Accent Resources N L : Magnetite Range Exploration Update

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8th February 2022

ASX Announcement-Magnetite Range Exploration update

• Head assay analytical results have now been received for the 2021 Julia Deposit reverse circulation percussion (RCP) drilling programme.
• Downhole geophysical logging of open 2021 RCP holes was completed 21 January 2022. Delivery of final log datasets is pending.
• CSA Global Pty Ltd (CSA Global) have commenced cross sectional geological interpretations based on head assay results.
• Composite intervals for Davis Tube Recovery (DTR) test work shall be determined based on head assay results and derived geological domaining from cross sectional interpretations.
• Anticipate DTR test work to commence in mid to late-February 2022.
• Planning of further infill reverse circulation percussion drilling at Julia is underway.
• An update to the Julia mineral resource estimate ('MRE') by CSA Global is scheduled to commence in March 2022.

Accent Resources NL (ASX: ACS) ('Accent' or 'the Company') is pleased to provide the following update on exploration activities including preliminary results from the drilling at the Company's Magnetite Range Project ('MRP') in the Mid-West region of Western Australia.

As previously announced, a total of 57 RCP drill holes for 9,861m were drilled across the Julia deposit at the Company's MRP in Q3 of 2021. The drilling was designed to infill historical drilling across Julia down to a nominal 100m (east) by 50m (north) spacing, with the aim of increasing confidence in the geological interpretations and to support an updated MRE planned to be undertaken in 2022.

An image showing the project location and drill hole coverage across the Julia deposit is included as Figure 1, and 2021 RCP drill hole collar details are included as Table 1.

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Figure 1: Magnetite Range Project, Julia deposit location plan showing 2021 and historical drill holes.

The results reported in this announcement reflect head assay results from XRF analysis.

CSA Global have commenced cross sectional geological interpretations, integrating the 2021 drill hole data with historical data. The objective of the interpretation will be to identify and delineate via geological domaining the higher Fe grade magnetite domains with low deleterious elements.

Preliminary interpretations based on head assay results and geological logging of the RCP chips are consistent with the historical geological model and include:

• Two distinct banded iron formation (BIF) units are present along the strike length of the Julia deposit - referred to as the Upper BIF and Lower BIF. The BIF units host the magnetite mineralisation that is the focus of the Company's exploration programme at MRP and are stratigraphically part of the Windanning Formation.
• The thicknesses of the BIF intervals vary along strike and down dip, likely representing a combination of post depositional layer parallel folding and faulting as well as syn-depositional soft sediment slumping.
• The magnetite mineralisation within the Upper BIF has a greater concentration of sulphide alteration in the form of blebby, disseminated pyrite and pyrrhotite.
• The Lower BIF typically hosts only trace fine grained pyrite and pyrrhotite sulphide alteration.

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• The BIF units are separated by a non-magnetic volcanic tuff unit that appears to have a bimodal composition from mafic to felsic and like the BIF, varies in thickness along strike and down dip.
• The hangingwall and footwall to the BIF are comprised of felsic, mafic, and ultramafic volcanics, with a mineral assemblage that reflects lower to upper amphibolite grade regional metamorphism. The overall package dips to the north at an average of 45 to 50 degrees.

A representative schematic cross section across the Julia deposit including both historical and 2021 drill holes in included as Figure 2.

Significant drill hole intercepts from the 2021 drilling are included as Table 2. Significant intercepts are defined as samples with >25% Fe, <0.2% S, and a lithology code of BIF.

Figure 2: Representative schematic cross section across Julia deposit (10165mE). Mineralisation defined by head assay significant drilling intercepts (Fe >25%, S <0.2% and Lithology equals BIF)

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An update to the current mineral resource estimate over the Julia deposit is planned in 2022. Additionally, the Company has commenced planning further infill RCP drilling across the 'core' of the Julia deposit where the thickest intercepts of BIF have been identified through historical work and confirmed by the 2021 drilling programme. This next round of infill drilling is scheduled for Q2 2022.

