Demetallica reports completion of two drill holes targeting the Mawson and Wills copper targets at Demetallica's 100% owned Peake and Denison project, South Australia. Peake and Denison is a Joint Venture project funded by OZ Minerals where Demetallica is manager and operator. OZL may fund to $10 million to earn 70% interest in the project.

Demetallica controls 2,500km2 of contiguous tenure with first-mover advantage Basement anomalism encountered as predicted by Demetallica's geoscience models Mawson and Wills anomalies host intense IOCG type alteration and visible copper mineralisation Copper sulphides visible in 264m core intersection OZ Minerals completes minimum spend requirement and commits to JV Stage 1 earn-in Follow-up hole planned at Wills The Peake and Denison project is a regional first-mover exploration joint venture (JV) with OZ Minerals. Located 750km NNW of Adelaide along the NE margin of the Gawler Craton, the venture covers ~2,500km2 of the Peake and Denison Inlier within 4 granted exploration licenses. The JV is targeting Iron-Oxide Copper-Gold style mineralisation.

Demetallica recognised strong similarities with the Peake and Denison Inlier to IOCG mineral systems around Cloncurry and developed an exploration strategy applying its deep technical knowledge towards the discovery of similar type IOCG copper deposits. Demetallica postulated that Inlier basement rocks at Peake and Denison proffer excellent potential for IOCG style mineralisa- tion, based on data from limited historical drilling. The data show intense sodic-calcic-iron alteration developed at broadly the same age (1520-1470Ma) as mineralogical assemblages that occur as alteration with copper in the Cloncurry region.

Addition- ally, granite intrusives at Peake and Denison at ~1530Ma also correlate with the same age range (1547-1493Ma) as the Williams - Naraku granites around Cloncurry that are also linked to copper-gold mineralisation. Demetallica's research revealed hydro- thermal systems exhibiting very similar characteristics to those associated with large IOCG deposits in the Cloncurry district, such as the Ernest Henry copper-gold deposit (owned by Evolution Mining Ltd). Mawson is a two-part 1,200m x 800m magnetic anomaly, a discrete feature interpreted to lie adjacent a large northwest-trending fault.

Drill hole MW22DD001 targeted the larger northern portion of the magnetic anomaly, intersecting basement at 318m after passing through a cover sequence of black shale and lesser sandstone; end of hole depth is 535.1m.