Minerals 260 : Maiden drilling program commences on Koojan JV

ASX RELEASE | 23rd March 2022 | ASX:MI6

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Maiden drilling program commences on Koojan JV as

exploration momentum continues to build

Drilling underway to test multiple gold+PGE*+copper targets

HIGHLIGHTS

• An 160-180 hole aircore drilling program has commenced testing new targets on the Koojan JV and the Company's adjacent 100%-owned Moora Project.
• Drilling planned for eight prospects defined by geochemical and/or geophysical surveying.
• Detailed aeromagnetic and gravity surveys have been completed with data being processed ahead of interpretation.
• 6,000-7,000sample geochemical program in progress to in-fill previous, partially defined anomalies and define new drill targets.
• Drilling follows on from the significant intersections reported from the Company's 100%-owned Moora Project located immediately to the east (see ASX: MI6 release dated 4th March 2022), where assays are still pending for 24 Reverse Circulation (RC)/diamond core drill-holes.

* PGE ~ Palladium and Platinum

Minerals 260 Limited (ASX:MI6, "Minerals 260" or "Company") is pleased to advise that the first-everdrilling program has commenced across targets on the Koojan JV, which is located ~150km north-eastof Perth in the Julimar Mineral Province of SW Western Australia.

The Koojan JV forms part of a contiguous, ~1,000km2 land position which also includes the Company's adjacent 100%-owned Moora Project (Figure 1). At Koojan, the Company is in joint venture with Lachlan Star Limited (ASX: LSA) and has the right to earn up to a 51% direct interest in the Project.

The drilling is part of an initial $6.7 million, 6-month exploration program that commenced in early November 2021 and is scheduled to be completed ahead of the cropping season that will begin shortly across the Project areas.

The aircore drilling will test coincident geochemical and geophysical targets including the previously announced high-priority Mallory and Bourbana prospects (reported by Liontown Resources Limited (ASX:LTR) prior to the demerger and IPO of Minerals 260 - see Liontown ASX release dated 14th July 2021).

At Mallory, which has been defined over a strike length of 2km, highly anomalous gold (up to 18ppb), PGE's (up to 160ppb) and copper (up 380ppm) are coincident with a conductive zone defined by Gradient Array Induced Polarisation (GAIP) (Figure 2).

The Bourbana prospect, a multi-peaked gold anomaly (up to 135ppb) defined over an area of 1km x 2.7km, is also coincident with conductive zones defined by GAIP (Figure 3).

Aircore traverses will also be drilled on the Company's Moora Project including the western extension of the Mt Yule magnetic anomaly (Figure 4), which hosts the recently discovered Mynt copper-gold zone (see below and ASX release dated 4th March 2022).

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Detailed aeromagnetic and gravity surveys have been completed over the western part of the combined Project areas and the data are being processed ahead of interpretation and modelling of targets.

A 6,000-7,000 sample geochemical program, designed to in-fill previously, partially defined anomalies and assess new areas, is ongoing with ~40% of the samples collected and submitted for assay.

The results from the aeromagnetic, gravity and geochemical surveys will provide a significant amount of data, which, once processed and analysed, will be used to optimise drill testing of existing and new targets.

RC/Diamond Core Drilling Program Update

In January 2022, the Company completed a 37-hole/6,196m diamond core/Reverse Circulation (RC) drilling program over prospects coincident with the Mt Yule Magnetic Anomaly (Figure 4), with the primary focus being the Angepena gold prospect.

Assays have been reported for 13 holes (see ASX release dated 4th March 2022) with significant results recorded from the Mynt (24m @ 1.9% copper and 0.7g/t gold) and Angepena (up to 9m @ 1.1g/t gold) prospects.

At Mynt, the start of early cropping preparations over the prospect area means the Company will not be able to resume further drilling in this current program and, subject to clearance from the landowner (as required under the existing Access Agreement), the Company plans to re-commence drilling at the prospect later this year as soon as possible after the harvest.

Assays are pending for 15 RC and 5 diamond core holes drilled at Angepena and further work will be planned once data from these holes are received and processed.

Assays are also pending for 4 other RC holes drilled into the Sez prospect located on the southeast margin of the Mt Yule magnetic anomaly.

This announcement has been authorised for release by the Managing Director, David Richards.

For further information please contact:	Investor Relations:
David Richards	Nicholas Read
Managing Director	Read Corporate
T: [phone]	T: [phone]
[e-mail]	[e-mail]

Competent Person Statement

The Information in this report that relates to geophysical Exploration Results for the Koojan JV is based on and fairly represents information and supporting documentation prepared by Mr David Richards, who is a Competent Person and a member of the Australasian Institute of Geoscientists (AIG). Mr Richards is a full-time employee of the company. Mr Richards has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Richards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this Report that relates to other Exploration Results for the Moora and Koojan Projects is extracted from Minerals 260 Limited ASX announcement titled "Wide copper-gold zone confirmed at Moora" released on 4 March 2022" which is available on www.minerals260.com.auand Liontown Resources Limited ASX announcement titled "Strong PGE and gold anomalism confirmed at the Koojan JV Project, WA" released on 14 July 2021 which is available on www.ltresources.com.au.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates or production targets or forecast financial information derived from a production target (as applicable) in the relevant market announcements continue to apply and

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have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Forward Looking Statement

This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Figure 1: Moora and Koojan JV Projects: Location plan and regional geology.

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ASX RELEASE | 23rd March 2022 | ASX:MI6

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Figure 2: Mallory Prospect - GAIP image showing coincident conductive zone (hot colours) and geochemical anomalism.

ASX RELEASE | 23rd March 2022 | ASX:MI6

For personal use only