Todd River Resources : Exploration Update - Berkshire Valley Project - Revised

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ASX Announcement

11 February 2022

Exploration Update - Berkshire Valley Ni-Cu-PGE

Project

Key Points:

• Reverse Circulation (RC) drilling program has been completed over previously announced sulphide occurrences and coincident Ni-Cu-PGE geochemical anomalies along the Eastern Trend;
• The Moving Loop Electromagnetic (MLTEM) survey has been completed over the Eastern Trend and over a new area in the far north of the Project;
• Multi-elementanalytical results including those for platinum and palladium from the reconnaissance aircore drilling completed before Christmas are still to be received.

Todd River Resources Limited (ASX: TRT) (Todd River or the Company) provides the following update following the conclusion of its most recent phase of field work at its 100% owned Berkshire Valley Ni-Cu-PGE Project in Western Australia (Figure 1).

The work program which commenced in early January 2022 concentrated on both deeper RC drilling of areas that intersected sulphides in shallow reconnaissance aircore drilling and/or where highly anomalous coincident Ni-Cu-PGE soil geochemistry had been identified and broad coverage MLTEM over prospective intrusions (see ASX announcement 7 January 2022).

RC drilling at the Mako prospect intersected a mafic intrusion comprised mostly of massive amphibolite with small intervals of serpentinitised ultramafics. The intrusion is estimated to be at least 150m thick, dipping moderately (45°) to the west. The hanging wall contact of the mafic intrusion with granitic gneiss is likely faulted, with the fault dipping shallowly (about 30°) to the west. The intrusion is also in contact with granitic gneiss at the footwall contact, with it dipping more steeply (45-60°) to the west. The shallow faulted hanging wall contact indicates the intrusion may get thicker with depth to the west.

All drillholes at Mako intersected sulphides within the amphibolite, from trace to strongly disseminated (up to 15% sulphides) in intervals up to 60m thick, but predominantly trace with the best quantities of sulphides in the north with less towards the south. Visual logging of the sulphides indicate they are predominately pyrite and pyrrhotite, with trace chalcopyrite observed in some intervals. Sulphide mineralisation is commonly associated with silica +/- sericite +/- epidote alteration. In total thirteen RC holes were drilled into for approximately 2,000m. Table 1 shows the drill collar information for all RC holes drilled during this program and Table 2 describes the visual sulphides recorded in the geological logging.

ABN 45 600 308 398

4/24 Parkland Rd, Osborne Park WA 6017 | PO Box 1205 Osborne Park WA 6916 P [phone] | F [phone] | E [e-mail]

www.trrltd.com.au

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Table 1 - RC drill hole collar information

Hole ID	Prospect	AMG_East	AMG_North	Collar _Azi	Collar_dip	Depth
BVRC0003	Mako	424574	6632541	90	-70	178
BVRC0004	Mako	424498	6632537	90	-70	184
BVRC0005	Mako	424660	6632541	90	-70	112
BVRC0006	Mako	424650	6632222	90	-70	100
BVRC0007	Mako	424584	6632217	90	-70	140
BVRC0008	Mako	424505	6632221	90	-70	184
BVRC0009	Mako	424440	6631577	90	-70	106
BVRC0010	Mako	424360	6631625	90	-70	160
BVRC0011	Mako	424281	6631603	90	-70	166
BVRC0012	Mako	424141	6631275	90	-70	154
BVRC0013	Mako	424061	6631266	90	-70	154
BVRC0014	Mako	423980	6630947	90	-70	154
BVRC0015	Mako	423897	6630946	90	-70	160
BVRC0016	Catapult	421332	6633722	110	-60	148
BVRC0017	Catapult	421255	6633728	110	-60	154
BVRC0018	Catapult	421186	6633729	110	-60	118
BVRC0019	Yetna	419095	6629500	95	-60	166

Table 2 - Sulphide minerals logged in drill holes BVRC0003-BVRC0016 at the Berkshire Valley Project*

Hole ID	From	To	Length	Sulphide Mineralisation Description
BVRC0003	64	65	1	2-5% disseminated Po-Py
	70	74	4	2-5% disseminated Po-Py
	96	98	2	2-5% disseminated and banded Po-Py
	98	99	1	2-5% disseminated and banded Po-Py
	105	109	4	2-5% disseminated Po-Py
	109	112	3	5-10% disseminated and banded Po-Py
	112	120	8	2-5% disseminated and banded Po-Py trace Cpy
	126	128	2	2-5% disseminated and banded Po-Py trace Cpy
	134	139	5	2-5% disseminated Po-Py
	140	154	14	2-5% disseminated Po-Py trace Cpy
	155	158	3	2-5% disseminated Po-Py trace Cpy
	158	161	3	5-10% disseminated Po-Py trace Cpy
BVRC0004	119	120	1	2-5% disseminated Po-Py
	132	140	8	2-5% disseminated Po-Py
	165	175	10	2-5% disseminated Po-Py trace Cpy
BVRC0005	33	35	2	5-10% disseminated Po-Py
	44	45	1	2-5% disseminated and banded Po-Py trace Cpy
	45	49	4	2-5% disseminated Po-Py trace Cpy
	49	50	1	10-15% disseminated Po-Py trace Cpy
	52	57	5	2-5% disseminated Po-Py trace Cpy

