Cyprium Metals : Final Drilling Results Extend Nifty West

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14 March 2022

ASX ANNOUNCEMENT

Final Drilling Results Extend Nifty West

HIGHLIGHTS

• Assay results received from the final 11 RC holes drilled at Nifty West targeting lightly tested areas of copper mineralisation below the former Nifty open pit.
• Significant intersections include:
  Hole 21NRWP064- copper mineralisation extends over 92m downhole, including:
• • 20m at 0.70% Cu from 210m, including:
  • • 1m at 1.04% Cu from 210m
    • 4m at 1.29% Cu from 214m
    • 1m at 1.23% Cu from 221m
    • 1m at 1.42% Cu from 225m
  • 31m at 1.61% Cufrom 234m, including:
  • • 14m at 2.72% Cufrom 235m
  • 13m at 0.55% Cu from 268m, including:
  • • 1m at 1.14% Cu from 271m
    • 1m at 1.26% Cu from 273m
• Excellent potential remains to outline further copper mineralisation extending into the southern limb and up-plunge of the Nifty syncline, in the next phase of drilling.

Managing Director Barry Cahill commented:

"Progress continues for us at Cyprium, hot on the heels of the robust economics displayed in the release of our Restart Study for Nifty. We are announcing another fantastic set of drilling assay results that concludes what has been a highly successful Nifty West drilling programme. This is a substantial zone of mineralisation, which provides additional copper tonnes in the future large-scale open pit development, which remains open to the west and south.

We look forward to adding these drilling results into the updated Nifty Mineral Resource, which is planned to be released during the 2nd quarter of this year. We are also looking forward to receiving further assay results from the Nifty southeast drilling programme over the coming weeks.

In the meantime, our focus is on finalising the financing of the Nifty Restart Study to establish Cyprium as copper producer in the shortest time frame possible."

ABN 48	002 678 640	1/437 Roberts Road
T +61	8 6374 1550	Subiaco, WA, 6008
	ASX: CYM	www.cypriummetals.com

For personal use only

Not for release to US wire services or distribution in the United States

Cyprium Metals Limited (ASX: CYM) ("Cyprium" or the "Company") is pleased to announce the receipt of assay results from the final 11 RC holes (for 3,356m) at Nifty West. The drilling programme targeted lightly drilled areas up-plunge of the former underground mine in the keel area of the Nifty syncline below the western end of the Nifty open pit (refer to Figure 1).

Nifty West drill program

Figure 1 / Nifty Copper Project showing location of Nifty West drill program (local grid)

TARGET

AREA

Figure 2 / Nifty West target area

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Discussion of results

Hole locations from the current program are shown in Figure 3 with the significant intersections summarised in Table 2.

The results reported in this announcement are from single holes drilled on existing section lines 101,320E and 101,720E, with the other 9 holes completed on new section lines 101,360E and 101,440E (refer to Figure 2).

Figure 3 / Nifty West drill hole collar locations (local grid)

(Note: historic drill holes are within the existing Mineral Resource area and are displayed for information purposes only)

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Section 101,720E

Hole 21NRWP064 was drilled to the immediate south of the traverse of holes previously reported on 28 February 2022.1 The hole successfully confirmed the continuity of the thick zone of copper mineralisation returning 20m at 0.70% Cu from 210m, 31m at 1.61% Cufrom 234m, including 14m at 2.72% Cufrom 235m, and 13m at 0.55% Cu from 268m, which remains open to the south (refer to Figure 4).

Figure 4 / Nifty West drill hole section 101720E

(Note: underground holes were drilled sub-parallel to the mineralisation and are displayed for information purposes only.

Intersections for historic holes not displayed if superseded by current drilling)

1 Refer to ASX announcement dated 28 February 2022 "Nifty West Grows with Further Significant Cu Intersections"

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Section 101,360E

Six holes (21NRWP063, 65, 66, 70, 71 and 71) were completed along this section in the keel area of the Nifty syncline. Narrow zones of low-grade copper mineralisation were intersected in holes 21NRWP071 and 72 (refer to Figure 5), with further drilling required into the northern limb of the syncline below the former Nifty open pit.

Figure 5 / Nifty West drill hole section 101,360E

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