Oakajee Corporation Limited

ACN 123 084 453

Registered Office

39 Clifton Street

NEDLANDS WA 6009

Telephone: +61 8 9389 6032

Facsimile: +61 8 9389 8226

31th January 2022

Company Announcements Office

ASX Limited

QUARTERLY ACTIVITIES REPORT

FOR THE PERIOD ENDED 31st DECEMBER 2021

During the quarter, Oakajee Corporation Ltd ("Oakajee", "OKJ" or "the Company") continued with the regional exploration of its Paynes Find Gold project in Western Australia and exploration planning at its Birrindudu Nickel project in the Northern Territory.

Figure 1 - Project location.

Birrindudu Nickel Project - Northern Territory

OKJ is considering a range of exploration options to test the magmatic nickel copper targets in the 2022 season. This will include ground electromagnetic surveys over the targets prior to drill testing. The company was unable to secure suitable contractors in 2020 and 2021 due to travel restrictions with respect to the pandemic. OKJ is currently working towards completing one or both programs after the end of the northern wet season in 2022.

Figure 2 - Birrindudu Tenure with RAB/AC drilling with Nickel results, over magnetic image.

Paynes Find Gold Project - Western Australia

Additional soil sampling has extended the Paynes Find North gold and base metal target a further 500m north for a total length of 2.5km. Sampling was extended to the north for 600m at a 100m x 50m spacing and the rest of the anomaly was infilled to 200m x 50m spacing. The soil anomaly is strongly zoned with a distinctive Cu-Pb-Zn core over 900m x 200m with an outer Au only zone and a southern 1500m long Cu and Au zone (Figures 3-4).

Previous reported rock chip sampling of one small 30m long gossanous copper-stained quartz vein located at the southern end of the core Cu-Pb-Zn-Au soil anomaly returned assays of up to 0.6g/t Au, 440g/t Ag 1.2% Cu, 9.6% Pb, 0.36% Zn (Figure 5). One historic RC hole was drilled to test this quartz vein in 2017. This hole intersected 6m @ 18.4g/t Ag, 0.43% Pb, 0.19% Zn, 2m @ 0.4% Cu and 0.24g/t Au (ASX September 2020 Quarterly Activities Report, lodged on 30 October 2020). This hole was drilled on the south-eastern edge of the core Cu-Pb-Zn-Au soil anomaly with no further work completed. The remainder of the 900m x 200m Cu-Pb-Zn-Au core target zone has not been drill tested. This priority target is considered to have potential to discover a high-grade deposit analogous to the Penny Gold Mine currently being developed by Ramelius Resources Limited. Gold mineralization at the Penny Gold mine is hosted in a quartz sulphide lode and the gold has a strong correlation with base metal sulphides including galena, sphalerite and chalcopyrite.

The zoned soil target is compelling and the Company will consider completion of detailed mapping and geophysics to narrow the target for drill testing.

Figure 3 - Paynes Find North Cu-Pb-Zn-Au soil contours over tmIrtp 1vd aeromagnetic image.

Figure 4 - Paynes Find North Soil Geochemistry.

Figure 5 Paynes Find North Cu-Pb-Zn-Au soil anomaly with historic RC hole collar.

Paynes Find Lithium Potential Review.

As part of the soil sampling program over the Paynes Find North gold and base metal target the soil samples were also analysed for pegmatite suite elements. Several rock chip samples were also collected from outcropping pegmatites. Lithium and rubidium anomalies are evident in the soil sampling and no significant results were returned from the rock chip sampling (Figure 6). The sampling area is small and a larger program will be considered.

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Oakajee Corporation Limited published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2022 23:58:02 UTC.