Eastern Metals : Diamond Drilling Commences at Home of Bullion Copper Mine

ASX ANNOUNCEMENT

22 JULY 2022

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Diamond Drilling Commences at the Home of Bullion
		Copper Mine in the Northern Territory
Highlights
use	•	Resource expansion drilling at the Home of Bullion mine has commenced
•	Two drilling programs have been designed to expand the existing resource estimate
	•	The first program is for six holes for a total of 1,550m of drilling
	•	Pad preparation for the first three of these holes is complete with logistical support in place for
		drilling operations
personal	•	DDH1 Limited who previously drilled for Kidman Resources at Home of Bullion and more recently
	for Eastern Metals at Browns Reef have been contracted for this program
•	The current drilling program is expected to take approximately four weeks to complete.
	•	The Identified Mineral Resource estimate for Home of Bullion deposit is 2.5 million tonnes
		averaging 1.8% Cu, 2.0% Zn, 36g/t Ag, 1.2% Pb and 0.14g/t Au. The deposit which comprises
		two distinct lodes in the Main and South Lodes remains open along strike and down dip
	•	Two holes outside of the existing resource envelope will be funded for up to $142,000 from
		competitive grants recently won under the NT Government's Resourcing the Territory initiative

Eastern Metals Limited (ASX: EMS, 'Eastern Metals' or 'the Company') is pleased to announce that the first of a two phase resource expansion drilling program at the Home of Bullion mine has commenced. This program is testing for extensions to the previously defined mineralized envelope where it has yet to be closed off along strike or down dip. This program consists of 6 holes varying in length from 60 to 440 metres for a total of 1,550 metres.

ForManaging Director and CEO, Wayne Rossiter said:

"Following receipt of the final approval required to commence drilling at Home of Bullion we have moved rapidly to secure drilling contractors and commence drilling operations. Our strategy at Home of Bullion is to increase the tonnage of this already high-grade deposit through both expansion of the existing JORC resource estimate as well as to identify further areas of mineralisation where other lodes may exist within this interpreted VMS system. Our resource expansion drilling will be undertaken in two phases with the current program being the first."

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A photograph of the Home of Bullion site is shown in Figure 1.

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Figure 1. Historic workings at the Home of Bullion mine

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Home of Bullion

Eastern Metals' flagship asset in the Northern Territory is the Home of Bullion mine at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and hosts a total

Identified Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver,

only1.2% lead and 0.14g/t gold. The Home of Bullion mine is classified as an Advanced Exploration Project under the Valmin Code.

There are two principal lodes at Home of Bullion. These are the Main Lode (which is divided into Upper and Lower sections), and the South Lode. These lodes are shown in plan view in Figure 2.

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Figure 2. Plan view of the Main and South Lodes, Home of Bullion

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The upper section of the Main Lode may be closed along strike and down dip. The lower section of the Main Lode is open in all directions. The South Lode is open along strike to the south and at depth. A small offset lode seen in two holes near the surface to the north northwest remains open.

Long sections through the Main and South Lodes at Home of Bullion are shown in Figures 3 and 4.
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For	Figure 3. Long Section, Main Lode, Home of Bullion

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personal	Figure 4. Long Section, South Lode, Home of Bullion

Authorisation for this Announcement

This announcement has been authorised for release by the Company's Disclosure Officers in accordance Forwith its Disclosure and Communications Policy which is available on the Company's website,

www.easternmetals.com.au.

Previously Reported Information

The information in this announcement that references previously reported Exploration Results or Mineral Resources for EL 23186 and the Home of Bullion mine is extracted from the Company's Prospectus released on 18 August 2021 (ASX: EMS 22 October 2022). The Prospectus is available to view on the Company's website (www.easternmetals.com.au) and on the ASX website (www.asx.com.au). The

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