Thomson Resources advised that the Company's drilling program has intersected zinc-lead-copper-silver mineralisation at the historic high-grade Silver Spur mine located at the 100% owned Texas silver-base metal project in southeast Queensland. The second hole in the drill program (TX002RCD) was drilled on the northern margin of the Silver Spur mine to test a Dipole-Dipole Induced Polarisation (DDIP) chargeability anomaly and an interpreted strike extension of the resource associated with the Stokes Fault. The hole intersected a broad zone of quartz veining and alteration with multiple veins of up to 5cm of base metal sulphide and silver mineralization.

The dominant sulphide is brown sphalerite (zinc sulphide) with silver grey galena (lead sulphide) and minor yellow pyrite-chalcopyrite (iron/copper sulphide). Scans with a handheld pXRF indicate the vein also contains elevated silver. The quartz veining, base metal mineralisation and associated silicification is interpreted to extend west beyond the footwall of the Stokes Fault System that controls the mineralisation at both the Silver Spur mine and Twin Hills mine to the north.

The mineralisation is outside the domains used for the previous Mineral Resource Estimate at Silver Spur and could represent a new zone. Previous drilling did not test this western position. By comparison, mineralisation was less than expected in the modelled lode positions.

The drilling program at Silver Spur was commenced in mid-June 2022 and was designed to target extensions to the current Mineral Resource as well as compelling near resource exploration targets. Silver Spur Resource Expansion Drill Targets: A program of resource expansion holes has been designed to test for extensions of the high-grade mineralisation outlined by the Thomson block model and drill hole data base for the deposit, that suggests the higher-grade silver-base metal mineralisation remains open along strike and at depth. The recent dipole-dipole induced polarisation (DDIP) survey1 shows a strong chargeability anomaly enveloping and extending beyond the resource and along strike of the controlling Stokes Fault system.

Additionally, undrilled down-hole electromagnetic (DHEM) anomaly from a 2011 survey by Alcyone Minerals5, further supports the DDIP anomaly suggesting the potential for the Silver Spur mineralisation to extend to depth beneath the known resource. At Silver Spur North targeting has focused on a number of compelling DDIP chargeability anomalies which straddle the Stokes Fault beneath shallow historic drilling that will be drill tested by Thomson in the initial program, weather conditions permitting. Between 1995 and 2012 Macmin Silver and Alcyone Resources completed 5,672 m of shallow RC, percussion, and RAB drilling to depths of 100 m at Silver Spur North4,7,8, intersecting near surface typically low-grade oxide silver mineralisation.

However, Alcyone reported a best intersection in this RAB drilling in a zone from hole SSRB007 of up to 26 m @ 138 g/t Ag, 0.29% Pb, inc. 3 m @ 840 g/t Ag, 1.25% Pb7, that may represent geochemical "leakage" from deeper mineralisation and a potentially related, but undrilled, high order chargeability anomaly outlined in the Thomson DDIP survey. To the south of the Silver Spur mine, Thomson is also planning to test a previously undrilled Fixed Loop Electromagnetic (FLEM) anomaly defined in a 2011 survey by Alcyone Minerals5 which is coincident strong DDIP chargeability from the recent survey. Recent heavy rain which has led to the continual saturated state of the land has been preventing access to a large proportion of the planned drill sites with the truck-mounted drill rig currently on site.

After discussions with the drilling team, the Company has determined that it is better at this stage to cease drilling any further holes and give the ground a chance to dry out. At that point, the planned drilling could proceed in the manner planned rather than just trying to find areas that a dry enough to support the drilling rig. It may be that a track-mounted drill rig will be required to complete the planned drill program.

The Company will consider this at the time it commences the drilling program at Webbs (anticipated Fourth Quarter 2022 calendar year) as a track mounted drill rig will be required for that program.