Forrestania Resources Limited provided this exploration update for field work completed at the newly identified Calypso prospect. The Calypso prospect is part of the Company's flagship Forrestania Project which is prospective for significant lithium, gold and nickel discoveries. The Calypso prospect is located at the southern end of the Forrestania Project on the western side of the tenement package.

The geology team has completed a reconnaissance field trip to the Calypso prospect undertaking mapping and infill soil sampling. Mapping has identified a pegmatite subcrop which correlates with coarse grained or pegmatitic felsic rocks in historic air core drilling and anomalous lithium pathfinder elements (beryllium and rubidium) in soil and rock chip data. A campaign of mapping and soil sampling has recently been completed in the southern portion of the Forrestania Project.

This campaign has resulted in the definition of a new prospect called - Calypso. Mapping has identified a pegmatite subcrop that coincides with lithium pathfinder soil anomalism and logged pegmatites and granitoids in historical aircore drilling. The Calypso prospect is located on tenement E77/2576 (Forrestania 80% /Jindalee Resources 20%).

The soil sampling and mapping is part of a broader scale program which aims to provide improved coverage over the Forrestania Project to identify and define new lithium targets for drilling. The Calypso area was identified as a priority for mapping and soil sampling due to the underlying prospective geology (ultramafic and mafic rocks which are interpreted to be the preferential host for pegmatite intrusions) and the inconsistent coverage provided by existing soil sampling and drilling data. The area is part of the broader South Ironcap pegmatite field where Western Areas (now IGO) intersected significant lithium mineralisation in drilling ~4.5km to the east with a best drill result of 50.6m @ 0.95% Li2O.

The mapped pegmatite coincides with a line of historic air core drilling, which crosscuts the Calypso prospect. The historical aircore drill holes were drilled in 2005 by LionOre Australia Pty Ltd. to test the source of aeromagnetic highs. The logging file from WAMEX (report A72917) has revealed that the drill holes intersected numerous granitoids and pegmatites within the regolith profile.

A total of 17 drill holes were drilled on the historical aircore line for 541m. The single aircore line runs approximately northeast - southwest over a length of approximately 815m, with the drill holes spaced approximately 50m apart. The deepest hole was drilled to 76m and four of the drill holes ended in coarse grained or pegmatitic felsic rocks.

The historical holes were assayed for a suite of gold and base metals but were not tested for lithium and pathfinder elements.