Auroch Minerals : Exploration Update - Arden Zinc-Copper Project

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ASX ANNOUNCEMENT

24th March 2022

EXPLORATION UPDATE - ARDEN ZINC-COPPER PROJECT

Highlights

• Diamond drilling and down-hole radial Induced Polarisation (IP) surveys have been completed and modelled at the Ragless Range Zinc Target at the Arden Project in South Australia
• Two drill-holes completed into the target lithological units in the centre of a strong regional gravity anomaly, with assays pending
• Radial IP surveys identified shallow chargeability features south of drill-hole RRDD007, which intersected 12.8m @ 4.96% Zn from 53m including 3.65m @ 15.47% Zn from 62.15m1
• Further higher chargeability features identified directly west-southwest of RRDD011 that correlate with the Wirrapowie Limestone unit which is known to host zinc mineralisation
• Drilling being planned to test the IP anomalies and potential extensions to the high-grade zinc mineralisation in RRDD007, in addition to surface exploration for copper, lithium and rare earths on the greater Arden Project area

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to provide an update on its exploration activities at the Ragless Range Zinc Target at the Arden Zinc-Copper Project (Arden, Auroch Minerals 90%) in South Australia.

Diamond drilling and down-hole radial IP surveys have been completed and modelled at the Ragless Range Zinc Target. Two diamond holes (RRDD010, RRDD011 - Table 1) were drilled to test the large unconstrained gravity anomaly (Figures 1, 2) associated with anomalous geochemistry from previous drilling and surface sampling. An additional drill-hole (RRDD009) was abandoned at 60m depth due to difficult drilling conditions.

Both drill-holes completed intersected thick zones of the Wirrapowie Limestone unit, a known host unit for zinc mineralisation within the region. Initial logging and sampling have been completed and the assays are pending. Infill sampling of further zones of interest is underway.

Radial IP surveys using transmitter electrodes placed down drill-holes RRDD010 and RRDD011 successfully delineated shallow chargeability features (+6m/sec) in three locations. Two of the anomalies are in the eastern fold limb coincident with anomalous zinc in soil sampling and along strike from drill-hole RRDD007 (Figure 2) which intersected 12.8m @ 4.96% Zn from 53m, including 3.65m

• 15.47% Zn from 62.15m.1 These shallow chargeability features potentially represent similar zinc mineralisation to that intersected in RRDD007 and require follow-up drill testing.

The highest chargeability features (+9m/sec) were modelled largely off-hole to the west-southwest of RRDD011 (Figure 2) and correlate with the Wirrapowie Limestone unit (Figure 3). Infill logging and sampling of this limestone intersection is underway and additional samples will be submitted for assay. Based on further assessment this target may also require follow-up drill testing.

Auroch Managing Director Aidan Platel commented:

"We are very pleased with the results from the recent diamond drilling and IP surveys at the Ragless Range Zinc Target at our Arden Project in South Australia.

Both drill-holes completed intersected thick zones of the Wirrapowie Limestone unit that we know hosts zinc mineralisation elsewhere in the region.

1 Refer to ASX Announcement - INFILL SAMPLING EXTENDS MINERALISATION AT RAGLESS RANGE - ARDEN ZN PROJECT

https://www.investi.com.au/api/announcements/aou/408f546e-9fa.pdf

Auroch Minerals Ltd ABN 91 148 966 545FOLLOW US Suite 10, 38 Colin St, West Perth WA 6005 Phone: +61 8 6383 7817 Fax: +61 8 6245 9853

Email: admin@aurochminerals.com www.aurochminerals.com

For personal use only

ASX ANNOUNCEMENT

24th March 2022

The radial IP surveys completed on both holes then successfully identified further targets that will require drill-testing in the next phase of drilling. We know from our 2018 drill programme that we have high-grade zinc mineralisation at Ragless Range, and we are eager to test these priority targets for potential extensions to that mineralisation.

In parallel we will continue to systematically assess the polymetallic and critical mineral potential over the two large tenements comprising the Arden Project, which includes potential for lithium and rare earths in addition to zinc and copper."

Technical Discussion

The diamond drill programme was designed to test a large unconstrained gravity anomaly (Figures 1, 2) associated with anomalous zinc geochemistry observed in previous drilling and surface sampling.

The first drill-hole (RRDD009) was abandoned at 60m depth due to difficult drilling conditions. RRDD010 was then collared next to RRDD009 and drilled to 266.5m. RRDD010 drilled through the Wirrapowie Limestone unit, a known host unit for zinc mineralisation within the region. Due to poor ground conditions the hole had to end in the Wirrapowie Limestone before intersecting the prospective lower contact. The results from RRDD010 did not appear to explain the source of the gravity anomaly.

Drill-hole RRDD011 was drilled in the centre of the gravity anomaly and ended at 520.0m (Figure 3). RRDD011 drilled through the Wirrapowie Limestone unit and intersected the lower contact with the Woodendina Dolomite with interbedded limestone from 377.2m. The hole intersected a clay-rich zone from 445.7 - 457.0m with elevated manganese and zinc levels observed. The hole then intersected further dolomite from 457.0 - 478.7m, and then more ferruginous clay to 488.2m, before intersecting the underlying Parachilna Sandstone unit until the end of hole (520.0m).

Radial IP surveys were completed using transmitter electrodes placed in drill-holes RRDD010 and RRDD011, with a total of 12.6km of line data collected. Moderate chargeability features (+6m/sec) were identified in three locations, including two in the eastern fold limb associated with anomalous zinc in soil sampling and along strike from RRDD007 (Figure 2) that intersected 12.8m @ 4.96% Zn from 53m including 3.65m @ 15.47% Zn from 62.15m2. These shallow chargeability features potentially represent similar zinc mineralisation to that in RRDD007 and require follow-updrill testing.

The highest chargeability features (+9m/sec) were modelled largely off-hole to the west-southwest of RRDD011 (Figure 2), equivalent to approximately 150-330mdown-hole (Figure 3). This correlates with the Wirrapowie Limestone unit known to host zinc mineralisation. The section of the drill core from 150-330m in RRDD011 is being reviewed again in detail and additional samples will be submitted for assay. Based on further assessment this target may also require follow-updrill testing.

In conjunction with assaying, density measurements are being taken on the samples submitted to the lab to further constrain the gravity modelling. Based on observations from the recent diamond drill programme, the gravity high in the centre of the syncline (Figure 1, 2) may have been caused by a thickened sequence of the moderate-high density limestone and dolomite, rather than broad zinc mineralisation. The next phase of exploration will be to drill test the radial IP anomalies and to test for extensions to the shallow high-gradezinc mineralisation in RRDD007. The Company will also assess polymetallic and critical mineral potential over the two large tenements comprising the Arden Project which will include lithium and rare earths in addition to zinc and copper.

2 Refer to ASX Announcement - INFILL SAMPLING EXTENDS MINERALISATION AT RAGLESS RANGE - ARDEN ZN PROJECT

https://www.investi.com.au/api/announcements/aou/408f546e-9fa.pdf

Auroch Minerals Ltd ABN 91 148 966 545FOLLOW US Suite 10, 38 Colin St, West Perth WA 6005 Phone: +61 8 6383 7817 Fax: +61 8 6245 9853

Email: admin@aurochminerals.com www.aurochminerals.com

ASX ANNOUNCEMENT

24th March 2022

For personal use only

Figure 1 - Residual Bouguer gravity anomaly at the Ragless Range prospect extending over 2km in the Ragless

Range syncline. RRDD010 and RRDD011 have been drilled with assays pending.

ASX ANNOUNCEMENT

24th March 2022