Avira Resources Limited announced that it has now received the results of the fixed-loop EM and downhole EM surveys recently completed at the Puolalaki Ni-Cu Project located in northern Sweden. The final results and processed data from the UAV-borne magnetic survey are however still pending. The results from these surveys have identified a number of high priority drill targets with a mix of relatively discrete, highly conductive bodies at shallow depths (30-100m) and an additional large target at depth (400-500m).

The geophysical surveys were completed in February 2023 by GRM Services (Finland) using the SWEREF99 co-ordinate system. A total of 186 FLEM stations covering 7.5 line-kilometres were recorded. Three high priority target zones have been identified from the FLEM survey (T1, T2 and T3).

Each represents relatively discrete, highly conductive bodies at shallow depths. Modelled conductance levels are all +10,000 Siemens representing potential massive sulphide targets. These targets are located within or near the contact of the host gabbro body.

Target T4 has been ranked as a lower priority target given it is located to the east of the known nickel mineralisation within graphitic and pyrrhotitic metasediments and gneisses and the conductance is also much lower than the other 4 targets at 2500S. The T5 target is located well within the host gabbro at a depth of 400m-500m below surface and has a conductance of 10,000 Siemens. Given the depth and complexity of modelling this large conductor it has been ranked as a secondary priority.

Three historic drillholes were successfully surveyed with downhole EM; drillholes PNO98004, 98005 and 98015. PNO98004 detected an off-hole anomaly between 50-70m from a highly conductive body sitting slightly above the drillhole. Results are consistent with the FLEM models of a small, localised conductor located sub-parallel to the drillhole.

PNO98005 detected an off-hole anomaly at 40m downhole, with the conductor centred above the drillhole consistent with PNO98004 and the FLEM model. There was a minor in- hole response observed at 90m which coincides with the Ni-Cu mineralisation (5.9m @ 0.51% Ni from 89.5m). There is, however, no support for this section continuing off-hole.

PNO98015 only shows a broad background response consistent with the known distant conductors (weak off-hole responses). Avira believes the EM conductors are prospective targets for massive nickel sulphide mineralisation due to the strong conductance (+10,000S) of the anomalies and their close proximity to historic Ni-Cu sulphide mineralisation. The early breakthrough at Puolalaki has produced five priority diamond drill targets (~1000m).

This initial drilling campaign will focus on delineation of the shallower targets as well as the significant deeper T5 target. DHEM surveying of these new drill holes will confirm targets have been successfully tested and to assist with any follow-up drilling requirements. A drill rig will be mobilised to site as soon as practicable.