Bulletin Resources : New Lithium Targets Ravensthorpe Lithium Project

	12 July 2022	ASX RELEASE
only			New Lithium Targets
		Ravensthorpe Lithium Project
	Highlights
		• Radiometric spectrometry interpretation identifies a 2.5km long
			pegmatite target on the newly acquired E74/680 northern
			tenement
use	• Historical reports of pegmatite float support the potential for
	additional pegmatites in this newly acquired area
		• New pegmatite targets also identified further south near to the
			Deep Purple pegmatite
		• Nickel targets within ultramafics identified in review of historical
			work to be followed up
personalFor	• Landowner access agreements have been signed over target
	areas
•	LIDAR survey has been completed with results anticipated during

July/August

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

1. million
   Top Shareholders

Goldfire Enterprises	23.6%
Top 20 Shareholders	46.1%

Market Capitalisation $32.18 million @ 11 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 advise that it has identified lithium and nickel targets on its newly acquired 36km2 tenement E74/680, immediately north of known lithium bearing pegmatites. The tenement is only 7km west of Allkem's (ASX:AKE) operating Mt Cattlin lithium mine.

Targets for lithium and nickel have been generated from a review of historical geophysical and geochemical exploration.

Lithium Targets

Re-interpolation and interpretation of radiometric imagery with a focus on pegmatites has been completed over the Ravensthorpe Lithium project by geophysical consultants, NewGenGeo Pty Ltd. Radiometric spectrometry is a surficial mapping technique that uses the detectability of higher potassium (K) content in and around the granitic pegmatites compared to the low-Kcalc-alkaline volcanic complex host of the Annabelle volcanics. Pegmatites are by nature coarse-grained and large K-feldspar and K-mica phenocrysts (large crystals) can persist in soil when the pegmatites are eroded. The technique can identify areas of higher K in soils, indicating potential pegmatite; particularly when the dataset interpretation can be guided by examples of known nearby pegmatite occurrences.

Figure 1 shows the K radiometric image over the Annabelle volcanics and highlights a large 2.5km long anomaly that is indicative of pegmatite within the newly acquired tenement of E74/680. The K anomaly is immediately along strike of the Eastern Pegmatite Trend which hosts known spodumene bearing pegmatites including Big Pegmatite and Deep Purple Pegmatite. Support for pegmatites in the area is provided by previous mapping identifying pegmatite float, with the source of the float unknown.

Figure 1: E74/680 pegmatite target highlighted within shaded radiometric map (NE shading) clipped to

Annabelle Volcanics

For personal use only

Further south within Bulletin's E74/655 tenement, the radiometric image over the known pegmatites shows good correlation, with K high areas overlying known outcropping pegmatites. Importantly, several new targets have been identified and will be followed up with on-ground mapping and the upcoming results of the recently competed LIDAR survey (Figure 2).

Figure 2: Shaded radiometric map (NE shading) clipped to Annabelle Volcanics over E74/655 and mapped

pegmatite locations

Nickel Targets

Ultramafics lie immediately northwest of the Annabelle Volcanics and the ground was previously explored for base metals including nickel by Pioneer Nickel in a joint venture with Allkem (previously Galaxy). Work included mapping, soil sampling, and electromagnetic geophysical surveys including VTEM and MLTEM.

While mapping is hampered by lack of outcrop due to farming activities, two NNE trending ultramafic units were identified with the eastern trend being the thicker ultramafic unit. High MgO rocks within this unit comprise medium to coarse grained serpentinised mesocumulate and more commonly orthocumulate. Auger sampling at a depth of 0.8m over the ultramafic units identified several co-incidentNi-Cu anomalies which have yet to be followed up with deeper drilling (Figure 3).

For personal use only

Sample	Type	East	North	Ni (ppm)	Cu (ppm)
		(MGA)	(MGA)
PNS11667	AUGER	775643	6284143	7033	171
PNS11931	AUGER	774320	6282558	3979	533
PNS11671	AUGER	775799	6284149	3485	117
PNS11878	AUGER	774465	6282931	3112	242
PNS11970	AUGER	774198	6282153	3016	204
PNS11558	AUGER	776358	6286154	2339	160
PNS11550	AUGER	776678	6286149	2161	101
PNS11345	AUGER	776081	6285369	2111	120

Table 3: Coincident nickel and copper auger soil anomalies

Figure 4: Historical auger sampling over ultramafic units

A 2007 aerial versatile time domain electromagnetic (VTEM) survey was flown and six conductors were followed up with on-ground moving loop transient electromagnetic survey (MLTEM) surveys. Conductor AD3 was interpreted as a late time bedrock conductor and was recommended for drill testing. Further interpretation of the VTEM survey identified an additional 3 targets for follow up (Figure 4).

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Figure 5: Historical EM targets for follow up

Tenement E74/680 lies north of the highway and land in this area is dominated by large acre agricultural cropping operations. Land to the south of the South Coast Highway is largely free of farming (Figure 5). No drill testing of either the soil or geophysical targets was completed before Pioneer withdrew from the JV and all targets remain to be tested. As part of due diligence, Bulletin has secured land access agreements over target areas within E74/680, ensuring exploration can proceed. Bulletin's focus is on the lithium potential of the area but plans to validate these nickel targets with infill auger sampling and high resolution ground geophysics once crops in the area have been harvested.

This ASX report is authorised for release by the Board of Bulletin Resources Limited.

For further information, please contact:

Paul Poli, Chairman

Phone: [phone]