24 Nov

Assays Received and Exploration Update

_________________________________________________________________________________ Office Address London House, Level 11, 216 St Georges Terrace, PERTH WA 6000 Postal Address GPO Box 2517, PERTH WA 6831 Phone +61 8 9481 0389 Fax +61 8 94 63 61 03 Email info@estrellaresources.com.au ASX:ESR 24 November 2 0 2 1 Assays Received from Step - out Drilling at T5 And Exploration Update HIGHLIGHTS ? The first 60m south step - out d iamond hole CBDD05 7 has returned some of the best grades to date ? Upper zone - 11.62m (1) @ 0.9% Ni and 0.46% Cu with 0.61 g/t 2PGEs ( 2 ) ? Including 0.95m @ 2.78% Ni and 0.23% Cu with 1.00 g/t 2PGEs ( Figure 1 Left) ? Lower zone - 12.8m (1) @ 0.96% Ni and 0.79% Cu with 0.85 g/t 2PGEs (2) ? Including 1.81m @ 2.8% Ni and 0.44% Cu with 1.53 g/t 2PGEs ? Including 0.7m @ 4.3 0 % Ni and 0.16% Cu with 1.88 g/t 2PGEs ( Figure 1 Centre ) ? Confirmed n ew zone – 3.7m (1) @ 1.76% Ni and 0.66% Cu with 1.1 0 g/t 2PGEs (2) ? Including 0.7m @ 3.35% Ni and 0.63% Cu with 1 .00 g/t 2PGEs ( Figure 1 Right ) ? The u pper two zones confirm the south plunge of the T5 Conductors ? Assays also confirmed the nickel - copper bearing sulphide nature of the new massive sulphide zone that is emerging below T5 with additional downhole electromagnetic (DHEM) plates identified ? RC Rig upgrade in progress to increase speed and depth of Phase 4 exploration Figure 1 : Massive and highly - disseminated sulphide from the Upper , Lower and new zones respectively in CBDD05 7. (1) Downhole intersection quoted, true width is roughly one half of the downhole intersection width . (2) 2PGE’s is derived from Pt + Pd Estrella Resources Limite d (ASX: ESR) (Estrella or the Company) is pleased to announce the presence of further massive nickel - copper sulphides which have returned significant assay s in the first 60m southern step - out drilling at the Company’s Carr Boyd project, located approximate ly 80km north of Kalgoorlie . Three zones of nickel - copper sulphides were intersected over the last 170m of diamond drill hole CBDD057 with a ll three zones contain ing significant widths of massive sulphides with accompanying globular, highly disseminated, disseminated , stringer and cloud sulphides. Significant intersections are presented Table 3 and shown on the T5 long section in Figure 2 along with downhole electromagnetics (DHEM) results from CBDD060 . Table 1 : Significant Intersections from CBDD057 Hole m From m To Interval Ni% Cu% Co% 2PGE * Ag g/t CBDD057 406.8 418.42 11.62 0.90 0.46 0.04 0.61 2.05 Including 413.96 414.91 0.95 2.78 0.23 0.12 1.00 1.34 CBDD057 508.6 521.4 12.8 0.96 0.79 0.04 0.85 3.34 Including 517.48 520.92 3.44 1.92 1.94 0.07 1.19 8.18 Including 519.11 520.92 1.81 2.80 0.44 0.11 1.53 2.67 Including 519.85 520.55 0.7 4.30 0.16 0.16 1.88 1.05 CBDD057 567 570.7 3.7 1.76 0.66 0.07 1.10 2.79 Including 569 569.7 0.7 3.35 0.63 0.12 1.00 2.55 * 2PGE refers to Pt + Pd in g/t Estrella Managing Director Chris Daws commented: “ In what is fast becoming a common theme, Estrella Resources is continuing to unearth more nickel at Carr Boyd and these latest results are some of the best nickel assays that we have received to date. Our team is getting a very good understanding of the Carr Boyd geological setting with the results of CBDD057 demonstrating our ability to unlock further prospective mineralisation . We have made numerous massive nick el and copper sulphide intersections with only a very small portion of the basal contact area tested. As we progress the drilling towards Christmas and New Year, I can only get more excited about what we may uncover next for our shareholders, I look forward to reporting any significant updates.” Figure 2 : Location of CBDD057 Significant Intercepts in relation to T5 and additional DHEM plates generated from CBDD060 As can be seen in Figure 3 , the top two significant intersections relate to the Upper and Lower T5 Conductors that have been drilled previously. These conductors have a substantial massive sulphide core that is overlain by heavily - disseminated and globular nickel - copper sulphides. Of no te is the lowest intersection from CBDD057 which corresponds