Taruga Minerals : Polymetallic Drill Results at Hydrothermal Hill Skarn

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ASX ANNOUNCEMENT

10/03/2022

Polymetallic Drill Results at Hydrothermal Hill Skarn

Taruga Minerals Limited (ASX: TAR, Taruga or the Company) a copper focussed exploration company is pleased to present the final assay results from the recent drilling at Morgan's Creek where a suite of anomalous green-energy-metals have been returned from the Hydrothermal Hill and Oxide Hill skarns.

HIGHLIGHTS

• Final assay results returned from exploration drilling at Hydrothermal Hill and Oxide Hill
• Intercepts include anomalous Cu, REE's, Pd, Li, Ni, V and Co
• Geochem and mineralogy indicate a large alteration system is present
• REE enrichment in the oxide zone exceeds previous intercepts at the project
• 850km2 aeromag survey completed over the entire MCCP to identify and rank priority targets for drill testing during Q2 2022

MCRC049

• 20m @ 0.23% Cu from 158m including 1m @ 0.84% Cu from 172m

MCRC048

• 6m @ 0.12% TREO from 9m (weathered/oxide zone)
• 10m @ 0.19% TREO (29% HREO & 26% MREO {Nd + Pr + Dy + Tb}), 0.08% Li2O, 0.05% Ni, 217ppm Co from 35m, (Oxide Zone) including:

• 1. 4m @ 0.28% TREO (21% HREO & 31% MREO), 0.14% Li2O, 0.08% Ni, and 352ppm Co from 35m, including:
  2. • 1m @ 0.22% TREO (26% MREO) 0.21% Li2O, 0.08% Ni and 535ppm Co, and
     • 1m @ 0.41% TREO (21% HREO & 38% MREO), 0.15% Li2O, 0.12% Ni and 295ppm Co
• 45m @ 545ppm V2O5 and 45ppm Sc2O3 from 124m

MCRC041

• 93m @ 690ppm V2O5 and 59ppm Sc2O3 from 17m, including o 8m @ 0.11% V2O5 and 57ppm Sc2O3 from 76m, and

1. 8m @ 0.13g/t Pd and 0.014g/t Pt, 759ppm V2O5 and 53ppm Sc2O3 from 86m, including 5m @ 0.17 g/t Pd and 0.02 g/t Pt from 86m

MCRC042

• 12m @ 0.08% Li2O from 46m, including 3m @ 0.13% Li2O and 0.14% Zn from 50m
  MCRC044
• 3m @ 0.08% Li2O, including 1m @ 0.18% Li2O

MCRC046

• 49m @ 750ppm V2O5 and 49ppm Sc2O3 including

1. 1m @ 0.14% TREO (26% MREO {Nd + Pr + Dy + Tb}) from 55m

1. 14m @ 0.14g/t Pd and 0.025g/t Pt, 936ppm V2O5 and 16% Fe from 78m, including

	CAPITAL STRUCTURE	BOARD & MANAGEMENT		CONTACT US
	567,354,123	Thomas Line	Eric De Mori	Level 8, 99 St Georges Terrace
ASX:TAR	Shares on Issue	CEO	Non-Executive Director
Perth WA 6000
		David Chapman
tarugaminerals.com.au	46,750,000	Paul Cronin	T [phone]
	Options on issue	Non-Executive Director	Non-Executive Director
	F [phone]
	(various ex. prices
	Gary Steinepreis	Dan Smith
	and dates)	[e-mail]
	Non-Executive Director	Company Secretary

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ASX:TAR

• 4m @ 0.19 g/t Pd and 0.05 g/t Pt, 0.13% V2O5 and 27% Fe from 81m

1. 16m @ 0.14% Cu from 104m, (previously released as a partial result) including

• 3m @ 0.25% Cu from 104m

MCRC050

• 3m @ 945ppm TREO from 1m (44% HREO & 36% MREO) (soil/clay/regolith-hosted)including:

1. 1m @ 0.17% TREO (45% HREO and 38% MREO) from 1m, and o 1m @ 0.08% Li2O and 199ppm Co from 2m

MCDD001

• 8.6m @ 0.15% Cu from 22.8m
• 0.3m @ 2.93% Cu and 194 ppm Co from 69.4m
• 0.8m @ 0.14% TREO from 40.15m (24% MREO)
• 7.9m @ 0.15% Sr from 43.6m

MCDD003

• 10.55m @ 0.12% Li2O from 17.45m, including 7m @ 0.17% Li2O from 21m
• 0.9m @ 0.26g/t Au from 166m

Definitions

Endoskarn skarn of igneous origin that forms within the intrusion itself.

Exoskarn skarn formed in sedimentary units surrounding the igneous intrusion.

MREO magnetic rare earth element oxides (used in REE permanent magnets: Nd + Pr + Dy + Tb)

HREO heavy rare earth element oxides (Eu + Gd + Tb + Dy + Ho + Er + Tm + Yb + Lu + Y)

CEO Thomas Line commented: "These results indicate a large alteration system at Morgan's Creek, where there has been enrichment of base metals, REE's, battery metals and precious metals. This drill data is assisting us with developing our geological model, which we will complete targeted testing of during the next phases of drilling across the MCCP."

"Importantly, these results are teaching us a great deal about the potential for more skarn systems within the broader MCCP. There are many historical copper workings and mafic intrusions exposed along the 34km of strike at MCCP. The acquisition of new regional data such as the project-scale aeromag survey we have just completed will allow us to rank and prioritise these drill targets. Following our recent capital raising, we are well funded to complete the follow-up work and drilling of our priority-ranked targets."

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Figure 1. Hydrothermal Hill Prospect showing drill results, cross section lines and large magnetic anomaly associated with skarn alteration. Also shown is the skarn alteration extent identified so far, which remains open in all directions.

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Figure 2. Oxide Hill Prospect showing drill results, cross section lines and large magnetic anomaly associated with

skarn alteration.

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Figure 3. Geological cross section #1 showing drill results in the northernmost section at Hydrothermal Hill skarn.

Figure 4. Geological cross section #2 showing drill results in the central section at Hydrothermal Hill skarn.

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