Caeneus Minerals Ltd. announced receipt of partial assay results from its Phase 1 reverse circulation (RC) drill program over the historical Highway Ni-Co-Cu-Pd deposit in the highly prospective Goldsworthy Greenstone Belt, in the Pilbara region of Western Australia. The project area is located approximately 120 kilometres east of Port Hedland. The new RC drilling program which was completed in early April this year, focussed on further defining the economic footprint of the Highway deposit which was discovered by CRA Exploration Pty.

Ltd. in the early 1990's. In particular, the Company's April 2022 drilling program heralds the commencement of more drilling campaigns this year focussing on resource potential together with strike and depth mineralisation extensions to the Highway deposit. To date, the Company has now received approximately 45% of the total analytical results from 1 metre samples submitted to ALS laboratories in Perth. Out of the total 14 holes drilled several have already returned significant mineralisation including anomalous palladium which had not been consistently assayed by earlier explorers.

The Company's best assay result to date was encountered in CPRC003 which intersected an interpreted sheared NE trending ultramafic schist/banded iron formation (BIF) contact. This drill hole was mineralised from surface collaring into an obscured nickeliferous gossan before encountering semi-massive-disseminated pyrrhotite-chalcopyrite-pentlandite at depth. Hole CPRC010 intersected thick disseminated pyrrhotite-chalcopyrite mineralisation at depth and similar to CPRC003 is hosted by an ultramafic schist in contact with a BIF.

This footwall BIF outcrops at surface in the field to the south-east of the mineralisation. The sheared BIF most probably indicates a relaxed thrust fault which has sourced mineralised fluids from deeper within the mantle. In addition to the Company's new RC drilling, a thorough review of all historical drilling has led to the identification of two new regional targets situated along strike from the main ore body.

The thick higher grade Co mineralisation in RC07HW025 is a high priority target (T1) located 350 m SW of the Highway Deposit. T1 also provides an opportunity to conduct extensional drilling that may add significantly more Co to the historical resource. The Company's recently submitted PoW covers drilling of both regional targets.

Historical significant intercepts include: RC07HW001: 33m @ 0.43% Ni from 62-95 m; 30m @ 0.61% Ni from 113-143 m; Including 1m @ 1.18% Ni from 126-127 m; Hole ended in mineralisation. RC07HW004: 30m @ 0.56% Ni from 123-153 m; Including 1m @ 1.10% Ni from 125-126 m; 1m @ 1.01% Ni from 136-137 m; 1m @ 1.13% Ni from 147-148 m; 11m @ 0.12g/t Pd from 29-40 m. RC07HW010: 80m @ 0.44% Ni from 26-106 m; Including 19m @ 0.76% Ni from 71-90 m; 47m @ 0.16g/t Pd from 25-72 m; 1m @ 1.15% Cu from 77-78 m. The Company's new assay results add confirmation to historical drilling completed between 1991 and 2008 by CRA Exploration and the Segue/Mithril Resources JV and support the historical inferred JORC 2004 resource estimate which was updated by Snowden in 2010. These recent assays also significantly de-risk the project by providing an evaluation of historical work that was completed on the deposit and increase the company's geological understanding of the shallow and large mineralised system.

Upon receipt of the remainder of assays, a representative number of RC bulk samples will be sent for metallurgical, mineralogical, and petrological evaluations. Further drilling will be carried out later this year and will focus on defining a higher-grade core and increasing the strike length of the ore body providing the basis for a maiden JORC 2012 Mineral Resource estimate.