Mamba Exploration Limited advised that the initial drilling over the previously identified clay REE target has intersected significant widths of mineralisation in 20 of the initial 22 holes completed at the Hyden REE project. The Hyden REE project, which consists of 9 exploration licences for 1,316km2, is located approximately 300 km east of Perth in the Western Australian wheatbelt. The initial drilling was undertaken around the historically identified high grade clay REE mineralisation, with 22 holes successfully completed over the clay target.

Of the initial drilling completed, 20 holes intersected significant widths of clay hosted mineralisation including; 54m @ 758ppm TREO from surface to EOH (23HYD011); 43m @ 877ppm TREO from 8 metres (23HYD012); 30m @ 938ppm TREO from 8 metres (23HYD014); 50m @ 664ppm TREO from 4 metres (23HYD005); 30m @ 742ppm TREO from surface to EOH (23HYD002); 26m @ 674ppm TREO from 13 metres to EOH (23HYD018); 21m @ 707ppm TREO from surface to EOH (23HYD021); 25m @ 932ppm TREO from surface (23HYD022); 15m @ 1,092ppm TREO from 14 metres (23HYD020); 15m @ 741ppm TREO from 3 metres (23HYD003), and 9m @ 1,015ppm TREO from 8m to EOH (23HYD010). Within the wide zones of mineralisation, narrower zones containing higher grades were intersected including; 7m @ 1,652ppm TREO from 14m (23HYD020); 22m @ 1,073 ppm TREO from 12m (23HYD014); 16m @ 1,071ppm TREO from 33m (23HYD012); 9m @ 1,129ppm TREO from 23m (23HYD011); 3m @ 1,475ppm TREO from 33m (23HYD018) and 6m @ 1,206ppm TREO from 19m (23HYD022). Individual samples of up to 3,607ppm TREO were reported.

The mineralisation can be traced over the entire area covered by the initial drilling, some 500m north to south and approximately 500m east to west and remains open in all directions. Importantly this shallow drilling was the first systematic test of the potential for clay hosted REE mineralisation and encouragingly 14 of the initial 22 holes completed ended in mineralisation, suggesting that there is potential for bedrock REE mineralisation in the area as well as the clay hosted mineralisation. The breakdown of the types of REO's is highly variable within each of the mineralised intervals, with heavy rare earth oxides (HREO's) representing between 8% and 90%; and light rare earth oxides (LREO's) between 92% and 10%.

Additional analysis is being undertaken to better understand the distribution of the various rare earth oxides within the clay target zone, as the different elements are likely to have very different mineralogy and metallurgical characteristics as well, representing substantially different value depending on the distribution. The Company has also recently engaged RSC Mining and Mineral Exploration to undertake detailed scanning electron microscope (SEM) analysis of a number of the Hyden samples. This will assist in determining the mineralogy and element mapping of the REE samples as well, to better understand the distribution of the REE minerals and the potential of the area.