Dundas Minerals Limited is actively exploring for nickel, copper, cobalt and gold in the prospective Albany-Fraser Orogen, Western Australia. On 28 September 2022, Dundas Minerals announced anomalous pXRF readings for cobalt (Co), copper (Cu), nickel (Ni) and silver (Ag) taken from drill chip samples recovered from two shallow 37m deep holes, drilled using a rotary air blast (RAB) technique. A total of 37 x 1 metre composite samples (2.5kg per sample) were recovered from 22CEWB001 and submitted for assay at Intertek Genalysis in Perth, Western Australia.

Sample results have now been returned and compared to the pXRF readings that were taken at site from each sample, prior to laboratory submission. For Cu and Ag, anomalous laboratory assay results were returned at the same 1m intervals as elevated pXRF readings, however the ppm values reported from laboratory assay were below the pXRF readings (Table 1). This was not the case with respect to Ni, where laboratory assay results were in all cases higher than pXRF results, in several cases between 2 and 3 times higher.

For Co, laboratory assays were in each case much lower than the pXRF reading, potentially as a result of inter-element interference associated with iron. The gold (Au) value returned from laboratory assay was 5ppb. As previously advised the pXRF does not analyse for Au.

Dundas Minerals is encouraged by the anomalous Cu, Ag and Ni geochemistry returned from laboratory assay. For 22CEWB003, where assay results remain pending, Ag, Cu and Ni pXRF readings, plus sulphur readings (as high as 489,994ppm), were significantly higher than those reported from 22CEWB001. Laboratory assay results for hole 22CEWB003 are expected within the next two weeks.

The pXRF manufacturer has recommended that a calibration of the machine against the actual assay pulps and results from 22CEWB001 should assist to align future readings closer to assay. This is being arranged as a matter of importance. Dundas Minerals will continue to use the pXRF for its field work (mineral type /rock identification), as it is a very useful device for these purposes.

The Company has however decided that in future it will not quote numerical pXRF reading results in its public announcements until it has a higher degree of confidence that for any pXRF reading announced, there is likely to be a strong correlation between the pXRF reading value and the future laboratory assay result.