M3 Mining : Exploration Update

ASX Announcement

25 MAY 2022

EXPLORATION UPDATE

HIGHLIGHTS
only	• Review of historical data for M3 Mining's Edjudina Gold Project, alongside a recent site
use	visit with Chair Russell Davis and highly regarded consultant geologist Ziggy
Lubieniecki, has identified high priority targets considered prospective for gold
mineralisation
• Targets to be further refined by recent multi-element soil sampling program, with results
expected imminently
• Maiden drill program to commence in Q3 CY2022 aiming to test highly prospective and
underexplored targets that have never been drilled or not been drilled to sufficient depth
• Upcoming SQUID EM survey at the Victoria Bore Copper Project to confirm the recently
	identified off-hole conductors and identify additional base metal targets, with results
	guiding the planning of a follow-up drill program
EXECUTIVE DIRECTOR SIMON ELEY:
personal

"The company is pleased to confirm that our Edjudina Gold Project tenements contain favourable geological continuation from highly prospective gold prospects to the south. We are eagerly awaiting results from our recent soil sampling program which are expected in the coming weeks. This data will assist in drill target generation for the company's maiden drill program at Edjudina, to commence in Q3 CY2022. At our Victoria Bore Copper Project, we will soon be commencing SQUID EM survey. Combining the results from the SQUID EM survey with the DHEM data will allow M3 Mining to plan a drill program to further test both the prospective conductors in close proximity to the historic Victoria Bore Copper Mine as well as the broader regional targets."

M3 Mining Limited (ASX: M3M) (M3 Mining or the Company) is pleased to provide an update on Forthe Company's ongoing exploration activities.

Registered Address	Directors		Projects
M3 Mining Limited	Russell Davis - Non-Executive Chairman		Edjudina Gold Project (100% Owned)
ACN 644 548 434	Simon Eley - Executive Director		Victoria Bore Copper Project (100% Owned)
ABN 98 644 548 434	Eddie King - Non-Executive Director
			Shares on Issue	36,925,003
Level 1, 3 Ord Street,	[e-mail]		Share Price	$0.145
West Perth, WA 6005	[phone]		Market Cap	$5.35M
www.m3mining.com.au			ASX Code	M3M

onlyEdjudina Gold Project

Chair Russell Davis accompanied newly appointed consultant geologist Ziggy Lubieniecki, competent person Jeremy Clark and M3 Mining geologist Austin Gow on a site visit of the Edjudina Gold Project tenements to assess historic workings and map previous geological interpretations.

For usepersonal

Figure 1 Images of Site Visit at the Edjudina Gold Project

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The site visit to the Company's prospective tenements indicate that favorable trends from historic onlygold prospects to the south continue north on to the company's ground.

Of particular interest is the interpreted strike extension of the structure hosting the Yilgangi Queen mine which produced 35,000oz Au at an average grade of 25.9g/t whilst in operation between 1935 and 19821. The mine is still in operation today focusing on the higher-grade shoots which continue at depth.

M3 Mining believes that magnetic trends along with mapped geological packages indicate that mineralisation from these prospects could continue into tenements E31/1140, P31/2113, E31/1141

useand E31/1168.

The company is expecting results from its recently completed soil sampling program early June that will assist in defining priority targets for the projects maiden drilling program which is expected to commence in Q3 CY2022.

personalFor

Figure 2 Magnetic overlay of the Edjudina Gold Project

1Please refer to Section 9 M3 Mining Limited Prospectus Released to the ASX platform 27 July 2021

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For personal use only

Figure 3 Geology overlay of the Edjudina Gold Project

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Victoria Bore Copper Project

onlyGap Geophysics will be completing a SQUID (Superconducting Quantum Interference Device) Electromagnetic (SQUID EM) survey over the general Victoria Bore mine area to provide M3 Mining with the best possible resolution of the conductive bodies beneath the historic mine. SQUID EM is preferred for its superior detection and resolution capability and has been used by many other companies in the search for sulphide hosted copper deposits. This survey is currently scheduled to begin within the coming month, with the results and report to be issued shortly afterwards.

usepersonal Figure 4 - Victoria Bore Copper Project November 2022 Drilling and Highlights

ForIn addition to the SQUID EM, Magspec Airborne Surveys has been commissioned to provide an airborne magnetic and radiometric survey over the entirety of the Victoria Bore Copper Project. The survey will provide detailed information surrounding the main prospect area as well as provide the Company with broader coverage across the remainder of the tenement package.

The combination of both surveys will position the Company with a considerable data set to generate high priority targets in a relatively unexplored area before embarking on the next phase of drilling. It will also provide the Company with a better understanding of the geology and structure within the broader tenement package.

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