Astro Resources NL : Pyrite Mineralisation Intersects at Needles Gold Project

29 November 2021

DRILLING AT NEEDLES GOLD PROJECT INTERSECTS
only	PYRITE MINERALISATION CONSISTENT WITH THE
	DC/IP ANOMALY
Key Highlights
use	> Drilling of the first diamond core hole (21ND_001) to test a large DC/IP chargeability
personal	anomaly in the centre of the project has progressed to 306 metres
> The hole has intersected mainly andesitic rocks with propylitic alteration including up to
3-5% disseminated and vein-hosted pyrite, usually accompanied by silicification
> The hydrothermal alteration and accompanied pyrite mineralisation is consistent with the
DC/IP anomaly
> Interim assaying of selected core will be prioritised to determine if gold mineralization is
present

Astro Resources NL (ASX: ARO) ("ARO", "Astro" or "the Company") is pleased to provide an update of its drilling at the Needles Gold Project in Nevada, USA (Figure 1).

As previously advised (ASX Announcement; ARO 25 October 2021), drilling recently commenced to test the large, robust DC/IP chargeability anomaly defined at Needles with the plan to drill up to three inclined core-holes, targeting mineralisation between 250m to 500m below surface (Figures 3 and 4). A fourth hole may be drilled targeting potential shallower, high-grade epithermal mineralisation as well as deeper Round Mountain type mineralisation beneath the Tomahawk Shaft.

ForAstro's Chairman, Jacob Khouri commented, "Whilst it is too early at this stage to confirm whether the core drilled to date contains gold, the often strong alteration and significant percentage of pyrite observed, together with interpretation that drilling appears to be progressing towards the heat source, gives us encouragement that we are testing a mineralised system. We look forward to receiving the preliminary results from assaying which we are fast-tracking".

active gold mines

The first drill hole 21ND_001 (Figures 3 and 4) has reached 306m. From surface to 110m it encountered altered felsic crystal lithic tuffs, including up to 2-3% fine-grainedpyrite which was detected by the IP survey (Figure 4). From this point, the rock became harder andesitic volcanics with only traces of pyrite and generally only modest alteration. The lack of a chargeable IP response in this unit reflects the lack of sulphides.

From about 150m down-holethe volcanics display weak to strong propylitic alteration with variable pyrite mineralization both disseminated and locally concentrated in veins accompanying silicification (Figure 5). The overall intensity of alteration and concentration of pyrite generally appears to be increasing down-hole,indicating that the hole is drilling towards the heat source responsible for the alteration and pyrite mineralisation.

onlyuse Figure 1. Needles Project Location and

Within this zone, the pyrite tenor is often 3-5% and up to 10% in the veins. This level of pyrite mineralization is consistent with the main DC/IP chargeability anomaly shown in Figure 4. Aside from pyrite and minor

marcasite, initial logging has not found other sulphide minerals and without assays, it is too early to personaldetermine if these rocks contain gold.

Drill hole 21ND_001 is currently approaching the edge of the 20ms chargeability shell at approximately 330m down hole. This is the most intense part of the chargeability anomaly, which should be reflected in the amount of pyrite mineralization that is expected to be encountered based on information gained from drilling so far.

The Company is conscious of providing timely assay results and will prioritise sampling and assaying of key core intervals.

For

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Figure 2. Map of Needles Property showing DC/IP and seismic survey lines and the chargeability anomaly

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Figure 3. DC/IP chargeability anomaly at 200m below surface showing planned drill-holes

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Figure 4. DC/IP Section Line 6 Chargeability with 21ND-001 drill hole trace

Figure 5. Core photo from 924ft to 934ft (281.6m to 284.7m) in hole 21ND_001 showing silicified and

propylitically altered andesites containing disseminated and vein-hosted pyrite (dark grey).