to nickel - copper sulphide mineralisation intersected in CBDD042A (3) . This new zone occurs as massive matrix breccia sulphides. Due to the nature of this style of mineralisation, a DHEM response is not always seen by adjacent drilling. This is due to the disconnected nature of semi - massive sulphides when forming these basal breccia zones . The finding highlights the importance of drilling and geological interpretation, augmented by geophysics in th e exploration and resource development process. Figure 3 shows a cross section through CBDD057 and depicts the three massive to semi - massive sulphide zones. Additional wedge holes are underway to better constrain the mineralisation intersected prior to DH EM surveying. (3) See ASX Announcement dated 9 April 2021 Figure 3 Left: Cross section through CBDD057 Right: Cross Section 100m to the North. The vectored exploration model incorporating magma flow direction predicts multiple zones of sulphide occurrences as observed in core . Figure 4 : Figur e 4: 3D rendering of the Basal Contact showing the CBDD057 intersection down plunge of the T5 Discovery in relation to the entire Broonhill – T5 prospective basal contact and Phase 4 Significant Intersections to date. Phase 4 RC Update T he Phase 4 RC dril ling has enabled the Company to trace the basal contact some 2km to the North of T5 towards the Broonhill sulphide discovery, c ompleting some 4,600m in the last 8 weeks. There is currently a significant delay in the return of assays from the laboratories, in excess of 10 to 12 weeks. The Company is using this lag in assay return to allow for the upgrade of the RC capability on the current rig, a process which will take approximately one week. This will involve a new booster for increased air to run a larger hammer and a number of other efficiencies to increase rig production. The rig is currently tagging the basal contact between 100m and 300m depth . H owever , in some instances the holes are being pushed to 370m. The additional dept h results in slower d rill rates and the drill contractor, Topdrive Drillers Australia has heavily invested in additional equipment to facilitate more efficient drilling to this depth. After CBDD076 intersected sulphides 325m down hole at Broonhill, additional RC holes drilled south have not reached the basal contact below this level due to the technical capabilities of the RC rig. These additional holes will either be diamond tailed or additional RC holes drilled to follow up on the Broonhill discovery. It is expected that the rig will be capable of deeper drilling within the next few days and the Company looks forward to learning more about this new area. The Company is aiming to complete at least 25,000m of RC drilling into the Broonhill, Mossgiel and Gossan Hill Prospects d uring the 2021 / 2022 Financial Year (Figure 5). These areas have been identified as the most prospective western basal contact areas and yet have received very little if any historical drilling . Mapping and drilling of the Carr Boyd Igneous Complex clear ly shows multiple sites around the intrusion edge where sedimentary sulphides are being assimilated into the melt. These sulphides, once in the melt have the ability to travel and to become enriched with nickel, copper, silver and PGE elements such as p all adium and p latinum. Geological indicators from within and outside of the intrusion show that gravity, at the time of emplacement, was essentially to the west. This means that the western basal contact is the most prospective for accumulated sulphides. Br oonhill Prospect – Northern Shoulder (+3.5km strike) The T5 - Broonhill Prospect lies on the northern side of what is interpreted to be the main channel of the intrusion. Local sulphur assimilation in this area has led to the nickel - copper sulphides at T5 and to sulphides intersected in drilling at Broonhill (assays pending). The proximity to the sulphide sources means that the amount of nickel and copper in sulphides can vary over small distances, as was seen in the close spaced drilling during Phase 3. Gossan Hill Prospect – Southern Shoulder (+3.5km strike) A similar shoulder to that seen at Broonhill exists 5km to the