling structural targets along the Brunette Downs Rift Corridor identified by Geoscience Australia in the Exploring for the Future program. Jessica was targeted along the northern flanks of the East Tennant gravity ridge and the intersection with a major NNW structural corridor (Figure 3).

Jessica has potential for both basement IOCG style mineralisation and sediment- hosted copper deposits. Systematic assessment of drill chips from water bores at Jessica has been conducted by Encounter and a previous explorer utilising handheld XRF machines. Areas of copper anomalism were selected for chemical analysis and for the sample interval 0-3m in RN28419 (Figure 3, No.

39 water bore) which returned 1.5% copper (refer ASX announcement 19 August 2020). In partnership with South32, reprocessing of Geoscience Australia seismic data that extends through Jessica (Figure 3) has been completed by HiSeis, in order to provide greater detail of the geology and structure in the upper 1,000m. A 2km spaced gravity survey was also completed at the project in 2022 by the NT Geological Survey.

In addition, 1km spaced gravity infill data was collected to cover a series of high priority magnetic targets. A significant and discrete gravity feature was identified coincident with a prominent magnetic feature on the margin of a large interpreted intrusive body (Figures 1 & 2). This target has been named the Zeta IOCG target ("Zeta").

In addition, seismic reprocessing has highlighted a discrete seismic reflector at depth immediately underlying Zeta. Seismic reprocessing has also highlighted a zone of washed out seismic character at depth beneath Zeta, interpreted to represent a potential deep rooted alteration zone associated with a crustal scale structure (Figure 4). This confluence of geophysical anomalism (gravity, magnetics and seismic) together with the structural context, located on a fundamental NNW structure, makes Zeta a priority target.