Bubalus Resources Limited announced that exploration at its 100% owned Nolans East Project has successfully identified anomalous rare earth element content at surface. Assays from surface samples over an initial 2 km by 1 km returned a significant number of anomalous results with 41 of 170 samples returning > 500ppm total rare earth oxides. The anomalous samples define an aggregate strike length of almost 2 kilometres.

The anomalies are interpreted to trend WNW - ESE parallel to the regional structural trend. Nolans East is located 15km south east of the Nolans Bore deposit owned by Arafura Resources Limited. A Mineral Resource of 56 million tonnes at an average grade of 2.6% total rare earth oxides and 11% phosphate has been defined by Arafura at Nolans Bore1.

Arafura's market capitalisation has recently grown to over $1 billion. According to Arafura, neodymium-praesidium oxides make up 26% of the TREO content at Nolans Bore. Encouragingly, NdPr contents in the Nolans East surface samples average 22% of TREO similar to that at Nolans Bore.

The Company plans to implement a broader surface sampling programme at Nolans East as soon as the wet season passes. The anomalous trends are not closed off and further sampling will enable anomalies to be better characterized and defined, both spatially and quantitatively. Exploration at Nolans East is the first of several work programmes scheduled by Bubalus for the coming field season.

Planning is well advanced and shareholders will be provided with a full outline of the 2023 exploration programme in coming weeks. The target selected for the Company's initial exploration phase was an area previously sampled by the Northern Territory Geological Survey. Assays of 2 rockchip samples returned anomalous REE values, and specifically anomalous NdPr2.

Anomalism is currently based on statistical analysis of all assay results. Samples were taken from surface with material being recorded as either sandy loam or hard pan /pediment. Part of the target area is covered by a recent wash plain.

The regolith profile in this area is not mapped in detail and accordingly the relationship between these anomalies and potential bedrock mineralisation is not known with any certainty, thus warranting further investigation. It is anticipated that further results will allow the Company to delineate targets for drilling later in 2023 by better defining the length and tenor of anomalism. Drilling will allow the Company to test the relationship between the observed surface anomalies and REE contents in bedrock samples.

The target selected for the Company's initial exploration phase was an area previously sampled by the Northern Territory Geological Survey. Assays of 2 rockchip samples returned anomalous REE values, and specifically anomalous NdPr2. Anomalism is currently based on statistical analysis of all assay results.

Samples were taken from surface with material being recorded as either sandy loam or hard pan /pediment. Part of the target area is covered by a recent wash plain. The regolith profile in this area is not mapped in detail and accordingly the relationship between these anomalies and potential bedrock mineralisation is not known with any certainty, thus warranting further investigation.

It is anticipated that further results will allow the Company to delineate targets for drilling later in 2023 by better defining the length and tenor of anomalism. Drilling will allow the Company to test the relationship between the observed surface anomalies and REE contents in bedrock samples.