Westar Resources : Gidgee North Exploration Update

ASX Announcement

14th June, 2022

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	Gidgee North - Exploration Update
HIGHLIGHTS
use	Prioritised samples confirm mineralisation identified by earlier pXRF analysis, including:
o GNRC0013: 7m @ 0.18% Zn from 103m
	o GNRC0015: 15m @ 0.23% Cu from 80m
	o GNRC0016: 54m @ 0.19 % Zn from 252m (to EOH 306m)
	DHEM modelling and geochemical vectoring studies now underway to inform phase 2
	program design, aiming to identify targets with high-gradeCu-Zn potential
Westar Resources Limited (ASX: WSR) (Westar or the Company) is pleased to update shareholders on
personalFor

the maiden RC drill program at the Gidgee North project, located in the Meekatharra-Sandstone region of Western Australia.

Westar Managing Director Karl Jupp commented:

"Assay results of prioritised samples from the Phase 1 RC drilling campaign have validated our earlier reported pXRF analysis conducted during drilling, and further support the interpretation of a fertile paleo-volcanic exhalative seafloor system. The DHEM modelling and multi-element geochemical analysis of phase 1 drilling is underway to determine vectors to potential high-grade mineralisation and refine priority drill targets ahead of the phase 2 program".

Registered Address	Board Members	Projects
Westar Resources Limited	Karl Jupp - Managing Director & CEO	Sandstone (100% Owned)
ACN 635 895 082	Simon Eley - Non-Executive Chairman	Mt Magnet (100% Owned)
ABN 66 635 895 082	Nathan Cammerman - Non-Executive Director	Nullagine (100% Owned)
			Southern Cross (RMS JV)
A	Level 1, 19 Ord St,
	West Perth, WA 6005	T [phone]	ASX Code	WSR
P	PO Box 814	E [e-mail]
	West Perth, WA 6872	W www.westar.net.au

Phase 1 RC Drilling

onlyWestar geologists prioritised a several intervals of single metre RC split samples over three RC drill holes for laboratory analysis to verify mineralisation identified by pXRF analysis, as previously announced 30 May 2022, "Gidgee North Exploration Update". Laboratory assays have been received and include: (using a 0.1% Zn and/or 0.1% Cu cut-off and a minimum 4 metre interval with maximum of 2 adjoining metres of internal dilution):

• GNRC0013: 7m @ 0.18% Zn from 103m (100-116m submitted)
• GNRC0015: 15m @ 0.23% Cu from 80m (80-96m submitted)
• GNRC0016: 54m @ 0.19 % Zn from 252m (252-306m (EOH) submitted)

By comparison, previously reported pXRF* analysis of mineralised intervals in these drillholes includes.

use	•	GNRC0013: 11m	@ 0.18% Zn from 85m & 7m @ 0.22% Zn from 104m
•	GNRC0015: 24m	@ 0.18% Cu from 79 m & 31m @ 0.16% Zn from 127m
personalFor	•	GNRC0016: 54m	@ 0.17 % Zn from 251m (to EOH 306m)

* Refer to cautionary statement on pXRF results in the body of this announcement Hole locations are highlighted in Figure 1.

Assay results from GNRC0015 (Geo prospect) and GNRC0016 (Vela prospect) are encouraging for higher grade Zn and Cu to be found in Phase 2 drilling, considering the potential volume implied by the extensive thickness of the host lithology combined with the dimensions of the FLEM target plates at both prospects. The depth of the sulphide-hosting lithology also remains open at both prospects.

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For personal use only

Figure 1 - Phase 1 RC drillhole locations

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NEXT STEPS

onlyAll samples of the Phase 1 drilling program have been received by a commercial Perth laboratory for multi-element assaying, including gold.

Westar geologists in consultation with geophysical experts (Newexco) and geochemical experts (PGN Geoscience) will analyse the recently obtained drilling datasets (including final assays, once received) to characterise the nature of the sulphide mineralisation and establish vectors to potential high-grade mineralisation. This will assist in positioning Phase 2 drill holes in locations that the Company believes

usehave the highest probability of intersecting copper and zinc sulphide mineralisation.

Phase 2 of drilling will be designed, considering a combination of both RC and diamond drilling.

PREVIOUS ANNOUNCEMENTS

This announcement refers to Gidgee North exploration results which have been previously released to the ASX in prior WSR announcements. A list of those announcements is set out below. The company confirms that it is not aware of any new information or data that materially affects the information previously reported.

personalFor	• 15	July 2021, "Conductors Prospective for Base Metals - Gidgee North"
	• 4 October 2021, "Gidgee North Base Metal and Gold Exploration Update"
	• 18 October 2021, "Consolidates Base Metals Blet with Drill Ready Targets"
	• 22 October 2021, "Exploration Update"
	• 26 October 2021, "Investor Presentation - October 2021"
	• 19	January 2022, "Commencement of Ground Fixed Loop EM Survey at Gidgee North"
	• 23	February 2022, "VMS Base Metals Targets Confirmed at Gidgee North"

• 11 March 2022, "Investor Presentation - March"

• 19 March 2022, "Maiden RC Drill Program Commences at Gidgee North"

• 30 May 2022, "Gidgee North Exploration Update"

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BACKGROUND

onlyThe Gidgee North Project is located approximately 640km northeast of Perth in Western Australia. Gigee North forms one of the two Sandstone Projects being Gidgee North (E53/1920, E51/2044 and the Geoff Well farm-in project, E53-1832-1) and Gidgee South (E57/1055, M57/352, P57/1363 and P57/1368) covering approximately 315 km2. The Projects lie within the Gum Creek Greenstone Belt of the Youami Terrane, which forms a lensed, broadly sinusoidal belt measuring some 100km in length and 24km in width. The Gum Creek Greenstone Belt has historically produced over 1M Oz of gold and hosts over 1.35 M Oz of gold Mineral Resource2.

usePrevious exploration over the Gidgee North Project was largely focused on near mine environs or known shear zones and structures, with more regional exploration comprising limited, shallow rotary air blast (RAB) and soil geochemical sampling programs. Various targets have been defined within the current Project tenures by former explorers, many of which are considered by Westar to remain inconclusively tested. In addition, large areas of the Project remain essentially unexplored despite covering favourable geological and structural settings.

personal2 ASX announcement Horizon Gold (ASX:HRN) 10 March 2021, "Investor Presentation" For

Figure 2 - Sandstone Projects Locality Map and Westar's Gidgee North and Gidgee South Projects

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