Zinc of Ireland NL : Large Soil Anomaly Confirmed at Earaheedy Basin Project

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26 April 2022

ZMI Confirms Base Metal Anomalism at 100% owned

Project in the Earaheedy Basin, Western Australia

HIGHLIGHTS:

• • ZMI has received assay results from soil samples taken in November 2021 at its 100% owned base metal project, located in the Earaheedy Basin along strike from Rumble Resource's (ASX:RTR) Earaheedy Basin Project.

• • The sampling programme confirms anomalism around a previously generated 181ppm Zn soil sample. The main anomaly has a footprint of approximately 5km by 1km at > 20ppm Zn and is currently open.

• • The anomaly has shown coherent levels of Zn-Pb-Cu and is located directly adjacent to the unconformity contact, potentially indicating a fresh rock source.

• • ELA 38/3624 (~200km2) contains approximately 23km of the prospective unconformity between the Frere Iron Formation and the underlying Yelma Formation which is the same geological setting as the RTR Earaheedy Project.

• • Initial structural interpretations and reprocessing of geophysical data have verified the presence of similarly orientated structures to those interpreted by RTR as potential transfer faults that may act to tap deep seated mineralising fluids. The latest sample results appear to indicate anomalism immediately adjacent to a northwest-orientated structure.

• • ZMI intend to mobilise ASAP to complete follow-up mapping and pXRF sampling, with the intention of quickly generating further drill targets.

• • Drill hole planning and approvals are currently being fast-tracked for the current anomaly.

Zinc of Ireland NL (ASX : "ZMI" or the "Company") are pleased to report the results of recently received soil sample assays from the Earaheedy project (Figure 1).

The reconnaissance programme was designed to collect soil samples within an area based on current known geology and structural targets, and existing geochemical data previously collected by the Western Australian Geological Survey, which showed a high-grade soil sample of 181ppm Zn adjacent to the prospective unconformity.

The soil program, as designed, originally comprised 947 sample sites on a 1,000m x 100m grid, to identify the unconformity running northwest through the project and to test, using portable XRF's (pXRF), for anomalous elements.

Figure 1. ZMI Earaheedy EL with respect to the Earaheedy Basin and RTR's Zn-Pb discoveries.

This unconformity represents a key target for sedex style Zn-Pb-Ag-Mn mineralization. Approximately 23km of the unconformity is thought to be contained within the EL which lies to the southwest and along strike from Rumble Resources Chinook project where that company has previously reported "multiple large-scale Tier 1 potential (large tonnage) flat lying Zinc-Lead-Silver Sedex Style deposits that are amenable to open cut mining and underground mining"

source:https://rumbleresources.com.au/projects/earaheedy-project.

ZMI has identified a series of NNW-trending structures within reprocessed magnetic data (Figure 2) which the Company considers may be analogous to RTR's publicly reported interpretation of similarly orientated 'feeder' structures at Chinook.

Figure 2. ZMI's EL 38/3624. NNW oriented structures identified in reprocessed TMI data.

The programme methodology was to conduct portable XRF readings and collect soil samples at each pre-designated location. The reconnaissance field team were, however, only unable to achieve sample coverage over approximately 40% of the area targeted. This was due to rainfall affecting road and track access.

Samples were analysed at the alpha horizon approximately 20cm below the surface to maintain data consistency. The main issue with pXRF analyses is the spot grade from small surface testing that can have large variations within small data populations. The purpose of the initial programme was to identify outliers and continuities for various key 'pathfinder' elements to determine if anomalous sample populations exist. Results from the pXRF test work are listed fully in Appendix A and the Aqua Regia ICP (AR-ICP) results in Appendix B.

A suite of 300g to 500g -2mm soil material was collected at each site and a subset was sent for AR-ICP analysis based on selected original pXRF results.

The pXRF sampling programme successfully delineated a 5km by 1km Zn-in-soil anomaly above approximately 20ppm (Figure 3), which is confirmed at slightly higher tenor in its central core area via the Aqua Regia ICP orientation samples (Figures 4 and 5). The central portion of the anomaly has a footprint of approximately 1.0km by 1.5km.

Figure 3. Zn in Soil pXRF results. Notably pXRF Zn anomalism is coincident with the orientation suite of AR-ICP soils peak Zn highs.

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