Belararox Ltd. announced the imminent commencement of a Phase 2 drill program at its Belara/Native Bee Project (the Project) in NSW. This drilling campaign aims to determine if the Project hosts additional significant zinc and copper mineralisation with the potential to build upon the known JORC mineral resources at Belara and Native Bee . The Belara Project comprises three contiguous 100% owned exploration licenses (one granted ­ EL9184, two subject of applications ­ ELA6176 and ELA6287) in central New South Wales (NSW).

See Figure 1 for general location plan of the Belara project. The Belara project area is located at the northern end of the Hill End Trough in the eastern Lachlan Orogen in central NSW. The geology of the project area is dominated by volcanic and quartzose sandstone of the Chesleigh Group.

It contains the Belara and Native Bee prospects, see Figure 2 for location of tenements and regional geology. Belararox' Phase 2 drill program, comprising of up to approximately 3,600m of diamond drilling at Belara and Native Bee, is scheduled to commence mid-February 2023. Phase 2 drilling by Ophir Drilling will focus on identifying additional mineralisation to the previously announced maiden Mineral Resource Estimate (MRE) at Belara and Native Bee, comprising an Inferred Resources of 5.0 million tonnes (Mt) at 3.41% Zinc equivalent (ZnEq) (see ASX announcement dated 3 November 2022).

Significant exploration potential remains along strike and at depth of known sulphide resources. At Native Bee, Phase 2 drilling will aim to identify additional mineralisation along strike and in the vicinity of the old Native Bee mine area and assess further mineralisation potential identified in a coincident Gradient Array Induced Polarisation (GAIP) ­ airborne magnetics first derivative (1VD) ­ gravity anomaly, which extends from the area of the known mineral resource southwards over some 1,500m (Figures 3, 4 and 5; refer to ASX announcement dated 3 November 2022). At Belara, mineralisation is open to the north and down-dip, with the aim of identifying additional high-grade mineralisation during Phase 2 drilling.

Drill hole BLRC019D from Phase 1 drilling intersected significantly wider and higher-grade base metal mineralisation than targeted (refer to ASX announcement dated 12 September 2022). Phase 2 drilling will target the continuation of high-grade mineralisation intersected in BLRC019D and from previous drilling (B021, B033 and B032; see Figure 6). Exploration Licence Applications (ELA6176 and ELA6287) are well advanced and are expected to be granted shortly.

The granting of these applications will unlock a further 20km of prospective host rocks and structural corridor south of Belara and Native Bee where no exploration work has been carried out, a trend that includes the old Ben Buckley base metal deposit. In addition, a close spaced airborne magnetic survey will be completed over portions of the 20km structural corridor south of Belara and Native Bee, including ELA6176 once it is granted (Figure 7). It is envisaged that this survey will identify targets for follow-up ground truthing, including mapping, sampling, and ground-based geophysics.