Mitre Mining : Exploration Update

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13 July 2022

Exploration Update

Highlights

• The first batch of soil samples (65) returned eight anomalous gold values and 17 TREO (Total Rare Earth Oxides) results >500ppm, with one TREO recording 956 ppm.
• The first batch of rock chip samples (50) returned an anomalous gold value of 1g Au/t.
• The second batch of rock chip samples (55) returned an anomalous gold value of 0.97g Au/t.
• The second batch of rock chip samples returned six samples with TREO's >500ppm.
• Over 4,500 portable XRF (pXRF) readings have been acquired over the Batemans Project (EL9146) with persistent anomalous rare earth elements (REE).
• Major structural zones between the granodiorites and the alteration zones on the margins of the granodiorites present as key gold (Au) and REE target areas.
• Extensive field reconnaissance, including detailed mapping and logging, shows evidence of major sheeted vein systems, extensive alteration zones and large-scale structural controls with key areas undergoing significant geological re-interpretation.

Mitre Mining Corporation Limited (ASX: MMC) (Mitre Mining or the 'Company') is pleased to announce that it continues to make significant developments with the exploration program at the Batemans Project (EL9146) with extensive field surveying, portable XRF work, soil samples and rock chip samples yielding encouraging results.

Clinton Carey, Mitre Mining CEO, says, "The field teams continued to systematically map, gather bulk portable XRF data and collect soil and rock chip samples over key target zones at the Batemans Project. The new geological information gleaned from the extensive mapping will continue to be digitised and used to form a new set of base data for future targets. The current sampling regime is well ahead of the commercial laboratories' ability to process the field samples. The field teams will begin work on the highly promising Araluen Project (EL9325) while further gold and Rare Earth analytical results from the Batemans Project are pending."

Current Field Work

Over 4,500 portable XRF (pXRF) readings have been acquired, since December 2021, during the field mapping and surveillance program along with soil and rock chip samples in key target zones. The mapping work has continued redefining some of the critical geological boundaries and provides significant focus to the work program.

DIRECTORS		MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey	Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing	Non-Executive Director/		Melbourne VIC 3000
	Company Secretary		T: [phone]
		www.mitremining.com.au	E:[e-mail]

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Two batches of rock chip sample analyses have been received from ALS Laboratories. The first batch of rock chip samples comprised 50 and the second batch of 55.

The first batch of rock chip samples were analysed for 49 elements, including Au (gold), Ag (silver), W (tungsten), Sn (tin), base and battery metals.

With the consistent occurrence of anomalous readings for five rare earth elements (via the portable XRF), it was decided to include a complete rare earth element (REE) specific analysis for all subsequent samples submitted to ALS Laboratories.

A batch of 65 soil samples was also received from ALS Laboratories which included the full suite of elements.

Analytical Results

One sample on the north-eastern edge of the Buckenbowra Granodiorite (Figure 1) returned a highly anomalous gold assay of 0.97g Au/t and another sample on the eastern side of the Nelligen Granodiorite (refer to Figure 1) also returned a grade gold assay of 1g Au/t. Several other rock chip samples returned assays between 0.01 - 0.09g Au/t.

Five samples returned anomalous titanium (0.96 - 2.26%) and vanadium (144 - 440 ppm) which was associated with vanadium titanomagnetite in mafic dykes within the granodiorite.

The second set of samples included all the rare earth elements, which were converted to total rare earth oxides (TREO) to align with industry standard reporting.

This batch of rock samples returned TREO results ranging from 6 ppm TREO in one sample to 956 ppm TREO. A total of 6 rock chip samples returned TREO results >500 ppm (refer to Figure 2). These results were associated with the altered margins of the granodiorites and major structural zones, such as the conjugate fault zones between the Nelligen and Buckenbowra Granodiorites.

The first batch of soil samples was collected from an area on the NW edge of the Buckenbowra Granodiorite, with evidence of significant weathering, alteration and structural control. The samples were universally described as granodioritic saprolite/topsoil. This area showed considerable evidence of structural control (i.e. faulting) with dilutional zones (quartz infilled), en-echelon tension gashes and fault gouge/breccia.

This area had eight anomalous gold results (refer to Figure 3), with five results at 10ppb, two at 30ppb and one at 70ppb. The background value for gold in soils in this area is considered to be <2ppb. The remainder of the soil samples returned values of <10ppb (<0.01ppm) which was the cut-off grade for the ALS Laboratories Au-AA22 (fire assay) analytical methodology used for this sample batch.

The TREO results were relatively consistent throughout the sample batch. All 65 samples recorded anomalous REEs were recorded in the sample batch. The TREO values ranged between 135ppm to 575ppm, with 15 samples (23%) returning highly anomalous TREO values

DIRECTORS		MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey	Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing	Non-Executive Director/		Melbourne VIC 3000
	Company Secretary		T: [phone]
		www.mitremining.com.au	E:[e-mail]

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>500ppm and 30 samples (46%) returning TREO values >400ppm. Further detailed work will be undertaken in this area, including channel and bulk sampling.

The Company continues to make significant progress at The Batemans Project and in the coming months will have several updates as the laboratory completes their analysis on submitted samples.

These initial results are encouraging and support our regional thesis. This will assist with defining targets for a drill program once all results have been returned and analysed.

35.60001°S 150.05000°E

35.60001°S 150.10000°E

BP22RK0090 - 1 g/t Au

35.63311°S 150.05000°E

Nelligen

Granodiorite

BP22RK0034 - 0.97 g/t Au

Buckenbowra

Granodiorite

35.76667°S 150.01666°E

35.76667°S 150.10000°E

Figure 1: Location of anomalous gold assays from rock chip samples.

DIRECTORS		MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey	Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing	Non-Executive Director/		Melbourne VIC 3000
	Company Secretary		T: [phone]
		www.mitremining.com.au	E:[e-mail]

For personal use only

35.60001°S 150.05000°E	35.60001°S 150.10000°E

35.63311°S 150.05000°E	Nelligen
	Granodiorite

BP22RK0053 - 606 ppm TREO

BP22RK0052 - 956 ppm TREO

BP22RK0051 -864 ppm TREO

BP22RK0008 - 545 ppm TREO

BP22RK0015 - 576 ppm TREO

BP22RK0027 -523 ppm TREO

Buckenbowra
Granodiorite
35.76667°S 150.01666°E	35.76667°S 150.10000°E

Figure 2: Location of anomalous TREO results from rock chip samples.

DIRECTORS		MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey	Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing	Non-Executive Director/		Melbourne VIC 3000
	Company Secretary		T: [phone]
		www.mitremining.com.au	E:[e-mail]

For personal use only

35.60001°S 150.05000°E	35.60001°S 150.10000°E

BP22SS0066 -10ppb Au
	BP22SS0049 -30ppb Au
BP22SS0056 -70ppb Au
BP22SS0034 -30ppb Au	BP22SS0038 -10ppb Au
	BP22SS0032 -10ppb Au
BP22SS0017 -10ppb Au
BP22SS0013 -10ppb Au

Nelligen

Granodiorite

BP22SS0001 - BP22SS0066

Buckenbowra
Granodiorite
35.76667°S 150.01666°E	35.76667°S 150.10000°E

Figure 3: Location of anomalous gold in soil samples along NW edge of Buckenbowra

Granodiorite.

DIRECTORS		MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey	Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing	Non-Executive Director/		Melbourne VIC 3000
	Company Secretary		T: [phone]
		www.mitremining.com.au	E:[e-mail]