Bulletin Resources : High Grade Lithium Results Ravensthorpe

13 December 2021

ASX RELEASE

only		2.5 km of High-Grade Lithium Rock Chips
			Ravensthorpe Lithium Project
	Highlights
		• Multiple high-grade lithium rock chip results in pegmatites over
		2.5km in extent
use	• Rock chip samples lithium assays include:
o	6.54% Li2O
o	2.57% Li2O
		o	3.28% Li2O
		o	3.01% Li2O
		o	2.67% Li2O
personalFor	o	2.49% Li2O
o	2.46% Li2O
		o	2.44% Li2O
		o	2.40% Li2O
		o	2.28% Li2O

• Lithium bearing minerals include Spodumene, Lepidolite and Zinnwaldite

• Pegmatite fractionation indices of wall rocks at Big pegmatite provide strong indicators to lithium mineralisation at depth

• Additional field work planned alongside environmental studies for drilling approvals

Chairman

Paul Poli

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

1. million
   Top Shareholders

Goldfire Enterprises	23.4%
Top 20 Shareholders	53.7%

Market Capitalisation $21.09 million @ 7.6 cents

Bulletin Resources LimitedASX : BNR Suite 11, 139 Newcastle Street, Perth, WA 6000 I PO Box 376 Northbridge WA 6865 I phone [phone] www.bulletinresources.com

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Bulletin Resources Limited ("Bulletin", "BNR") is pleased to provide rock-chip assay results from recent work on its Ravensthorpe Lithium project. The 57km2 tenement is located 12km southwest and along strike of Orocobre Limited's (formerly Galaxy Resources Limited) Mt Cattlin Lithium Mine.

High-grade lithium assays of rock chips from a series of pegmatite outcrops over a 2.5km extent confirm the lithium potential of the Ravensthorpe Lithium project. Results from 37 rock chip samples have been returned from the laboratory and include (Figure 1):

• 1. 6.54% Li2O* o 3.28% Li2O o 3.01% Li2O o 2.67% Li2O o 2.57% Li2O* o 2.49% Li2O o 2.46% Li2O o 2.44% Li2O o 2.40% Li2O* o 2.28% Li2O
• Samples previously reported in BNR ASX announcement dated 1 December 2021

Figure 1: Location and assays of rock chip samples above 0.2% Li2O

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Mapping and sampling along creek beds and at previously known pegmatite sites has defined a 2.5km series of lithium bearing pegmatite outcrops that range in size from 10's to 100's of metres. At this stage it is uncertain if topography has limited outcrop size or if the outcrops join into larger pegmatites at depth. Vegetation is well developed in the area, and it is very likely that additional lithium bearing pegmatites, within and along the 2.5km zone will be found with further on-ground mapping and sampling. A summary of sampled pegmatites is provided below.

Deep Purple pegmatite

The Deep Purple pegmatite is a broad, 700m long swarm of outcropping and subcropping pegmatites, with pegmatite rubble (lag) down slope and along trend suggesting continuation under cover. The pegmatites dip moderately west. An outcrop of pegmatite core zone measuring 10m x 15m in area contains grey coloured spodumene typified by large crystals up to 20cm in length with grades to 6.54% Li2O (Figure 2). Other lithium minerals observed at Deep Purple Pegmatite include lepidolite and less commonly, zinnwaldite.

Outcrops north of Deep Purple appear to be truncated by an east-west trending Proterozoic dolerite dyke and extensions northwards remain to be determined.

Figure 2: Coarse spodumene from Deep Purple pegmatite

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Creek pegmatite

The Creek pegmatite lies west of the Deep Purple pegmatite trend. The pegmatite core zone outcrop is limited to a creek bed and hosts large 10cm to 15cm green altered spodumene laths. Spodumene samples were intensely weathered and altered with grades of 1.08% Li2O and 0.16% Li2O indicating lithium has remobilised, possibly into adjacent lepidolite. The spodumene is green due to higher Fe content and may represent a less fractionated melt to that seen at Deep Purple pegmatite.

Phillips South pegmatite

The Phillips South pegmatite is a series of small pegmatite outcrops in a 170m long north-south trend with an apparent thickness of 25m. Lepidolite and green muscovite, indicative of pegmatite fractionation was noted, and rock textures indicate the outcrop comprises the intermediate zone of the pegmatite (Figure 3). Lepidolite rock-chip samples assayed up to 2.67% Li2O, 1.6% Rb and 1957ppm Cs.

Big pegmatite

The Big pegmatite dips gently west and is approximately 100m x 300m in size and extensions are likely with additional mapping. The Big pegmatite has a surface expression of sub cropping and outcropping rocks defining the surface of hill. Within the lower elevation creek bed, it outcrops as a large microcline rich pavement. The size and nature of the microcline indicates the outcrop exposed at surface is the wall and intermediate zone of a sizeable pegmatitic body.

A large green pod of muscovite on what may be the pegmatite intermediate - core margin was mapped (Figure 3). The green colouration of muscovite is encouraging as it may be indicative of fractionation and can be associated with lithium mineralisation. The potential of lithium mineralisation within the core of the pegmatite is supported by the low fractionation indices of K:Rb, K:Cs and Ba:Rb.

Low fractionation indices indicate a more fractionated, or better evolved magma melt, leading to the development of higher-grade lithium bearing minerals in the pegmatite core zone.

Quarry pegmatite

The Quarry pegmatite was reportedly historically mined for tantalite and has a strike length of approximately 500m, dipping gently west. The northern end of the pegmatite contains a quartz-lepidolite-zinnwaldite core zone of approximately 80m length. Drilling by Amax reported the pegmatite to be 14m - 24m thick with a best result of 2m @ 0.28% Li2O from 6m in hole CD5 (DMIRS Wamex reference a10799). Bulletin rock chipping of lepidolite bearing pegmatite outcrops at surface returned results of 3.28% Li2O and 3.01% Li2O.

A full set of results is provided in Table 1.

Further Work

Planning for drilling is underway and environmental surveys required as part of the PoW submission to DMIRS are being initiated. Alongside these studies, Bulletin will continue on-ground field work comprising mapping and surface sampling to advance the prospectivity of this LCT pegmatite field.

(modified, Bradley and McCauley,https://pubs.usgs.gov/of/2013/1008/OF13-1008.pdf)

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Figure 3: Deposit scale zoning (the result of fractionation as minerals precipitate out of the molten magma) in an idealised pegmatite

Figure 4: Bulletin's Ravensthorpe Lithium Project location