Aston Minerals : 93% Liberation of Nickel Demonstrated by Initial Analysis

ASX ANNOUNCEMENT

07 February 2022

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93% Liberation of nickel demonstrated by initial analysis & extensive mineralisation intersected

Key Highlights

• As a pre-cursor to metallurgical testing, all drill holes submitted to date were analysed by four acid digest (total digestion method), and aqua regia digestion with ICP finish (partial digestion method), to provide an initial assessment of nickel liberation

• 1. Tests demonstrated 93% liberation of nickel across all drill holes to date, indicating nickel is associated with sulphide mineralisation and potentially iron alloys
• DDED21-075,located 3.5 km to the north of Bardwell intersected 730.9m at 0.23% Ni and 0.010% Co, starting at 13.1m ending in mineralisation
• DDED21-073,located 1.5 km to the northeast of Bardwell, intersected 187m at 0.27% Ni and 0.011% Co, starting from 312m
• 1. Including 7m at 0.47% Ni and 0.014% Co
• Drill hole DDED22-080 is underway and is planned to extend for a depth of ~1,200m. Is seeking to assess the depth continuity of mineralisation at Bardwell, and is targeting the trend 150m southwest of DDED21-076 that intersected 282.5m at 0.43% Ni and 0.014% Co, starting from 67.5m and including 163.5m at 0.52% Ni and 0.017% Co

ASX: ASO

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Figure 1: Plan View of Drilling Results and Current Drilling Underway Across Boomerang Target

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Aston Minerals Limited (ASX: ASO, 'Aston Minerals' or 'the Company') is pleased to provide an update on drilling results and exploration underway across the Boomerang Nickel-Cobalt Target, Edleston Project, Canada.

Managing Director, Dale Ginn commented "The results from drilling the Boomerang Target to date have indicated we are dealing with a very substantial magmatic nickel sulphide system. All holes drilled have intersected substantial Ni-Co mineralisation within the ultramafic host unit, an impressive result considering that the target area does not outcrop and is completely covered with overburden. We have commenced the systematic mineralogical analysis as a pre-cursor to metallurgical testing and are very encouraged by the liberation of nickel from partial digestion methods.

This strong correlation between the aqua regia and four acid digest results indicates that we are dealing with a substantial proportion of nickel associated with sulphides and iron alloys relative to that of silicate associated minerals. The mineralogical analysis will assist in defining the amenability of geophysical methods to specifically target nickel mineralisation and refine our planned drilling.

Our drilling program underway across the Boomerang Target aims to systematically assess the strike potential of mineralisation. The current hole being drilled at Bardwell (DDED22-080) is testing the down dip extent of mineralisation to a planned depth of ~1,200m. It is 150m along strike from DDED21-076 which intersected 282.5m at 0.43% Ni and 0.014% Co, starting from 67.5m and including 163.5m at 0.52% Ni and 0.017% Co. With recently approved permitting across the entire strike length of the Boomerang Target, we have the capacity to rapidly assess and infill drill required key areas of mineralisation."

Four Acid Digest and Aqua Regia Digest Comparison

All samples submitted to date were analysed by both four acid digest and aqua regia digestion with ICP finish. Four acid digestion utilises a combination of nitric, perchloric and hydrofluoric acid with a final dissolution stage using hydrochloric acid. This digestion breaks down most silicate and oxide minerals allowing for the "near-total" analysis of most minerals. In comparison, aqua regia digestion is a partial digestion using nitric and hydrochloric acid at a 1:3 ratio. Aqua regia does not dissolve silicate minerals and, as such, silicate associated nickel minerals such as that of olivine are not dissolved to any significant degree.

A semi-quantitative assessment can be conducted of the proportion of nickel mineralisation associated with sulphide and potentially iron, relative to that of nickel mineralisation associated with silicate (which is typically unrecoverable). This is calculated by the comparison of results derived from these two laboratory analytical methods. Where the results for the aqua regia and four acid digest are identical, this indicated 100% liberation of nickel, and conversely where the results diverge, this indicates a lower rate of liberation, which can be indicative of silicate associated nickel minerals.

The data generated to date has demonstrated a very promising 93% liberation of nickel on average across all drill holes to date, indicating nickel is predominantly associated with sulphide mineralisation and potentially iron alloys.

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Table 1: Comparison of Aqua Regia (partial digest) versus 4 Acid Digest (total digest)

Hole	From	Interval	Ni %	Ni %	% Liberation
	(m)	(m)	Aqua Regia ICP	4 Acid Digest	Ni
DDED21-057	38.7	287	0.24	0.3	80
DDED21-059	84	144	0.33	0.38	87
DDED21-059	174.5	53.5	0.41	0.49	84
DDED21-065	106.5	144.5	0.23	0.24	96
DDED21-065	241	10	0.42	0.45	93
DDED21-065	513.5	33.8	0.26	0.27	96
DDED21-072	122	77	0.25	0.26	96
DDED21-072	171	11.4	0.37	0.40	93
DDED21-072	286	119.5	0.23	0.24	96
DDED21-073	312	187	0.26	0.27	96
DDED21-073	430.5	7	0.45	0.47	96
DDED21-075	13.1	730.9	0.21	0.23	91
DDED21-076	67.5	282.5	0.42	0.43	98
DDED21-076	186.5	163.5	0.5	0.52	96
DDED21-076	331.7	18.3	0.66	0.66	100

Representative samples of mineralisation have been submitted for petrography in order to assist with identification of nickel associated minerals. A comprehensive metallurgical testing program is currently being developed in order to understand the beneficiation and characteristics of the identified mineralised domains.

Drill Results

Drilling to date across the Boomerang Target has been across three discrete sections, all of which have intersected nickel sulphide mineralisation. Subsequent permitting has enabled the Company to expand the exploration focus area with Bardwell being the immediate priority on the basis of such strongly encouraging initial results.

Olecranon Prospect:

• DDED21-075:730.9m at 0.23% Ni, starting from 13.1m ending in mineralisation
• DDED21-065:144.5m at 0.24% Ni, starting from 106.5m including 10m at 0.45% Ni ending in mineralisation
• DDED21-072:77m at 0.26% Ni, starting from 122 including 11.4m at 0.4% Ni & 119.6m at 0.24% Ni from 286m

Ulna Prospect:

• DDED21-073:187m at 0.27% Ni from 312m including 7m at 0.47% Ni

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Figure 2: Cross-section of drilling results at the Olecranon Prospect looking west

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