Greenstone Resources : Mount Thirsty Exploration Update

ASX ANNOUNCEMENT

only
20th July 2022
	MT THIRSTY DRILLING SCHEDULED TO START EARLY AUGUST
		▪ All relevant approvals have now been received with exploration scheduled to begin in early August
use	▪ Multipurpose diamond and reverse circulation drill rig secured for initial 5,000 metre program
▪ Programme of Work applications covering both PGE1 and LCT2 targets approved by DMIRS3

▪ Updated Heritage Agreement signed with Ngadju and heritage survey completed late last week ▪ Multidisciplinary target generation process nearing completion, with further updates to follow ▪ Galileo's Callisto discovery only 200 metres from northern tenement boundary held by the MTJV

▪ Prospective mineralised horizon remains untested with a further 1.5km extending onto MTJV tenure

Greenstone Resources Limited (ASX:GSR) (Greenstone or the Company) is pleased to provide an update on the Mt personalThirsty Joint Venture (the MTJV) following the recent palladium-platinum-gold-copper-nickel discovery by Galileo Mining Ltd (ASX:GAL) (Galileo) located less than 200 metres from the northern tenement boundary held by the MTJV.

The MTJV is located 16 kilometres North-Northwest of Norseman, Western Australia and is owned by Greenstone Resources (50%) and Conico Limited (ASX: CNJ) (50%).

F llowing the recent Callisto discovery by Galileo (GAL, ASX Announcement 11 May 2022) the MTJV have subsequently s ught to expedite the initial exploration campaign testing for southerly extensions of the mineralisation onto the MTJV tenements. An updated Heritage Agreement with Ngadju covering all licences held by the MTJV has been entered into, with a detailed archaeological and ethnographic heritage survey covering both PGE and LCT targets completed last week. Concurrently, Programme of Work (PoW) applications were submitted with the Department of Mines, Industry Regulation and Safety and have subsequently been approved, allowing for up to 10,000 metres of drilling between the two PoW areas. Finally, a large multipurpose diamond and reverse circulation drill rig has been ngaged, which will be double-shifted and staffed by multipurpose drillers.

Further details in relation to initial drill targets and priorities are expected next week, with site access works and drill pad preparation also expected to begin next week, ahead of drilling commencing in early August.

ForManaging Director and CEO, Chris Hansen, commented: "The team has worked tirelessly over the past weeks to expedite the initial PGE and LCT exploration programs at Mt Thirsty, having now secured all permits, agreements and service providers required for drilling to start in early-August.Instrumental to this was the support of the Ngadju who have continued to be a supportive partner, proactively working with the Joint-Ventureto execute an updated heritage agreement and undertake a heritage survey with limited notice.

The multidisciplinary drill target generation process is now nearing completion, with targets being ranked and prioritised, we are excited to be testing the full potential of Mt Thirsty."

1	Platinum, palladium, rhodium, ruthenium, osmium and iridium
2	Lithium, caesium and tantalum
3	Department of Mines, Industry Regulation and Safety
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- END -

This announcement is authorised by the Board of Directors.

BACKGROUND & TECHNICAL DISCUSSION

Galileo recently announced (GAL, ASX Announcement, 11 May 2022) the completion of six reverse circulation drillholes onlyat Callisto targeting a mineralised sulphide unit on the contact between an ultramafic sill and a package of sedimentary rocks. An initial appraisal of the results from Callisto by Galileo indicates similarities in mineralisation style to the Platreef deposits on the northern limb of the Bushveld Complex in South Africa. The Platreef deposits are very large in nature and have combined indicated resources of >700Mt at a 1 g/t 3PE+Au cut off4 and contain palladium, platinum, gold, rhodium, copper, and nickel. Significant intercepts from the discovery hole NRC266 drilled by Galileo

n their tenure, include5:

• 33 metres @ 2.00g/t 3E6 (1.64g/t Pd, 0.28g/t Pt, 0.09g/t Au), 0.32% Cu & 0.30% Ni from 144m, including; o 6 metres @ 2.69g/t 3E (2.21g/t Pd, 0.37g/t Pt, 0.11g/t Au), 0.41% Cu & 0.36% Ni from 159m; and

1. 1 metre @ 3.21g/t 3E (2.66g/t Pd, 0.41g/t Pt, 0.14g/t Au), 0.48% Cu & 0.46% Ni from 176m.

useImportantly for the MTJV, Galileo's recent discovery at Callisto is only 200 metres from the northern tenement boundary held by the MTJV with the extension of the prospective mineralised horizon onto MTJV tenure supported by geophysics & lithology (GSR, ASX Announcement, 16 May 2022). Despite extensive shallow drilling over the Mt Thirsty resource area (JORC Inferred and Indicated Resources of 26.9Mt at 0.126% cobalt, and 0.54% nickel, see

Annexure A), the prospective eastern margin remains largely untested (Figure 1) with only 3.5% of all holes drilled at personalMt Thirsty penetrating deeper than 100 metres, also noting Galileo's discovery hole was from 144 metres downhole.

