Nimy Resources : Gossan Discovered at Dease up to 0.96% Nickel

Gossan discovered at Dease pXRF readings up to 0.96% nickel

• • Nickel bearing gossan discovered during geochemical sampling of newly constructed diamond drilling sump. Peak pXRF reading of 0.96% Ni.

• • Gossan exposed during sump construction as preparation for diamond drill hole NRDD006 in current campaign.

• • Sump constructed to 3m x 6m and terminated at 1.2m depth due to difficulty in digging.

• • Exposed gossan gridded and sampled (pXRF) - 17 data points showing anomalous values of nickel, copper and cobalt.

• • The gossan is located:

  • o proximal to three existing RC holes containing nickel mineralisation to 220m depth; and

  • o approximately 300m of MLEM plate discovered at Dease.

• • Geochemistry associated with previous RC drilling supports the presence of a komatiite flow.

• • A broad spaced surface geochemical sampling campaign is planned over the Dease gossan target to determine the extent of the surface geochemical anomaly

Nimy Chairman, Simon Lill, today said:

"The discovery of a mineralised nickel gossan exposed whilst executing sump construction is an unexpected validation of the Mons exploration strategy.

The Dease target consists primarily of sand plain and typically no outcropping rocks have been encountered. Work has commenced to test the extent of this near surface mineralisation."

RELEASE DATE

29th March 2022

COMPANY DETAILS

ASX:NIM

Registered Office

254 Adelaide Tce, Perth, WA, 6000

Websitewww.nimy.com.au

[e-mail]

BOARD AND MANAGEMENT

Simon Lill

Non-Executive Chairman

Luke Hampson Executive Director

Christian Price Executive Director

Henko Vos Secretary/CFO

Ian Glacken

Geological Technical Advisor

CAPITAL STRUCTURE

Shares on Issue - 114m

Options Issue - 12.5m

Summary

The sump exposed a lateritic duricrust, below the soil cover. Within the upper part of the laterised duricrust, several millimetre scale cubic vugs were observed. The cubic vugs are commonly the result of the oxidation/weathering of sulphide minerals as part of the laterization process. Within the constraints of the sump, an area 2.7 m wide and 6.3 m long was exposed containing gossaneous material (Figure 1), within which a total of 17 portable XRF (pXRF) readings were taken (Table 1), returning the following results:

• • 2 readings were between 1,335 and 1,394 ppm nickel (averaging 1,364 ppm Ni and 2% MgO)

• • 7 readings ranged from 3,745 to 4,635 ppm nickel (averaging 3,975 ppm Ni and 9% MgO)

• • 6 readings ranged from 5,175 to 6,183 ppm nickel (averaging 5,466 ppm Ni and 12% MgO)

• • 2 readings ranged from 7,157 to 9,565 ppm nickel (averaging 8,376 ppm Ni and 11% MgO).

The pXRF readings taken from heavily laterised duricrust are not conclusive. However, the anomalous nickel and elevated magnesium oxide (MgO) results continue to support the exploration model underpinning Nimy's exploration work.

Gossanous material is often associated with underlying nickel and copper sulphide mineralisation, and Nimy's pXRF results appear to show elevated nickel values.

An Olympus Vanta Series pXRF was used to collect the readings.

Important Note: Assay results are required to determine the exact widths and grades of any sulphide mineralisation. When these results are available the Company will provide an update.

Figure 1 - Near surface Gossan uncovered over sump

Instrument Serial Num	Reading #	Test	Easting	Northing	Ni %	Cu %	Co %	MgO%	FeO3 %
821317	17	Rock	661897	6679697	0.39%	0.02%	0.12%	2.61%	11.62%
821317	18	Rock	661897	6679697	0.39%	0.02%	0.05%	6.50%	11.86%
821317	19	Rock	661897	6679697	0.40%	0.01%	0.06%	13.92%	9.92%
821317	20	Rock	661897	6679697	0.52%	0.01%	0.06%	2.95%	11.15%
821317	21	Rock	661897	6679697	0.38%	0.01%	0.04%	2.51%	10.34%
821317	22	Rock	661897	6679697	0.38%	0.00%	0.03%	11.85%	9.93%
821317	23	Rock	661897	6679697	0.62%	0.01%	0.05%	9.86%	12.65%
821317	24	Rock	661897	6679697	0.46%	0.01%	0.04%	8.98%	10.69%
821317	25	Rock	661897	6679697	0.54%	0.01%	0.05%	14.34%	10.91%
821317	26	Rock	661897	6679697	0.54%	0.01%	0.05%	13.52%	10.73%
821317	27	Rock	661897	6679697	0.96%	0.01%	0.09%	15.01%	10.44%
821317	28	Rock	661897	6679697	0.54%	0.01%	0.05%	18.04%	10.16%
821317	29	Rock	661897	6679697	0.37%	0.03%	0.05%	18.10%	13.09%
821317	30	Rock	661897	6679697	0.72%	0.02%	0.07%	7.64%	16.10%
821317	31	Rock	661897	6679697	0.53%	0.01%	0.06%	11.01%	14.96%
821317	38	Rock	661897	6679697	0.13%	0.03%	0.14%	1.31%	37.50%
821317	39	Rock	661897	6679697	0.14%	0.03%	0.11%	3.29%	37.35%

