Havilah Resources Limited reported assay results for the first reverse circulation (RC) drillholes from the current PFS open pit resource extension drilling program at the Mutooroo copper-cobalt deposit (Mutooroo), 60 km from Broken Hill (Figure 1, Table A). Recent drilling confirmed the presence of 1-5 metre thicknesses of copper-cobalt massive sulphide lode, consistent with historical records of the sulphide lodes in cross-cuts in the mine workings in the vicinity with significant results of: MTRC232 5 metres of 1.01% copper, 0.12% cobalt and 0.09 g/t gold from 66 metres downhole. MTRC233 5 metres of 1.7% copper, 0.18% cobalt and 0.13 g/t gold from 95 metres downhole.

A trend of increasing grade-thickness of the copper-cobalt sulphide lode with depth in drillholes MTRC232 and MTRC233 is encouraging because elsewhere at Mutooroo such trends have pointed to appreciable (>15 metre) thicknesses of sulphide mineralisation at depth. Further deeper drilling beneath drillhole MTRC233 will be required to test this case. Also of note is a second shallower (hangingwall) lode intersected in drillhole MTRC235.

The hangingwall lode corresponds with a gossan outcrop mapped on the surface. The presence of discrete parallel hangingwall and footwall lodes is a feature of the Mutooroo deposit that was indicated by earlier drilling and has potential to boost resource tonnages and enhance the economic viability of open pit mining. This drilling is part of the Mutooroo PFS with the primary objective to test for shallow, open pit copper-cobalt sulphide resources along strike from the existing Mutooroo resource and conceptual open pit design and below the shallow oxidised copper ore that was exploited via several historic mine shafts (Figures 2 and 3).

Earlier Havilah drillholes discovered shallow oxidised copper mineralisation that is expected to add materially to the near surface open pit resources in this area. Significant earlier drilling results in the oxidised mineralisation in this area included: MTRC180 16 metres of 1.54% copper from 11 metres downhole. MTRC164 13 metres of 1.11% copper, 0.2% cobalt and 0.07 g/t gold from 1 metre downhole.

MTRC173 7 metres of 0.72% copper, 0.035% cobalt and 0.44 g/t gold from 1 metre downhole. MTRC167 18 metres of 0.33% copper from 4 metres downhole. About Mutooroo and the Mutooroo Project Area (MPA) Mutooroo is Havilah's second advanced stage copper-cobalt project that is located within commuting distance of Broken Hill.

It contains 195,000 tonnes of copper, 20,200 tonnes of cobalt and 82,100 ounces of gold in a massive sulphide lode. As such, Mutooroo is one of the largest and highest grade sulphide cobalt deposits associated with copper in Australia. Cobalt is deemed a critical mineral and is used in high performance lithium batteries to enhance charging characteristics.

Demand has elevated the London Metal Exchange price of cobalt to around USD 70,000 per tonne currently and adds significantly to the potential value of the Mutooroo deposit.