Lithium Plus Minerals Limited announced further exploration success from the Phase 2 diamond drilling program at the Lei Prospect. At Perseverance, assay results returned from the completed preliminary reverse circulation (RC) drilling program confirmed spodumene mineralisation in the shallow, weathered zone of outcropping pegmatites. Lei Prospect: Assay results have been returned for three (3) holes out of six (6) diamond holes recently completed during Phase 2 diamond drilling at the Lei Prospect.

Assay results returned for BYLDD004, BYLDD005 and BYLDD006 confirm visual logging of significant spodumene mineralisation in the core with significant high-grade intersections returned including: BYLDD004 21.2m at 1.74% Li2O from 398.8m; BYLDD005 14.7m at 1.19% Li2O from 216.8m; and BYLDD006 11.0m at 0.78% Li2O from 215.0m. Importantly, results from BYLDD004 extend the primary spodumene-bearing pegmatite body at Lei vertically to a depth of approximately 350m. The mineralised pegmatite remains open at depth.

Second Pegmatite at Lei: Results from hole BYLDD004 indicate a second pegmatite occurrence, located approximately 160m east of the major Lei pegmatite. The 7.8m downhole intersection into shallow, highly weathered pegmatite was drilled from 32.2m. Subsequent hole BYLDD009 was positioned to target this mineralisation in the fresh zone, successfully intersecting 8.5m of fresh pegmatite from 82.1m.

Samples from hole BYLDD009 have been submitted for analysis, with results pending. Perseverance Prospect: Historical exploration at the Perseverance Prospect has been limited to surface geochemistry and trenching. The prospect comprises a large north-northwest trending outcrop of coherent weathered pegmatite occurrence, with a number smaller parallel pegmatite bodies mapped over 300m strike length open to the south under shallow soil cover.

In late 2022, Lithium Plus completed an initial RC program comprised of eight (8) RC holes (for 1,137m) to test beneath the outcropping pegmatite body. These holes, the first to be drilled into the Perseverance Prospect, returned significant pegmatite intervals downhole (both weathered and fresh) suggesting a series of stacked shallow pegmatite bodies from 1m to 20m thick (i.e., a Hang Gong/Booth Lee's type pegmatite system). Weathered zone and fresh pegmatite intervals: Lithium is strongly leached in the weathering environment and is typically virtually absent within near-surface pegmatites.

Consequentially, economic lithium mineralisation does not occur in the weathered profile across the Bynoe region. Pegmatite samples from downhole intervals in the weathered zone (including the immediate wall rock) are routinely sampled for both anomalous Li2O and elevated lithium indicator chemistry (Sn, Ta, Cs) which inform the occurrence of pegmatite-types which typically displaying spodumene mineralisation. Six out of the eight (8) RC holes at Perseverance intersected significant weathered pegmatite intervals, returning elevated, yet expectedly weak (<500 ppm Li2O) lithium grades.

The elevated Sn-Ta-Cs indicator element ranges detected in the weathered pegmatites combined with the elevated wall rock halo (up to >0.20% Li2O), observed adjacent the weathered pegmatite intervals, constitute a compelling target for fertile spodumene bearing targets at depth. The transition from oxidised to fresh pegmatite is very sharp, as is the presence of spodumene and lithium grade. The presence of spodumene was confirmed in hole BYPRC008: BYPRC008 8m at 0.54% Li2O from 118m, including 2m at 0.72% Li2O (over 11m interval).

Interpretation of the fresh pegmatite intervals suggest that lithium fertility exists at depth within the Perseverance pegmatites. Ongoing modelling is expected to provide a better structural geological understanding, with further drilling required to define the orientation of fresh pegmatite zones. The recently returned assay results are part of the completed Phase 2, six hole (6) 1,800m diamond drilling program at Lithium Plus' Lei Prospect.

The program was designed to target definition of the previously identified lithium bearing pegmatite, which remains open at depth. A Phase 3, infill and extensional diamond drilling program is under development and is expected to commence during second quarter 2023. At Perseverance, costean and auger/RAB mapping will be followed by a future diamond drilling program to target the newly interpreted, fresh pegmatites at depth.