Estrella Resources Limited provided an update on the continuing exploration activities at its 100% owned Carr Boyd nickel-copper sulphide project located 80 km northeast of the City of Kalgoorlie-Boulder with drill hole CBDD078A successfully locating the continuation of the T5 Deposit at depth below the Carr Boyd Nickel Mine area. CBDD078A was targeting the down-plunge continuation of the T5 Deposit 300 metres south of previous drilling, and south of a disrupting Proterozoic Dyke. The Company is delighted to report that the drill hole was successful in locating the continuation of the T5Deposit below previous drilling.

The hole intersected a 21.2-metre-long zone of disseminated to blebby nickel-copper sulphide mineralisation, including 1.8m of semi-massive and globular nickel-copper sulphides at the bottom of the interval on the basal contact. The lower sulphide contact occurs on an off-shoot from the Proterozoic Dyke, however the majority of primary mineralisation appears to remain intact and has not been remobilised. Drill holes CBDD067A and CBDD067B were wedge holes targeting a DHEM plate north of the Proterozoic Dyke generated from their parent hole, CBDD067.

The wedge holes intersected remobilized nickel-copper sulphide mineralisation. The large Proterozoic Dyke has infiltrated the basal contact in this area and disrupted mineralisation. Further drilling is warrume observed close to mineralisation around T5 and Broonhill Deposits was not as strong along the basal contact between thedeposits.

The Company believes that the Broonhill Mineralisation is a separate deposit from T5 as the geological environments vary quite distinctly between the two. The Broonhill Mineralisation occurs within a pyroxenite off-shoot between 20m to 40m below the footwall of the main Carr Boyd Igneous Complex. The off-shoot relates to the earliest of pyroxenite flows within the complex, the T5-Broonhill Pyroxenite, and controls on mineralisation appear different from those at T5, mainly due to the orientation of the basal contact in the Broonhill area.

The deposit appears to be fairly flat-lying and has been defined over a 200m by 180m arial extent so far. Itis open to the south, east and north. The Company will await the DHEM results and seismic modelling before continuing to drill, so as to make the best use of all the exploration information gathered to date.

The recent seismic survey has answered a number of fundamental questions relating to the orientation and timing of the pyroxenites within the Complex and the Company looks forward to unlocking further information that will assist in targeting additional mineralisation through advancing the current geological model. The Company identified Gossan Hill as a potential mirror-image to the T5-Broonhill basal contact and mapping confirmed the prospectivity of the area mid-2021. In early 2022 four RC holes were drilled into the Gossan Hill Contact, the first of which intersected 3m of disseminated sulphides on the basal contact.

Drilling was unable to be completed due to issues with the RC rig and the decision was taken to diamond drill the area at a later date. Up until now, the 3.6km long basal contact (Figure 6) had not received any historical drilling. The Company has collared the first diamond drill hole targeting the basal contact below CBP098 and will update the market with results as they come to hand.