21 Oct 2021

NickelSearch to Commence Drilling at Carlingup

1 21 October 2021 NICKELSEARCH TO COMMENCE DRILLING AT CARLINGUP NickelSearch Limited (ASX: NIS) (“NickelSearch” or “the Company”) is pleased to announce the commencement of its maiden drill program today at the Carlingup Project located approximately 20 km east of the regional town of Ravensthorpe in Western Australia (Figure 2) . The initial focus of the drilling program is on the RAV8 deposit which is the most advanced project within NickelSearch’s portfolio and has historically produced 16.1kt Ni at 3.45% from four principal shoots (Figure 1 & 3). The massive sulphide shoots , now mined out to a depth of approximately 300m, are surrounded and overlain by a large, disseminated nickel halo. This largely unmined mineralised halo with an inferred JORC (2012) Mineral Resource of 13.2Mt @ 0.60% Ni for 75.1kt Ni 1 is the primary focus for the current drill plan . Figure 1. Aerial photograph image showing the various RAV8 d eposit shoots and the Phase 1 drill pla n 2 ASX ANNOUNCEMENT The aim of the Phase 1 drill plan (Figure 1) is as follows: • Resource and extension drilling targeting near - surface potential that focus on higher - grade areas with the objective of achieving a higher JORC classification within any future pit cut - back . For example, west of Shoot 1 and north of Shoot 3 at shallow dept hs. • Test new areas outside of the existing resource to the east and downdip of current nickel sulphide mineralisation. For example, south of Shoot 1 at depth. • Exploration potential with no historical production and very little drilling information. For example, the potential for a new shoot east of Shoot 4. The initial p hase of drilling, utilising a Reverse Circulation rig, will comprise 11 holes for approximately 1,900 m of an approximately 4000m program. In addition to providing assays for Ni, Co, Cu and PGEs the drilling will also provide material for preliminary bioleaching metallurgical test work. As part of the company’s efforts to upgrade the JORC resource classi fication, a series of historical diamond holes with insufficient sampling have been selected and recovered that will be resampled to provide a more comprehensive assay database including QAQC. NickelSearch’s Managing Director, Craig Moulton, commented: "We are pleased that the drilling program at the Carlingup Nickel Project has started so soon after listing on Monday . I am confident that this maiden drill program commencing at the RAV8 deposit will confirm and extend the known nickel sulphide system. ” Figure 2: Carlingup Nickel Sulphide Project location map 3 ASX ANNOUNCEMENT 1 Refer to NickelSearch’s Prospectus dated 23 August 2021. This announcement has been approved for release by the Board of NickelSearch Limited. Enquiries Craig Moulton Managing Director NickelSearch Limited info@nickelsearch.com Dannika Warburton Principal Investability Partners info@investability.com.au With respect to exploration results and estimates of mineral resources contained in this announcement, the Company refers to its Prospectus dated 23 August 2021 which included the Competent Persons Statement. NickelSearch confirms that it is not aware of a ny new information or data that materially affects the information included in the Prospectus and in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the Prospectus continue to apply and have not materially changed. Competent Person’s Statement Figure 3. Carlingup Nickel Sulphide Project tenure showing the location of the RAV deposits. ASX ANNOUNCEMENT About NickelSearch Nickel Search Limited (ASX code: NIS) is a dedicated WA nickel sulphide explorer focused on advancing it’s flagship Carlingup Nickel Project. The project has an existing resource base totalling 171kt contained n ickel . Directors & Management David Royle Non - Executive Chairman Craig Moulton Managing Director Norman Taylor Non - Executive Director Paul Bennett Non - Executive Director Donald James Non - Executive Director NickelSearch ACN 110 599 650 Projects CARLINGUP NIICKEL PROJECT (100%) Shares on Issue 104,064,018 Options 9,000,000 ASX Code NIS
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