Coolabah Metals Limited announced the acquisition of two strategic exploration licences located 130km SSE of Cloncurry near the Cannington Mine with promising copper and gold intercepts. The Cannington Project is so named due to its close proximity to the Cannington Mine, owned and operated by South32 Limited. The main prospect within the Project is Brumby.

Despite the proximity to the silver, lead, zinc deposits of Cannington and Pegmont, the Brumby Prospect is a copper-gold project spatially related to a strong magnetic high and interpreted to be an Iron Oxide Copper Gold style target similar to Evolution Mining's Ernest Henry Deposit 150km north and the Osborne-Kulthor Deposits 32km to the south-west. The Brumby Prospect has a significant copper-gold anomaly identified from drilling. The best intercept to date is from drillhole BRNQ12 is: 88m at 0.6% Cu and 0.17g/t Au from 157m including 16m at 1.8% Cu and 0.5 g/t Au from 157m.3. Due to the minor delays experienced by Coolabah as a result of the flooding in NSW during the first 6 months since Listing on the ASX.

the Company provide a further update on the planned exploration program and timing on its existing assets. During February 2023, Coolabah completed 17 RC drillholes totalling 2,718m across five prospect areas at Barrow Licence EL8638. From this drilling, 1,355 RC samples were submitted to ALS Orange and are currently being processed and analysed for Fire Assay (FA) and Inductively Coupled Plasma Multi-element analysis.

Drilling was targeting the source of the large 2km long magnetic anomaly, interpreted to be pyrrhotite Encouragingly the drilling intersected sulphides including pyrrhotite but not enough to explain the magnetic anomaly, this suggests that the main body of the magnetic response is deeper than drilled to date. Three rockchip samples were collected in the vicinity of the drilling program and are currently being processed and analysed for gold and multi-element analysis. In February, Coolabah commissioned a local geophysical contractor to complete a ground magnetic survey over the Pluto Prospect.

The 21-line kilometres were completed at a line spacing of 50m. The ground magnetic survey was designed to further constrain a magnetic high anomaly identified in the regional government geophysics, the magnetic high has a similar response to that seen at the nearby Hera-Federation and Nymagee Deposits owned and operated by Aurelia Metals Limited. Geophysical ground magnetic data is currently undergoing processing and once the processing has been finalised (over the next quarter), the results will be announced.

Following this analysis, Coolabah will determine whether further analysis is required, or an exploration program can be undertaken. Seven rockchip samples were collected in the vicinity of the regional magnetic anomaly which are currently being processed and analysed for gold and multi-element analysis. Coolabah's Nymagee Project has been incorporated into a larger scale regional airborne gravity survey conducted by the neighbouring tenement holders Aurelia Metals Ltd., which was completed in 2022.

The airborne gravity survey covers approximately one third of the Nymagee Project tenements. The whole of EL8657, smaller portions of EL8638 and EL8785 totalling 169 square kilometres. The Hera, Nymagee and Federation Deposits display strong positive gravity anomalies, that is interpreted to be related to alteration systems around mineralisation.

As announced on 23 August 2022, Coolabah have received results from the gravity survey and have highlighted several gravity anomalies across the Dywat Licence EL8657, in addition to the gravity anomalies a reversed magnetised magnetic anomaly was identified by the geophysical consultant located on the western margin of the Barrow Licence EL8638. The gravity high anomalies and the magnetic high anomalies identified, are significant Hera-Federation and Nymagee Deposit targets. Hera-Federation-Nymagee Deposits display a positive gravity anomaly similar to those identified in the survey.

From the survey, Coolabah has determined some priority ground targets, which it intends to develop and undertake a drilling program during the 3rd quarter 2023. Coolabah completed processing and interpreting electromagnetic data obtained from the 996-line kilometre HeliTEM² survey completed at the Coolabah Project during early 2022. Eight anomalies have been delineated from the results and have been listed and prioritised.

Priority has been given to EM conductors associated with a magnetic high and surface rockchip samples up to 5,500ppm copper5. Two EM conductor plates have been modelled one of the EM conductors being spatially related and orientated to the previously defined magnetic anomaly. Coolabah's geophysical consultant completed a 3D inversion model of the magnetic anomaly from the regional dataset and is spatially related to a subtle EM conductor plate.

Ground truthing and reconnaissance work will also be conducted over the remaining anomalies during the 2nd quarter 2023.