south at the Gossan Hill Prospect. No drilling into the basal contact has been performed at Gossan Hill and the Company has received the regulatory approvals to commence setting up for RC drilling in this area. Mossgiel Prospect – Main Channel Base (+2km strike) The Mossgiel Prospect represents the very base of the intrusion. This area is highly prospective and the Company intends to dril l this prospect at the conclusion of the current Broonhill RC program. All regulatory approvals to explore this area have already been received and preparations are underway to establish drilling positions . The Company intends to collar at least one or tw o holes into the Mossgiel Prospect before a 2 - week maintenance shutdown over Christmas and New Year. The se three areas are deemed to be of very high potential to accumulate nickel and copper sulphides. As such the Company wishes to explore the geology r apidly within the next six months . Figure 5 : Sulphide assimilation within the Carr Boyd Layered Igneous Complex and potential sulphide migration directions into basal trap sites . These areas warrant early exploration . T he Board has authorised for this announcement to be released to the ASX. FURTHER INFORMATION CONTACT Christopher J. Daws Managing Director Estrella Resources Limited +61 8 9481 0389 info@estrellaresources.com.au Media: David Tasker Managing Director Chapter One Advisors E: dtasker@chapteroneadvisors.com.au T: +61 433 112 936 Competent Person Statement The information in this announcement relating to Exploration Results is based on information compiled by Steve Warriner , who is the Exploration Manager of Estrella Resources, and a member of The Australasian Institute of Geoscientists. Mr. Warriner has sufficient experience rele vant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resou rce and Ore Reserves”. Mr. Warriner consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Table 2 : Drill hole collar details Hole ID Final Depth Easting Northing RL Dip Azimuth Status CBDD057 606.7 367370 6673580 431.9 - 69.5 258 Completed CBDD058 TBA Planned CBDD059 TBA Planned CBDD060 741.6 367372 6673580 431.9 - 76 270 Completed Table 3: CBDD057 Assay Details Hole ID Sample ID From To Interval Ni% Cu% Co ppm 2PGE's Ag g/t MgO% Au g/t Pt g/t Pd g/t As ppm S% SG CBDD057 Upper T5 Conductor ECB11748 380.1 382.1 2 0.08 0.00 80 0.02 <0.5 22.7 0.00 0.01 0.01 <5 0.05 3.01 ECB11749 382.1 382.94 0.84 0.14 0.02 100 0.04 <0.5 24.6 0.00 0.03 0.02 <5 0.30 3.00 ECB11750 382.94 383.78 0.84 0.23 0.06 133 0.07 <0.5 24.8 0.02 0.04 0.04 <5 0.80 2.97 ECB11751 383.78 385.78 2 0.11 0.02 99 0.02 <0.5 24.5 0.00 0.01 0.01 <5 0.26 3.01 ECB11752 396 398 2 0.19 0.12 117 0.10 1.20 21.1 0.09 0.05 0.05 <5 0.78 2.96 ECB11753 398 399.4 1.4 0.22 0.13 135 0.13 1.20 21.1 0.11 0.06 0.07 <5 1.10 3.03 ECB11754 399.4 400.8 1.4 0.22 0.19 130 0.23 1.70 21.6 0.13 0.14 0.09 <5 1.21 2.96 ECB11755 400.8 402.8 2 0.09 0.05 75 0.07 <0.5 21.0 0.07 0.04 0.03 <5 0.27 3.02 ECB11756 402.8 404.8 2 0.09 0.02 72 0.06 <0.5 21.1 0.02 0.03 0.03 <5 0.09 3.06 ECB11757 404.8 406.8 2 0.10 0.02 76 0.05 <0.5 20.6 0.02 0.02 0.02 <5 0.19 3.01 ECB11758 406.8 407.6 0.8 0.48 0.24 232 0.64 1.20 18.8 0.06 0.43 0.20 <5 3.23 3.14 ECB11759 407.6 408.4 0.8 0.77 0.29 347 0.49 1.30 18.3 0.03 0.14 0.34 <5 5.06 3.26 ECB11760 408.4 409.2 0.8 0.86 1.09 398 0.72 4.60 17.8 0.10 0.35 0.37 <5 6.40 3.28 ECB11761 409.2 410 0.8 0.86 0.42 391 0.74 1.70 18.7 0.04 0.39 0.34 <5 6.07 3.24 ECB11762 410 410.8 0.8 0.78 0.57 356 0.57 2.50 19.3 0.09 0.22 0.35 <5 5.52 3.23 ECB11763 410.8 411.6 0.8 0.76 0.36 351 0.63 1.50 19.6 0.04 0.33 0.31 <5 5.22 3.19 ECB11764 411.6 412.4 0.8 0.60 0.42 282 0.39 1.80 21.1 0.06 0.15 0.24 <5 4.56 3.14 ECB11765 412.4 412.72 0.32 0.08 0.06 55 0.04 0.50 9.7 0.06 0.02 0.02 <5 0.59 2.90 ECB11766 412.72 413.34 0.62 0.53 0.63 247 0.87 2.00 14.3 0.07 0.78 0.09 <5 4.11 3.12 ECB11767 413.34 413.96 0.62 0.57 0.22 266 0.23 1.10 15.8 0.01 0.12 0.11 <5 3.73 3.16 ECB11768 413.96 414.28 0.32 1.98 0.26 852 1.31 1.00 13.4 0.01 0.93 0.38 <5 15.25 3.50 ECB11769 414.28 414.6 0.32 3.61 0.06 1535 0.94 0.80 4.2 0.02 0.18 0.76 <5 30.10 4.22 ECB11770 414.6 414.91 0.31 2.60 0.39 1130 0.77 2.30 10.2 0.23 0.10 0.68 <5 20.20 3.71 