Rex Minerals Ltd. completed orientation soil sampling surveys in late 2021 which highlighted the effectiveness of a modern and consistent soil sampling process when compared with the older soil sampling data undertaken by previous explorers at Hog Ranch. This prompted Rex to undertake a new large-scale soil sampling program based on XRF analysis for key gold pathfinder elements and conduct laboratory-based gold analysis. It is recognised that some pathfinders provide a better indicator of the gold system as they can exist at shallow levels within an epithermal system above the potential gold position where the gold is not exposed on the surface.

The regional soil survey comprised: a total of over 8,000 samples samples collected over a 79km2 area survey completed over a period of four months. The results from the pathfinder elements, particularly Arsenics (As), have shown a strong overall north-west trend to the anomalism. This trend appears to be very strong over the Krista Project area, where the host rocks are well exposed the trend has a more subtle response where there are partial cover rocks up to the Airport deposit.

This pattern is then hidden by deeper cover rocks, before further partial exposure at the Gillam Prospect area shows a similar trend which lines up directly with the projected trend from the Krista to Airport area. It has been noted in the reports from historical open pit mining at Hog Ranch (Bussey, 1996), that a combination of north-east, north-west and due north orientated faults appears to have some control on the location of the gold mineralisation at Hog Ranch. These features identified on a smaller scale within the open pit mines are also reflected in many of the major regional datasets, which include magnetic imagery, radiometric data and now also the regional soil sampling data.

Considering that the trend likely continues underneath the deeper cover rocks, this would imply a total strike length of some 16km for a large-scale Gold Trend for which the combined historical mining (300kozs) and current Mineral Resource (2.26Mozs) represents less than 20% of the target surface area. In addition, the historical mining and current drilling information has very rarely exceeded 100m beneath the surface for any part of this emerging Gold Trend. Epithermal gold systems can extend over a significant depth range, with the vertical scale often exceeding 500m.

Rex interprets that the combined datasets will greatly assist with targeting over a large area for drill- ready future exploration campaigns. Further to the regional soil sampling, Rex has also completed a gravity survey focused on the Gillam Prospect to identify major breaks or trends which may also line up prospective faults that appear in the magnetic data and soil sampling data. Rex interprets that the large deep-seated structures which may be important to the development of the gold mineralisation could be reflected in the gravity data.

After some delays due to a change in the drilling contractor at Hog Ranch, the drilling for 2022 was completed at Airport and at Bells in September. Final assay results have now been received from all drilling programs. Drilling at Airport was designed to test for extensions to earlier drill intersections which were originally targets from geophysical 3D Induced Polarisation information. Assay results from Airport contained some significant gold anomalism with broad intervals from drill holes HR22-007 and HR22-008 averaging 0.3g/t gold.

At the Bells Project, Reverse Circulation (RC) drilling tested a number of possible extensions to the south over alteration and hyperspectral features and the north-west over a gold soil anomaly which exists along the interpreted strike of a controlling structure. The results on the main north-west structure at Bells appear to confirm the position of the structure at a shallow position. This structure may have deeper roots that remain untested.

This structure is now inferred to be mineralised over a lateral distance of over 700m and is believed to host higher-grade positions at favourable inflection points. These inflections remain untested.