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		73	75	2	2-5% disseminated and banded Po-Py
		80	89	9	2-5% disseminated Po-Py
only		91	96	5	2-5% disseminated Po-Py
BVRC0006	25	28	3	2-5% disseminated and banded Po-Py
		40	48	8	2-5% disseminated Po-Py trace Cpy
		50	51	1	2-5% disseminated Po-Py
		59	61	2	2-5% disseminated Po-Py trace Cpy
		71	79	8	2-5% disseminated Po-Py trace Cpy
		79	82	3	2-5% disseminated Po-Py
use	BVRC0007	43	45	2	2-5% disseminated Po-Py
	51	53	2	5-10% disseminated Po-Py
	54	55	1	10-15% disseminated Po-Py
		55	61	6	2-5% disseminated Po-Py
		109	110	1	2-5% disseminated Po-Py
		113	116	3	5-10% disseminated Po-Py
	BVRC0008	50	53	3	5-10% disseminated Po-Py
personal		53	58	5	2-5% disseminated Po-Py
	58	60	2	2-5% disseminated Po-Py
	60	62	2	2-5% disseminated Po-Py
		68	71	3	2-5% disseminated Po-Py
		89	91	2	2-5% disseminated Po-Py
		123	124	1	2-5% disseminated Po-Py
		168	169	1	2-5% disseminated Po-Py
		169	174	5	2-5% disseminated Po-Py
		174	178	4	2-5% disseminated Po-Py
	BVRC0009	39	40	1	Trace Po-Py
	BVRC0010	51	53	2	2-5% disseminated Po-Py
		53	55	2	5-10% disseminated Po-Py
	BVRC0011	58	71	13	2-5% disseminated Po-Py
	BVRC0012	67	154	87	Trace Po-Py
For	BVRC0013	122	127	5	5-10% disseminated Po-Py
	138	143	5	2-5% disseminated Po-Py
BVRC0014	51	52	1	2-5% disseminated Po-Py
	65	67	2	5-10% disseminated Po-Py
	79	80	1	2-5% disseminated Po-Py
	121	122	1	2-5% disseminated Po-Py
BVRC0015	151	154	3	2-5% disseminated Po-Py trace Cpy
	BVRC0016	30	31	1	2-5% disseminated and banded Po-Py
		31	33	2	2-5% disseminated and banded Po-Py
		99	103	4	2-5% disseminated Po-Py

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109

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2-5% disseminated Po-Py trace Cpy

Po = pyrrhotite, Py = pyrite, Cpy = Chalcopyrite

*In relation to the disclosure of visual sulphide minerals, the Company cautions that visual estimates of sulphide content and mineralogy should never be considered a proxy or substitute for laboratory analysis. The Company will update the market when laboratory analytical results become available.

Concurrently with the RC drilling, a MLTEM survey was completed over 2 parts of the Project, the Eastern Trend and a single intrusion at the northern end of the chain of intrusions. While the MLTEM data clearly showed the margins of the intrusion, there were no bedrock conductors identified in either survey.

Analytical results from the shallow reconnaissance drilling completed before the Christmas break and the recently completed RC drilling program are currently all at the laboratory. Whilst no results have been received to date, several submissions from the RC drilling have been prioritised by the laboratory to ensure results are received as soon as possible to allow for forward planning of follow up work prior to the 2022 grain crop being seeded in mid April.

Next Steps

Following the receipt and interpretation of multi-element analytical results additional work will be planned that will include drilling over the northern magnetic feature, which appears to be a mafic-ultramafic intrusion, as well as follow up work over the Eastern Trend where warranted. Additional land access negotiations are ongoing which are expected to open up additional areas for exploration.

Nerramyne Copper Project

As discussed in ASX announcement released on 13 July 2021, the Nerramyne Project covers an 8-10 kilometre wide, 45 kilometre long position along the margin of the Yilgarn Craton where the craton is juxtaposed against the Narryer terrane. A portion of the project area is covered by wind-blown sands and alluvial sediments which potentially mask any surface expression of mineralisation and render simple soil geochemistry unreliable.

The Company has identified at least five magnetic features totalling an area of 40 square kilometres that are interpreted to be mafic/ultramafic intrusive bodies (Figures 3 and 4). Geochemical anomalism in the regional GSWA sampling appears to be associated with these magnetic features, supporting the mafic/ultramafic interpretation.

Towards the end of the March Quarter 2022, the Company will fly a SkyTEM survey over 4 separate areas of the project (Figure 3) to test for the presence of bedrock conductors associated with prospective intrusions. Following the completion of the geophysics, drilling of either bedrock conductors (should any be identified) or geochemical targets will be scheduled with WA state government co-funding under their Exploration Incentive Scheme contributing to the cost of the drilling.

Release authorised by the Board of Todd River Resources

Enquiries: Will Dix

+ 61 (0) 8 6166 0255

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Figure 1 - Berkshire Valley Project Location Map

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