ECB11771 414.91 415.61 0.7 0.42 0.28 192 0.37 1.10 22.1 0.06 0.20 0.17 <5 2.65 3.35 ECB11772 415.61 416.31 0.7 0.91 0.27 414 0.94 1.60 20.2 0.02 0.62 0.31 <5 6.27 3.36 ECB11773 416.31 417.01 0.7 0.66 0.78 306 0.54 3.50 15.8 0.06 0.31 0.23 <5 5.02 3.04 ECB11774 417.01 417.71 0.7 0.99 1.17 439 0.56 5.20 15.1 0.07 0.23 0.33 <5 6.69 3.33 ECB11775 417.71 418.42 0.71 0.85 0.21 374 0.42 1.10 14.0 0.03 0.15 0.28 <5 4.82 3.22 ECB11776 418.42 419.35 0.93 0.07 0.02 69 0.02 <0.5 16.5 0.01 0.01 0.01 <5 0.21 3.04 ECB11777 419.35 420.28 0.93 0.10 0.04 81 0.04 <0.5 15.5 0.01 0.02 0.03 <5 0.45 3.02 ECB11778 420.28 421.21 0.93 0.20 0.16 107 0.11 0.70 20.8 0.02 0.07 0.04 <5 1.06 3.03 ECB11779 421.21 422.14 0.93 0.10 0.06 77 0.27 <0.5 19.5 0.02 0.25 0.02 <5 0.46 3.04 ECB11780 422.14 423.07 0.93 0.11 0.04 85 0.08 <0.5 17.1 0.05 0.04 0.04 <5 0.15 3.06 ECB11781 423.07 424 0.93 0.11 0.03 85 0.05 <0.5 17.5 0.04 0.03 0.02 <5 0.28 3.11 ECB11782 424 424.93 0.93 0.09 0.08 74 0.04 <0.5 15.2 0.02 0.01 0.03 <5 0.43 3.07 ECB11783 424.93 425.86 0.93 0.40 0.24 189 0.22 0.90 17.6 0.05 0.05 0.17 <5 2.19 3.13 ECB11784 425.86 426.79 0.93 0.09 0.02 76 0.05 <0.5 16.1 0.01 0.03 0.02 <5 0.39 3.05 ECB11785 426.79 427.72 0.93 0.62 0.27 297 0.34 1.30 19.6 0.04 0.12 0.22 <5 3.67 3.15 ECB11786 427.72 428.65 0.93 0.30 0.19 151 0.17 0.90 23.1 0.02 0.07 0.09 <5 1.96 3.07 ECB11787 428.65 429.58 0.93 0.38 0.29 184 0.22 1.40 22.3 0.04 0.08 0.14 <5 2.51 3.11 ECB11788 429.58 430.51 0.93 0.27 0.15 158 0.30 0.60 23.0 0.03 0.23 0.08 <5 1.81 3.07 ECB11789 430.51 431.44 0.93 0.26 0.13 150 0.19 0.60 23.3 0.02 0.11 0.08 <5 1.60 3.07 ECB11790 431.44 432.34 0.9 0.33 0.17 164 0.26 0.70 21.1 0.02 0.14 0.13 <5 2.10 3.08 ECB11791 432.34 433.34 1 0.17 0.10 98 0.11 <0.5 7.9 0.02 0.04 0.07 <5 1.02 3.18 Hole ID Sample ID From To Interval Ni% Cu% Co ppm 2PGE's Ag g/t MgO% Au g/t Pt g/t Pd g/t As ppm S% SG CBDD057 Lower T5 Conductor ECB11792 496.77 498.59 1.82 0.15 0.06 96 0.15 0.60 21.6 0.07 0.09 0.06 <5 0.44 3.03 ECB11793 498.59 500.4 1.81 0.10 0.04 77 0.07 0.60 20.3 0.06 0.04 0.03 <5 0.18 3.09 ECB11794 500.4 501.25 0.85 0.41 0.51 205 0.34 3.50 22.2 0.17 0.14 0.20 <5 2.68 3.11 ECB11795 501.25 501.7 0.45 0.12 0.17 95 0.16 2.00 19.8 0.24 0.12 0.04 <5 0.56 3.15 ECB11796 501.7 502.2 0.5 0.28 0.29 166 0.30 2.70 19.6 0.23 0.20 0.10 <5 1.69 3.17 ECB11797 502.2 502.5 0.3 0.23 0.44 144 0.44 3.40 22.8 0.18 0.33 0.11 <5 1.89 3.33 ECB11798 502.5 503.1 0.6 0.33 0.17 194 0.21 1.30 22.9 0.11 0.07 0.14 <5 2.16 3.22 ECB11799 503.1 503.9 0.8 0.13 0.04 111 0.12 0.50 24.0 0.03 0.08 0.04 <5 0.39 3.23 ECB11800 503.9 504.75 0.85 0.25 0.14 146 0.16 1.20 23.3 0.08 0.07 0.09 <5 1.32 3.24 ECB11801 504.75 505.6 0.85 0.26 0.16 149 0.19 0.90 22.2 0.09 0.09 0.10 <5 1.54 3.29 ECB11802 505.6 507.6 2 0.10 0.03 80 0.05 <0.5 21.3 0.02 0.03 0.02 <5 0.30 3.16 ECB11803 507.6 508.6 1 0.23 0.09 125 0.25 0.60 19.9 0.05 0.15 0.10 <5 1.25 3.26 ECB11804 508.6 509.3 0.7 0.43 0.12 199 0.43 0.50 19.6 0.06 0.22 0.22 <5 2.75 3.23 ECB11805 509.3 510.26 0.96 0.50 0.15 221 0.41 0.80 19.2 0.07 0.21 0.20 <5 3.11 3.18 ECB11806 510.26 511.22 0.96 0.48 0.43 206 0.63 2.20 19.5 0.10 0.44 0.19 <5 3.12 3.16 ECB11807 511.22 512.18 0.96 0.62 0.34 247 0.62 1.60 19.6 0.08 0.38 0.23 5 3.82 3.18 ECB11808 512.18 513.14 0.96 0.55 0.31 221 0.67 1.30 18.9 0.05 0.48 0.20 5 3.32 3.16 ECB11809 513.14 514.1 0.96 0.42 0.22 173 0.37 1.00 20.0 0.05 0.21 0.16 <5 2.51 2.94 ECB11810 514.1 515.06 0.96 0.17 0.07 93 0.41 <0.5 19.4 0.03 0.34 0.07 <5 0.80 3.08 ECB11811 515.06 516.02 0.96 0.66 0.21 257 0.54 0.90 18.3 0.05 0.25 0.29 <5 3.95 3.13 ECB11812 516.02 516.76 0.74 0.82 0.37 313 1.98 1.50 14.8 0.04 1.69 0.29 <5 5.25 3.42 ECB11813 516.76 517.48 0.72 0.84 1.00 326 0.89 3.80 17.4 0.06 0.61 0.29 5 5.64 3.51 ECB11814 517.48 517.96 0.48 0.95 8.40 380 1.76 32.90 8.7 0.69 1.30 0.47 <5 15.15 3.52 ECB11815 517.96 518.42 0.46 1.13 3.08 452 0.37 11.90 12.1 0.15 0.07 0.30 <5 9.89 3.74 ECB11816 518.42 519.11 0.69 0.51 0.76 211 0.33 3.30 15.6 0.08 0.11 0.22 <5 3.58 3.13 ECB11817 519.11 519.85 0.74 1.11 0.68 425 1.07 3.90 15.6 0.06 0.46 0.61 <5 6.44 3.36 ECB11818 519.85 520.2 0.35 4.49 0.19 1670 1.86 1.10 1.9 0.01 0.83 1.03 <5 34.00 4.07 ECB11819 520.2 520.55 0.35 4.13 0.14 1520 1.90 1.00 2.0 0.02 