ASX / MEDIA RELEASE

15 February 2022

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High Grade Copper Intersected at Grasmere

HIGHLIGHTS

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Odin Metals Limited (ODM) is pleased to announce the return of assay results at Grasmere, within

use

its flagship Koonenberry Copper Project in the far West of NSW. Grasmere has a historic resource

estimate (JORC 2004, 5.75 Mt @ 1.03% Cu) for which the Company is evaluating its significant

potential for growth.

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12 RC holes have been completed at Grasmere, returning high grade copper results

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Significant Cu results from Grasmere, include2,3:

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o

12m @ 1.16% Cu from 80m - Hole (GS0003)

▪ Incl. 8m @ 1.62% Cu from 83m

o

8m @ 1.46% Cu from 92m - Hole (GS0008)

▪ Incl. 5m @ 2.72% Cu from 94m

o

3m @ 1.70% Cu from 86m - Hole (GS0006)

o

2m @ 4.6% Cu from 192m Hole (GS0012) - EOH finished in Cu mineralisation

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Grasmere is located within a structurally controlled VMS trend that extends for >22km(Figure

1), within which the historic resource estimate4 exists in a series of individual lodes that total ~3.3km

in strike (Figure 2), which are separated by gaps in the existing drilling. Hole GS0006 successfully

tested one of these gaps. Holes GS0003 and GS0008 successfully confirmed grades and widths

within the mineralisation

For

Of the 12 holes, 3 were RC pre-collars for planned diamond tails. Hole GS0012 is one of these,

designed to target higher-grade mineralisation at depth, and while intersecting it earlier than

expected and the hole stopping in mineralisation, it confirms higher-grade massive sulphides exist.

Diamond drilling from the pre-collar of hole GS0012 is now a priority

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RC drilling has already recommenced at Grasmere.A muti-phasedrilling programme is designed

to scope out further mineralisation within the current envelope (3.3km) of the historic resource

estimate4, testing along strike, down dip, at depth, and infilling the gaps in the existing resource

drilling

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Subject to permitting approvals, Odin is planning to immediately follow up the successful RC drilling

results at Cymbric Vale. This drilling will also include the untested EM anomaly to the southeast of

the recent Cymbric Vale results as a priority. ODM also plans to model the recent HeliTEM data to assess the shallow magnetite alteration system intersected at Big Mother and its potential to host an

Iron Oxide Copper-Gold (IOCG) deposit

1

Odin Metals Limited

ABN: 32 141 804 104

35 Richardson Street, West Perth WA 6005

Drilling

Odin completed 12 RC holes (GS0001-12) for 1,838m at Grasmere with a number of these holes being

completed as pre-collars for planned diamond drill tails at its flagship Koonenberry Project in December only2021.

Grasmere is located within a structurally controlled VMS trend that extends for >22km (Figure 1). Historic RC/DD drilling has been carried out in only ~5km of this trend, within which the historic resource estimate4 exists in a series of individual lodes that total to ~3,3km in strike (Figure 2).

Mineralisation has been previously described as "a well-defined zone which ranges in thickness from 2 to 15 metres, averaging ~5m in width". The existing lodes in the historic resource are for the most part simply separated by gaps of up to 270m in the existing drilling. Hole GS0006 successfully tested one of these

usegaps, giving confidence to the assumption that mineralisation is continuous through these gaps.

The drill sections within the historic resource estimate4 are on spacings varying from 50m to 150m apart, with most sections having only 2 or 3 holes. Holes GS0003 and GS0008 successfully confirmed grades and widths within the mineralisation. Initial drilling supports expectations, while the variably spaced sections and sparse drilling on the sections leaves significant scope for growth of the resource.

Current and future drilling at Grasmere will target:

  • Potential expansion of the current resource both along strike, down dip and infill,
  • Test the potential for higher-grade mineralisation to lift the underlying grade of the resource, and to
  • Provide confidence in previous drilling at the Grasmere deposit and the reported JORC (2004) resource of 5.75 million tonnes grading 1.03% copper, 0.35% zinc, 2.3 grams per tonne silver and 0.05g/t gold.

Drilling completed by ODM intersected significant mineralisation in the majority of holes, intersecting visual copper sulphide and oxide mineralisation. Drilling returned significant mineralisation, including:

personal

▪

8m @ 1.62%

Cu, 0.12g/t Au, 3.64g/t Ag

from 83m - Hole GS0003

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5m @ 2.72%

Cu, 0.07g/t Au, 3.94g/t Ag

from 96m - Hole GS0008

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2m @

3.46%

Cu, 0.24g/t Au, 8.40g/t Ag

from 192m (EOH) - GS0012

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3m @

1.70%

Cu, 0.05g/t Au, 5.13g/t Ag

from 86m - Hole GS0006

ForODM recommenced the planned RC drilling programme at Grasmere on Monday 14 February 2022, continuing to focus on expanding and confirming the current resource and testing HeliTEM anomalies along strike that were recently identified in a large scale HeliTEM survey undertaken in 2021 that identified potential sulphide mineralisation throughout the northern tenure controlled by Odin.

The company plans to complete at least a further 5,000m of RC drilling prior to May as well as diamond core drilling initially targeting Grasmere, followed by Cymbric Vale and Wertago.

About the Koonenberry Project

The Koonenberry Project is an emerging, district scale, Copper and Base Metals exploration package covering 2600km2 of land holding, ~150km strike of the significantly under-explored Koonenberry Belt, located 80km east of Broken Hill, New South Wales. The Company considers the Koonenberry Belt to be highly prospective for a number of styles of mineralisation including VMS hosted Cu-Zn-Au-Ag deposits

2

Odin Metals Limited

ABN: 32 141 804 104

35 Richardson Street, West Perth WA 6005

(which is substantiated by the presence of the Grasmere deposit), magmatic Ni-Cu-PGE, epithermal Ag- Pb-Cu and orogenic Au.

For personal use only

Figure 1: HeliTEM EM targets at the Koonenberry Cu Project (Airborne Magnetics Background, NE Shaded TMI Image)

3

Odin Metals Limited

ABN: 32 141 804 104

35 Richardson Street, West Perth WA 6005

For personal use only

Figures 2 - Recent Drilling Collar Locations

4

Odin Metals Limited

ABN: 32 141 804 104

35 Richardson Street, West Perth WA 6005

onlyuse

personalFigures 3 - Drill Sections from Grasmere located as a plane through recent drill holes GS0003 and GS0012 (Refer Figure 1 for location of holes GS0003 and GS0012)

For

5

Odin Metals Limited

ABN: 32 141 804 104

35 Richardson Street, West Perth WA 6005

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Odin Metals Limited published this content on 14 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2022 23:26:10 UTC.