Todd River Resources : RC Drilling commences at the Nerramyne Project

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ASX Announcement

12 July 2022

RC drilling commences at the Nerramyne Project

RC drilling will target known geochemical anomalies prior to Fixed Loop Electro-

magnetic surveying during August

Key Points:

• Reverse Circulation (RC) drilling has commenced at the Nerramyne Project targeting strong geochemical anomalies associated with mapped or interpreted mafic-ultramafic intrusions;
• Several bedrock conductors identified in a recently completed SkyTEM survey are also associated with the intrusions being tested;
• A Fixed Loop TEM (FLTEM) survey to establish the depth and orientation of five SkyTEM conductors is planned to commence mid August 2022.
• Infill soil geochemistry at Conductor A in the south of the project confirms strongly anomalous copper assay values (up to 0.2% Cu) coincident with mafic-ultramafic outcrop adjacent to an interpreted SkyTEM bedrock conductor;
• At the Mt Hardy Base Metal Project in the Northern Territory, several new areas of surface mineralisation have been identified north east of the Hendrix Resource;
• Land access discussions are ongoing with landholders at the Pingrup Ni-Cu-PGE Project in the south west Yilgarn.

Todd River Resources Limited (ASX: TRT) (Todd River or the Company) is pleased to announce that RC drilling has commenced at its 100% owned Nerramyne Project located approximately 130 kilometres north east of Geraldton in the Murchison region of Western Australia (Figure 1). The program of approximately 2,000m is designed to test a number of areas where prospective mafic-ultramafic intrusions and associated geochemical and geophysical anomalies.

In addition, the Company has recently recommenced work at the 100% owned Mt Hardy Base Metal Project in the Northern Territory with a broad surface sampling program undertaken within the "Hendrix-Gilly-Laver" area of the project.

Todd River Resources' Managing Director Will Dix said "we're excited to be drilling some compelling targets in what is the first drilling program to be undertaken at Nerramyne. The combination of the right rocks and some very encouraging geochemistry and geophysics ranks Conductors A and B as high priority targets. We

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Figure 1 - Todd River Resources Project Location Plan

Nerramyne Cu-PGE Project

Reverse Circulation (RC) drilling has commenced over previously unexplored mafic and ultramafic intrusions in the south and north of the project area (Figure 2). The program of around 2,000 metres is designed to test several areas where bedrock conductors were identified in the recent SkyTEM survey, and in the case of Conductor A, strongly anomalous surface geochemistry.

The drilling is subject to funding assistance from the state government of Western Australia through a successful application in Round 24 of the Exploration Incentive Scheme.

As previously reported, Conductor A sits in the south eastern area of the tenement. It is significant in that it is located within a large 3 kilometre x 1 kilometre intrusion and is associated with a more magnetic part of that intrusion. The intrusion is largely obscured by a thin laterite cover, although some pyroxenite is present as subcrop and outcrop in places. In addition, additional infill surface geochemical sampling has returned values of up to 0.2% copper within an overall anomalous zone spanning approximately 1 kilometre (Figures 3a and 3b).

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Conductor B in the north of the tenement remains a high priority drilling target and the area will also be drilled in the current drilling campaign. The drill holes are designed to provide geological context to the SkyTEM data and also for the follow up FLTEM survey. The drilling area is associated with a concealed mafic- ultramafic intrusion. (Figure 4).

Several additional conductors that are under cover and deemed to be lower priority at this stage will also form part of a select Fixed Loop TEM (FLTEM) survey that is due to be completed during August. It is expected that once all of the nominated conductors are accurately defined and constrained, further drilling will be undertaken early in the December 2022 quarter.

Further adding to the geological credentials of the prospectivity of the region containing the Nerramyne project, S2 Resources (ASX:S2R) has recently announced the discovery of disseminated nickel and copper sulphides in their initial drilling program at the Woodrarung Prospect within their West Murchison Project, which is adjacent to the northern boundary the Nerramyne Project (Figure 5).

Background

The Nerramyne Project covers an 8-10 kilometre wide, 45 kilometre long position along the margin of the Yilgarn Craton where it is juxtaposed against the Narryer terrane. The Yilgarn and Narryer rocks are mapped predominantly as gneisses, with mafic rocks (hornblendite) in the south. The craton-boundingnorth-south Darling Fault transects the project area. A portion of the project area is covered by wind-blown sands and alluvial sediments which potentially mask any surface expression of mineralisation and render simple soil geochemistry unreliable.

Limited previous exploration has concentrated entirely in the northern portion of the tenement, where a total of 5 soil sampling lines and 11 lag sampling lines were completed. More than half the soil samples collected were reported as being transported sand, suggesting that this shallow soil sampling completed was ineffective.

Regional regolith surface sampling by the Geological Survey of Western Australia (GSWA) on a 4 kilometre x 4 kilometre grid over the area has identified a broad low level copper-platinum-palladium anomaly that stretches over a 40 kilometre x 6 kilometre area (See ASX Announcement 13 July 2021). This style of regional sampling that has been widely utilised across the Nerramyne Project was also used extensively in the Fraser Range and identified an anomaly that led, in part, to the target generation and discovery of the Nova- Bollinger Ni-Cu orebodies by Sirius Resources in 2012.

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Figure 2 - Nerramyne Project Showing the Location of the main interpreted bedrock conductors from the

SkyTEM Survey, areas for follow up FLTEM and RC drill lines over Regional Magnetics

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Figure 3a - Conductor A showing the location of the interpreted conductor and surface Copper

geochemistry associated with the intrusion adjacent to the conductor