Table 1 - Details of 17 pXRF readings taken from sump

Figure 2 - Sump grid showing sample locations note sample 38 was taken from near surface above the sump sample 39 from the float above the sump

Previous drilling activity proximal to the gossan includes four RAB holes (Image Resources 2004-2005) and three RC holes (Nimy Resources 2020).

Image Resources holes were initially designed as part of a gold exploration strategy intersecting ultramafic material. Maximum depth was 50 metres.

Hole ID	Easting	Northing	From (m)	To (m)	interval (m)	Ni (%)	Geology	Test Interval
WGRB-1	662239	6679547	0	52	48	0.20%	Clay Ultramafic	4m Composite
Including	8	12	4	0.77%	4m Composite
Including	10	11	1	1.05%	1m
WGRB-30	662137	6679149	12	50 (EOH)	36	0.24%	Clay Ultramafic	6m composite
Including	18	24	6	0.33%	6m composite
Including	24	30	6	0.36%	6m composite
WGRB-31	662040	6679151	12	50 (EOH)	38	0.18%	Clay Ultramafic	6m composite
Including	12	18	6	0.33%	6m composite
WGRB-32	661944	6679152	12	50 (EOH)	38	0.16%	Clay Ultramafic	6m composite
Including	12	18	6	0.33%	6m composite

Assays returned elevated nickel with the best interval being within WGRB-1 which returned 4 metres @ 0.77% Ni from 8-12 metres including 1 metre @ 1.05% Ni. Details of these intercepts are provided in Table 2 and have previously been documented in the Nimy ITAR.

Figure 3 - Dease target previous drilling positions relative to the Dease gossan

Table 2 - Historic drilling results proximal to gossan /sump- Image Resources RAB (Rotary Air Blast) drilling 2004-

2005 Source - publicly available via DMP and Nimy ITAR (2021)

Hole ID	Easting	Northing	From (m)	To (m)	Interval (m)	Ni (%)	Comment	Test Interval
NRRC004	662133	6679581	3	220 (EOH)	217	0.12%	Large homogenous Ni Intercept with increasing MgO with depth. (upper komatiite flow geochemistry	1m
NRRC005	661460	6679702	96	144 (EOH)	48	0.13%	Ni and MgO levels increasing with depth; quartz vein between intercepts (upper komatiite flow geochemistry)	1m
NRRC006	661548	6679146	24	178 (EOH)	154	0.13%	Ni and MgO levels increasing with depth; quartz vein between intercepts (upper komatiite flow geochemistry)	1m

Nimy Resources undertook a RC drill program in 2020. RC holes were designed to test the depth of mineralisation (maximum drill depth 220 metres). Hole collar and intersection details are provided in Table 3 and are reported above a cut-off of 0.1% nickel.

Assays returned revealed large homogenous Ni intervals and increasing MgO with depth. Geochemistry supports the conclusion of the drilling having intersected a komatiite flow.

Table 3 -Drilling results proximal to gossan / sump - Nimy Resources RC (Reverse Circulation) drilling 2020. Source:

Nimy Resources Prospectus Independent Technical Assessment Report, Section 3.4.1 Significant Drill Intercepts

The Dease target area is approximately 3.5km² of the 1760km² Mons Project tenement holding (Figure 4). Four diamond holes are planned at the Dease target specifically:

• • NRDD003, NRDD004, NRDD005 planned to test MLEM anomalies, MLEM refer to Nimy Resources ASX Announcement 8th of February 2022

• • NRDD006 planned to test depth to basement, lithology, mineralisation (site of gossan)

Figure 4 - Mons Nickel Project - Zone A Exploration Zones including the Dease Target