DiscovEx Resources : Amended Quarterly Activities Report

For personal use only

ASX Announcement: 19 January 2022

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER

2022 - REVISED TO INCLUDE ADDITIONAL JORC DISCLOSURE

DiscovEx Resources Limited (Company or DiscovEx) notes that it released its December Quarter Activities Report on 17 January 2022 summarising a number of significant achievements during the quarter.

The Activities Report included, among other things, a reference in Figure 6 to an indicated and inferred resource of 20Mt @ 1.8% CuEq% at the Kalaman Deposit as per Hammer Metals Limited ("HMX") announcement dated the 27th September 2016 (Kalman Resource Update).

The December Quarter Activities Report is appended for re‐release incorporating additional cross references to prior ASX releases, where relevant, and a further breakdown of the resource at the Kalman Deposit.

Authorised for release by and investor enquiries to:

Toby Wellman

Managing Director

T: 08 9380 9440

For and on behalf of

DISCOVEX RESOURCES LIMITED

For personal use only

ASX ANNOUNCEMENT - DISCOVEX RESOURCES LIMITED

19 January 2022

Amended December 2021 Quarterly Activities Report

Highlights

• Sylvania Project

• • Multiple kilometre-scale gold geochemical targets defined with results up to 0.5g/t Au.
  • Several anomalies coincident with favourable geology and potential structural fluid pathways.
• Edjudina Project
• • Soil geochemical sampling at the Octavia Prospect defines potential strike continuation of the Celia Shear.
  • AC drilling completed with all assays pending.
• Newington Project
• • Auger geochemistry identifies potential extensions to the Newfield Central and Dawsons high-grade quartz lodes.
  • Interpreted intersection of both structures returns a highest assay result of 67ppb Au
• Carnaby JV - Greater Duchess Project
• • JV partners Carnaby Resources Limited (ASX: CNB) confirm major copper gold discovery at Nil Desperandum Prospect.

Putting the Explore back into Modern Exploration

For personal use only

EXPLORATION AND EVALUATION

DiscovEx Resources Limited ("DiscovEx" or the "Company") continued its greenfield exploration approach within the quarter with activities distributed across all project areas within the company's portfolio. Activities included broad scale (400 x 200m) soil sampling and infill soil sampling (100 x 100m) at the Sylvania Project, AC drilling and soil sampling at the Edjudina Project and analysis of auger results from the Newington Project. Additional activities were completed at the Greater Duchess Project, within the Joint Venture ("JV") between Carnaby Resources Limited (ASX: CNB or "Carnaby") and DiscovEx. Carnaby has returned significant copper mineralisation from recent RC drilling at the Nil Desperandum Prospect1. DiscovEx holds a 17.5% interest in the Greater Duchess tenements and is free carried through to a decision to mine.

Figure 1: DiscovEx Resources Limited Project locations

1. ASX announcement (ASX:CNB) "Major copper discovery 41m@4.1% Copper, including 9m@10.3% Copper at Greater Duchess Project" dated 29/12/2021.

For personal use only

SYLVANIA PROJECT

Assay results from phase two, infill sampling weas returned with coherent, large-scale Au anomalies generated. Sampling was completed on 100 x 100m sampling centres to compliment the phase one 400 x 200m sampling and sieved to -177um before analysis. Infill sampling has confirmed the continuity and scale of the phase one results with peak assays of 503ppb Au (0.5g/t Au) from the Hilditch Prospect, 101ppb Au (0.1g/t Au) from The Peak Prospect and 83ppb from the Bondinis Prospect. Results referred to below were released by the Company in ASX announcement dated 25/10/2021 - "Positive geochemical results received from Sylvania Project".

Hilditch and Bondinis Prospects

Both Prospects are located at the northern end of the tenement package, approximately 18km south-west of the giant Mt Whaleback iron ore deposit. Multiple anomalies have been generated proximal to the interpreted extension of the Mt Whaleback fault which strikes SW and dips to the SE, however is largely obscured by transported cover within the tenement. This regionally significant fault is largely thought to have had an impact in upgrading iron ore mineralisation at Mt Whaleback, through the introduction of hydrothermal fluids via the fluid pathway provided by the structure. The Hilditch anomaly is located sub-parallel to a second order splay off the main fault and is continuous over a 1.2km strike length.

The interpreted SW continuation to the Mt Whaleback Fault coincides with the location of the Bondinis Prospect, which is split into two discrete anomalous areas (Figure 2) by an interpreted splay from the Mt Whaleback Fault. Surface mapping has identified Archaen greenstones including gabbros and metaquartzites, however much of the exposures are obscured by transported cover relating to the Western Creek. The importance of the Mt Whaleback fault cannot be overstated as this local structural feature is likely to have significant influence on fluid flow through the Project area.

For personal use only

Figure 2: Hilditch and Bondini Prospects located proximal to the Mt Whaleback Fault zone. Background image TMI RTP

magnetics.

The Peak Prospect

The soil anomaly at The Peak is characterised by a 2.5km long, +4ppb Au trend that coincides with multiple E-W structural breaks in the underlying banded-iron formation (BIF). These structures have been interpreted from the magnetics and are sub-parallel to observed E-W foliation seen in the limited BIF outcrop. The surficial cover is widespread across the length of the anomaly however it is not yet known whether the Au response has been generated from a distal source or is reflecting any underlying mineralisation. Rio Tinto Exploration completed 3 holes within the western extents of the anomaly to test for iron ore potential, with the depth of transported cover logged as between 0 and 8m. All drill holes intersected BIF and dolerite lithologies with multiple quartz veins observed however no assaying for gold was completed.