M3 Mining Limited provided an update on the recently completed RC drilling program at the Victoria Bore Copper Project (Victoria Bore or the Project), located in the Pilbara region of Western Australia, approximately 120km south of Onslow, WA. Three holes, totalling 607m were drilled in October 2022, 1,000m to the northwest of the historic Victoria Bore mine. All holes were targeting strong EM conductors, and each was successfully intercepted.

Trace base metal occurrences were encountered in all holes which expands the footprint of known mineralisation surrounding the historic Victoria Bore mine a further 400m to the northwest to a total strike of 1,250m. Previously announced geophysical targets have been effectively tested and are now known to be coincident with a graphitic shale. VBRC012 was designed to test the strong anomaly detected by the SQUID Fixed-loop EM (FLEM) survey undertaken last year.

Several graphite packages were intersected between 185 ­225m with remaining stratigraphy consistent with previous drilling which consisted of variably altered meta-sediments. Base metal highlights downhole, include 7m at 1.3g/t Ag, 162ppm Pb and 497ppm Zn from 284m. The Downhole EM (DHEM) survey identified three conductive zones that aligned with intersected graphite, the combined conductance or `stacking effect' sufficiently explains the source of the previously identified SQUID FLEM target.

VBRC013 was designed to test a trend to the west that was detected by the SQUID FLEM survey along with a coincident magnetic anomaly. The hole intersected meta-sediments and multiple quartzite bands. The DHEM survey detected spikes that surrounded the quartzite which is believed to have caused a `channelling effect' which is what the SQUID FLEM has detected.

The magnetic responses were only associated with meta-sediments with slightly higher iron content, thus downgrading the importance of the magnetic target. What cannot be explained by the DHEM survey is the 0.1% Cu interval encountered from 146-147m downhole along with the other fourteen separate metre-wide intervals that returned > 200ppm Cu. This mineralisation was intercepted in a trend 200m to the west of all previous holes and represents a new separate mineral occurrence.

VBRC014 was designed to test the strongly conductive off-hole target detected in a prior DHEM survey. The target plate was intercepted and is consistent with the logged intervals of graphite similarly encountered in VBRC012. The previously detected DHEM response is believed to have been caused by a `current-channelling effect' that has falsely amplified the conductive response.

All three targets are sufficiently tested for base metals from a geophysical perspective, however, a model explaining the mineralization in all holes and the wider area is still yet to be determined. This will be the focus of future work as an external consultant group are engaged to analyse all previously collected data. The group will also be reviewing the recently obtained aeromagnetic and radiometric data to identify regional targets over the entire tenement package.

The graphite in VBRC012 could be the same unit as seen in VBRC014, 440m away along an adjoining NNW conductive trend. Studies are underway to determine specific properties of the graphite, including flake size and mineral nature. If the analysis is encouraging, the 1,400m long conductive trend represents an exciting exploration corridor for further drilling.

The Company encourages readers to take into consideration the early nature of these exploration results. Investigations into mineral content and flake size determination are yet to be completed.