Mantle Minerals Reports Positive Gold Drilling Results at Mt Berghaus - 30 July 2024

Drilling Results

Mantle Minerals Limited has reported promising results from their recent drilling activities at the Mt Berghaus tenement, E45/5899. The drilling program, which commenced on 11 June 2024, has uncovered an 800-meter strike length of gold mineralization over 0.2g/t in six successive holes. The most notable intersection was 12 meters at 1.37 grams per tonne (g/t) gold, which included a 4-meter section at 3.57 g/t gold in drill hole MMAC 0218.

The gold intersections were found in basement rocks and are associated with arsenic and pyrite, indicating primary gold mineralization similar to the Hemi deposit. These results are particularly encouraging given that this was a first-pass aircore drilling program in an area known for giant gold deposits.

Geological Context

The mineralization in hole MMAC 0215 was found in semi-fresh rock with euhedral crystals of pyrite, while hole MMAC 0220's mineralization was associated with quartz and feldspar. These findings are consistent with primary gold mineralization. The presence of anomalous arsenic levels further supports the potential for significant gold deposits, similar to the nearby Hemi deposit.

Recent re-interpretation of aeromagnetic data suggests that the rocks in this area might be folded, with fold hinges between holes MMAC 0215 and 0227 being particularly prospective for mineralization. Additionally, drill hole MMAC 0209, located 5 kilometers northwest of MMAC 0220, returned significant intersections, indicating that the area between these holes also warrants further exploration.

Next Steps

Mantle Minerals plans to conduct follow-up drilling around the mineralization with aircore drilling to determine the horizontal extent of the anomaly. This will be followed by reverse circulation (RC) drilling in the best parts of the anomaly to target deeper primary mineralization. An environmental approval for the Program of Work has already been granted, and a heritage survey will commence shortly.

Samples from the drilling program were aggregated into four-meter interval composites to reduce sampling and assay costs. These samples were analyzed by ALS Laboratory using fire assay methods for gold content and XRF for arsenic and other elements.

Background

Mantle Minerals is actively exploring for gold at Roberts Hill and Mt Berghaus, located immediately north of the giant Hemi gold mineralization system, which is part of De Grey's 12.7 million-ounce gold resource. The area lies within the Mallina shear zone, an interpreted gold trend extending from Whim Creek and Toweranna gold mines eastwards through Hemi and potentially beyond. The project site is approximately a 50-minute drive southwest of Port Hedland along the Great Northern Highway.