0.66 1.24 6 33.50 4.73 ECB11820 520.55 520.92 0.37 2.49 0.62 1095 1.55 4.20 6.8 0.12 0.55 1.00 <5 19.95 3.45 ECB11821 520.92 521.4 0.48 0.93 0.24 364 1.34 1.90 13.5 0.01 1.05 0.30 6 5.00 3.23 ECB11822 521.4 523 1.6 0.11 0.01 54 0.05 <0.5 3.3 0.01 0.02 0.03 <5 0.68 2.81 Hole ID Sample ID From To Interval Ni% Cu% Co ppm 2PGE's Ag g/t MgO% Au g/t Pt g/t Pd g/t As ppm S% SG CBDD057 New Zone ECB11823 567 567.7 0.7 0.36 0.12 164 0.68 0.70 17.9 0.08 0.56 0.12 <5 2.07 3.05 ECB11824 567.7 568 0.3 1.10 0.55 413 1.45 2.60 16.7 0.49 1.11 0.34 5 7.53 3.28 ECB11825 568 568.37 0.37 2.63 0.44 1015 2.17 2.40 12.1 0.02 1.57 0.60 5 18.75 3.65 ECB11826 568.37 568.68 0.31 1.72 0.87 650 0.80 3.80 15.8 0.04 0.39 0.41 9 12.80 3.44 ECB11827 568.68 569 0.32 1.47 1.11 547 1.07 4.20 15.6 0.04 0.72 0.35 <5 9.64 3.19 ECB11828 569 569.35 0.35 3.27 0.43 1200 0.98 2.10 6.7 0.02 0.31 0.67 16 23.80 3.90 ECB11829 569.35 569.7 0.35 3.42 0.82 1215 1.01 3.00 6.9 0.03 0.27 0.74 10 24.40 3.98 ECB11830 569.7 570.05 0.35 1.51 1.64 563 1.29 6.40 13.4 0.02 0.71 0.58 7 11.25 3.46 ECB11831 570.05 570.4 0.35 1.86 0.45 691 1.32 2.30 12.1 0.01 0.73 0.59 7 13.25 3.65 ECB11832 570.4 570.7 0.3 0.36 0.65 151 0.30 2.40 17.5 0.02 0.15 0.16 <5 2.54 3.30 ECB11833 570.7 572.7 2 0.05 0.05 62 0.02 <0.5 5.6 0.01 0.01 0.02 5 0.48 3.10 ECB11834 572.7 574.7 2 0.01 0.01 37 0.02 <0.5 4.9 0.00 0.01 0.01 <5 0.03 2.88 ECB11835 574.7 576.7 2 0.01 0.00 32 0.02 <0.5 4.5 0.00 0.01 0.01 <5 0.01 2.88 _________________________________________________________________________________ A PPENDIX 1 JORC TABLE 1 - JORC CODE, 2012 EDITION – TABLE 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques ? Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. ? DD core samples have been half cut with an automatic core saw. ? 0. 25 m - 1 .1 m samples are collected from the core trays as marked out by the supervising geologist. ? A handheld XRF tool was used to verify the mineralisation with samples reporting >0. 3 % Ni in disseminated zones and >1% Ni in the matrix sulphide zones. ? XRF results have not been reported and are used as a logging/sampling verification tool only. ? Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ? Core is cut and sampled to ensure the sample is representative and no bias is introduced. Cutting of specific, banded or stringer sulphide zone d core is done orthogonal to the banding to ensure there is no bias. ? Aspects of the determination of mineralisation that are material to the Public Report. ? Determination of mineralisation has been based on geological logging , visual sulphide estimates and confirmation using a pXRF machine. Samples were dispatched to an accredited laboratory for m ulti - element analysis. . ? In cases where ‘industry standard’ wo rk has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where ther e is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information ? Diamond c ore drilling was used to obtain 3 m length samples from the core barrel which are then marked in one meter intervals , based on core block measurement s . ? S amples are selected based on geological logging boundaries or on nominal meter marks. ? Collect ed samples weigh a nominal 2 - 3 kg (depending on sample length ). ? Samples have been dispatched to a n accredited commercial laboratory in Perth for analysis . ? Samples are being analysed using a 4 - acid digest , ME - ICP for 33 elements and ore zone samples are also being tested for Au & PGE elements using ICP analysis. Drilling techniques ? Drill type (e.g. core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so , by what method, etc). ? Drilling was undertaken using NQ2 sized drill core . ? Hole s have been collar ed with mud rotary from surface, H Q rough cored to top of fresh rock then NQ2 cored to EOH. Drill sample recovery ? Method of recording and assessing core and chip sample recoveries and results assessed. ? Measures taken to maximise sample recovery and ensure representative nature of the samples. ? Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to prefe rential loss/gain of fine/coarse material. ? Core recovery was recorded by the field crew and verified by the geologist. ? RQD measurements were digitally recorded to ensure recovery details were captured. ? Sample recovery in all mineralised zones is high with negligible core loss observed. ? Diamond core drilling is the highest standard and n o relationship has been established between sample recovery and reported grade as the core is in very good condition. Criteria JORC Code explanation Commentary Logging ? Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ? Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photog raphy. ? The total length and percentage of the relevant intersections logged. ? Detailed industry standard of collecting core in core trays, marking meter interval s & drawing core orientation lines was undertaken. ? Core trays were photographed wet and dry prior to sampling. ? D rill hole logs are recorded in Ex cel spread sheets and validated in Micromine Software as the drilling progres se s . ? The entire length of all holes is logged. Sub - sampling techniques and sample preparation ? If core, whether cut or sawn and whether quarter, half or all core taken. ? If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ? For all sample types, the nature, quality and appropriateness of the sample preparation technique. ? Quality control pr ocedures adopted for all sub - sampling stages to maximise representivity of samples. ? Measures taken to ensure that the sampling is representative of the in - situ material collected, including for instance results for field duplicate/second - half sampling. ? Whe ther sample sizes are appropriate to the grain size of the material being sampled. ? Core is half cut using an automatic core saw to achieve a half - core sample for laboratory submission. ? The sample preparation technique is considered industry best standard p ractice. ? No field duplicates have been collected in this program. Field duplicates will be collected once initial results are return ed and resampling of the mineralised zones is warranted. ? Sample sizes are appropriate to the grain size of the mineralisati on. Quality of assay data and laboratory tests ? For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ? Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. ? No handheld XRF results are reported however the tool was used to verify the mineralisation with reporting >0. 3 % Ni in disseminated zones and >1% Ni in the matrix sulphide zones. ? DHTEM parameters are as follows; ? Tx Loop size: 500 x 800 m ? Transmitter: GAP HPTX - 70 ? Rece iver: EMIT SMARTem24 ? Sensor: EMIT DigiAtlantis ? Station spacing: 2m to 10m ? Tx Freq: 0.5 Hz ? Duty cycle: 50% ? Current: ~130 Amp ? Stacks: 32 - 64 ? Readings: 2 - 3 repeata ble readings per station Verification of sampling and assaying ? The verification of significant intersections by either independent or alternative company personnel. ? Results veri fied internally by Company personnel ? The use of twinned holes. ? Hole CBDD0028 is twinning hole CBP042 . No other twinning is warranted at this stage. ? Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ? The data was collected and logged using Excel sprea dsheets and validated using Micromine Software. The data will be loaded into an externally hosted and managed database . ? Discuss any adjustment to assay data. ? No adjustments have been made to the assay data other than length weighted averaging . Location of data points ? Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and ? The holes were pegged using a hand - held GPS + 3m ? The rig was setup o ver the nominated hole position and final GPS pickup occurred at the completion of the hole . Criteria JORC Code explanation Commentary other locations used in Mineral Resource estimation. ? Holes are progressively surveyed by DGPS on a batch basis. ? Specification of the grid system used. ? MG A94_51 ? Quality and adequacy of topographic control. ? Topography is relatively flat and control is m ore than adequate given the early stage of the project . A 3 D drone ortho - photographic survey had been used to create a DTM of the project area. Data spacing and distribution ? Data spacing for reporting of Exploration Results. ? Refer to Cross Section s and Plan s included ? Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ? Not applicable, no Mineral Resource is being stated. ? Whether sample compositing has been applied ? No compositing has been applied. Intercepts are quoted as length weighted intervals. Orientation of data in relation to geological structure ? Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ? If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. ? The drill hole orientation does not introduce a sample bias. Sample security ? The measures taken to ensure sample security. ? Samples are in the possession of Estrell a’ s personnel from field collection to laboratory submission. Audits or reviews ? The results of any audits or reviews of sampling techniques and data. ? No audits or reviews have been conducted for this release given the early stage of the project. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status ? Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wi lderness or national park and environmental settings. ? The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. ? Carr Boyd Nickel Pty Ltd (a wholly owned subsidiary of ESR) holds a 100% interest in the nickel and base metal rights to the project . ? There are no known impediments to operate in the area. Exploration done by other parties ? Acknowledgment and appraisal of exploration by other parties. ? The Carr Boyd Rocks deposit was discovered by Great Boulder Mines, in a joint venture with North Kalgurli Ltd in 1968. The deposit was mined between 1972 and 1975, during which time they explored for additional breccia pipe occurrences near the mine. ? WMC acquired Great Bould er Mines Ltd in 1975, briefly reopening the mine in 1977 before closing it permanently shortly thereafter due to a collapse in the nickel price. The mine had produced 210,000t at 1.44% Ni and 0.46% Cu before its closure. ? From 1968 Pacminex Pty Ltd held mo st of the ground over the CBLC outside of the immediate mine area. Between 1968 and 1971 they conducted extensive exploration programs searching for large basal contact and/or stratabound Ni - Cu deposits. It was during this time that most of the dissemina ted and cloud sulphide occurrences such as those at Tregurtha, West Tregurtha and Gossan Hill were discovered. ? Defiance Mining acquired the regional tenements from Pacminex in 1987 and focused on exploration for PGE deposits between 1987 and 1990. In 1990 Defiance purchased the Carr Boyd Rocks mine from WMC and switched focus to the mine area between 1990 and 2001, leaving many PGE targets untested. ? From 1990 Defiance dewatered the mine to conduct testwork and feasibility studies on the remnant mineralisat ion. Metallurgical testwork, Mineral Resource estimations, and scoping studies were completed. Around 1996 the focus shifted again to regional exploration for large tonnage basal contact deposits. ? In 2001 Titan Resources Ltd (Titan) acquired the project and recommenced economic evaluations of the remnant material at Carr Boyd Rocks before embarking on another regional exploration program focusing on the basal contact. An aeromagnetic survey, airborne EM reprocessing, and several programs of RAB and RC dr illing were completed. ? From 2005 Yilgarn Mining entered a JV with Titan and continued with some regional exploration but focused most attention in and around the Carr Boyd Rocks mine. ? In 2007 Titan was acquired by Consolidated Minerals Ltd (Consmin). Consmin conducted IP surveys and detailed gravity surveys but did not drill any targets before selling the project to Salt Lake Mining (SLM) in 2013. SLM completed limited drilling to mee t expenditure commitments, before selling the project to Apollo Phoenix Resources in 2016. ? Apollo sold the project to ESR in 2018. Criteria JORC Code explanation Commentary Geology ? Deposit type, geological setting and style of mineralisation. ? The Carr Boyd project lies within the Achaean Yilgarn Craton in a 700km belt of elongate deformed and folded mafic, ultramafic rocks and volcanic sediments intruded by granitoids which is referred to as the Norseman - Wiluna Belt. The belt has been divided into several geological distinct terranes, with the project area lying at the northern end of the Gindalbie terrane (Swager, 1996). ? The