Parabellum Resources : Exploration Update

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23rd March 2022

ASX ANNOUNCEMENT

Nine New Anomalies discovered - Whitbarrow/Redlands

HIGHLIGHTS

• Nine priority copper targets defined from an Airborne Electromagnetic (AEM) survey completed at Whitbarrow/Redlands Projects
• High priority targets defined at Miandetta Ni-Cu-Co and Recovery Cu prospects with EM anomalies co-incident with historic workings
• Auger drilling completed following up open ended Gold + pathfinder anomaly defined at Swansons prospect (Recovery Project). Results expected Q2 CY2022
• Auger drilling completed at Lunns Dam Project. Results expected Q2 CY2022

Parabellum Resources Limited (ASX:PBL) ('Parabellum', or 'the Company'), is pleased to update shareholders on its fieldwork and exploration activities throughout at its Redlands/Whitbarrow, Recovery and Lunns Dam Projects in the Tottenham-Girilambone district, which comprises four granted exploration licenses covering approx. 690km²; and the Obley Project in the Yeoval district, which comprises one granted exploration license covering approx. 180km² (Figure 1).

Figure 1: PBL Project Location (Source PBL 4th October 2021)

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Parabellum Resources Non-Executive Director, Peter Ruse commented: "The Board of PBL is extremely encouraged with the initial data received from the AEM program carried out by UTS. Identifying nine new anomalies across the Redland/Whitbarrow projects sets the company up for an exciting year of exploration. The Company is currently completing in-fillAEM and is eager to see the results, and the data due to be received from the broader program covering PBL's other 100% owned properties."

Airborne EM program (AEM)

UTS Geophysics are currently flying a heli-borne VTEM Max survey over four areas within PBL projects totalling 1,915 line km (~380 km2). The survey is approximately 50% completed focussed on areas within each project considered to have high potential for the discovery of massive copper sulphides.

Electromagnetics (EM) is a proven discovery technique in the Cobar area with its ability to directly detect Massive Sulphide mineralisation. EM was a major factor in the recent discovery of the Constellation deposit by Aeris Resources (ASX: AIS) proximal to the Company's tenements.

Whitbarrow/Redlands (EL8852 / EL9188)

The Whitbarrow/Redlands Project areas has been the initial focus for AEM surveying given it is proximal to Aeris Resources' Tritton operations.

All preliminary AEM data from the Whitbarrow/Redlands project areas have been received from UTS and interpretation of these data has identified nine high priority targets for immediate follow up by way of infill AEM surveying and ground inspection (Figure 2).

The red lines on Figure 2 delineate the follow up in-fill AEM program that is underway following the completion of the originally planned survey.

PBL is particularly encouraged by the EM anomalies co-incident with the Miandetta Ni-Co-Cu and Redlands Cu prospects indicating their potential to host massive sulphide mineralisation.

Further observations from the AEM data (Figure 2) :

• Anomaly W1 is along strike from Helix's Quanda EM anomaly
• Anomaly W2 is co-incident with intense magnetic anomaly - potential nickel-copper bearing ultramafic intrusion

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The Company looks forward to reporting further information to shareholders from the in-fill AEM program as soon as it becomes available.

	Priority EM		Easting		Northing		Comments
	Anomalies		MGA55		MGA55
	R1	498350	6517130		Point EM Anomaly - open paddock
	R2	501400	6516220	Two line EM Anomaly - open paddock
	R3		501440		6516130		Point EM Anomaly - open paddock
	R4	499420	6515120		Point EM Anomaly - open paddock
	Redlands		500350		6509930		Point EM Anomaly co-incident with
							copper workings
	Miandetta	497400	6509800		Four line EM Anomaly co-incident with
							nickel-copper-cobalt workings
	R5		496700		6508200		Two line EM Anomaly - open paddock
	W1	486430	6502600		Two line EM Anomaly - open paddock
	W2	493360	6505520		Three line EM Anomaly - open paddock

Table 1: Whitbarrow/Redlands AEM anomalies

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Figure 2: Redlands/Whitbarrow Project - AEM anomalies overlain on Magnetics.

(Source PBL 21st March 2022)

Recovery Project (EL9189)

A program of shallow auger drilling has been completed to extend the strike extent of a coherent 500m x 50-100m Au + pathfinder surface sampling anomaly defined at the Swansons prospect.

A maximum value of 5.68g/t Au (fire assay result previously reported 19/01/2022) was recorded proximal to historic workings from the surface (rock lag) sampling. The anomaly was noted to trend under transported cover both to the north and south and thus auger drilling is being used to determine the full strike extent of the gold anomaly.

Approximately 150 samples were collected as part of this auger program with analytical results expected in Q2 CY2022.

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Figure 3: Recovery Project - Lag Sampling Results and planned auger drilling

(Source PBL 21st March 2022)

Lunns Dam Project (EL 8847)

A program of shallow auger drilling has been completed targeting prospective rocks under shallow cover along strike from the historic copper mines at Tottenham (Figure 4). Sampling was conducted over three areas which also covered some areas of copper soil anomalism delineated by previous explorers. Approximately 400 samples were collected as part of this program and analytical results are expected Q2 CY2022.

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