Castile Resources Limited announced the maiden Mineral Resource Estimate (MRE) for its 100% owned Rover 4 Deposit located 2km north from the Company's flagship asset Rover 1. Due to the proximity of Rover 4 to the planned Rover 1 development, the Rover 4 MRE can now be added to the Rover 1 Project MRE. Prior to Castile purchasing the tenement in 2019, 48 holes has been drilled at Rover 4, with 42 intercepting mineralisation. Castile drilled two holes in the 2022 field season to validate interpretation prior to performing the MRE.

Rover 4 provides longer term optionality in the proposed development for Rover 1. Rover 4 occurs in a low relief area covered by extensive transported cover lying over approximately 100 metres of flat-lying Cambrian sediments of the Wiso Basin. The basin unconformably overlies the Proterozoic basement of the Warramunga Provence which hosts the deposit. Recent dating by the Northern Territory Geological Survey indicates the host rocks are of Ooradidgee Group equivalent age.

The deposit is situated within a sequence of variably altered volcano-sedimentary rocks consisting of interbedded shales, siltstones, tuffaceous sandstones and crystal tuff. As with Rover 1, alteration grades from distal silica and silica- haematite (historically known as haematitic shales) to proximal massive jasper, quartz-magnetite and magnetite ironstone. Rover 4 consists of two mineralised zones, and upper and lower ironstones.

In contrast to Rover 1, stratigraphy is moderately dipping to the northwest with the ironstones replacing a fine grain metasedimentary unit. Mineralisation is associated with brecciated zones within the ironstone units which have focused mineralising fluids, resulting in deposition of sulphide phases as crack seal. The lower ironstone unit has stronger magnetite development, is more intensely brecciated and hosts more copper mineralisation.

Castile's Rover Project is located approximately 100km west-southwest of the town of Tennant Creek, comprising 7 granted tenements within aboriginal freehold lands of the Karlantijpa South Land Trust and Karlantijpa North Land Trust. The project area is considered prospective for copper, gold and base metals mineralisation associated with Iron Oxide Copper Gold (IOCG) mineralising systems. ELR29957 and ELR29958 contain the high-grade iron oxide-copper-gold resource at the Rover 4 prospect. All tenements are owned 100% by Castile Resources Pty Ltd. Access to the project is via the Stuart Highway 6km south of Tennant Creek, then west along the unsealed Ngapamilarnu outstation road for approximately 100 kilometres.

The Rover Project is situated within the Rover Mineral Field, which covers part of the poorly exposed southern margin of the Proterozoic Tennant Creek Block of the central Tennant Creek Inlier in the Northern Territory. The Tennant Creek Region contains three geological provinces, the Warramunga Province, the un-conformably overlying Paleo- to Mesoproterozoic Davenport Province to the south and Tomkinson Creek Province to the north. To the east and west the Palaeozoic Georgina and Wiso basins overlie Proterozoic rocks of the Tennant Creek Region.

The Proterozoic Aileron Province of the Arunta Region occurs to the south of the area, the contact between it and the Tennant Creek Region being obscured by Palaeozoic basinal cover sequences. Palaeozoic rocks of the Georgina and Wiso basins unconformably overlie the Proterozoic sequence of the Tennant Creek Region to the east and west respectively. These are largely covered by a thin veneer of unconsolidated Cainozoic cover.

The Rover Project area is entirely covered by recent sediments which blanket the flat-lying Cambrian siltstones, dolomitic siltstones and dolomites of the Wiso Basin, which unconformably overlie the Proterozoic basement. The basin has a westward thickening trend from less than 70m in the east to in excess of 200m in the west. The Rover 4 mineral deposit is classed as an Iron Oxide Copper-Gold (IOCG).

This deposit type is known to host large scale economic copper and gold mineralisation such as the world class Olympic Dam in South Australia and Candelaria in Chile. The deposit is situated within a sequence of variably altered volcano-sedimentary rocks consisting of interbedded shales, siltstones, tuffaceous sandstones and crystal tuff. As with Rover 1, alteration grades from distal silica and silica-hematite (historically known as haematitic shales) to proximal massive jasper, quartz-magnetite and magnetite ironstone.

A strong, late-stage dolomite alteration event has over printed the outlying haematitic alteration zones and footwall lithologies. Rover 4 consists of two mineralised zones: upper and lower ironstones (fig). In contrast to Rover 1, structural data shows the stratigraphy as being moderately dipping to the northwest with the ironstones replacing a fine grain metasedimentary unit.

Economic mineralisation is associated with brecciated zones within the ironstone units which have focused mineralising fluids, resulting in deposition of crack seal sulphide phases. The lower ironstone unit has stronger magnetite development, is more intensely brecciated and hosts more copper mineralisation. All data used in the calculation of the Rover 4 mineral resource 1 has been gathered from diamond core.

Multiple sizes have been used, including HQ, NQ and BQ. Core samples are selected to lie on geological boundaries, with intervals selected of lengths between 0.1 to 1.1m. Historic samples were selected on 1m intervals, irrespective of geology.

Sample recovery is recorded on retrieval of the core tube, measuring recovered core against drill string advance. No apparent relationship has been observed between sample recovery and grade. No has sample bias due to preferential loss or gain of fine or coarse material been noted.

Samples are halved using an automatic core saw then individual samples collected in prenumbered calico sample bags. The un-sampled half of diamond core is retained for check sampling if required. Individual sample bags are placed in lots of 5 into poly weave bags annotated with the sample number series within and closed by zip tie.

All samples are then placed into a bulka bag and transported to the certified laboratory.