Intra Energy Corporation Limited provided an update on exploration being carried out at its flagship Yalgarra Project, in the Murchison region of Western Australia. Excellent progress has been made, following the Airborne Electro-Magnetic (AEM) survey in July, and completion of the soils geochemical program in October. Results from the first batch of July soils have been returned and are consistent with the results competitors have been reporting from their adjacent licences and boost support for increased exploration activity going into 2023.

Led by IEC's partners in the Yalgarra Project, Century Minerals, a comprehensive program of widely spaced soil sampling was undertaken over a large part of the licence area comprising approximately 400sq km. Century Minerals had identified the area as potentially hosting mafic/ultramafic rocks similar to Chalice Mining Limited's "Julimar" project as well as younger mafic intrusives potentially prospective for chonolith-style nickel mineralisation. Field reconnaissance mapping whilst collecting soils and the airborne AEM survey have since validated the initial rationale used in identifying and exploring the ground.

The initial program of ~ 3,000 soil geochemistry samples commenced in late July with the first 1,234 samples collected and sent for analysis along with 15 rock chip samples. Subsequent wet weather prevented access and slowed the on-ground work. Work recommenced in September and was completed in October, with a further 1,718 soil samples and 62 rock chip samples now sent to Intertek Perth laboratory for analysis.

Sample lines were planned over areas where mafic and ultramafic rocks had been mapped or interpreted from the magnetic data. The lines varied in spacing to test isolated targets, but most lines were spaced at 400-800m over the areas of most interest. Sample spacing along lines was 100m, consistent with the objective of defining the geochemical footprint of new large-scale mineral systems. The Rock Factor soils are a product of the elements magnesium, nickel and chromium which are typically enriched in the mafic-ultramafic host rocks, and these can map the distribution of the favourable rocks.

However, differences in the nature of the regolith (outcrop or residual soils domains vs transported cover) will have a major effect on the distribution of Rock Factor elements as well and will need to be considered as part of the follow-up to help it understand the effectiveness of the soils program and the significance of any individual Mineralisation Factor result. Very encouraging Mineralisation Factor (Cu ± Pt ± Pd) metal anomalies have been returned from the Yallalong South, Bert Well and Hillside targets in the Northern Block. Mineralisation Factor is most notably strong in the western area of the Northern Block, coincident with elevated Rock Factor values which define a large mafic-ultramafic rock domain the company now identifying as `Yallalong South'.

At Yallalong South significant Mineralisation Factor metal anomalism has been defined on 2 consecutive 800m-spaced soil lines parallel to the trend of mafic-ultramafic intrusions defined from mapping and interpretation of the aeromagnetic data. In addition, an unexplained conductor has been defined in the south sector of the Yallalong South target in an area with much more subdued Rock Factor soils results coincident with a change in the surface regolith. Yallalong South represents a priority target for follow-up exploration including Moving Loop EM or IP geophysics, infill soils or auger drilling, or a combination of all, with the intention of identifying high priority targets for drill testing in early 2023.

Anomalous Mineralisation Factor soils were recorded in the Bert Well area above strongly magnetic stratigraphy in the southern end of the Northern Block. The Rock Factor soils were subdued possibly upgrading the significance of the Mineralisation Factor anomalism in this area. This is because Mineralisation Factor comprises chalcophile elements which are more mobile possibly creating secondary dispersion anomalism in a transported regolith, whilst the Rock Factor elements tend to be more immobile and would be subdued by a transported overburden which is consistent with the observed regolith during soil sampling.

Patchy locally anomalous Mineralisation Factor soils were recorded in the Hillside area in the northeast of the Northern Block. The Rock Factor response in this area is consistently strong defining a large mafic-ultramafic rock domain the company now identifying as the Hillside target area. The Mineralisation Factor anomalism seems to be driven significantly by elevated copper values along the margins of magnetic intrusive units.

The patchy nature of the Mineralisation Factor anomalism in this area is likely due to the presence of thin shallow skeletal soils keeping secondary dispersion confined above any basement mineralisation. An EM conductor was surveyed at the southern end of the Yallalong South target area above a northeast striking linear magnetic feature (GSWA mapped mafic-ultramafic units). The Mineralisation Factor and Rock Factor values above it is in a subdued part of the geochemical anomaly most likely due to a change in the regolith.

A second conductor sits just outside the Yallalong South target area though above the same linear magnetic feature. An EM conductor was surveyed at the South-Western corner of the Hillside target area at a local closure within the same (IEC interpreted) linear magnetic feature as the Yallalong South conductors were found. The Mineralisation Factor and Rock Factor values above it is subdued compared to the values at the centre of the geochemical anomaly, most likely due to an increasingly transported regolith.

Several EM conductors are present in the northwest of the Northern Block where no soil sampling has yet been completed. Several additional soils lines will be required, along with field mapping, to evaluate these conductors. Unexpectedly, a total of 12 samples from the July batch of soil samples sent to Intertek, returned weakly anomalous plus 20 ppm Li assays with a peak Li assay of 28.7 ppm.

Resamples from 11 of these sample sites have been sent for further analysis at Labwest Laboratories using their Ultrafine+TM method. Most interesting was the occurrence of 8 of these elevated lithium values in soils from the northeast (Hillside) target area. These weakly anomalous Li assays are supported by stronger Cs and Rb assays, possibly indicative of an LCT pegmatite source.

Mapping in this area identified sub-cropping pegmatite and some pegmatite rock float has been sent for assaying at Intertek Laboratory. Although the main goal at Yalgarra has been to find a magmatic sulphide Cu-Ni-PGE deposit, these results encourage it to also pursue further exploration in the area for lithium-bearing pegmatites.