Cannon Resources Limited announced that assay results have been received from recently drilled massive nickel sulphide intercepts in diamond holes MFED117 and MFED118 at the Sabre prospect within the Company's Fisher East Nickel Project. Diamond holes MFED117 and MFED118 were drilled earlier this month targeting high-grade mineralisation developed along the interpreted northern margin of the Sabre channel. Both holes intersected significant widths of massive nickel sulphides within broader mineralised intervals.

MFED117 returned assays of 5.7m @ 4.5% Ni and 1.0 g/t PGE (Pd+ Pt) from 310.28m. Included in this interval was the massive nickel sulphide zone of 3.7m @ 6.0% Ni and 1.2g/t PGE (Pd+ Pt) from 311.30m. MFED118 returned assays of 8.3m @ 2.7% Ni and 0.4 g/t PGE (Pd+ Pt) from 132.95m.

Included in this interval was the massive nickel sulphide zone of 2.8m @ 5.2% Ni and 0.8g/t PGE (Pd+ Pt) from 138.48m. MFED117 and MFED118 have intersected the mineralisation at a high angle and are estimated to be 90% to 95% of true widths. The mineralised interval in MFED118 also incorporates a 0.95m zone of lost core where zero values for Ni, PGE and Co have been assigned.

Geological Interpretation: Cannon has now drilled 4 holes along the northern margin of the Sabre channel. Holes MFED103, MFED105, MFED117 and MFED118 have all intersected high-grade nickel mineralisation over a plunge extent of 250 metres. Mineralisation remains open laterally and up and down plunge.

The mineralisation is in the same plane as that developed over the remainder of the Sabre channel, however there is an apparent local thickening and certainly thickened massive nickel sulphide development along the northern margin. There is also evidence of internal repetitive beds of hornfelsed footwall sediments. At this early stage of drilling, nickel sulphide remobilisation, together with a structural thickening of mineralisation along the channel margin, best explains the higher grades and thicknesses.

Future Steps: Infill drilling is ongoing and will continue to establish the lateral width and plunge extent of the high- grade mineralisation at the channel margin. This drilling will help determine geological controls on mineralisation and assist in future targeting and potential resource growth. All outstanding assays from existing holes should be returned by July 2022.

Cannon will then launch into a resource update for Sabre. This is expected to be completed by August 2022.