EQ Resources Limited announced first results (3 holes) from the Phase 2 2022 drilling campaign completed in January 2023 have delivered significant ore grade tungsten intersections west and north of the Andy White Open Pit. Two holes west of the pit, EQ027 and EQ028, confirmed the geological model identifying the most prospective target zone for tungsten enriched veining, which appears to be a roughly vertical zone below `200m Reduced
Level (RL)'. A third hole, EQ029, confirmed a northern extension of the high-grade Iron Duke veining. The Company is awaiting results from three further holes to the west of the Open Pit into the high-grade target zone. Visual indications under UV-light were highly promising, but assays are awaited. The following is a location map of the first three holes showing how these holes confirm the exploration potential westwards and towards the Iron Duke Vein Package. The distinct vein packages identified by the Company are separated by the white dotted lines. Coloured dots highlight results from soil anomalies, with red dots marking comparably higher tungsten assays. Dark red overprinting shows the current Mt Carbine Mineral Resource. Holes EQ027 & EQ028 were located WNW of the extended Open Pit, with the drill collars situated at the top of the Mt Carbine hill at 464m RL. The holes were drilled to determine the extent of the mineralisation in the higher topography. Traditionally in the main pit area, the best tungsten occurs between 200 to 350m RL, where the veins are typically 0.1 - 0.5m in width. Below the 200m RL, the veins thicken up to >1m in width and the tungsten content tends to be lower. Above the 350m RL, the mineralised veins are seen to become very narrow down to `leader' vein size of approximately 2 to 10 cm in width. An exception to this general RL controlled observation is the fact that strong veins occur at surface (460m RL) in the Talis zone where 3 x 30cm veins show significant outcrop tungsten. Hole EQ030, which will be reported on imminently when assays are available, has intersected the Talis veins near surface. Hole EQ029, although considered an exploration hole, is the first hole to test the strike extent of the Iron Duke Vein Package. A soil program in this area highlighted significant tungsten mineralisation, which when followed up, located a high-grade vein structure containing Scheelite. Visually at surface, the outcrop is 3 - 4m wide and graded more than 1% WO. Good mineralisation was located on the down dip extension of the high-grade surface exposures. Hole EQ029 holds good promise that high-grade mineralisation can be found across the entire Iron Duke Vein Package. The main Mine Pit Vein Package veins are the Iolanthe, Bluff & Johnson.