geology of the Carr Boyd area is dominated by the Carr Boyd mafic - ultramafic intrusive complex (CB I C). ? Several distinctive styles of Ni and Ni - Cu mineralisation have been identified within the CB I C. At the Carr Boyd Rocks Nickel Mine Ni - Cu mineralisation is hosted within several 20 - 60m diameter brecciated pipe - like bodies that appear to be discordant to the magmatic stratigraphy. Mineralisation is hosted by a matrix of sulphides (pyrrhotite, pentlandite, pyrite and chalcopyrite) within brecciated Bronzite and altered country rock clasts. ? Stratiform Ni - Cu - PGE mineralisation has been identified at several different locations within the layered magmatic complex. ? Estrella is in the process of re - mapping and reclassifying the Carr Boyd Igneous Complex. Previous “Layered Intrusive” models are misleading as the complex is made up of many overprinted and juxtaposed, smaller layered and non - layered intrusives that have progressed from Ultramafic to Mafic over time. The complex is better described as a magma feeder zone, where the earliest melts passing through the Morelands Formation have assimilated graphitic sulphidic shales, reached sulphur saturation and deposited ni ckel sulphides along basal contacts. ? These basal contacts are not restricted to the base of the complex, but can form within the complex, wherever access was gained by these earlier flows. ? The complex has then been intruded and inflated over time by progr essively more mafic, barren magmas to produce what we see today. Drill hole Information ? A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. ? If the exclusion of this in formation is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly ? All relevant drillhole information can be found in the Tables and sections within the announcement . ? No information is excluded. Criteria JORC Code explanation Commentary explain why this is the case. Data aggregation methods ? In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut - off grades are usually Material and should be stated. ? Where aggregate intercepts incorporate short lengths of high - grade results and longer lengths of low - grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. ? Intersections are reported on a 0.5 % Ni cut - off with SG and length weighted intervals. ? A ll intercepts are reported using SG and length weighted interval s . ? The assumptions used for any reporting of metal equivalent values should be clearly stated. ? No metal equivalents have been stated Relationship between mineralisation widths and intercept lengths ? These relationships are particularly important in the reporting of Exploration Results. ? If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ? If it is not known and only the down hole lengths are reported, there should be a clear statement t o this effect (e.g. ‘down hole length, true width not known’). ? True width s have not been stated. The variable orientation of mineralisation within magma feeders combined with a structural overprint and steep drill angles make true width calculations highly misleading. Diagrams ? Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. ? Maps and sections with drill hole locations are included in the announcement. Balanced reporting ? Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. ? All new drillhole information within this announcement is reporte d Other substantive exploration data ? Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characte ristics; potential deleterious or contaminating substances. ? Everything meaningful and material is disclosed in the body of the report. ? Geological observations are included in the report. ? No bulk samples, metallurgical, bulk density, groundwater, geotechni cal and/or rock characteristics test were carried out. ? There are no known potential deleterious or contaminating substances. Further work ? The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or ? D iamond drilling and DHTEM geophysical tes ting is continuing. Criteria JORC Code explanation Commentary large - scale step - out drilling). ? Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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