EV Resources Limited provided an update for results received from follow up sampling undertaken within the Shaw River Project, located in the Pilbara region of Western Australia. The follow up field trip was undertaken to provide better evidence of economic grade lithium mineralisation in areas that indicated potential based on the initial field visit. A further 26 samples (Sh00032 to Sh00057) were collected from several areas across the project.

The Hillside/Paterson area returned assay grades to 212ppm Li during the initial reconnaissance visit. During the recent field trip a number of small pits were located that had previously not been investigated. The pits were sunk on several muscovite-rich pegmatites that occur in clusters.

Results for samples collected returned up to 1615ppm Li and 819ppm Sn), with low K/Rb ratios for several samples indicating a high level of fractionisation. The elevated tin values may have been the reason for excavation of the pits. At the Eleys Area, located in the southeastern portion of the tenement, the recent field trip located a number of previously not observed pegmatite clusters of between 1 to 10 metres width with a relatively large footprint exceeding a few hundred metres.

These occur away from the stream environment that was traversed during the initial reconnaissance trip. A sample (Sh00050) of mica-rich pegmatite returned a result of 839ppm Li. Whilst not of economic grade, low k/Rb ratios in the area indicate a high level of fractionisation and potential for lithium mineralisation.

Compilation of data from historic reports for the Shaw River tenement has noted a number of pegmatite occurences in the GSWA field observation sites database (WAROX) and alluvial samples containing elevated tin-tantalum that require investigation. Also, historic data for a hyperspectral survey undertaken during 2012 and covering the entirety of E45/5849 has been purchased and is being assessed to define pegmatite targets throughout the tenement. The hyperspectral survey collects 128 bands across the reflective solar wavelength region of 0.45 - 2.5 um that will allow the definition of specific minerals to a 2m pixel size.

EVR's field crews have reported difficulty of vehicular access due to abandonment, wash out and general disrepair of existing tracks. By utilising the hyperspectral survey data, the identification of lithium-bearing minerals that have a distinct spectral signature will allow more definitive targeting of potential lithium pegmatites within the Shaw River tenement. The Company announced on 7th September 2022 that terms had been agreed upon to acquire the remaining 20% of E45/5849.

The Shaw River Exploration Licence 45/5849 comprises 22 sub-blocks or 70 square kilometres and covers several areas of historic tin-tantalum workings.