Aston Minerals : Nickel Sulphide Mineralisation confirmed to end of hole

ASX ANNOUNCEMENT

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14 February 2022

Nickel Sulphide Mineralisation confirmed to end of hole at 522m. Multiple Rigs Mobilized to Bardwell Discovery.

Key Highlights

• DDED22-080,drilled to a depth of 522m, intersected 245m of disseminated to blebby and semi- massive nickel sulphide mineralisation from 277m to end of hole. This is the first hole collared from the north-west side of the Bardwell Discovery from phase two permitted drill pads.
• This confirms nickel sulphide mineralisation along more than 150m of strike at Bardwell.

• 1. Zone drilling at Bardwell planned to test mineralisation to a vertical depth of ~400m along a strike length of ~1,000m. Magnetics and drilling indicate mineralisation to be >350m wide.
• Second diamond drill rig has commenced drilling 150m to the south-west aiming to define mineralisation along 300m of strike within a total prospective strike of ~1,000m for the Bardwell Discovery. The Boomerang Nickel Sulphide Target has a total prospective strike length of ~6,500m.
• Third diamond drill rig is being mobilized to Bardwell in order to continue systematic drilling to the north-east at 100m spacing.
• Significant results returned to date from Bardwell include:
• 1. DDED21-076intersected 282.5m at 0.43% Ni and 0.014% Co ending in mineralisation, starting from 67.5m and including 163.5m at 0.52% Ni and 0.017% Co

1. DDED21-059intersected 144m at 0.38% Ni and 0.014% Co ending in mineralisation, starting from 174m and including 53.5m at 0.49% Ni and 0.017% Co

ASX: ASO

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Figure 1: DDED22-080 clast of semi-massivepentlandite-pyrrhotite with blebby to disseminated pentlandite-

pyrrhotite at 411.2m

Figure 2: DDED22-080 coarse pentlandite-pyrrhotite intergrowth at 431.4m

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Aston Minerals Limited (ASX: ASO, 'Aston Minerals' or 'the Company') is pleased to provide an update on drilling results and exploration underway across the Bardwell Prospect within the Boomerang Nickel-Cobalt Target, Edleston Project, Canada.

Managing Director, Dale Ginn, commented "Bardwell continues to deliver nickel sulphides across considerably broad intervals. Finding further semi-massive sulphide mineralisation in hole DDED22- 080 is strongly encouraging, particularly as we are only in the infancy of understanding the controls on mineralisation, and it demonstrates broad nickel intervals across 150 metres of strike so far. The Bardwell Discovery was made within the first series of holes conducted. Our newly permitted drill locations will allow us to systematically define and extend Bardwell, while looking for other potential zones along the substantial Boomerang target.

Visual assessment of the core shows widespread disseminated mineralisation similar to that of DDED21-076 which intersected 163.5m at 0.52% Ni and 0.017% Co. DDED22-080, however, contains zones of far coarser blebby pentlandite and a zone of semi massive pentlandite mineralisation.

With our second rig moving to Bardwell, the strike we have tested will expand to 250m of a total 1,000m strike at Bardwell. The aim of the drilling is to consistently test mineralisation to a depth of ~400m. Drilling and magnetic inversion modelling has indicated the mineralisation is >350m wide. A third rig has been mobilized as well to continue the expansion program in 100m step-outs to the north-east.

We will look to conduct downhole EM with the aim of determining whether any more substantial off hole conductors exist which could represent massive nickel sulphide targets, in addition to the extensive wide disseminated mineralisation intersected to date. The petrography we have underway will be utilised to refine our geophysical approach to directly targeting mineralisation. We are expecting to receive the petrography and scanning electron microscope results in coming weeks which will also greatly assist in outlining our metallurgical testing program.

It is important to remember that the 6.5km long Boomerang Nickel Sulphide Intrusion target is entirely undercover. We have hit 730m of nickel sulphide mineralisation 3.5km to the north of Bardwell so are only really scratching the surface in terms of the potential of this system. The 93% liberation of nickel to date indicates we are dealing with a very high proportion of nickel associated with sulphides, substantially higher than that of peer deposits. We look forward to providing further updates on the progress of drilling of Bardwell as it unfolds."

Bardwell Drilling

Drilling of hole DDED22-080 has extended the mineralised strike of Bardwell to 150m within a total prospective strike of ~1,000m defined by magnetics. The drilling has intersected disseminated to blebby and semi-massivepyrrhotite-pentlandite mineralisation across an interval of 251m from a depth of 277m. Drilling terminated in mineralisation due to a fault zone significantly impeding drilling advancement.

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Figure 3: Plan view of Bardwell with interpreted geology, current drilling and planned drilling

Figure 4: Cross Section of Bardwell- Current and Planned Drilling

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Figure 5: DDED22-080 coarse disseminated to blebby pentlandite-pyrrhotite mineralisation at 302.85m

Figure 6: DDED22-080 disseminated pentlandite-pyrrhotite mineralisation at 412m

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