Greenstone Resources : Mt Thirsty Exploration Update

Barry de Wet. Geophysicist with over 45 years' multi-disciplinaryexperience in mineral exploration, including the exploration and extension of the Platreef orebody in South Africa through the application of MVI and Falcon AGG inversions. Mr de Wet was formally the Chief Geophysicist for both BHP and Ivanhoe and during such time gained considerable experience in acquisition, processing, and identification of targets from magnetics, gravity, induced polarisation, and seismic data. Mr de Wet holds a BSc (Geology and Geophysics) from the University of Pretoria and an MBA (eq) from the University of South Africa.

Tony Donaghy. Expert in the global search for nickel, copper, cobalt, and platinum group elements, having formally held senior roles with BHP, Anglo American and Falconbridge. Mr Donaghy has over 25 years' experience covering grassroot target generation and exploration, supported by a multidisciplinary approach understanding the importance of geology, geochemistry and geophysics. More recently, Mr Donaghy currently serves as the Technical Director for CSA Global, an internationally renowned geological and mining consultant. Mr Donaghy holds a BSc (Hons) (Geology & Geophysics) from the University of Tasmania.

Steve Beresford. Career geologist and academic with over 25 years' experience in the exploration and target generation of sulphide hosted deposits, having formally held the Chief Geologist role for IGO, First Quantum Minerals and MMG. More recently, Mr Beresford was appointed Chairman of the Board for the Centre of Exploration Targeting where he is considered a foremost expert on nickel mineral systems and exploration targeting models. Mr Beresford holds a PhD (Geology) from the University of Canterbury.

ASX ANNOUNCEMENT

only
16th June 2022
		MT THIRSTY EXPLORATION UPDATE
		▪ Geological review continues following recent PGM discovery by Galileo Mining Ltd (ASX:GAL) at Callisto
use	▪ Highly experienced team of independent technical experts appointed to support target generation
▪ Multipurpose diamond and reverse circulation drill rig confirmed for maiden 5,000 metre program

▪ Pending the receipt of PoW applications and heritage approvals, drilling is expected to begin in late July ▪ Galileo's Callisto discovery only 200 metres from northern tenement boundary held by the MTJV

▪ Continuity of the prospective mineralised horizon onto MTJV tenure supported by geology & geophysics ▪ 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 appointed an independent team of multidisciplinary technical experts to support the target generation process and in doing so providing the best chance of defining projected along strike extensions to Callisto, consisting of:

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▪

For▪

In conjunction with the MTJV geological teams, this team will leverage off the extensive geological database of historical information to form a multidisciplinary approach to exploration at the MTJV by reviewing the potential lithological, structural, geochemical and geophysical controls on mineralisation.

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This announcement is authorised by the Board of Directors.

- END -

EXPLORATION UPDATE

▪ Multidisciplinary geological review targeting Platreef analogues expected to be completed early-Julyonly▪ Program of Work (PoW) applications submitted with DMIRS and are anticipated within the next 2-4 weeks

▪ Notification of ground disturbing activities submitted with Ngadju and heritage approval expected in July ▪ Multipurpose diamond and reverse circulation drill rig confirmed for an initial 5,000 metre program

▪ Pending the receipt of PoW applications and heritage approvals, drilling is expected to begin in late July

useBACKGROUND & TECHNICAL DISCUSSION

Galileo recently announced (GAL, ASX Announcement, 11 May 2022) the completion of six reverse circulation drillholes at 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 off1 and contain palladium, platinum, gold, rhodium, copper, and nickel. Significant intercepts from the discovery hole NRC266 drilled by Galileo on their tenure, include2:

• 33 metres @ 2.00g/t 3E3 (1.64g/t Pd, 0.28g/t Pt, 0.09g/t Au), 0.32% Cu & 0.30% Ni from 144m, including;

1. 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.

personalImportantly for the MTJV, Galileo's recent discovery at Callisto is only 200 metres from the northern tenement b undary 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 Mt 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.

ForChris Hansen

Managing Director & Chief Executive Officer

Greenstone Resources Limited

1. [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
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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% nickel4. 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

4 ASX:GSR 09/09/2019
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ANNEXURE A

Mt Thirsty Joint Venture Mineral Resources (50%)

				Mineral				Cut-off			Wet Tonnes		Moisture			Dry Tonnes				Co			Ni			Mn						Fe
				Resource				(Co%)			(Mt)		(% wet t)				(Mt)				(%)			(%)		(%)							(%)
only	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
				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%)
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			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
						(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
personal			Reserves
	Mt Thirsty Mining			Ore Reserves				Frank				Snowden Mining Industry Consultants Pty Ltd	FAusIMM
																			Blanchfield

ForThe information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves for the Mt Thirsty Cobalt-Nickel Project is based on and fairly represents information compiled by the Competent Persons listed in the table above. The Competent Persons have sufficient relevant 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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