Accelerate Resources Limited (ASX:AX8) ('AX8' or the 'Company') is pleased to report encouraging new results from its initial 2023 drilling campaign at the Woodie Woodie North Manganese project in Western Australia's Pilbara Region

Drilling Update

The latest phase of exploration drilling was carried out in late May and early June 2023, targeting strike and depth extensions to manganese mineralisation at the Area 42 prospect where earlier drilling by the Company identified significant intersections of manganese mineralisation

In particular, drill hole WNRC089 intersected 47m @ 16.2% Mn (9.7% Fe) over five intervals between 7m to 88m (weighted averages) and drill hole WNRC091 extended the surface cap area with 8m @ 23.9% Mn (11.5% Fe) from 3m. An additional two drill holes to the SE (WNRC090, WNRC103) intersected moderate mineralisation, extending the surface cap to the SW from WNRC065. Another hole to the NE (WNRC0095) extended the small shallow pod intersected in WNRC074. The latest drilling has confirmed the presence of significant amounts of deeper manganese mineralisation beneath the surface cap, representing an attractive target with the potential to extend beyond the limits of the surface outcrop

Drew's Find

Additional scout drilling was undertaken to follow up on the results from drill hole WNRC017 (16m @ 18.4% Mn in three zones between 13m to 87m), which was drilled in October 2022 to test a zone of manganese stained and mineralised chert outcrop. A total of six drill holes were drilled, with similar assay results being received in three of these and best result of 3m @ 12% Mn (1.9% Fe) from 36m in WNRC109. This confirms that the targeted fault-line is partly mineralised in the footwall over a 200m strikelength. Further drilling is required to determine if the manganese mineralisation improves in grade and thickness further into the footwall.

Planned RC Drilling Program

A new phase of RC drilling is planned for the coming quarter (Q3 of 2023) to follow up on existing mineralisation identified by previous drilling. The program will include additional infill drilling with nominal spacings of 20m to 40m between drill holes for the development of a maiden JORC-2012 Mineral Resource Estimate for the manganese mineralisation in Areas 1 and 3. The Area 5 prospect located at the northern end of the highly prospective Gum Creek Corridor will also be tested. Historical drilling by Shaw River Resources Ltd (ASX:SRR) of a 65m x 50m manganese outcrop in this area returned a result of 14m @ 21% Mn in drill hole BRC250. Drilling will also follow up on the recent discovery of large manganese outcrops in the Parsons Creek Corridor. The Parsons Creek Corridor is a structurally complex area containing many significant manganese outcrops spread over an area of 4.5km x 2.5km. These outcrops exhibit the size and mineralisation characteristics consistent with a potentially large mineralised system in the area. First pass scout drilling will be conducted on Areas 40, 41 and 46, where significant manganese outcrops have been identified

Contact:

Tel: +61 8 6248 9663

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Accelerate Resources Limited, are, or may be, forward 7 ASX:AX8 Ground Floor, U1/16 Ord Street, West Perth, WA, 6005 P +61 (0) 8 6248 9663 AX8.com.au looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forwardlooking statements depending on various factors.

Competent Person Statement

Information in this release related to Exploration Results is based on information compiled by Dr Joseph Drake-Brockman. He is a qualified geologist and a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM). Dr Drake-Brockman has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves'. Dr DrakeBrockman is employed by Drake-Brockman Geoinfo Pty Ltd and is under contract to Accelerate Resources to act as Exploration Manager. Accelerate Resources has granted Dr Drake-Brockman performance-based share options. Dr Drake-Brockman consents to the inclusion in this release of the matters based on his information in the form and context in which it appears

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