Boab Metals : High Grade Lead-Silver Confirmed at Beta Deposit

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1 February 2022

Assays confirm High Grade Mineralisation

at the Sorby Hills Beta Deposit

Boab Metals Limited (ASX: BML) ("Boab" or the "Company") is pleased to provide assay results from the Phase V Reverse Circulation ("RC") drilling program undertaken at its 75% owned Sorby Hills Lead-Silver-Zinc Project ("Sorby Hills", or the "Project") located in the Kimberley Region of Western Australia.

HIGHLIGHTS

• New high grade drilling results at the Beta Deposit provide further support and confidence to the recently updated Mineral Resource Estimate at Sorby Hills.
• Exceptional drilling results include:
• • SHRC_123: 27m @ 3.47% Pb & 37g/t Ag from 34m:

1. Including 3m @ 7.04% Pb & 95g/t Ag from 35m;

1. 5m @ 5.60% Pb & 44g/t Ag from 45m; and

• • 1. 6m @ 4.50% Pb & 49g/t Ag from 55m.
  • SHRC_124: 17m @ 3.51% Pb & 46g/t Ag from 49m:
  • 1. Including 8m @ 6.93% Pb & 90g/t Ag from 57m.
• Assays confirm elevated silver grades at Beta with some metre intervals recording up to
  360g/t Silver (SHRC_124 from 57m).
• The results are anticipated to have a positive impact on the inclusion of Beta Deposit in the Sorby Hills Definitive Feasibility Study ("DFS") mining inventory.
• Furthermore, drilling has extended the mineralisation envelope at the Wildcat Prospect and intersected prospective host rocks at the Eight Mile Creek Exploration Project.

Boab Managing Director and CEO Simon Noon stated:

"The high-grade results from our RC drilling program provide further support for the inclusion of the Beta Deposit in the DFS mine plan. We look forward to building on these positive results, and those observed at our exploration prospects, in our next drilling program."

Overview

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Diamond drilling at the Beta Deposit in 2021 returned positive results and highlighted a need for further infill drilling to enhance Resource classification and improve the understanding of grade distribution. In addition, continued encouraging near-surface intersections of mineralisation at the Wildcat Prospect justified additional shallow depth drilling.

In late 2021, Boab secured an RC drill rig to undertake the infill drilling program at Beta and further test the Wildcat Prospect. A total of 15 RC drill holes were drilled for a total of 888m. Of these holes drilled 8 were drilled at Beta deposit for 638m, and 7 were drilled at the Wildcat Target for 250m (Figure 1).

A single 234m RC hole was drilled at the Eight Mile Creek Project to test a conceptual exploration target. The Eight Mile Creek Project is located immediately south of the Sorby Hills deposits.

Results: Beta Deposit

The Beta Deposit was drilled tested for the first time by Boab Metals during the Phase V diamond drilling campaign. Dominated by galena mineralisation together with very high grade silver, the mineralisation at Beta is located within sedimentary breccia filled channel(s) in carbonate rocks ("Upper Formation") in the hanging wall of the Knox Siltstone. The sub-horizontal,channel-like host rock varies in thickness laterally and required further tightening of the drill hole spacing to enhance Resource confidence. The thickness and grade distribution seen in the results confirms the interpreted grade and controls on mineralisation (Figure 2).

Best results include:

• SHRC_122: 17m @ 1.18% Pb & 13g/t Ag from 33m down hole: o Including 3m @ 2.76% Pb & 25g/t Ag from 33m.
• SHRC_123: 27m @ 3.47% Pb & 37g/t Ag from 34m down hole: o Including 3m @ 7.04% Pb & 95g/t Ag from 35m;
  o 5m @ 5.60% Pb & 44g/t Ag from 45m; and o 6m @ 4.50% Pb & 49g/t Ag from 55m.
• SHRC_124: 17m @ 3.51% Pb & 46g/t Ag from 49m down hole: o Including 8m @ 6.93% Pb & 90g/t Ag from 57m.

The results conform with the interpreted mineralisation geometry and confirm the elevated silver grades with some metre intervals recording up to 360g/t silver (SHRC_124 from 57m).

Most significantly, the results provide further support for the inclusion of the Beta Deposit in the Sorby Hills DFS Mine Plan and encouragement that further step-out drilling may result in an extension of the mineralisation envelope.

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Figure 1 - Sorby Hills Updated Drill hole plan

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Figure 2 - Beta cross section

Results: Wildcat Target

The presence of shallow-depth mineralisation (starting from 5 m below surface) at the Wildcat Prospect was confirmed during the earlier Phase V diamond drilling campaign.

An additional set of seven shallow step-out RC drill holes were completed to a depth of 36 m to test mineralisation continuity and also grade distribution. All drill holes intersected mineralisation from a depth commencing between 5 to 10 m below surface.

Best results include:

• SHRC_127: 21m @ 1.30% Pb & 7g/t Ag from 15m down hole.
• SHMD_128: 16m @ 1.49% Pb & 5g/t Ag from 12m down hole.
• SHRC_129: 6m @ 5.37% Pb & 21g/t Ag from 12m down hole.
• SHMD_132: 19m @ 1.50% Pb & 5g/t Ag from 4m down hole.

The work completed to date has enabled Boab to define a mineralisation target zone for the Wildcat Prospect based on the results of exploration activities undertaken to date, encompassing a potential strike length of ~600m.

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The secondary mineralisation was encountered on three consecutive east-west drilling traverses (Figure 3) and is interpreted to have resulted from the weathering of primary sulphides mineralisation controlled and associated with a north-south striking fault. This fault was intersected in diamond drill hole SHDD_116 (Boab ASX, 28th September 2021) and its presence is supported by interpretation from gravity data and is also interpreted to be the host of mineralisation interested in the historic discovery hill drilling approximately 1.4 km south of the Wildcat Target.

An additional ~0.5km of strike length can be extrapolated north and south which is considered to host similar geology and mineralisation characteristics.

Figure 3 - Wildcat cross section.