Trek Metals : Extensive multi-element arsenic anomaly defined at Pincunah

16 FEBRUARY 2021

ASX/MEDIA RELEASE

Extensive multi-element arsenic anomaly defined at Pincunah Project - Pilbara Region, WA

Soil sampling at the Valley of the Gossans prospect highlights a large As-Sb-Se-Ag anomaly within a 2km long corridor, representing an exciting emerging exploration target

Highlights

• • Highly encouraging results received from soil sampling completed over the Valley of the Gossans ("VOG") Prospect, at the Pincunah Project, located 100km south of Port Hedland and just 5km south-east of the 873,500oz Mt York gold deposit in the Pilbara.

• • The program has outlined an extensive (>2km) robust, coherent and coincident anomalous zone comprised of As, Se, Sb, Bi, Ag, Mo, Cu as well as gold in places, associated with an extensive silicified felsic package. The anomaly is open to the north-west and south-west.

• • New rock chips of up to 0.8g/t gold, 2,231g/t silver and 14.7% copper support the significance of the soil anomaly.

• • South of the VOG, a pegmatite signature (Cs, Li, Tl and B) anomaly is also associated with an unusual base-metal (Cd, Pb, Zn) signature, possibly suggesting concealed mineralisation and/or hydrothermal alteration within the ultramafic intrusive unit.

Trek Metals Limited (ASX: TKM) ("Trek" or the "Company") is pleased to advise that it has defined an extensive arsenic-multi-element anomaly extending over a strike length of more than 2km at its 100%-owned Pincunah Gold and Copper Project in the Pilbara region of WA (Figure 1).

The Pincunah Project is located in an extremely prospective area, immediately south-east of the 873,500oz Mt York Gold Project, owned by Kairos Minerals (ASX: KAI) and the world-class Pilgangoora-Altura lithium mining complex, owned by Pilbara Minerals (ASX: PLS).

The Company has received results from a recently completed 993-sample soil sampling program and 103 rock chip samples. The results have identified a highly anomalous corridor associated with a highly altered felsic unit that hosts some of the previously identified mineralisation at the Valley of the Gossans prospect (see Figure 1 and ASX release, 26 November 2020). The strongly elevated As-Sb-Ag-Se+/-Au corridor is over 2km long and is both open to the north-west and south-east beyond the current limits of the sampling.

Commenting on the program, Trek Executive Director John Young said:

"These exciting soil sampling results have reinforced our belief that the Pincunah Project has the potential to host a deposit of significant scale. It's not often that you see a multi- element arsenic anomaly of this tenor and scale."

"This combined with its location just south-east of some major deposits and the fact that the area has had virtually no modern, effective exploration gives us great encouragement that the opportunity for a major discovery here is very significant.

"The next steps at Pincunah are to undertake follow-up soil sampling and a trial IP survey to see if we can detect massive sulphide accumulations. This will be undertaken in the coming weeks, in conjunction with clearances for a Reverse Circulation drill program that we expect to commence as soon as weather conditions and access allow.

"We are particularly interested to see the extension of these soil results to the north-west, with over 5km of the prospective horizon between Valley of the Gossans and Carlindi that remains untested."

Figure 1: Interpreted simplified bedrock geology map at Pincunah showing the sample locations, new structural interpretation from airborne magnetics and assay highlights from recent reconnaissance work. Results are reported in Trek ASX announcement 30 September 2020.

Pincunah Soil Results

The recent ultra-fine fraction soil survey was guided by procedures recommended by ex-WMC Geochemist Dr Nigel Brand, who has recently reviewed the results and identified several significant anomalies in a variety of metals. The sample locations are shown in Figure 1, minimum and maximum values for the various metals are given in Table 1 at the end of the report and details of the sampling and analytical techniques are given in the JORC Table.

The results of this work are highly significant and have identified a potentially very large and prospective exploration target across Pincunah Exploration Licence E45/4909. The most significant anomaly for gold exploration is a regionally extensive coincident As-Sb-Ag-Se anomaly that is variably coincident with Au-Co-Mo and Bi and extends for 2.1km and up to 500m wide. The anomaly trends north-west and remains open to the south-east and north-west (Figure 2).

Figure 2. Arsenic anomaly on aerial photography showing the relationship to historical drilling and recent rock chip samples.

This association generally represents a suite of "granitic-felsic" elements commonly associated with porphyry style emplacement. Importantly, this anomaly is associated with the regional topographic

highs related to a mapped 'chert' across the project area. This stratigraphic unit has been mapped as meta-sediments and felsic rocks of the Kangaroo Caves Formation or equivalent.

During a recent field trip, outcrops of this 'çhert' horizon were visually inspected and two samples were taken. One sample is described as a silica-altered breccia rock with minor specs of pyrite on the north side of the 'chert' ridge (Figure 4). The other was described as boxwork-silica rock on the top of a high ridge above silicified volcanic rock (Figure 5).

Figure 3: Reprocessed Ternary Radiometric image (K: pink, U: blue, Th: Green) showing the location of the 2020 Trek and historic Lynas 1997 soil surveys and significant anomalies as well as some relevant highlight drill and tock sample results.