Nelson Resources : Exciting New Gold Results at Socrates

ASX RELEASE 17 NOV 2021 ASX:NES

	EXCITING NEW GOLD RESULTS AT SOCRATES
West Socrates and Socrates Main southerly drill testing delivers significant Gold Results
only
Highlights:
use	∙ The first RC drill hole at the untested Socrates West EM target delivers a significant gold result of 5m
@ 1.72 g/t Au from 23m; incl. 3m @ 2.01 g/t Au from 23m (Figure 1);
∙ Socrates Main southern extension drilling has identified anomalous gold in all holes with hole
SDRC127 intersecting 1m @ 3.52 g/t Au from 58m. This hole indicates that Socrates Main is
mineralised over at least 800m, with the target structure being approximately 2km long (Figure 1 & 2);
∙ Socrates Central drill hole SDRC106 delivers a gold result of 5m @ 1.74 g/t Au from 32m, including
3m @ 2.76 g/t Au from 32m (Figure 1);
	∙ The current Socrates drilling demonstrates a gold mineralised corridor of 1.5km in width hosting four
	mineralised zones. These zones appear to have a potential strike of approximately 2km (Figure 2);
	∙ North eastern drilling at Grindall extends the gold mineralised trend with many 0.6 g/t Au results;
	∙ Derek Shaw joins Nelson as the Exploration Manager. Derek was the Manager of regional exploration
	on the Tropicana JV for AngloGold Ashanti Ltd.

personalNelson Resources Limited (ASX: NES) (Nelson or the Company) is pleased to provide an exploration update for its 100% owned Woodline project in the Fraser Range, Western Australia.

Drilling at the Socrates Project has demonstrated a gold mineralised corridor of approximately 1.5km in width

hosting four parallel mineralised zones with two potentially being 2km in length. Two of these zones were drilled for the first time with both the westerly structure (identified with an EM geophysical survey) and the

easterly structure (identified by a soil geochemical survey) both delivering notable gold results. The Company also drilled a number of southern extension drill fences at its Socrates Main target and has demonstrated a southerly extension. The Socrates Main target now appears to have a mineralised length of approximately

800m and is open to the north and south with the targeted structure being approximately 2km long.

Commenting on the results, Nelson's Executive Director and CEO, Adam Schofield said:

Fortargets with RC drilling demonstrating the Western EM target is mineralised as is the Eastern geochemical target. This is especially pleasing as it shows that our targeting methodology is working. The Company also tested the southerly extension of the Socrates Main prospect which has demonstrated further extensions to the gold mineralisation. This is significant as is shows that a large scale gold system is potentially at play which is important as the company looks to delineate a gold resource at Socrates in the near future.

"The Company is very pleased with these drilling results at Socrates and we are encouraged by the drilling results at Grindall. The drilling program at Socrates were designed to test the Western and Eastern Socrates

The Company is also very pleased to have Derek Shaw join the Company as Exploration Manager. His wealth of experience from his role with the Tropicana JV and his time in the Albany Fraser and Yilgarn Cratons will be instrumental in our hunt for the next Tropicana".

CAPITAL STRUCTURE	BOARD	LAST CAPITAL RAISE
ORDINARY SHARES	Executive Director - Adam Schofield	August 2021
Issued 194,292,195
Non-Executive Chairman - Warren Hallam	Right Issue & Placement
OPTIONS	Non-Executive Director - Stephen Brockhurst	$2.3 million @ 4.7cents per share
Listed options 57,709,303
Unlisted options 15,189,458	Company Secretary - Stephen Brockhurst

Technical Discussion

For personal use only

At Socrates West (Figure 1), 1200m to the west of the main Socrates mineralised zone, a single drill hole, targeting a recently identified EM target and anomalous rock-chip sampling, intersected 5m @ 1.72 g/t Au from 23m in SDRC098, including 3m @ 2.01 g/t Au from 23m. The result identifies a new parallel mineralised structure located over a kilometre from the main Socrates gold bearing zone. Follow-up work is planned for early 2022.

At Socrates Central (Figure 1), 600m to the west of the main Socrates mineralised zone, SDRC106 intersected 5m @ 1.74 g/t Au from 32m, including 3m @ 2.76 g/t Au from 32m. This intersection was returned from an area previously drilled by Sipa-Newmont and by Nelson. This hole was following up on a historical intersection in an area of incomplete drill-hole coverage and poorly understood geology.

At Socrates Main (Figure 1), 300m to the south-east of the main Socrates mineralised zone, a small cluster of holes were drilled to test the south-eastern extension. SDRC127 intersected 1m @

3.52 g/t Au from 58m. Apart from previous RAB drilling there has been no other drilling in this area. The results demonstrate the potential for a southern extension to the Socrates Main strike.

At Socrates East 300m to the east of the main Socrates mineralised zone, SDRC115 intersected 1m @ 1.35 g/t Au from 32m. This intersection was returned from an area previously drilled by Sipa-Newmont and by Nelson. This hole was following up on a surface gold geochemical anomaly.

At Grindall, RC drilling returned scattered anomalous results up to 0.6 g/t, although no significant intersections were returned, the company believes this further adds to the gold mineralised system already identified by the company at Grindall which is part of an 20km gold bearing structure identified by gold geochemical analysis.

The company is currently compiling all of the data on hand in order to develop a new enhanced geological model with a renewed focus on defining the mineralised systems at the Company's various Woodline prospects.

NELSON RESOURCES LIMITED | Address: Level 11, London House, 216 St George's Terrace, Perth, Western Australia 6000 | Phone: [phone]

For personal use only

Figure 1: Socrates project plan view showing the drill holes and the Socrates West, Socrates Central, Socrates Main and Socrates East prospects and best drill intercepts for the recently drilled holes.

NELSON RESOURCES LIMITED | Address: Level 11, London House, 216 St George's Terrace, Perth, Western Australia 6000 | Phone: [phone]

For personal use only

Figure 2: Socrates Main Loupe surface electromagnetic survey (Channel 10) showing the recent Southern drilling, interpreted faults and interpreted position of the mineralisation projected to surface.

NELSON RESOURCES LIMITED | Address: Level 11, London House, 216 St George's Terrace, Perth, Western Australia 6000 | Phone: [phone]

For personal use only

Figure 3: Geology of the Woodline Area showing the locations of the Grindall, Redmill and Socrates Projects as well as the gold surface geochemistry anomaly and recent drilling locations.

NELSON RESOURCES LIMITED | Address: Level 11, London House, 216 St George's Terrace, Perth, Western Australia 6000 | Phone: [phone]