Metallica Minerals Ltd. announced that it has met the expenditure commitment (undertaken in accordance with the MOU with Diatreme Resources Ltd,) to earn 25% of the Clermont project . In addition, the Company has made the decision to move to the second stage of the earn in phase of the agreement and increase Metallica's share to 51% of the project through a further $700,000 spend on exploration activity at the Clermont Project prior to 27 April 2023. Metallica has drilled two diamond holes at Clermont, RDD019 and RDD020 totalling 1,030.4m.

The two holes were drilled to test a possible copper gold exploration target withing the Rosevale Porphyry Corridor. Drill hole parameters are included and the drill hole locations are presented. Porphyry style alteration was intersected in both drill holes, with potassic and phyllic alteration observed in both holes and with the intensity of alteration increasing with depth.

Sulphide mineralisation in the form of iron pyrite, chalcopyrite and molybdenum was also observed in the core removed from both holes. The majority of the mineralisation appears confined to fracture surfaces but quartz pyrite bearing veins (with possible chalcopyrite) were observed and fine disseminations of pyrite ­ chalcopyrite and molybdenum were also observed in the rock matrix. Total sulphide content of the holes from visual logging varies between 0% in the top 50m of the holes to a maximum of 2% to 5% sulphides.

Samples from both RDD019 and RDD020 have been sent for analysis to the ALS Laboratory in Brisbane, with assay results expected to be received back this quarter. During the next phase of work on this project, MLM intends to undertake petrological analysis on selected sections of the core and carry out a multi-element geochemical analysis to attempt to identify where in the models of the porphyry system the current drill holes are intersecting. A detailed close spaced ground magnetic survey is also planned in the future to better define the extent of the magnetic low feature and to assist in future drill hole planning.