Bulletin Resources : Spodumene in Pegmatite Confirmed Ravensthorpe Project

1 December 2021

ASX RELEASE

only		Spodumene in Pegmatites Confirmed
			Ravensthorpe Lithium Project
	Highlights
		• Coarse spodumene crystals found outcropping at 'Deep Purple'
		and 'Creek' pegmatite outcrops
use	• Selected rock chip samples have resulted in the following high-
grade lithium assays:
o	6.54% Li2O
		o	2.57% Li2O
		o	2.40% Li2O
		Assay results from other collected samples to follow
personalFor	• Newly discovered pegmatite in excess of 300m strike extent was
found 2km south of 'Deep Purple' indicating strong potential for
further lithium enrichment and additional pegmatites

Chairman

Paul Poli

Non- Executive Directors

Robert Martin

Daniel Prior

Neville Bassett

Company Secretary

Andrew Chapman

Shares on Issue

1. million shares
   Listed Options

1. million
   Unlisted Options

1. million
   Top Shareholders

Goldfire Enterprises	23.62%
Top 20 Shareholders	55.01%

Market Capitalisation $19.73 million @ 7.5 cents

Bulletin Resources Limited

Suite 11, 139 Newcastle Street, Perth, WA 6000 I PO Box 376 Northbridge WA 6865 I phone [phone] www.bulletinresources.com

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Bulletin Resources Limited ("Bulletin", "BNR") is pleased to provide an update on its Ravensthorpe Lithium project following the recent November field visit. The 57km2 tenement is located 12km southwest and along strike of Orocobre Limited's (formerly Galaxy Resources Limited) Mt Cattlin Lithium Mine.

Sampling of the Eastern Pegmatite Trend has confirmed the presence of spodumene at the Deep Purple and Creek pegmatite outcrops. Four rock chip assay results have been returned from the laboratory with results for three samples shown below (Figure 1):

1. 6.54% Li2O o 2.57% Li2O o 2.40% Li2O

Bulletin's Chairman, Mr Paul Poli said "The Board is pleased by the confirmation of spodumene bearing pegmatites only a few kilometres from an operational lithium plant. The potential for pegmatites as seen on our first field trip augers well for additional pegmatites to be found. The Ravensthorpe Lithium Project is a great addition to our portfolio, and we are keen to advance the exploration at this exciting prospect as quickly as we can."

Figure 1: Location and assays of rock chip samples at Deep Purple pegmatite

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Figure 2: Deep Purple pegmatite outcrop

Figure 3: Deep Purple coarse spodumene crystals

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Figure 4: Creek pegmatite weathered spodumene and lepidolite sub-crop

Importantly, a large, sub-cropping pegmatite with over 300m strike extent was located 2km south of the Deep Purple and Creek pegmatites. (Figure 5 and Figure 7). This newly discovered pegmatite, named 'Big Pegmatite' follows the shape of a hill with the wall rocks of the pegmatite exposed at surface. The presence of coarse, crystalline tourmaline and microcline as well as the large expanse of the pegmatite indicates the pegmatite has potential for fractionation, which is a precursor to elevated lithium grades within the main body of the pegmatite at depth (Figure 6).

Preliminary work at Creek pegmatite also identified spodumene at surface (Figure 4). This outcrop contained extremely weathered spodumene that has been subjected to later alteration and likely lithium remobilisation resulting in an assay grade of 0.16% Li2O. While the lithium grade in this sample is low, the presence of spodumene in outcrop supports the potential for fresher, higher grade spodumene at depth.

Most of the rock chip samples remain to be processed at the laboratory in Perth and a list of rock chips is provided in Appendix 1. Many of the pegmatite outcrops in the area have limited exposure as the pegmatite wall rocks are resistant to weathering and a large proportion of pending results are from the wall rock zone of the sampled pegmatites. Chemistry of these assays from the pegmatite margins will be used to provide vectors towards lithium mineralisation at depth.

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Figure 5: Big pegmatite outcrop (top photo) and coarse-grained exposure (lower photo)