Bulletin Resources : 31 December 2021 Quarterly Report

ASX RELEASE

31 December 2021 Quarterly Report

25 January 2022

Lake Rebecca Gold

only	• Two newly granted tenements grow the Lake Rebecca Gold
Project area to over 600km2
	• EIS diamond drilling program to test gold in regolith targets from
	aircore drilling was approved by DMIRS
	• New target area confirmed with soil sampling

Ravensthorpe Lithium

use	• Rock chips show high-grade lithium up to 6.54% Li2O
• Multiple LCT pegmatites over 2.5km in extent
•	Coarse spodumene crystals found outcropping at Deep Purple
		and Creek pegmatite outcrops
	• Pegmatite fractionation indices of wall rocks at Big pegmatite
		provide strong indicators to lithium mineralisation at depth
Corporate
personal	• Mr Neville Bassett appointed as a non-executive director
•	During the quarter Bulletin received;
		o $2.05M in cash from the sale of 3.225M Apollo
		Consolidated "AOP" shares on market
		o $1.83M in cash and 955,675 Ramelius Resources "RMS"
		shares worth $1.51M via the takeover of AOP
		o $0.68M via the exercise of 16.5M options
	• Cash, investments and receivables totalling $12.06M on hand at
		the end of the quarter
*All references to $ are AUD unless otherwise noted
For

Chairman

Paul Poli

Chief Executive Officer

Mark Csar

Non- Executive Directors

Robert Martin

Daniel Prior

Neville Bassett

Company Secretary

Andrew Chapman

Shares on Issue

1. million shares
   Listed Options

1. million
   Unlisted Options 12 million
   Top Shareholders

Goldfire Enterprises 23.4% Top 20 Shareholders 53.7%

Market Capitalisation $37.47 million @ 13.5 cents

Bulletin Resources Limited

Suite 11, 139 Newcastle Street, Perth, WA 6000 I PO Box 376 Northbridge WA 6865 I phone [phone] I fax [phone] I www.bulletinresources.com

1 | P a g e

The Board of Bulletin Resources (ASX: BNR, Bulletin) provides the following Quarterly Report for the quarter ending 31st December 2021.

onlyLake Rebecca Gold Project

The Lake Rebecca Gold Project is approximately 150km east north-east of Kalgoorlie, WA and now comprises seven granted Exploration Licences over 608km2. The two northern tenements of E28/2600 and E28/2635, totalling 170km2 are held in Joint Venture with Matsa Resources Ltd (ASX:MAT) (BNR 80%: MAT 20%), whilst the remaining tenements are wholly owned by Bulletin.

The project is in the southern part of the Laverton Tectonic Zone, a regional scale shear/fault system which is one of the more productive gold zones in the WA Goldfields. The zone hosts the Sunrise Dam, Wallaby, Red October and Granny Smith gold camps. The tenements are adjacent to, and along strike of Ramelius Resources Limited

use(ASX:RMS, Ramelius) 1.1M oz Rebecca Gold project.

New Tenements

The Western Australian Department of Mines, Industry Regulation and Safety (DMIRS) granted two new tenements totalling 33km2. The new tenements are an important adjunct to Bulletin's Lake Rebecca Gold Project which now totals 608km2 in area. The new tenements are located immediately southwest of Ramelius' newly acquired Lake Rebecca Project following the recent takeover of Apollo Consolidated Limited (ASX:AOP).

personalThe area was targeted for its underlying complex folding of mafic and ultramafic rocks associated with elevated magnetic signatures seen in regional geophysical surveys (Figures 1 and 2). Bulletin believes structural complexity is a key criterion for finding large gold deposits in this area. Both the nearby Lake Rebecca (1.1Moz Au) and Lake Roe (1.7Moz Au) deposits are in structurally complex environments.

A third tenement application along strike to the south and adjoining Breaker Resources NL ("Breaker", ASX:BRB) tenure is progressing to grant following a successful ballot.

Bulletin has commenced a review of the limited historical work over the tenements and will commence on-ground exploration activity as soon as possible.

For

For personal use only

Figure 1: Bulletin project locations on magnetic background

use only
personal	Figure 2: Interpreted geology and new target areas at Lake Rebecca Gold Project

EIS co-funding for diamond drilling approved

An Exploration Incentive Scheme (EIS) application to test for gold mineralisation beneath extensive gold-in- regolith aircore anomalies from 2021 drilling on Lake Rebecca has been approved by DMIRS. The competitive scheme refunds half the direct drilling costs of successful applications.

ForBoth eastern and western gold in regolith trends are proposed to be tested at depth for associated basement mineralisation with diamond drilling using a specialised lake rig. The targets lie beneath extensive trends of anomalous gold in regolith that includes intersections such as 7m @ 0.73 g/t Au and 2m @ 2.72 g/t Au. The mineralised granodiorite regolith is the same lithological setting as that seen at Ramelius' Rebecca, Duke and

Duchess deposits to the southwest (refer BNR ASX announcements dated 11 February 2021 and 19 August 2021).

Timing of drilling will largely be dependent on availability of a suitable lake drill rig.

For personal use only

Figure 3: Gold in regolith anomalies at Lake Rebecca Gold Project with follow up planned diamond drilling

areas using EIS funding