E2 Metals Limited announced that surface trenching has defined further high-grade gold and silver mineralisation at the El Rosillo project, Rio Negro Province. Highlights: Gold and silver assay results have been received for three trenches at Prospect 37A Significant trench results include: ROT-024: 3m at 113gpt Au, 35gpt Ag, inc. (Open to the south and northwest) 0.7m at 500gpt Au, 153gpt Ag - ROT-023: 10.7m at 3.7gpt Au, inc. 3.2m at 9.3gpt Au - ROT-004 25m at 2.9gpt Au, inc. (Open to the east and northeast) 2m at 28gpt Au. High-grade mineralisation is within three structures defined over 75m strike length.

Mineralisation is open in all directions and disappears under shallow gravel cover. This is in addition to previously reported high-grade mineralisation for Prospect 38A located on a separate vein structure 1.5km to the north ROT-009: 1m at 279gpt Au, 116gpt Ag (Open to the southeast) - - Surface follow up of composite rock anomalies (see ASX announcement, Rio Negro - Target 38 - Sampling results, 8 July 2021) has defined two new previously unrecognised vein structures: Prospect 38B: up to 1017gpt Ag and 1.2gpt Au in rock samples, the highest silver value to date for the project. Prospect 38C: up to 32gpt Au, 89gpt Ag, 0.6% Cu and >1% Pb in rock samples.

These exciting results confirm El Rosillo to be an emerging greenfields discovery located within the Gastre fault zone which is host to Pan American Silver's world-class Navidad silver deposit. Gold and silver assay results for 17 trenches remain outstanding with results expected in late March. Rio Negro Projects, Argentina: Overview: The Rio Negro Province contains the northern portion of the Somuncura Massif, a large volcanic province that is geologically similar to the Deseado Massif in Santa Cruz, but has been subject to far less modern exploration.

The Somuncura Massif is host to Pan American Silver's Navidad deposit, the largest undeveloped silver deposit in the world with over 750 million ounces of silver resources. The Company has consolidated four large districts in the western part of the Rio Negro province centered on the Vista Alegre, Ofelia, Paredes and El Rosillo properties (Figure 1) respectively. Initial reconnaissance mapping and sampling by E2 in March 2021 (see ASX Announcement, 27 April 2021, March 2021 Quarterly Report) defined 12 gold mineralised prospects of possible Intrusion Related Gold ("IRG") affinity over an area spanning 100km.

Results in detail: Gold and silver assay results have been received for 20 hand dug trenches and continuous channel samples totaling 671m. Prospect 37A: Prospect 37A is host to a vein structure comprising three discrete veins spaced over 20m that sporadically crops out within younger Miocene sediments and soil cover (Figure 3). Continuous channel samples have been completed within four hand trenches at the prospect with gold and silver assay results received for three trenches.

From west to east include, significant trench results include: ROT-024: 3m at 113gpt Au, 35gpt Ag, inc. (Open to the south and northwest) 0.7m at 500gpt Au, 153gpt Ag - ROT-023: 10.7m at 3.7gpt Au, inc. 3.2m at 9.3gpt Au - ROT-004 25m at 2.9gpt Au, inc. (Open to the east and northeast) 2m at 28gpt Au. High-grade mineralisation (max 500gpt Au, 153gpt Ag) is within a silicified late-Jurassic dyke with abundant limonite and illite alteration and the contact of granodiorite. Importantly, trench ROT-024 started in mineralisation and is open to the south and trench ROT-004 terminated in mineralisation and is open to the north.

Mineralisation has been defined over 75m strike and is open in all directions. The prospect is prioritised for drill testing. Prospect 38A - Prospect 38A is host to a west-northwest vein structure that is defined in trenches over 200m strike (Figure 4).

The vein is up to 2m wide and is within the contact of red arkose and conglomerate. Significant trench results include: ROT-019: 0.75m at 2.56gpt Au - ROT-009 1m at 279gpt Au, 116gpt Ag (previously reported) - ROT-020 2.1m at 3.7gpt Au, ROT-015 2m at 2.6gpt Au. The highest trench grades are broadly coincidence to a peak composite rock anomaly of 29gpt Au.

The source vein does not outcrop and is concealed by shallow colluvium cover. Mineralisation is open to the southeast and disappears under shallow gravel cover. The prospect is prioritised for drill testing.

Prospect 38B: Prospect 38B is located 150m east of Prospect 38A but is on a new previously unrecognised vein structure orientated north-northeast. The area was prioritised on the basis of a single composite rock sample that returned 100gpt Au in surface floats. The source of the anomaly is believed to be a zone of veinlets with up to 1017gpt Ag with 1.2gpt Au in rock samples, the highest silver value to date for the project.

Follow up trenching is planned on east-west sections perpendicular to the vein structure.