Dundas Minerals : - Highly Conductive Anomalies at Central Ni Cu Target

ASX ANNOUNCEMENT

16 March 2022

only		HIGHLY CONDUCTIVE ANOMALIES
IDENTIFIED AT CENTRAL Ni Cu TARGET
	Dundas			Highlights
			o Very low resistivity (equivalent to very high conductivity)
	Minerals Limited
Directors			anomalies identified within the Central Target area
use				o Resistivity values of less than 1.0 ohm/metre
Non-Executive Chairman	o Soil sampling program to commence immediately
Mark Chadwick
Managing Director			Dundas Minerals Limited (ASX: DUN) ("Dundas Minerals" or "the
Shane Volk			Company") is actively exploring for nickel, copper and gold in the
Technical Director			prospective Albany-Fraser Orogen, Western Australia.
Tim Hronsky			Very low resistivity values identified at Central Ni Cu Target
personal				Promising preliminary results have been received from a recently
Company Secretary
Shane Volk			completed Audiomagnetotelluric (AMT) survey at Dundas Minerals
				100% owned Central nickel/copper exploration target. The AMT
Issued Capital (ASX: DUN and DUNO)	survey was designed to test, to a maximum depth of 1500m,
Ordinary Shares:	60,180,216	conductive anomalies that were identified by the Company from a
	ASX Quoted:		36,113,652	SkyTEM airborne electromagnetic survey that it completed in August
	Escrow:		24,066,564	2021.
Listed Options:		30,090,138
Unlisted Options:	14,000,000	AMT survey model results sections (lines 11000 and 12250) are
				shown as Figures 1 and 2. The very low resistivity values of less than
				1 ohm/metre (Ω.m) (deep brown in colour) on the sections extend to
				a maximum depth of approximately 600m below the surface. The
				cause of the anomalies may be massive sulphides (which can host
				nickel and copper mineralisation) or possibly graphite (Figure 3).
				A soil sampling program is now planned for the Central target, and
For				will commence this coming Thursday (17 March 2022). The objective
			of this program is to test for any nickel, copper and/or other mineral

anomalies at surface, which if present would support a drilling program to investigate if the AMT anomalies host mineralisation.

Commenting on the anomalies, Dundas Minerals managing director Mr Shane Volk said "the identification of these conductive anomalies at the Central Target is extremely rewarding, and testament to the exploration methodology that we have been following. We're now moving as quickly as possible to complete a soil sampling program across the area of these anomalies. Anomalous values for minerals such as nickel or copper from the soil survey would be extremely encouraging, and I'd expect to see us move as quickly as possible to drilling if this was the case.

Suite 13, 100 Railway Road

Suite 13, 100 Railway Road

Subiaco, WA 6008

Subiaco, WA 6008

[e-mail] [e-mail]

www.dundasminerals.com

www.dundasminerals.com

Page 2

As far as we have been able to determine there has been no previous on-ground exploration conducted at the Central Target, or in the surrounding area. However, access is excellent as a track was cleared in 2010 for Norseman Gold PLC (tenement holder at the time), for a planned reconnaissance drilling program - but due to financial constraints the program never commenced."

onlyuse
	Figure 1: Cross Section line 11000 (see figure 4) showing modelled AMT data. The deep brown colour
		indicates areas of least resistivity (highest conductivity)
		NW	Surface	SE
personalFor
Figure 2: Cross Section line 12250 (see figure 4) showing modelled AMT data. The deep brown colour
		indicates areas of least resistivity (highest conductivity)
		NW	Surface	SE

Suite 13, 100 Railway Road

Subiaco, WA 6008

[e-mail]

www.dundasminerals.com

Page 3

Figure 3: Table of typical resistivity values for Earth materials

Central Target - modelled range of resistivity

use only
ersonalp			10500	636900063680006367000
Figure 4: Left: Central Target showing location of planned AMT lines over interpreted SkyTEM conductors
		(shaded polygons), underlying image is gravity. AMT Lines 11000 and 12250 have been
		completed
	Right: Location of Central Target (colour image gravity, background magnetics)
	478000	480000		482000	Central Target
Completed AMT lines				(North- East prospect area)
orF		11750	11000
		63660006365000
	12250			Matilda South
						Prospect
		13250
				6364000
	478000	480000		482000

Authorised by: Shane Volk (Managing Director and Company Secretary)

Suite 13, 100 Railway Road

Subiaco, WA 6008

[e-mail]

www.dundasminerals.com

Page 4

only

About Dundas: Dundas Minerals Limited (ASX: DUN) is a battery-minerals and gold focussed exploration company exploring in the highly prospective southern Albany-Fraser Orogen, Western Australia. Dundas Minerals holds 12 contiguous exploration licences (either granted or under application) covering an area of 1,201km2. All licences are 100% owned by Dundas and are located within unallocated Crown Land. The Albany-Fraser Orogen hosts the world-class Tropicana gold mine (AngloGold Ashanti ASX: AGG / Regis Resources ASX: RRL) and the Nova nickel mine (Independence Group ASX: IGO). The Dundas tenements are located ~120km south west of Nova, have not been subject to modern exploration and are deemed prospective for battery m aterials (nickel, copper and rare earths), and gold. Dundas Minerals listed on the ASX on 10 November 2021.

