Mincor Resources NL (ASX: MCR, 'Mincor' or the 'Company') is pleased to report significant new drilling results from its Cassini Nickel Project in the Kambalda region of Western Australia, where infill drilling of the Inferred section of the Mineral Resource is making excellent progress and initial drilling at the Cassini North prospect has delivered exciting results.

Cassini Main

Following the results outlined in the December 2019 Quarterly Report and the outstanding intersection reported on 6 January 2020 (17.6m @ 5.0% Ni), two further drill holes were completed on the 6491350mN section. One of the holes (MDD338W1B) intersected the CS5 contact returning a strong intercept of 3.4m @ 3.2% Ni as well as a hanging wall intercept of 2.2m @ 11.1% Ni. At this stage it is not known if this hanging wall intercept is an extension of an existing mineralised surface or the start of an entirely new surface.

While further holes are planned on this section, in order to increase confidence in the Inferred section of the Mineral Resource (and potentially convert it to the Indicated category), the rig was repositioned to drill an infill section, with the first hole (MDD341) returning an outstanding intercept of 8.2m @ 7.6% Ni (estimated true width 4.7m).

MDD341 is located within the Inferred Mineral Resource envelope in the delineated CS5/CS4 channels. This new intersection was recorded in the CS4 channel after intersecting the interpreted very top edge of CS5 (which returned 5.7m @ 1.3% Ni). The CS4 intersection is stronger than currently modelled and is more in line with the previously reported intercept in MDD338 (17.6m @ 5.0% Ni) referred to earlier.

MDD341 demonstrates the continuity, thickness and high-grade nature of the nickel sulphides contained within the CS5 and CS4 surfaces and confirms the Company's decision to potentially include these Inferred Resources as part of the Definitive Feasibility Study (DFS) to be announced by the end of this quarter. The diamond drill rig has now moved to the down wedge below MDD341, targeting the CS5 channel.

Cassini North

A second diamond drill rig was sourced during February 2020 to accelerate testing of the Cassini North area, which includes the CS1 channel area. To date, CS1 has only been drilled on a couple of sections with some interesting off-contact nickel intersections. Given that CS1 area is located 400m from the existing Mineral Resource, reasonable success in this area would benefit from the planned infrastructure being contemplated for Cassini as part of the DFS to be released soon. Initial drill testing was partly reported in the December 2019 Quarterly Report (MDD335 and MDD337) but, with recent follow-up drilling in MDD342, it can now be properly put into context.

The initial target was two discrete magnetic highs that appeared to be on the basal contact and were down-plunge from anomalous nickel geochemistry in historical aircore holes. The first hole tested the western-most magnetic feature but intersected no significant nickel mineralisation and thin komatiite flow units and sediments. The DHEM response from this hole identified a target further to the east. The second hole in the program intersected thin flow units with minor nickel mineralisation of 0.2m @ 2.5% Ni in a hanging wall position.

Holes MDD340 and MDD342 (the most recent hole) were drilled progressively to the east and tested the second magnetic feature and DHEM targets. All holes have delivered improved vectors and indicate potential for greater nickel prospectivity further to the east and up or down-plunge. MDD342 intersected 7.7m @ 1.4% Ni, which included matrix sulphides that returned 0.5m @ 7.5% Ni.

Two holes are planned to be drilled in the CS1 area and the plan beyond these holes remains flexible depending on results.

Mincor's Managing Director, David Southam, said that the Cassini Project continued to deliver outstanding results, both from infill drilling of the main Mineral Resource and from exploration targeting potential upside at Cassini North.

'The intersection of 8.2m at 7.6% nickel supports our belief that, as we drill deeper, Cassini Main is thickening and will deliver exceptionally high-grade results - although we should remember that this is still relatively shallow in the context of Kambalda nickel deposits.

'The focus of drilling is to convert some, if not all, of the Inferred material into the higher confidence Indicated category. We are also seeking potential Mineral Resource extensions to demonstrate that Cassini will have a significant life beyond what we ruled off for DFS purposes in November 2019.

'Outside of Cassini Main, we are particularly excited and now encouraged by the early drilling results at Cassini North, which is located roughly 400m from Cassini Main. To have early success of nearly 7.7m at 1.4% Ni, and which includes a high-grade subinterval of 7.5% Ni, shows that we could be onto a similar channel to Cassini Main. Drilling is continuing with two rigs.'

Contact:

David Southam

Tel: (08) 9476 7200

Email: d.southam@mincor.com.au

Web: www.mincor.com.au

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