Table 1:	2021 Julia RCP drill hole details (co-ordinates are in GDA94-50)
Hole ID	Easting (m)	Northing (m)	Dip	Azimuth	Depth
MGRC096	508031	6738663	-60	210	140
MGRC097	508046	6738704	-60	210	200
MGRC098	508117	6738645	-70	210	170
MGRC099	508212	6738567	-60	210	152
MGRC100	508235	6738612	-60	210	192
MGRC101	507311	6738997	-60	210	100
MGRC102	507336	6739039	-60	210	150
MGRC103	507488	6738917	-60	210	160
MGRC104	507511	6738957	-60	210	180
MGRC105	507623	6738961	-70	210	191
MGRC106	507669	6738831	-60	210	170
MGRC107	507691	6738871	-60	210	200
MGRC108	508780	6738245	-60	210	140
MGRC109	508920	6738052	-60	210	60
MGRC110	508943	6738098	-60	210	132
MGRC111	508965	6738143	-60	210	168
MGRC112	508993	6738173	-60	210	198
MGRC113	507342	6739189	-70	210	282
MGRC114	507514	6739163	-70	210	348
MGRC115	507159	6739097	-60	210	96
MGRC116	507186	6739143	-60	210	150
MGRC117	507209	6739180	-60	210	186
MGRC118	507301	6739122	-70	210	198
MGRC119	506969	6739211	-60	210	90
MGRC120	506988	6739250	-60	210	126
MGRC121	507016	6739292	-60	210	168
MGRC122	506864	6739261	-60	210	84
MGRC123	506972	6739441	-60	210	252
MGRC124	506798	6739385	-60	210	108
MGRC125	506754	6739488	-65	210	168
MGRC126	506776	6739535	-65	210	198
MGRC127	507935	6738871	-60	210	264

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Hole ID	Easting (m)	Northing (m)	Dip	Azimuth	Depth
MGRC128	507975	6738752	-70	210	228
MGRC129	508082	6738733	-60	210	216
MGRC130	508533	6738473	-60	210	124
MGRC131	508532	6738471	-60	210	180
MGRC132	508497	6738381	-60	210	108
MGRC133	508517	6738425	-60	210	138
MGRC134	508579	6738342	-60	210	90
MGRC135	508597	6738385	-60	210	138
MGRC136	508619	6738420	-60	210	186
MGRC137	508285	6738502	-60	210	114
MGRC138	508308	6738545	-60	210	168
MGRC139	508342	6738587	-60	210	216
MGRC140	508260	6738656	-60	210	234
MGRC141	507535	6739002	-60	210	234
MGRC142	507673	6739039	-70	210	320
MGRC143	507625	6738989	-60	210	246
MGRC144	507715	6738912	-60	210	216
MGRC145	507362	6739089	-60	210	192
MGRC146	506822	6739431	-60	210	150
MGRC147	506848	6739474	-60	210	192
MGRC148	507052	6739143	-60	210	84
MGRC149	507103	6739229	-60	210	174
MGRC150	507126	6739274	-60	210	210
MGRC151	506890	6739306	-60	210	108
MGRC152	506939	6739388	-60	210	174

Table 2:	2021 RCP drilling significant results (>25% Fe, <0.2% S, and lithology equals BIF)
Drill Hole ID	Depth	Depth To	Interval	Fe (%)	S (%)	SiO2 (%)	Al2O3
From (m)	(m)	(m)	(%)
MGRC096	56	60	4	34.2	0.097	44.9	0.43
MGRC096	62	66	4	35.23	0.129	43.27	0.3
MGRC096	68	92	24	35.25	0.03	44.06	0.68
MGRC096	96	108	12	34.94	0.08	43.98	0.58
MGRC097	98	104	6	34.38	0.036	42.76	1.91
MGRC097	108	114	6	35.7	0.017	40.77	2
MGRC097	120	122	2	29.95	0.023	47.45	0.89
MGRC097	124	130	6	35.01	0.041	43.93	0.55

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