Trek Metals : Multiple priority base metal targets identified at Pincunah

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16 NOVEMBER 2021

ASX/MEDIA RELEASE

Multiple priority base metal targets

identified at Pincunah

10 EM conductive zones identified from highly successful maiden helicopter EM program;

Plus, RC drilling in progress to follow up the Valley of the Gossans VMS discovery

Highlights

• Maiden helicopter EM survey completed over Trek's 100%-owned Pincunah Project in the Pilbara region of Western Australia with 517-line kms flown.
• Multiple high-priority conductive zones defined for follow-up, including:
• • 5 hosted in volcanic rocks identified as high priority Cu-Zn-Pb sulphide VMS drill targets, including one along strike from Valley of the Gossans;
  • 5 targets identified in mafic-ultramafic intrusive rocks as Ni-Cu sulphide targets plus a further 2 targets identified as Cu-Au targets.
• RC drilling in progress at Valley of the Gossans, following up on encouraging first pass drilling earlier this year, and a chargeability anomaly detected with ground IP.

Figure 1: NRG Xcite helicopter EM system flying at Trek Metals' Pincunah Project earlier this month

Trek Metals Limited | ARBN 124 462 826

130 Stirling Highway, North Fremantle WA 6159 | Locked Bag 4, North Fremantle WA 6159 | Australia Tel [phone] www.trekmetals.com.au

[e-mail]

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Trek Metals Limited (ASX: TKM) is pleased to advise that it has identified multiple high-priority base metal targets across its 100%-ownedPincunah Project in the Pilbara region of WA following the completion of a highly successful maiden helicopter-borne electromagnetic (EM) survey.

The preliminary data and results interpreted from the high-resolution XciteTM EM and magnetic survey have further reinforced the prospectivity of the Pincunah Project for significant new discoveries, particularly in light of recent encouragement from the emerging Valley of the Gossans VMS system.

The survey has defined 10 high priority zones (see Table 1 & Figure 2) with anomalous conductive responses that represent compelling volcanogenic massive sulphide (VMS) copper-zinc-lead (Cu- Zn-Pb), magmatic nickel-copper(Ni-Cu) and intrusive-relatedcopper-gold(Cu-Au) targets.

Figure 2: Helicopter electromagnetic conductive anomalies representing base metal VMS & Ni-Cu targets at Trek's 100%-owned Pincunah Project. Late time conductors in red diamonds and mid-time in blue diamonds.

Trek Chief Executive Derek Marshall said: "We are very encouraged by the results of what is the first-ever EM survey to be conducted over this highly prospective and yet remarkably under- explored ground package at Pincunah. Preliminary results and interpretation have revealed a number of compelling base metal targets.

"The recently discovered copper-zinc mineralisation observed at Valley of the Gossans is typical of a VMS system and is related to massive sulphides. The best way to remotely detect massive sulphides is with EM, and utilising NRG's XciteTM system we have defined numerous conductive responses across the project area."

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"Several of the targets are highly encouraging. One group (A) is located directly along strike from Valley of the Gossans, and another (B) consists of a strong bedrock response across four adjacent flight lines, outlining a very compelling VMS target extending over a strike length of 600m.

"We have secured a drill rig which is currently following up the highly encouraging base metal mineralisation defined in our maiden drilling at Valley of the Gossans earlier this year, plus we are testing a chargeability anomaly centrally located at the Valley of the Gossans drill area.

"A down-hole EM crew has also been locked in to conduct a maiden down-hole EM survey at Valley of the Gossans. With so many exploration activities advancing in parallel, this is an exciting time for Trek shareholders."

Table 1: Summary of preliminary XciteTM conductors at Trek's 100%-owned Pincunah Project, with the anomalies assigned alphabetical names (see Figure 2 for location), number of individual profile line picks (P1 = priority 1 & P2 = priority 2), target mineralisation style & brief commentary.

Anomaly	Block	P1 Picks	P2 Picks	Target	Comment
					Multi-line conductive response, interpreted
A	A1		4	Cu-Zn-Pb	to occur within the same stratigraphic
	horizon as the recently discovered Valley of
					the Gossans - high priority target.
					Consecutive response over 600m strike.
B	A2	4	1	Cu-Zn-Pb	Strong late time response across multiple
lines - high priority target. Lower contact of
					the Coucal volcanic package
					Same stratigraphic location as anomaly B.
C	A2	3		Cu-Zn-Pb	Discrete late time responses across three
					lines spread over 1km of strike
					Two consecutive strong late time responses.
D	A2	2	1	Cu-Zn-Pb	Coucal / Double Bar volcanic package
					contact - geological context upgrades target
				Cu-Zn-Pb	Coucal / Double Bar volcanic package
E	A2		4	contact & two picks within cross-cutting
	& Ni-Cu
				ultramafic unit
					Consecutive response over 1.2km of strike
				Ni-Cu &	within Euro Basalt. Possibly stratigraphic,
F	A2	2	7	but strong double peak, increasing at centre
Cu-Au
				of anomaly upgrades target - high priority
					target
G	A2	2	11	Fe	Cleaverville Formation; stratigraphic banded
iron
					Consecutive response over 1.2km of strike
H	A3	1	8	Cu-Au &	within Euro Basalt. Possibly stratigraphic or
Ni-Cu	Cu-Au related. Single late time conductor
					may be related to Dalton Suite ultramafic
I	A3	1		Ni-Cu	Single strong late time conductor at contact
	of Dalton Suite ultramafic
J	A1		1	Ni-Cu	Single conductor at contact of Dalton Suite
	ultramafic, possibly stratigraphic
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The helicopter-borne EM program was designed to cover both the Valley of the Gossans and the greater Pincunah Project area (Figure 2) to define significant conductive bodies related to massive sulphide mineralisation.

The highest priority targets defined are:

• Anomaly A (Table 1 & Figure 2) which is interpreted to sit within the same stratigraphic horizon along strike from the recently discovered VMS base metal system at Valley of the Gossans.
• Anomaly B (Table 1 & Figures 2 & 3) which occurs as a cohesive multi-lineconductive zone over 600m strike length sitting at the base of the mapped volcanic Coucal Formation(https://asud.ga.gov.au/search-stratigraphic-units/results/32211).

Figure 3: Preliminary Xcite profile line data showing strong conductive anomalism into late time (red-pink) channels from anomaly "B" at Honeyeater North, indicative of a strong bedrock source, representing a priority VMS target

• Anomaly F (Table 1 & Figure 2) has a consecutive response over 1.2km of strike within Euro Basalt. Possibly stratigraphic, however the strong double peak anomalism increasing in amplitude towards the centre of anomaly makes this a high priority target.

Trek's maiden drilling earlier this year delivered highly encouraging results at Valley of the Gossans (VOG), highlighting the potential for a large-scale VMS base metal system (refer ASX: TKM 13th October 2021).

The current drilling program (Figure 4) comprises a program of approximately 900m of Reverse Circulation drilling to test the recently defined base metal mineralised stratigraphy, as well as a chargeability anomaly detected in a ground Induced Polarisation survey (refer ASX: TKM 22nd April 2021).

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Figure 4: Follow-up RC drilling in progress at Valley of the Gossans - November 2021

Given the success of Trek's previous soil sampling program in defining the significant multi-element anomaly that has proven to be related to a large VMS system, the Company has decided to extend the soils coverage along strike to define the extent of the system (Figure 5).

This work has recently been completed with geochemical assay results now pending.

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