Frontier Resources : Encouraging First Pass Rock Chip Results & Desktop Review

ADDRESS	ABN
Level 8, 99 St Georges Terrace	96 095 684 389
Perth WA 6000
PHONE	WEBSITE
[phone]	www.frontierresources.net.au

For personal use only

29 November 2021

Encouraging First Pass Rock Chip Results

& Desktop Review

Highlights:

• Discovery of Rare Earth Elements (REE) mineralised ironstone with maximum assay of 4800ppm Total Rare Earth Oxide's (TREO's) returned from sample
  GPR010 at outcropping ironstone, with a combined 1600ppm Nd2O3+Pr6O11
• Highly encouraging data review of Geoscience Australia - Capricorn Regional Electromagnetic Survey highlights the Gifford Creek Carbonatite Complex underlies Frontier's Gascoyne Project, (see Figure 1)
• Newly identified outcrop not yet sampled which may represent another ferro- carbonatite ironstone for immediate field inspection, (see Figure 2)
• Southern Geoscience appointed to process the recently flown magnetic- radiometric survey to assist in targeting and planning of future exploration programs

Frontier Resources Ltd (ASX: FNT) (Frontier or the Company) is pleased to announce assay results from the reconnaissance rock chip sampling program completed at the Gascoyne Project have confirmed the presence of rare earth oxide mineralisation in the outcropping mineralised ironstone. The ongoing desktop review of the project area by the Frontier technical consultant Tom Langley has recently focussed on Geoscience Australia's Capricorn Regional Electromagnetic Survey¹ which has provided encouraging findings with the interpretation that the Gifford Creek Carbonatite Complex underlies part of the Gascoyne Project area.

Mr Brian Thomas, Non-Executive Director commented "The Geoscience Australia electromagnetic survey confirms our belief that the Gascoyne Project is conducive to hosting significant rare earth oxide mineralisation. The Gifford Creek Carbonatite Complex is a large mineral system, with multiple rare earth deposits discovered to date and host to the world class Yangibana deposit. From the geophysical data we can infer the continuation of the Gifford Creek Carbonatite Complex into our tenure which is highly encouraging. Furthermore, the assays returned from the first pass rock chip sampling program has confirmed rare earth oxide mineralisation at an outcropping ironstone, which requires further investigation."

"Geoscience Australia's work has recently been highlighted as a driving factor behind the discovery of Chalice Mining's Gonneville deposit, and this data will now help drive our exploration strategy going forward. I look forward to progressing the Company's existing

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projects and our growing REE portfolio, exploring for critical metals that can help the world reach targets of being net zero carbon by 2050."

For personal use only

Figure 1. Gascoyne Project overlay with Geoscience Australia AEM image highlighting the

conductive low associated with the Gifford Creek Carbonatite Complex. Image accessed via Geoscience Australia website (refer to link below).

Figure 2. New area of interest for follow up not yet sampled which may be a potential outcropping ferro-carbonatite.

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For personal use only

Figure 3. Map showing the location of rock-chip samples with maximum result of 4800ppmTREO.

Gascoyne Rare Earth Element Project - Background

The Gascoyne REE Project adjoins the world-class Yangibana Deposit (ASX.HAS ~A$460 million market capitalisation) in the Gascoyne Region of Western Australia, set to be the next REE producer outside of China by 2023. The project area is also proximal to recent discoveries made by Dreadnought Resources at their Mangaroon Project located ~15kms southwest of the Yangibana REE Resource² (ASX:DRE ~A$127 million market capitalisation).

The REE-bearing Yangibana ironstones within the Durlacher Supersuite lithology were first targeted by prospectors in 1972 as base metal bearing gossans, however the REE potential of the ironstones wasn't assessed until 1985 and remained underexplored until Hastings Technology Metals (ASX:HAS) acquired the project in 2011. Hastings has since delineated a world-class JORC 2012 Mineral Resource³ of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3+Pr6O11 and a ratio of 52% Nd Pr:TREO making it one of the highest value REE projects for ore value per kg.

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For personal use only

Figure 4. Location Map of the Gascoyne and Koolya Projects in Western Australia

Figure 5. Location Map of the Edmund and Lyons tenements which make up the Gascoyne Project in Western Australia

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For personal use only

Despite the region's prospectivity for REE's, very limited exploration has been undertaken at the Gascoyne Project, in part potentially due to shallow alluvial cover which has led to the area being overlooked historically, however the south eastern Lyons tenement E09/2515 has areas of outcrop, which includes the historic copper prospect Tabletop Well⁴.

With the use of modern exploration techniques and a renewed focus on REE's there is an exciting opportunity for the discovery of economic REE mineralisation. A detailed airborne magnetic-radiometric survey consisting of 5,189 line kilometres has been flown over the entire tenement area with the data gathered from this survey assisting with target definition within the prospective Durlacher Supersuite across the entire project area.

Access into the project area is very good with a combination of well-maintained gazetted and station roads located on Edmund, Gifford Creek and Wanna Pastoral Leases which will greatly assist exploration work programs.

Figure 6. Geology and Tenement Map of the Gascoyne and Koolya Projects in Western Australia

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