Woomera Mining : Exploration Update

1st April 2022

ASX ANNOUNCEMENT

Exploration Programs set to Commence

Highlights

• • Significant exploration planned for the next six months, with programs commencing across multiple projects and target commodities

• • ~2,000m Reverse Circulation (RC) drilling program to commence at Mt Venn mid-April to follow up Ni-Cu-PGE mineralisation discovered last year

• • Ground EM to be completed at the Wyloo Dome JV in the Ashburton prior to RC drilling to test gold targets

• • Geochemical sampling over Pilbara and Ravensthorpe lithium projects to be commenced in the June quarter

• • Aircore (AC) drilling at the Lake Dundas lithium project expected to commence in the September quarter once heritage surveys are completed

Planned Exploration Programs

Woomera Mining Limited (ASX: WML) (Woomera or the Company) is pleased to provide an update on planned exploration programs across its suite of nickel-copper-PGE, lithium and gold projects.

The next six months will be one of the most active periods since listing for Woomera, with concurrent drilling, geochemical sampling and ground geophysics programs taking place to maximise the chances of exploration success.

A summary of key activities across each project follows:

Mt Venn Ni-Cu-PGE Project

Planned Drilling

Woomera's Mt Venn Project covers 50km of continuous strike within the underexplored Mt Venn Greenstone Belt located in the NE Goldfields of WA, 40km west of the world-class Gruyere Gold Project. During 2021, the Company completed 7,831m RC and 1,455m AC drilling on the Mt Venn

1

tenements. In February the Company completed a 1,193 auger drill hole sampling programme over the Wartu Granite, Jutson Dome and Mt Cumming South prospects.

Significant nickel and copper sulphide mineralisation was intersected in two RC holes at the Mt Cornell prospect (Figure 1), including 11m at 0.34% Ni and 0.42% Cu from 41-52m in MVRC064 and 5m at 0.31% Ni and 0.65% Cu from 94-99m in MVRC065 (see ASX Release dated 10 December 2021).

Figure 1: Section showing proposed drilling at Mt Cornell

The proposed 2,000m infill drilling program is scheduled to commence in mid April 2022 and is designed to test for thick, high grade extensions of the previously reported disseminated and massive Ni-Cu sulphide mineralisation including a potentially 500m-long mineralised strike between the three holes.

Target Definition Programs

The Mt Cornell prospect is interpreted to be hosted by a +5km long, Ni-Cu-PGE prospective, mafic/ultramafic intrusion and further ground-based EM surveys are planned for July 2022 to define additional targets for drilling later this year.

Woomera has also defined two high priority EM targets immediately east of the Mt Cornell prospect and these will be tested once the underlying tenement application has been granted.

Assays are pending for the auger samples collected across the Mt Cumming South, Jutson Dome and Wartu Granite areas located 5km, 15km and 30km respectively south of Mt Cornell which are alsoconsidered prospective for gold mineralisation. Data from this program will be used to define futher drill targets.

Lithium Projects

Pilbara Lithium

Following a reconnaissance field trip completed over the Pilgangoora North tenement in March 2022, prospective areas have been identified for follow-up geochemical sampling due to be completed in the June quarter.

Ravensthorpe Lithium

A reconnaissance field visit was conducted over the Ravensthorpe tenement during March 2022 with a number of rock chip and soil samples collected. A more comprehensive soil sampling program will now be completed to generate drill targets.

It is expected this soil sampling program will be completed during the September quarter 2022.

Lake Dundas Lithium

An Aircore drilling program is planned at the Lake Dundas lithium project in mid-2022 where an auger soil lithium anomaly (up to 43 ppm Li) has been defined within Woomera's EL63/1804.

This lithium anomaly was identified from a comprehensive soil auger sampling program conducted by AngloGold Ashanti Australia in 2000 (1).

Woomera proposes to conduct an aircore program mid-year over this anomaly (subject to heritage clearances being granted) to not only form a better view on the current anomaly but also assess the prospectivity for hard-rock lithium mineralisation under the lake sediments.

Wyloo Dome Joint Venture (Gold)

Woomera recently entered into an Exploration Farm-in and Joint Venture Agreement (FIJVA) with privately owned Nanjilgardy Resources over the Wyloo Dome Project, located between the +1Moz Paulsens and Mt Olympus gold deposits in the Ashburton region of WA.

The Project covers over 40km strike of the highly prospective Mt McGraths Formation, which is the favoured host rock for gold mineralisation at the Mt Olympus deposit, and Woomera can earn a 60% interest in the project by funding up to $4 million in exploration within three years.

Immediate drill targets include the New Morning and Golden Marra Mamba prospects (Figure 2), where historical exploration has returned high grade rock chips up to 11.7 g/t Au (see ASX Release dated 11 March 2022).

Figure 2: Plan of Wyloo Dome JV targets

A previously flown regional airborne EM survey indicates the prospects are coincident with conductive bedrock zones and Woomera plans to complete ground EM in May/June 2022 to confirm the targets with drilling expected to commence soon afterwards.

Labyrinth Project - South Australia (Gold)

Woomera has also completed 544, 300m spaced auger soil sampling over the Labyrinth EL in South Australia. An infill program is planned to follow-up gold and copper anomalies generated by this auger sampling program. The Labyrinth project is located 200km west of Coda Minerals Elizabeth Creek IOCG discovery.

Summary

Woomera is strong position to build on 2021's drilling success with a comprehensive program of works over priority Ni/Cu/PGE, gold and lithium projects.

Figure 3: Gantt chart showing proposed work programs

Woomera Chair, Ian Gordon, said, "Our flagship Mt Venn project has every chance of delivering a major new discovery and we look forward to getting on the ground in April in what will be a period of very exciting drilling activity for Woomera".

This ASX announcement has been approved and authorised for release by the Board of Woomera Mining Ltd.

For further information please contact:

(1)Eddison F.J., (2012): Viking Project Combined Annual Report to the Department of Mines and Petroleum for the period 1/10/2011 to 30/9/2012. Open File WAMEX Report A096136 includes auger soil trace element determination over a full suite of elements using 25gm aqua regia with ICP-MS finish including Lithium (LLD 0.1ppm Li)

About Woomera Mining Limited

Woomera Mining Limited is a focussed mineral explorer. The Company is exploring for battery metals (lithium nickel, copper + PGE's) and gold in the Yilgarn and Pilbara Cratons of Western Australia plus the Musgrave Province in South Australia along with copper-gold mineralisation in the Gawler Craton of South Australia.

This is an excerpt of the original content. To continue reading it, access the original document here.