Estrella Resources Limited announced the maiden T5 JORC 2012-compliant Mineral Resource Estimate (MRE) which underpins an Exploration Target of 5-7 million tonnes for the basal contact at the 100%-owned Carr Boyd Nickel Project located 80km northeast of Kalgoorlie. This initial Inferred T5 MRE is based upon 43 diamond holes and 3 reverse circulation holes drilled by Estrella Resources at T5, covering a strike length of 500 metres and running from near surface to 720m depth. The MRE is entirely north of the Proterozoic Dyke which Estrella has interpreted to split the T5 mineralization .

In addition to the nickel and copper, the T5 MRE contains over 12,000 ounces of platinum and palladium and almost 55,000 ounces of silver which are associated with the sulphide mineralization. The nickel-copper-PGE sulphide resource is free of Arsenic and is low in MgO. The T5 Mineral Resource Estimate, with an additional 34 regional diamond holes and 56 reverse circulation holes, has been used to estimate an Exploration Target for the 16km of the prospective Carr Boyd Basal Contact of between 5Mt and 7Mt at a nickel grade between 0.7% and 1.5%.

Additional work on the existing Carr Boyd remnant resource will also be carried out. The resource is currently not JORC 2012 compliant and so cannot be quoted here. Estrella has intersected remnant massive nickel-copper sulphides below the historical workings.

The results of CBDD064 were released to the market 8th March 2022 with the drillhole intersecting 16.2m @ 3.12% Ni and 0.60% Cu from 192.35m and a further 12.97m @ 1.07% Ni and 0.25% Cu from 256.0m downhole. The Exploration Target is based on the results of exploration activities undertaken to date and references an extensive dataset of historical drilling, geological and geophysical information, which includes recent exploration data obtained by Estrella. The T5 Mineral Resource Estimate forms the basis for grade ranges and tonnage factors for the Exploration Target.

Estrella plans to continue to systematically test the approximately 16km of basal contact strike within the Project's tenure, as well as testing for possible sulphide occurrences off the basal contact, such as thoseforming at the Carr Boyd Nickel Mine. T5 Extensions; CBDD078A was collared across the Proterozoic Dyke to assess its true thickness (approximately 120m) and into the basal contact at depth below the Carr Boyd Nickel Mine . The drillhole intersected a mixed suite of T5 Pyroxenite along with cross-cutting sills from the Proterozoic Dyke.

A number of zones of disseminated sulphides in pyroxenite and remobilised sulphides within the Proterozoic Dyke were logged, including a zone of 1.8m downhole length of semi-massive sulphides. Interpretation of the drill core reveals that the area is similar to that intersected north of the dyke and just south of the T5 resource. These areas have been modified by the intrusion of the Proterozoic Dyke along the Carr Boyd basal contact, and sulphides have been partially assimilated by the dyke or remobilised along the contact.

Infill drilling in these areas is required and will be undertaken at a later date once the regional drill programs conclude. Broonhill Exploration Update; Results have been received for CBDD076 which intersected nickel-copper mineralisation at Broonhill . Assays from the drillhole averaged 6.23m (True Width) @ 0.6% Ni & 0.7% Cu including 1.2m @ 1.2% Cu and another 0.6m @ 1.81% Cu.

Additional mineralisation above and below the higher-grade core was noted in the assays. The Broonhill mineralisation is associated with a thick sub-intrusion just below the main Carr Boyd Complex. This area is interpreted as where the initial stage of the Carr Boyd Complex was intruding the Morelands Formation by splitting it apart with numerous dyke-like fingers which thickened over time and assimilated sulphidic material from the country rock.

Figure 3 depicts the drill area in cross-section. It is envisaged that drilling will continue to define mineralisation in a similar plunge direction to that of T5 (back to the southeast) and the drill rig has been mobilised back to Broonhill to perform additional testing. The drilling will be specifically targeted to gauge the size of this emerging deposit and to identify the geometrical relationship between the Broonhill off-shoot dyke and the greater Carr Boyd Complex.