Polymetals Resources : Drilling Commences at Mansala

ASX Announcement

22 February 2022

For personal use only

DRILLING COMMENCES

MANSALA GOLD PROJECT, GUINEA

KEY HIGHLIGHTS

• Auger drilling program has commenced at the Company's Mansala Gold Project.
• Mansala drilling program comprises 805 holes totalling 5,000m.
• Six key drill targets identified by Polymetals through previous multi-element soil geochemistry will be targeted.

Polymetals Resources Ltd (ASX: POL, "Polymetals" or the "Company") is pleased to advise that a 5,000m auger drilling program has commenced at the Company's Mansala Gold Project (Mansala) in Guinea, West Africa.

Polymetals Resources CEO, Alex Hanly said,

"Mansala has been subject to widespread artisanal activity, suggesting the area is highly prospective for gold. We are very excited to commence our first drilling on the property.

The planned 5,000m auger program is designed to test the coincident gold in soil and multi-element signatures present within the data from our previous soil sampling campaign at the Mansala licence.

The systematic auger drilling of these mutli-element and gold soil anomalies in addition to the upcoming Airborne magnetics survey, will provide Polymetals with a strong foundation for further exploration within the Mansala licence."

Figure 1: Artisanal workers within the Company's Mansala licence.

Page 1 of 10 | ACN 644 736 247	ASX: POL
Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000
www.polymetals.com

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MANSALA PREVIOUS FIELD WORKS

Systematic exploration of the Mansala Licence commenced in December 2020 in which an extensive program of reconnaissance soil geochemistry was completed. The previous works and subsequent results of the Mansala soil sampling campaign were reported within the Company's Initial Public Offering Prospectus, dated 21 April 2021.

The results of the Mansala Soil Sampling have confirmed that in summary, 5.0km2 or 10.4% of the area surveyed reported Au values in excess of 40ppb. Of particular interest are gold abundances which are illustrated in Figure 2. A total of eleven (11) samples returned Au assays in excess of 1,000ppb (1g/t) Au, and include values of 93.98g/t, 6.03g/t, 5.85g/t, 2.91g/t, 2.38g/t and 1.10g/t which are plotted in Figure 2.

Figure 2: Mansala Soil Program. Gold (Au) assays superimposed on satellite imagery.

Page 2 of 10

Polymetals Resources Ltd | ACN 644 736 247

Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]

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MANSALA AUGER PROGRAM

The Mansala auger drilling program comprises 805 holes totalling 5,000m on a 100m x 50m drill pattern over six delineated zones, as illustrated within Figure 3. The objective of the auger program is to test six mineralised Au in soil anomalies and associated pathfinder elements present (As, Ag, Bi, Mo, Sb, W and Te). The significance of these responses is not known but may be indicative of mineralisation at depth. Numerous artisanal workings in this area lend credence to this possibility.

The program aims to provide the Company with Air-Core and Reverse Circulation drill targets within the previously undrilled licence.

Figure 3: Mansala Auger Program. Imaged soil gold values and thematically mapped arsenic (As), tungsten (W) and tellurium (Te).

Page 3 of 10

Polymetals Resources Ltd | ACN 644 736 247

Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]

ASX Announcement

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COMPETENT PERSON STATEMENT

The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Dr Christopher Johnston, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Johnston is a Director of Polymetals Resources Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Johnston consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.

This announcement was authorised for release by the Board of Polymetals Resources Ltd.

Contact information:
Alex Hanly	Victoria Humphries
Chief Executive Officer	Media & Investor Relations
[e-mail]	[e-mail]
[phone]	[phone]

For more information, visit www.polymetals.com.

Page 4 of 10

Polymetals Resources Ltd | ACN 644 736 247

Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]

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ABOUT POLYMETALS

Polymetals aims to become a gold production company, initially focusing on its two 100% owned exploration licences within Guinea's Siguiri Basin, totalling 112km2.

The Siguiri Basin hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.

Polymetals' Exploration Licences, known as Alahiné (64.2km2) and Mansala (48.2km2), host extensive historic and current artisanal gold production which reinforces exploration potential of the area.

Figure 4: Proximal gold deposits relative to Polymetals Exploration Licences.

Page 5 of 10

Polymetals Resources Ltd | ACN 644 736 247

Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]