Bubalus Resources Limited advise that the initial phase of exploration for rare earth element (REE) mineralisation at its 100% owned Nolans East Project was completed as planned and all samples have now been submitted for analysis. Nolans East is located 15km south east of the Nolans Bore deposit owned by Arafura Resources Limited (Arafura). A Mineral Resource of 56 million tonnes at an average grade of 2.6% total rare earth oxides (TREO) and 11% phosphate (P2O5) has been defined by Arafura at Nolans Bore 1. According to Arafura, neodymium-praesidium oxides (Nd2O3+Pr6O11, NdPr) make up 26% of the TREO content at Nolans Bore.

Nolans Bore was discovered by mapping and sampling of outcropping fluorapatite-phosphate-REE-carbonate veins at surface 2. The target selected for the Company's initial exploration phase was an area previously sampled by the Northern Territory Geological Survey (NTGS). Assays of 2 rockchip samples returned anomalous REE values, and specifically anomalous NdPr 3. Values of 58ppm and 63ppm NdPr were returned from total REE oxide (TREO) values of 288ppm and 274ppm respectively. Both surface and rockchip samples were taken within this area with the aim of better understanding the historical anomalous results as well as trialling different exploration techniques.

The dominant lithologies observed were felsic and mafic gneisses containing a large number of pegmatite sills. More detailed analysis will be possible when analytical results are received, which is anticipated to be mid January. Once results have been received the next phases of exploration at Nolans East will be designed aiming for implementation at the start of the dry season in February - March 2023.