Carawine Resources Limited announced the identification of two new, highly significant bedrock conductors from recently completed MLEM surveys at the Red Bull tenements, about 30km south of IGO's Nova Operation in the Fraser Range region of Western Australia. Red Bull is part of the Fraser Range Joint Venture between Carawine and IGO Limited. IGO is managing and operating the joint venture.

Currently IGO holds a 70% interest and is sole-funding an exploration program to 30 June, 2022 to earn up to an additional 6% interest. The two conductors were identified from a low-temperature SQUID ("LTS") moving loop electromagnetic ("MLEM") survey grid comprising 368 stations over an area of approximately 6km x 4km within Red Bull tenement E69/3052. The survey was designed to cover the interpreted southern continuation of the lithostratigraphic package, known as the "Snowys Dam Formation", which hosts the Nova-Bollinger deposit.

Conductor RB_C is a strong and discrete late-time basement anomaly in the southwest of the survey grid, identified across three survey lines. Modelling of the conductive source of the anomaly results in a highly conductive plate at ~5,500S, approximately 275m x 275m in size, dipping at a low angle to the northeast and with a depth of approximately 320m to its top. The conductor exhibits an exponential lat e time decay curve with a long time constant of 145msec, characteristics which have the potential to indicate a sulphidic source to the anomaly.

Based on these factors RB_C is considered a high priority target for follow up drill testing. Conductor RB_B is a double peak anomaly identified across two survey lines about 2km to the northeast of RB_C. Modelling of this anomaly results in a moderately conductive plate at ~2,500S, approximately 300m x 255m in size, steeply dipping to the east and with a depth of approximately 330m to its top.

Despite its lower conductance levels, the location and geological setting of RB_B make it a significant target that also warrants drill testing. Both the RB_B and RB_C conductors are located in a similar stratigraphic and structural setting, within a tightly folded non-magnetic unit clearly defined in the magnetic data and interpreted to be mafic intrusive rocks within the southern continuation of the Snowys Dam Formation. A 3D magnetic inversion was conducted by IGO to assist with the interpretation of the basement geology hosting the newly discovered conductors.

The inversion shows the RB_B and RB_C conductors are within low-magnetic bodies, which are most likely to be mafic intrusions. These factors increase the likelihood that the conductive source of the anomalies are related to Nova-Bollinger-style nickel-copper sulphides, as opposed to graphitic metasediment. Carawine's predecessor, Sheffield Resources Ltd. ("Sheffield"), had previously identified a conductor (referred to as "RB_A" in this announcement) from MLEM surveys immediately north of IGO's MLEM survey.

Diamond hole REDD004 drilled by Sheffield established the source of the RB_A conductor as graphitic metasediment, with thick intervals of mafic intrusive rocks containing traces of magmatic sulphide intersected 1. There is a close spatial association between the drilled mafic intrusion in historic diamond drill hole REDD004 and the magnetic low units in the 3D magnetic inversion, contrasting with magnetic highs associated with graphite- and pyrrhotite-rich metasedimentary gneiss and the targeted RB_A conductor plate intersected in REDD004. This adds further confidence to the interpretation that RB_B and RB_C are within mafic intrusions.