Capital Structure: Ordinary shares on issue (DUN): 60,180,216; ASX Listed Options (DUNO): 30,090,138 (Ex: $0.30, Exp 25-02-2024)

Unlisted Options: 3,000,000 (Exp. 2-11-24 Ex. $0.30); 4,000,000 (Exp. 1-7-24 Ex. $0.25 & $0.30); 5,000,000 (Exp. 1-7-26 Ex. $0.25 & $0.30); 2,000,000 (Exp. 10-11-26 Ex. $0.25 & $0.30)

COMPETENT PERSONS STATEMENTS

useThe information in this report relating to Exploration Results is based on information compiled by the Company's Technical Director, Mr Tim Hronsky, a competent person, and Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Hronsky has sufficient experience relevant to the style of mineralisation and to the type of activity described to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Mr Hronsky is a shareholder in the Company and a Director. Mr Hronsky consents to the inclusion in this announcement of the matters based on his information in the form and content in which it appears.

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

This announcement contains forward looking statements. Forward looking statements are often, but not always, identified by the use of personalwords such as "seek", "target", "anticipate", "forecast", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or

result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions.

The forward-looking statements in this announcement are based on current expectations, estimates, forecasts and projections about Dundas and the industry in which it operates. They do, however, relate to future matters and are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward-looking statements. The past performance of Dundas is no guarantee of future performance.

None of Dundas's directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward- looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.

For

Suite 13, 100 Railway Road

Subiaco, WA 6008

[e-mail]

www.dundasminerals.com

Criteria

Sampling onlytechnique

usepersonal

ForDrilling

technique

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Section 1 Sampling techniques and data

JORC Code explanation		Comments re Audio Magnetotellurics (AMT)
		geophysical survey program
Nature and quality of sampling (e.g. cut channels, A ground audiomagnetotelluric survey was completed by
random chips, or specific specialised industry	Zonge Engineering and Research Organization Australia
standard measurement tools appropriate to the	Pty Ltd. 2 lines were completed at the Company's Central
minerals under investigation, such as down hole	prospect, the lines were spaced 1,200m apart with 100m
gamma sondes, or XRF instruments, etc.). These	station spacing and ~2,400m in length.
examples should not be taken as limiting the broad	MT Equipment used:
meaning of sampling.	• Receivers: Broad band Phoenix Geophysics MTU-
		5A receivers, featuring 5 input channels and capable
		of recording in 10kHz-DC frequency range with 24-bit
		resolution and up to 24000 samples per second.
	•	Timing accuracy - +-100ns, with oven-controlled
		crystal oscillatorsynchronized to GPS.
	•	Magnetic Coils: Induction Coil Magnetometer
		MTC150L coils with 10kHz- 10000s range and
		25mv/nT sensitivity
	•	Electrodes: Pb-PbCl2 - copper sulphate ceramic

pots for electric field, lownoise, nonpolarizing. Calibration

Each unit is synchronized with universal time clock trough the GPS PPS signal.

		Readings
		•	Recording Unit: Recording at 10000 Hz
			Simultaneous recording of 2, 3, or 5 channels per
			instrument (electric, magnetic, or both)
		• Magnetic Coils: Frequency Band --> 0.0001 - 10000
			Hz.
		•	Electrodes: non polarised Pb-PbCl
Include reference to measures taken to ensure	Survey QC parameters were reviewed by independent
sample representivity and the appropriate	supervising geophysicist from Western Geoscience Pty
calibration of any measurement tools or	systems	Ltd.
used
Aspects of the determination of mineralisation that
are material to the Public report In cases where
'industry standard' work has been done this would
berelatively simple (e.g. 'reverse circulation drilling
was used to obtain 1m samples from which 3kg
was pulverised to produce a 30g charge for fire
assay'). In other cases more explanation may be
required, such as where there is coarse gold that	No drilling reported in this release
has inherent sampling problems.	Unusual
commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of
detailed information.
Drill type (e.g. core, reverse circulation, open-hole
hammer, rotary air blast, auger,Bangka, sonic etc.)
and details (e.g. core diameter, triple or standard	No drilling reported in this release
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method etc.).

Suite 13, 100 Railway Road

Suite 13, 100 Railway Road

Subiaco, WA 6008

Subiaco, WA 6008

[e-mail] [e-mail]

www.dundasminerals.com

www.dundasminerals.com