WML:Nickel and Copper Massive Sulphides confirmed at Mt Venn

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10 December 2021

ASX ANNOUNCEMENT

NICKEL AND COPPER MASSIVE SULPHIDES CONFIRMED AT MT VENN

Highlights

• Massive sulphides intersected in multiple drill targets at the Mt Cumming Ni-Cu-PGE Sill Complex (Mt Venn Project) in WA with further assay results pending
• Target EM#6 returned intersections of 2m at 0.24% Ni from 46 - 48m in MVRC063 and 11m at
  0.42% Cu and 0.34% Ni from 41 - 52m in MVRC064, including: o 2m at 1.31% Cu from 42 - 44m and
  o 2m at 0.87% Ni from 47-49m
• Target EM#7 returned intersections of 5m at 0.65% Cu and 0.31% Ni from 94 - 99m in MVRC065, including:
  o 1m at 1.68% Cu from 97 - 98m and
  o 1m at 0.71% Ni and 0.51 g/t Pt + Pd from 94 - 95m
• The drill results highlight the potential of the previously untested basal ultramafic as a compelling target that extends over 15km strike

Woomera Mining Limited (ASX:WML) (Woomera or the Company) is pleased to announce that nickel and copper sulphide mineralisation has been intersected in reverse circulation (RC) drilling at its 80% owned Mt Venn JV Project (WML 80% and CAZ 20%) in Western Australia.

The highly encouraging sulphide intersections are returned from Mt Cornell, located within the larger Mt Cumming Mafic Sill Complex.

Holes MVRC063 (2m at 0.24% Ni) and MVRC064 (11m at 0.42% Cu & 0.24%Ni) targeted electromagnetic (EM) anomaly number 6 (EM#6). The two intersections define a blanket of partially oxidised sulphide mineralisation over 50m width which remains open in all directions. Drill hole MVRC065 (5m at 0.65% Cu & 0.31% Ni) targeted EM#7, located 500m northwest of EM#6 and intersected fresh massive sulphides at the base of the ultramafic sill. The fresh sulphide mineralisation with associated anomalous Pt + Pd assays remains open in all directions.

A summary of the semi-massive to massive sulphide intersections recorded in MVRC063, MVRC064 and MVRC065 is presented in Table 1. Assay results are awaited for the remainder of the drilling programme.

Importantly, these nickel and copper sulphide intersections are from the first reconnaissance drill holes into the base of the Mt Cornell Sill. Previous exploratory drill holes only targeted an upper gabbro-ultramafic contact without success. The new holes are considered highly encouraging, and justify further drill testing.

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To put the scale of the exploration target into perspective the partially oxidised intersections in drill holes MVRC063 and 064 (Figure 1 and 2) are interpreted as a supergene blanket over a larger mineralised system. The two conductive plates (EM#6 and EM#7) are interpreted to lie along strike of each other, where the host ultramafic will join in an apparent open fold less than 200m below surface (Figure 3). Importantly, this apparent fold lies within a much larger exploration target where the stratigraphy is (locally) dipping towards the southwest.

From a regional perspective, the mineralised ultramafic horizon represents the previously undiscovered basal contact of the east-west trending (synformal fold) Mt Cornell Sill. The basal contact may extend over 15km strike as depicted in Figure 4 and remains open with depth. The Ni-Cu-PGE mineralisation remains open in all directions.

The deeper fresh massive sulphide mineralisation intersected in MVRC065 supports this model which is consistent with the known geometry of the outcropping Mt Warren intrusive mafic sill, located west of Mt Cornell.

Next Steps

Heritage survey clearances will be sought to drill 40m east, west and 100m between the strike of the two mineralised conductors. These holes will confirm the geometry of the mineralised sill complex.

Downhole EM (DHTEM) surveys will also be deployed to assist with mapping the extent of the sulphide mineralisation and identify any conductors proximal to the drill holes.

EM#8 and 9 lie further east of EM#6 (Figures 1 & 4) and are priority drill targets that will be tested once EL38/3581 is granted.

The Company further intends to drill test EM#11-13 (Figure 4), that were abandoned because of poor access after heavy rainfall in November. These targets lie in a similar stratigraphic position to the Mt Cornell Sill intersections.

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Figure 1: Mt Cornell Prospect Airborne EM image, within the Mt Cumming Sill Complex at Mt Venn, highlighting the conductor targets and the completed RC drilling over EM#6 and EM#7. EM#8 and 9 remain untested

Figure 2: MVRC064 drilled into EM#6. Massive, partially oxidised, sulphides chips from 44-45m and 47-50m, within a broader interval of disseminated sulphides (up to 10%) over 11m from 41-52m. Magnetic pyrrhotite is visually dominant. Pyrite plus oxidised chalcopyrite and trace violarite (supergene Ni) are evident in the RC chips

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Figure 3: Cross section of MVRC063, MVRC064 and MVRC065, through the Mt Cornell Prospect's EM Plates #6 and #7

Figure 4: Regional magnetic image of the larger Mt Cumming Mafic Sill Complex showing the east-west orientation of the Mt Cornell Sill juxtaposed against the north-south trending Mt Warren Sill. The Mt Cornell exploration target represents 15km strike of the previously unrecognised basal contact to the Mt Cornell Sill

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About the Mt Venn RC Drilling Programme

Eight RC holes were completed for an advance of 2,105m over the Three Bears Gold Prospect in October this year. Results remain pending.

At the Mt Cumming Ni-Cu-PGE Prospect, seven RC holes were drilled for an advance of 1,360m during November. Five EM conductors associated with historical anomalous shallow auger soils (up to 54 ppb Pt+Pd combined) (1) and copper plus gold rocks chips up to 3.2% Cu and 8.4 g/t Au (2) were drilled along with one EM conductor along strike from AusGold's and Great Boulder's Winchester semi-massive sulphide intersection (21m at 0.63% Cu & 0.2% Ni). (3) Laboratory assay results are awaited for the bulk of the holes. Only semi massive to massive sulphide intersections are reported here.

Woomera's Managing Director Mr. Kevin Seymour commented:

"This is an exciting development for Woomera and it vindicates the Company's belief in the Mt Venn Project's potential to deliver meaningful massive sulphide intersections within the larger Mt Cumming Mafic Sill Complex. We look forward to receiving the remainder of the assay results and continued exploration success at Mt Cornell, with drilling scheduled to recommence once all statutory approvals are in place in the new year."

This ASX announcement has been approved and authorised for release by Woomera Mining's Board of Directors.

For further information please contact:

Kevin Seymour	Luke Forrestal (Media Relations)	Duncan Gordon (Investor Relations)
Managing Director	Director, Financial Communications	Executive Director
Woomera Mining Ltd	GRA Partners	Adelaide Equity Partners
+ 61 400 027 730	[phone]	+ 61 404 006 444

1. Helix Resources; 2000 - 2002: Jutson Rocks Annual Technical Reports for the years ending 2000 - 2002
   - WAMEX Open File Reports A064707 + A064708 + A066357
2. Elmina NL;1995 -1998: Annual Technical Reports for the years ending 1995-1998 - WAMEX Open File Reports A051251+ A058034
3. Ausgold Limited - ASX Release, Corporate RIU Presentation, dated February 2021

About Woomera Mining Limited

Woomera Mining Limited is a focussed precious metal and base metal explorer. The Company is exploring for precious metals and massive nickel-copper sulphides in Western Australia (Mt Venn JV Project) and nickel- copper sulphides (Musgrave Project) along with copper-gold mineralisation (Labyrinth Project - Gawler Craton) in South Australia.

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