Reward Minerals Limited (ASX: RWD) ('Reward' or the 'Company') is pleased to provide an exploration update from the McKay Range Farm-in and Joint Venture Project ('FJV').
FJV partner FMG Resources Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd ('Fortescue'), has received assay results from a maiden drilling program within tenements in the northern part of Reward's KP Lake Potash Project. Seven reverse circulation ('RC') holes for a total of 1,338m were drilled in the December Quarter 20221 to test the stratigraphy to the south of the McKay Dome to determine if a regionally reduced unit exists with the potential to host a sedimentary copper mineral system.
The targeted unit was identified by Fortescue using geological, geochemical and geophysical datasets acquired since the joint venture began in 20192 . A total of 764 (one metre interval) samples were dispatched to a Perth laboratory for chemical analyses of a suite of elements to compliment field generated portable XRF analyses of the one metre RC chips. All results have been received and copper mineralisation intercepts above 0.05% Cu (500ppm Cu) lower cut-off are provided in Table 1
Reward CEO Lorry Hughes commented: 'Considering the drilling program was first pass and completed at a very broad spacing, it is encouraging for Fortescue to have intersected anomalous copper mineralisation. Four of the seven holes completed intersected anomalous to significant mineralisation. The FJV tenure covers over 480km2 and this is the first drilling for base and precious metals to have been completed within the FJV tenure. There appears to be significant scope for further drilling once all data is collated. We wish Fortescue every success with their future follow-up exploration programs.'
Next Steps
Over the next two quarters Reward will focus of the following key activities; Advancement of the Reward SOP Process, international patent finalisation and licensing activities with third parties
Advancing the ESS for the KP Lake Project and seawater derived brines based on the Reward Process Engagement with solar salt, fertilizer and seawater desalination companies worldwide to discuss the application of Reward's technology for SOP developments via joint venture participation
Fortescue's completion of drill site rehabilitation, analysis of thin sections and petrographic report, data review and follow-up drill target generation.
About Reward
Reward is an ASX-listed advanced-stage sulphate of potash exploration and development company. Reward's flagship is its 100%-owned Kumpupintil Lake Potash Project, located east of Newman in north-western Western Australia. The Project hosts Australia's largest high-grade brine SOP deposit in a region with the highest evaporation rate. Reward completed a detailed, conservative Pre-Feasibility Study which was updated with improved logistics in July 2018. An Indigenous Land Use Agreement ('ILUA') is in place with JYAC, the prescribed body corporate for Martu, the traditional owners of the land upon which Kumpupintil Lake is situated. Key environmental approvals are in place and development can commence on completion of final feasibility studies and secondary regulatory approvals. The Company is currently progressing a Cultural Heritage Management Plan required by the ILUA to manage considerations related to cultural landscape characteristics in the project area.
Forward-Looking Statements
This document may contain certain 'forward-looking statements'. When used in this document, the words such as 'could', 'plan', 'estimate', 'expect', 'intend', 'may', 'potential', 'should', and similar expressions are forward-looking statements. Although Reward believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. For a more detailed discussion of such risks and uncertainties, see Reward's other ASX Releases, Presentations and Annual Reports. Readers should not place undue reliance on forward-looking statements. Reward does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this ASX Release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws
About the FJV
The FJV tenements include Holocene's E45/3285 and E45/4090 located in the northern part of Reward's Kumpupintil Lake Potash Project and Reward retains 100% of the potash rights including on FMG tenements E45/5360 and E45/5361. FMG is the operator of the FJV and has the right to earn an 80% interest in E45/3285 and E45/4090 by spending $2 million within four years on exploration. If the $2 million expenditure threshold is met, a Joint Venture may be established after which both parties will either contribute to expenditure in accordance with their respective FJV interests or dilute. If a party's JV interest falls below 5%, that party's JV interest will be converted to a 1% net smelter return royalty to be paid over the first five years of commercial production
REWARD MINERALS LTD 
