DMC Mining Limited updated the market on exploration planning for the Fraser Range Project (FRP or the Project). The results of detailed examination of regional soil geochemical, airborne and ground electromagnetic surveys conducted by previous explorers has delineated a number of high priority target areas consistent with potential for buried nickel-copper-cobalt mineralisation. These priority target areas will now be ground-truthed with detailed soil geochemistry and ground geophysical surveys.

Results from the geochemical and ground geochemical surveys will then be followed up by diamond drilling to test the anomalies for potential nickel sulphide mineralisation. DMC has compiled an extensive digital database of previous exploration data covering the FRP. The company has obtained all previous company geochemical data on the FRP held in the Western Australian Mineral Exploration (WAMEX) database of the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS).

Soil geochemical coverage is generally on a regional 800m x 400m survey grid across the tenements with limited more detailed 400m x 400m grid infill in some areas. Examination of the data has identified some surveys where the regional grid was sub-optimal in sampling media chosen and may not be suitable for nickel sulphide exploration. Other areas have good data coverage of the right sample media chosen, but suffer from issues with data quality and data analysis artifacts that impact the data utility.

The remainder of the surveys compiled appear to be good quality data and indicate soil geochemistry is effective at testing residual soils derived from the local bedrock geology. The company has also obtained several key geophysical datasets covering the FRP. Geophysical data obtained includes detailed heliborne electromagnetic (AEM) VTEM and aeromagnetic surveys and moving loop ground electromagnetic (MLEM) surveys.

Palaeochannel cover in some ares has impacted AEM survey effectiveness. However, the dataset largely is good quality and has resolved numerous conductivty anomalies that appear to be bedrock sourced. Detailed examination of the database focussing on the areas of most extensive pre-existing data coverage on tenements E28/2831, E28/2816, E28/2883 & E28/2815 (the "Trinity" project area) has delineated a number of features within the data consistent with potential for buried nickel-copper-cobalt mineralisation.

Of these, 6 priority target areas, (C1-5, D10 ­ Figure 2) have been identified for immediate follow-up exploration. The target areas have been prioritised based on whether they have consistent multiple soil geochemical trace element and trace element ratio (Ni, Ni/Cr and/or Kambalda Ratio (Ni/Cr x Cu/Zn)) and geophysical (magnetic and electromagnetic) characteristics consistent with the potential signature of buried magmatic nickel sulphide systems. Of these, three Priority 1 areas (C2, C3 and D10) have all the key geochemical trace element and trace element ratio signatures coupled with strong to moderate AEM conductivity anomalies. Highest priority target area C2 has a well defined AEM conductivity anomaly trend over 1.2km of strike coincident with soil geochemical data exhibiting all the key trace element and trace element ratio criteria consistent with potential buried nickel sulphide.

It also has an untested subtle mid- to late-time MLEM conductivity anomaly from a previous reconnaissance traverse across the southern portion of the AEM conductivity anomaly trend. The remainder target areas (C4, C5) are lesser priority due to exhibiting less soil geochemical key criteria than that demonstrated by the other higher priority targets. However, these targets still exhibit AEM conductivity anomalism consistent with bedrock sources and will be followed up by geochemical and geophysical surveys once the higher priority targets have been tested.

Target C1 is lowest priority and follow-up will be contingent on exploration success on the other targets.