As such, an initial review indicates that a further 1.5km of the prospective mineralised horizon may extend onto the MTJV tenure.

In addition to the untested PGE potential, the MTJV is undertaking a detailed geological review assessing the western margin of the Mt Thirsty licences for lithium-caesium-tantalum (LCT) potential, with historical drilling and mapping previously documenting pegmatites within the MTJV licence area. Importantly, 150 metres to the west of licences held by the MTJV is the Mt Thirsty pegmatite where Galileo previously reported a series of steeply dipping, north- outh trending pegmatites. Six grab samples of micaceous (lepidolite) pegmatite were sampled by Galileo returning an average assay grade of 2.3% Li2O, 1.87% Rb and 476 ppm Ta2057.

ForChris Hansen

Managing Director & Chief Executive Officer

Greenstone Resources Limited

E:[e-mail]

1. Platreef Integrated Development Plan 2020. Ivanhoe Mines Ltd.
2. ASX:GAL 12/05/2022
3. 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au) in g/t
4. www.galileomining.com.au/wp-content/uploads/2018/05/GAL-Prospectus.pdf

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For personal use only

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Figure 1: MTJV tenure with TMI1VD magnetic image

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ABOUT MT THIRSTY

onlyThe Mt Thirsty Joint Venture (MTJV) is located 16 kilometres North-Northwest of Norseman, Western Australia (50% Greenstone Resources, 50% Conico Limited).

The Project contains the Mt Thirsty cobalt-nickel oxide deposit with a JORC Resource of 26.9Mt at 0.126% cobalt, and 0.54% nickel8. A Pre- Feasibility Study (PFS) of the Project was completed and announced to the ASX on 20 February 2020. In addition to the Co-Ni oxide deposit, the Project also hosts nickel sulphide mineralisation potential.

usepersonalFor Figure 2: Location of Mt Thirsty project

8 ASX:GSR 09/09/2019
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ANNEXURE A

Mt Thirsty Joint Venture Mineral Resources (50%)

only		Mineral		Cut-off			Wet Tonnes			Moisture		Dry Tonnes			Co		Ni			Mn		Fe
			Resource		(Co%)			(Mt)			(% wet t)		(Mt)			(%)		(%)			(%)		(%)
		Mt Thirsty	0.06		31.20		27%	22.8		0.121	0.53		0.79	21.30
			Indicated
		Mt Thirsty		0.06			3.50			27%		2.5			0.103		0.45			0.66		19.10
		Main Inferred
		Mt Thirsty
			Main Sub	0.06		34.70		27%	25.4		0.119	0.52		0.77	21.10
use		Total
Mt Thirsty
	North		0.06			2.00			27%		1.5			0.092		0.55			0.48		19.40
			Inferred
			Total		0.06			36.70			27%		26.9			0.117		0.52			0.76		20.90

Refer to ASX Announcement 9/9/2019 for full details of the Mineral Resource Estimate.

Mt Thirsty Joint Venture Ore Reserve (50%)

Mineral Resource

Cut-off

Wet Tonnes

Moisture

Dry Tonnes

Co

Ni

Mn

Fe

(Co%)

(Mt)

(% wet t)

(Mt)

(%)

(%)

(%)

(%)

Mt Thirsty Probable

Approx. 0.07% Co

25.90

27%

18.8

0.126

0.54

0.80

21.60

personal

(Variable)

Refer to ASX Announcement 20/2/2020 for full details of the Ore Reserve Estimate.

Competent Persons for the Mt Thirsty Cobalt Nickel Project

Project and Discipline

JORC Section

Competent

Employer

Professional

Person

Membership

Mt Thirsty Geology

Exploration Results and Mineral

Michael J

Tasman Resources Ltd; Consultant to MTJV; holds

MAIG

Resources

Glasson

shares in Conico Ltd

Mt Thirsty Resource

Mineral Resources

David Reid

Golder Associates Pty Ltd

MAusIMM

Estimation

Mt Thirsty Metallurgy

Exploration Results and Ore

Peter Nofal

AMEC Foster Wheeler Pty Ltd trading as Wood

FAusIMM

Reserves

Mt Thirsty Mining

Ore Reserves

Frank

Snowden Mining Industry Consultants Pty Ltd

FAusIMM

Blanchfield

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves for the Mt Thirsty Cobalt-Nickel Project is Forbased on and fairly represents information compiled by the Competent Persons listed in the table above. The Competent Persons have sufficient elevant experience to the style of mineralisation and type of deposits under consideration and to the activity for which they are undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition). For new information, the Competent Persons consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Previously announced information is cross referenced to the original announcements. In these cases, the company is not aware of any new information or data that materially affects the information presented and that the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Persons' findings are presented have not been

materially modified from the original market announcements.

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