Vimy Resources Limited announced the first two diamond drill holes have intercepted new uranium mineralisation at its 100%-owned Angularli Deposit in the Northern Territory. The two diamond drill holes successfully extended the Angularli Deposit in an up-dip direction, approximately 200m above the unconformity boundary, which was previously thought to limit the extent of uranium mineralisation. The width and tenor of mineralisation intercepted in both holes warrant additional drilling further up-dip from the current drill holes, to further extend the known mineralisation within the Mamadawerre Sandstone Formation.

The Angularli Deposit is part of the Alligator River Project, which lies approximately 380km by road east- northeast of Darwin in the Northern Territory of Australia and is hosted in a high-angle shear fault system, with an Inferred Mineral Resource estimate of 0.91Mt at a uranium grade of 1.29% U 3O8 containing 25.9Mlbs U3O8. The Mineral Resource Estimate is supported by 30 diamond drill holes to date, with the best intercept at Angularli recorded in hole WRD0084, consisting of 41.5 metres at 2.93% U3O8, inc. 22.9m at 4.63% U3O8. Once the up-dip extension drill holes are completed, then the Angularli North prospect, associated with a strong induced polarisation anomaly and along strike of the Angularli fault will be tested.

The drill rig will then proceed with resource extension drilling down-dip of the Angularli resource, which remains open at depth. Hydrothermal alteration proximal to the mineralised sandstone is consistent with previous observations of silica-sericite and pyrite replacement of the primary matrix, and more distal alteration characterised by intense bleaching of the sandstone along with diaspore and dravite veins. This alteration is an important pathfinder for unconformity-related deposits and provides a means to identifying fertile fault zones close to surface.

Preliminary observations on the sandstone-hosted uranium mineralisation is characterised by breccia matrix fill and discrete uranium veining. Increased alteration along those veins is interpreted as the result of more intense hydrothermal fluid interaction due to the greater porosity of the sandstone relative to the underlying silica flooding breccia. Next Steps: A minimum of 19 diamond drill holes are planned to be drilled at Angularli over the next four months.

The first 7 holes are focused on up-dip and down-plunge extensions to the existing mineral resource and a further 12 diamond holes are planned to be drilled at the Angularli North, South and West prospects. Geological and structural logging of drill core and downhole wireline logging will be completed on each hole prior to samples being sent for multi-element analysis. The results of drilling up-dip and down-plunge of the Angularli Deposit will be used to update the mineral resource estimate expected in late 2022.

Wireline logging was completed using a Mt Sopris 2PGA total gamma probe for drill holes ARDD0003 and ARDD0004, as well as a Mt Sopris HLP total gamma probe for ARDD0004 with both probes calibrated prior to this drill program. Geological and structural logging will be carried out on the orientated drill core, with core sampling based on the combination of downhole and handheld radiometric measurements and portable XRF data. The selected core samples will be sent for preparation to an analytical facility, prior to multi-elemental analysis in Fourth Quarter CY22.

Selective bulk density measurements will be completed on barren and mineralised drill core, to support a future mineral resource estimate update. Systematic analysis of the drill core, by portable XRF and spectral analyses to confirm mineralogy, is now underway using an Olympus Vanta portable XRF unit and the Company's Terraspec Analytical Spectral devices.