Constellation Resources Limited (the 'Company' or 'Constellation') is pleased to report further positive results from its 16-hole air-core ('AC') drill program undertaken at one of five promising nickel-coppercobalt-platinum group elements ('Ni-Cu-Co-PGE') targets in late 2020 on E28/2403 (70% Constellation, 30% Enterprise Metals Limited (ASX: ENT).

HIGHLIGHTS

Infill results in conjunction with previously reported reconnaissance AC results define a highly promising Ni-Cu-Co-PGE geochemical anomaly that is interpreted to be over three kilometres in strike and up to 400 metres wide - named the Eyre Anomaly. The Eyre Anomaly resides within Geophysical Target 1, one of the largest mafic intrusions in the area (3.6km by 3.6km). (Refer to the Company's ASX Announcements dated 14 July 2020 and 29 October 2020).

Infill assay results confirm further encouraging Ni-Cu-Co-PGE regolith anomalism. Key results include:

KAC0124: 18m @ 0.21% Ni, 0.02% Cu and 0.05% Co, 14 ppb (Pt+Pd) from 87m including:

2m @ 0.47% Ni, 0.26% Cu and 0.08% Co, 11 ppb (Pt+Pd) from 97m

KAC0124 is approximately 145 metres from KAC0091 which intersected 21m @ 0.21% Ni, 0.08% Cu and 0.03% Co, 52ppb (Pt+Pd) from 93m to bottom of hole ('BOH') in the maiden AC program.

The infill AC program was highly successful in validating the prospectivity of the Transline tenements, with the identification of magmatic nickel and copper sulphides within a peridotite and pyroxenite (olivine bearing) host rocks in three holes KAC0124, KAC0131 and KAC0135 (Refer to the Company's ASX Announcement dated 8 December 2020 for further information).

Strong evidence for magmatic nickel sulphides as being the source of the Eyre Anomaly which supports the prospectivity of the other established Ni-Cu-Co-PGE anomalies as a pathfinder to nickel sulphides in the basement intrusive.

High priority follow-up infill AC drilling planned to improve definition of the grade distribution at each of the established Ni-Cu-Co-PGE geochemical footprints, with the northern Eyre Anomaly being a priority.

Company remains well-funded for all planned activities.

For further information, please contact:

Peter Woodman

Managing Director

Tel: +61 8 9322 6322

Peter Muccilli

Technical Director

Tel: +61 8 9322 6322

EYRE ANOMALY

The intersections from the current infill drilling program in conjunction with the previously reported reconnaissance AC hole results defines a highly promising Ni-Cu-Co-PGE geochemical anomaly that is interpreted to be over three kilometres in strike and up to 400 metres wide - named the Eyre Anomaly. The Eyre Anomaly resides in within Geophysical Target 1 ('Target 1'), one of the largest mafic intrusions in the area (3.6 kilometres by 3.6 kilometres) (Figure 1).

Early comparative geochemical analysis of key discriminator elements has indicated the presence of two separate mafic intrusions suites within the Target 1 intrusion. The two mafic/ultramafic intrusive suites suggest multiple pulses of magma in the formation of the Target 1 which is a strong indication of prospectivity for the magmatic intrusive mineralisation being explored. Samples analysed were sourced at the blade refusal metre into the basement rocks. The BOH sample is relatively fresh, and the effects of weathering are therefore minimised in the geochemical analysis.

The comparative analysis of the BOH samples uses the same normalised discrimination plots as reported by the Geological Survey of Western Australia ('GSWA') Record 2016/81 . The comparative analysis suggests the Intrusive Suite 1 is analogous to the main Fraser Main Gabbro Suite and Intrusive Suite 2, is interpreted to be a younger more prospective intrusive that is potentially comparable to Nova Gabbro for nickel sulphides (Figure 1). Of particular interest, is that the Eyre Anomaly location and other geochemical footprints appear to be related to the edges of the younger interpreted mafic Intrusive Suite 2 (Figure 1). The presence of nickel sulphides in peridotite/olivine pyroxenite host rocks and pathfinder geochemistry demonstrates the nickel sulphide fertility of the intrusions and prospectivity to potentially host an economically viable deposit in tenement area.

FUTURE WORK PROGRAMS

High priority follow-up infill AC drilling will be undertaken to improve the definition of the grade distribution at each of the established Ni-Cu-Co-PGE geochemical footprints, with the northern Eyre Anomaly being a priority due to the current lack of drilling. The drill program will aim to infill each anomaly to approximately 100 metre centres in the first instance with the potential need for tighter patterns in certain areas. The Company aims to commence the infill drilling program in the current quarter, subject to rig availability. The processed AC results will be utilised in conjunction with existing results to optimise the locations of an anticipated Reverse Circulation ('RC') drilling program.

ABOUT THE FRASER RANGE TENEMENTS

The Company manages the Orpheus Project (Figure 2), comprising six tenements covering approximately 558km2 in the Fraser Range province of Western Australia. In the Fraser Range, certain Proterozoic mafic/ ultramafic intrusion suites are prospective to host nickel-copper sulphide mineralisation. The region is currently experiencing high levels of exploration activity for nickel following the Nova, Silver Knight, Mawson and Lantern discoveries.

The Orpheus Project includes a 70% interest in three mineral exploration licences (E28/2403, E63/1281 and E63/1282) and one mineral exploration licence application (ELA63/1695). The granted exploration licences form part of a joint venture between the Company (70%) and Enterprise Metals Limited ('Enterprise') (30%, ASX: ENT). Pursuant to the joint venture agreement, the Company is responsible for sole funding all joint venture activities on the tenements, which form part of the joint venture, up to completion of a bankable feasibility study. Additionally, the Company has further 100% interests in two exploration licences (E28/2738 and E28/2957).

FORWARD LOOKING STATEMENTS

Statements regarding plans with respect to Constellation's project are forward-looking statements. There can be no assurance that the Company's plans for development of its projects will proceed as currently expected. These forwardlooking statements are based on the Company's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

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