Rex Minerals Ltd. has received assay results from five RC drill holes which were completed in late 2021. The results are from the Bells and Airport Projects within the Company's 100% owned Hog Ranch Gold Property in Nevada, USA. Bells drilling successfully identified extensions to the known mineralisation at depth, including higher-grade sections which typically surround the breccias.

These holes were designed to test depth extensions to open gold mineralisation related to a series of breccia rocks that are interpreted to be the key conduits for the gold mineralisation at Bells. The drill holes completed at Airport were designed to test gold bearing structures both above and below the recently discovered gold mineralisation from drill hole HR21-012, which intersected 56.4m @ 2.12g/t gold. Importantly, the assay results from HR21-012 also contained two distinct high-grade sections which are interpreted to be within and surrounding the main controlling breccias/structures to the gold mineralisation.

Drilling will recommence once weather permits. Bells Drilling Results: Three RC drill holes were drilled at Bells to test for deeper extensions based on open gold mineralisation from historical drilling in addition to some recent drilling by Rex indicating a deeper central core related to a large central breccia host rock. The results from the drilling at Bells have shown deeper sections of gold mineralisation than previously identified and also indicate the position of the breccia host rocks which may still extend further at depth.

Some sections of higher-grade mineralisation exist at both a shallow level very close to the surface and a further higher-grade zone which appears to extend horizontally away from this interpreted breccia at a deeper level. There remain further possible extensions to the gold mineralisation at deeper levels connected to this interpreted breccia body in addition to a possible new series of breccia bodies that are untested to the south of the existing Mineral Resource at Bells. The current Mineral Resource at Bells contains 560kozs of gold 95% of which is within 150m of the surface and substantial potential remains both at depth and towards the south-west of the existing Mineral Resource.

Airport Drilling Results: At the Airport project two drill holes were planned to further test the recently discovered gold mineralisation previously announce from drill hole HR21-012 which intersected 56.4m @ 2.12g/t gold. The results have indicated that a large amount of gold mineralisation is spread horizontally away from an interpreted high-grade structure, or series of structures. The understanding of the gold mineralisation at the Airport area is still at an early stage.

It is apparent that the gold discovered to date, which remains open in multiple directions, exists as a very large blanket of gold mineralisation which is surrounding a series of higher-grade controlling structures. Rex remains confident that the very large volume of gold mineralisation being discovered at Airport is also likely to host a central higher-grade core within the key controlling structures which would provide the focus for any future economic studies for the Airport and Cameco area at Hog Ranch.