Pursuit Minerals Limited reported that an initial technical review of REE geochemistry in auger and drill samples at Calingiri East and Bindi Bindi has highlighted the potential for REE mineralisation. Ionic Clay REE's - A review of available aqua regia assay data from auger drilling1 at Calingiri East highlights widespread Ce, La and Y anomalism2 in regolith across the Calingiri East tenement (Figure 2). Values to 362 ppm Ce and 240ppm La were reported, both results greater than 6x average crustal abundance.

Two new >2km large coincident Ce-La anomalies, Ablett East and Phil's Northwest can be seen in Figure 2. Both these prospects have no drill testing, and significant AC results discussed below have not targeted areas of REE anomalism. Only Ce, La and Y were reported in the initial assay results so re-assay work using a broader REE suite has been requested. A table of significant results can be found in Appendix 1 and table of REE average crustal abundance (eg Ce ~60ppm) can be found in Appendix 2, highlighting the highly anomalous and extensive nature of these auger results.

REE's in Drilling - Highly anomalous REE's are noted from past drilling3 with Phil's Hill West hole 22WAC003 (Figure 3) returning Ce+La+Y of 1,549ppm (16-24m, Table 1) from aqua regia assays with a limited REE suite. The aqua regia digest also tends to understate contained REE's as it is only a partial rock digest whereby some material is not liberated for reading by the assay instrument. Phil's Hill diamond samples returned >500ppm Ce from 24-25m and 165-166.5m downhole.

Additional work is needed to understand these results which will feed into drill programs at Phil's Hill in the first half of 2023. The anomalism appears to be spatially related to granite contacts with greenstone or ultramafic units and highlights enrichment in regolith clays as well as bedrock hydrothermal mineralisation. It is clear that additional auger drilling is required both east and west of current coverage to clarify the distribution further.

The additional drilling is likely to be undertaken following AC drilling in the first half of 2023. The REE review of Bindi Bindi auger assay results identified a number of >1km coherent and coincident Ce and La anomalies (Figure 5) with peak Ce value of 440ppm. The REE anomalism is also coincident with Cu/Fe and Ni/Cr ratio anomalism previously reported in the centre of the sample grid, which appears to be mapping the edges of ultramafic contacts with host sediments.

Planned drill testing of the anomalous Ni-Cu target in the first half of 2023 will also test the REE trends and additional auger sampling is planned to the east and north of current drill coverage. The group of metals referred to as rare earth elements (REE) comprises the 15 elements of the lanthanide series. Metals in the lanthanide series are: lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu).

In addition, yttrium (Y) and scandium (Sc) are often grouped with the lanthanides and referred to as REE. Neodymium-Praseodymium (NdPr) oxide is the key input to rare-earth magnets used in the motors and generators of electric and hybrid vehicles, wind turbines, and a variety of other clean energy applications. These rare-earth magnets are 10 times the strength for the same weight as conventional magnets, and there is currently no known substitute for these REE's.