Catalina Resources provide an update on the recently completed air core drilling program at Dundas. Highlights: 105 air core holes for 2684m completed, to test the identified lithium pegmatite potential and historical gold anomalies, in the southern portion of the tenement E63/2046; Pegmatite intersected in 18 holes. Accessory minerals identified include beryl and tourmaline; Other rock types intersected include sulphidic sediments and quartz sulphide veined schists.

Cultural heritage survey clears a large area in E63/2048 targeted for in-fill auger drilling in early 2023. Air core drilling within the Dundas Project was completed in mid- December 2022 without incident or lost time injuries. The drilling program and achieved its objectives of: Confirming the presence of pegmatites.

These pegmatites have not been previously assayed for lithium or REEs; Drilling along strike of historical drilling intersections of up to 3 g/t Au. A much wider area than had previously been drilled in 1998 was drill tested by Catalina. Approximately 126 RAB/air core holes and 127 RC holes were drilled by Pan Aust Ltd. in 1998; Drilling by Catalina collected samples to not only assess the LCT (lithium cesium tantalum) potential of the pegmatites but to also assess the REE potential of the project.

Several ore grade historical gold intersections were not followed up. For example, 2m @ 3.5 g/t Au in hole T4RC032. Hence, extensional air core drilling was carried out along strike of historical gold intersections to identify the optimal gold geochemistry for testing by RC drilling in 2023.

Air core drilling plan and data summary for southern portion of the tenement E63/2046. Also illustrated are the pegmatite occurrences recorded in historical drilling logs. Underlying image is the regional aeromagnetic image.

Pegmatite was intersected in many more holes than was expected, causing several drill holes to reach drilling refusal before the planned depth. For example, in hole 22DAC061 pegmatite (white piles) was intersected at the end of hole, from 24m-26m. During geological logging of air core holes, several pegmatite intervals were recorded as containing accessory minerals including beryl and tourmaline.

Such occurrences are important to recognising the mineralisation potential of the pegmatite. These minerals may suggest that the late-stage crystallising residual or pegmatitic melt, derived from the main granitic magma, may have been enriched in incompatible elements including Li, Be, B, Cs, Rb, Ta and REEs. Other rock types intersected included a wide sequence (400m) of graphitic, calcareous, and pyritic black shales and silts and quartz sulphide veined schists.

Depending on the age of these rocks, potential for sediment hosted base metal mineralisation (Cu, Pb, Zn) of the Mt Isa type may exist. A cultural heritage survey was conducted by members of the Ngadju Native Title Aboriginal Corporation over Catalina's Exploration Licence E63/2048 in November. The survey was directed at clearing access lines for in-fill auger drilling in early 2023.

Historical auger geochemistry in 2012 identified large and robust gold in soil geochemical anomalies, up to 6 kms in length. Aeromagnetic interpretation suggests they may be spatially associated with the interpreted and mineralised Boulder Lefroy Fault Zone (BLFZ). There has been no drill testing of the anomalies within E63/2048.

Next Steps. Gold and multi element assays (Base Metals, Li, Ta, Cs, REEs) are expected to be received in January 2023. As discussed above, infill auger drilling of the large geochemical anomalies in E63/2048 is expected to commence in January or February 2023.

Planning has commenced on the follow up RC drilling of any anomalous assays to be received.