Duke Exploration : DEX - Bundarra PrimaryTarget RC Drilling Program Update

ASX ANNOUNCEMENT | ASX: DEX	Media Release
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26/05/2022

BUNDARRA PRIMARY TARGET RC DRILLING PROGRAM UPDATE

SIGNIFICANT COPPER INTERSECTIONS AT 'ROGERS'

Duke Exploration Limited (ASX: DEX) ("Duke" or "the Company") is pleased to announce preliminary useresults from the reverse circulation (RC) drilling program that commenced in February 2022 at its flagship Bundarra project. This update is for the first 19 RC drill holes (4395m) that have been completed from the initial planned 28 hole program. The focus has been on scout drilling primary targets that are located in the southwestern portion of the Bundarra Intrusive Complex (BIC). These targets were previously identified as a direct result of the extensive exploration program conducted in Q3 and Q4, 2021 including soil sampling, geological ground truthing and assessment, Gradient Array Induced

Polarisation (GAIP) surveys, VTEM and airborne magnetics analysis over the entire BIC plus a 5-holepersonaldiamond drilling campaign completed in January 2022.

The Company has been experiencing two main challenges since late 2021 with inclement weather delays and extending assay turnaround times. The inclement weather has been well reported in the news and has caused a total loss of drilling time of approximately 21 days. Combined with this the assay turnaround times are continuing to extend. They are currently around 12 weeks from receipt of the ample into the lab and projected to extend further given a number of factors - pent up influx of work, COVID absences, consumable shortages and so on. The Company is doing its best to mitigate the impact of such factors and as such has taken the decision to report preliminary portable X-Ray Florescence (pXRF) analyser readings taken from each metre of RC drill chips, which are indicative of the presence and tenor of copper mineralisation. This will not be a usual ongoing practice but rather a temporary measure whilst such above mentioned factors are significantly impacting lead times for market reporting of drill results.

ForCautionary Statement

Portable XRF (pXRF) measurements of copper from RC chips are preliminary in nature and should be considered as an indication of the expected order of magnitude from final laboratory analysis. Previous data collected by Duke shows a strong positive correlation between pXRF and laboratory analyses for copper from RC drilling in the BIC. The analyses that are the subject of this report are all from samples that have been submitted for laboratory analysis and final results will be reported when available. It is expected that the final results will vary from those reported here.

Duke Exploration Limited | ABN: 28 119 421 868

P.O. Box 2057 Ascot QLD 4007

E: [e-mail]| www.duke-exploration.com.au

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KEY POINTS

• A total of 8 primary target areas including 3 new areas are currently being tested in the southwestern part of the BIC. The goal is to identify copper mineralised targets that have the potential to increase the current Resource base of the Bundarra project.
• pXRF results are reported from the RC drill program which has to date completed 19 drill holes totalling 4,395m.
• The Rogers-Browns South corridor is emerging with mineralisation over a strike length of 3,000m.
• Anomalous copper intersected in all drill holes at Rogers, with the following significant intercepts highlighted:

0.25% Cu over 16m from 160m (BNRC009)

0.64% Cu over 35m from 0m	(BNRC010)
1.18% Cu over 5m from 143m	(BNRC010)
0.23% Cu over 16m from 96m	(BNRC012)
0.20% Cu over 11m from 0m	(BNRC013)
0.58% Cu over 11m from 18m	(BNRC013)
0.76% Cu over 7m from 23m	(BNRC014)
0.37% Cu over 10m from 39m	(BNRC015)
0.13% Cu over 12m from 69m	(BNRC015)

• At Browns South BNRC001 intersected average pXRF grades of 0.57% Cu over 13 m from 229 m and BNRC002 intersected average pXRF grades of 0.21% Cu over 21 m from 177 m.
• At Absolon BNRC020 drilled directly underneath the Absolon lode and intersected pXRF 0.12%Cu over 4 m from 137 m, which is 170m down dip of the surface exposure of the mineralised zone.
• After the initial RC program follow up drilling is planned on targets that have the potential to be of sufficient scale and grade to support a mineral resource.

Duke Exploration Limited

www.duke-exploration.com.au

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Managing Director

[e-mail]

Toko Kapea

Chairman

Philip Condon

[e-mail]

Ph [phone]

This announcement has been authorised for release by the Board.

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Commenting on the RC Drilling results to date - Philip Condon, MD:

"We are very encouraged to report the first pXRF results from the RC drilling program targeting 8 prospects within the southwestern part of the BIC. This is the first part of this RC scout drilling phase and follows the successful diamond drilling campaign during Q4 2021 and Q1 2022 outside of our Mt

onlyFlora resource area. Of specific note is that the Browns South and Rogers prospects appear to be host to multiple zones of mineralisation within a 3 km NE trending structural corridor. This corridor will be further investigated by ensuing drilling programs. This RC program is on-going and we are anticipating reporting on investigations on the Quorn prospect next week."

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Bundarra RC Drilling Update

The current RC drilling program is scout testing high ranking prospects that are the most likely areas to host significant mineralisation with high grade and/or a large extent. New targeting techniques have been tested and confirmed through recent diamond drilling, which provided important geological and structural information. onlyStructural and alteration targets generated from a recent geophysics data synthesis and interpretation are also being integrated into the drilling program 1. This update presents results to date of pXRF analyses of RC chips for

the Browns South, Rogers and Absolon Prospects (Figure 1 - Figure 2).

On completion of this RC drilling program targets will be ranked for potential resource delineation drilling programs on the most promising target/s. It is anticipated that any resource drilling that may be justified will commence soon after the initial RC program with the aim of adding to the currently identified Mt Flora Resource at the Bundarra project.

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Figure 1: Location of the current drill holes relative to the BIC and Mt Flora.

1 20220518 DEX Bundarra Geophysical Data Synthesis Generates New Copper Targets

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Figure 2: Completed holes drilled to date in the southwestern part of the BIC, corresponding with Table 1.

Table 1: Drill hole collar details (GDA94 MGA94 Zone 55) of exploration holes shown in Figure 2.

	Prospect			Hole ID			Easting		Northing		RL (masl)		Depth (m)		Azimuth		Dip
				BNRC001	653683	7566353	244	267	129	-60
	Brown South			BNRC002	653590	7566463	252	249	139	-60
				BNRC003	653498	7566573	260	279	143	-59
	Cattle Creek			BNRC004	653456	7565316	226	249	141	-60
			BNRC005			653548		7565206		225		249		141		-60
				BNRC006	652297	7567351	277	249	318	-61
				BNRC007	652389	7567241	278	225	327	-55
	Absolon			BNRC008	652745	7567823	334	249	270	-55
				BNRC020			652790		7568063		334		325		273		-59
				BNRC021	652745	7568183	338	211	258	-55
				BNRC009	655060	7567885	292	249	138	-56
				BNRC010	655153	7567774	317	255	139	-56
				BNRC011			655246		7567664		342		237		143		-56
				BNRC012	655429	7567818	336	249	138	-55
	Rogers			BNRC013	655337	7567929	303	255	139	-56
				BNRC014	655244	7568039	292	149	144	-55
				BNRC015	654924	7567394	338	218	139	-57
				BNRC016	654831	7567504	332	249	142	-55
				BNRC017	654745	7567615	345	249	142	-55

Duke Exploration Limited

www.duke-exploration.com.au