A-Cap Energy Limited provided an update the market on results from the recently completed reverse circulation (RC) at its Wilconi Ni-Co Project near Wiluna in Western Australia as the company advances a Pre-feasibility Study (PFS). The four-month drill campaign comprised 187 RC holes (8208m) and 30 diamond drill holes (1315m) (Figures 1 and 2). The programme was designed to close up the drill hole spacing to enable conversion of mineral resources from indicated to measured categories after a study was completed by Snowden-Optiro in April 2022.

The location of the recently completed drill holes in relation to earlier drilling is shown in Figures 3 and 4. Most holes were drilled at a 60° angle towards the west in order to detect any steep structures that focus deeper weathering, producing thicker mineralisation in the lateritic profile. A typical profile that shows the near surface, flat-lying zone of nickel mineralisation with intercepts of recent drilling is illustrated in Figure 5. Significant intercepts from the RC drilling are listed below with a full set of results included in the Appendices of this announcement. Assay results for the recently completed diamond drilling are still pending.

Further Significant results from the reverse circulation drilling include: WCN22RC425: 28 metres of 1.23% nickel and 0.07% cobalt from 14 metres. WCN22RC435: 27 metres of 1.04% nickel and 0.06% cobalt from 14 metres. WCN22RC382: 21 metres of 1.20% nickel and 0.08% cobalt from 21 metres.

WCN22RC274: 19 metres of 1.18% nickel and 0.10% cobalt from 33 metres. WCN22RC305: 17 metres of 1.23% nickel and 0.07% cobalt from 34 metres. WCN22RC276: 20 metres of 1.04% nickel and 0.09% cobalt from 34 metres.

WCN22RC405: 17 metres of 1.22% nickel and 0.22% cobalt from 9 metres. WCN22RC426: 18 metres of 1.14% nickel and 0.10% cobalt from 7 metres. WCN22RC321: 14 metres of 1.46% nickel and 0.06% cobalt from 25 metres.

WCN22RC343: 18 metres of 1.13% nickel and 0.17% cobalt from 34 metres. WCN22RC302: 12 metres of 1.51% nickel and 0.36% cobalt from 40 metres.