TG Metals Limited announce the successful completion of a detailed nickel sulphide target generation review over approximately 30-kilometre strike of the Lake Johnston Project in Western Australia. This review was a major undertaking and incorporates decades of legacy exploration data, collated for the very first time. The size of the target area and the number of targets generated is substantial and it provides an exciting opportunity in a region of proven nickel sulphide endowment.

The collation and interrogation of historical exploration data provides a great foundation for the Company's exploration going forward. The initial focus is on ultramafic rocks that host the Maggie Hays and Emily Anne nickel deposits to the north. Within this trend TG Metals has identified - Nine priority ground electromagnetic conductors that have not been tested by drilling.

Including three targets defined as drill-ready targets with no additional definition work required. Twelve areas have been identified as requiring additional ground EM. Modern high-powered ground EM will be beneficial in better defining targets at depth or differentiating between nickel sulphide mineralisation and sulphidic sediments.

Other immediate drill targets include following up anomalous historical nickel drill intercepts, that may represent primary nickel sulphide mineralisation. Ground EM crews are booked to commence early October and are expected to test up to 12 priority areas, initially focusing on the BR02 and BR06 areas covering the favourable Lake Johnston Ultramafic Trend. Heritage and environmental clearances for areas with defined drill targets have been scheduled for Fourth Quarter 2022.

Applications for Program of Works Approval will be made on completing of these clearances, with updates provided to the market as progress is made. Exploration in the Lake Johnston area started in the 1960s, however more recent exploration using geochemistry and geophysics from 1993 resulting in the discovery of the Maggie Hays and Emily Ann nickel sulphide deposits. TG Metals has 100% ownership of more than 50 kilometres of strike of the Lake Johnston greenstone belt.

There have been multiple phases of exploration by numerous companies in a region with proven nickel sulphide potential. The review of historical geophysics was conducted by Southern Geoscience Consultants using a compilation of publicly available reports and proprietary information held by SGC. Deep and extensive weathering in the Lake Johnston project area, as well as the low power of past surface past geophysical techniques such as electromagnetics has to date hampered the geophysical detection of bedrock sulphide mineralisation at depth.

Past drilling along the ultramafic belt, south of the Emily Anne - Maggie Hays mine area, has mostly been shallow, testing only the oxide material and providing little indication for the potential of nickel sulphide mineralisation. Targets have been defined from previous untested geophysical anomalies and geochemical anomalies that have not been adequately tested by drilling in the past. Data from the last three nickel sulphide explorers on the project area was acquired and used in this review.

The data spans from 1993 to 2019 with much of the earlier work being the subject of existing EM targets worthy of follow-up exploration. Historical airborne, surface and downhole geophysics was examined for each historical target and assessed for completeness where anomalies were found. Where anomalies were drill tested and the source of the anomaly determined, these targets were subsequently downgraded.

Where anomalies were not adequately tested by drilling, these targets have been retained as priorities. In addition, geochemical and drill hole databases were interrogated for the effectiveness of the combined geophysical, geochemical and drilling phases of exploration. Where this past exploration had proved to be lacking, targets were retained as a priority.

A summary of the priority targets is presented below. More detail on these targets will be provided with the commencement of exploration to further test anomalies. The review has defined: Nine existing EM targets that remain a high priority and warrant follow-up exploration in the form of drill testing.

Of these three are considered drill ready, including prospects Eland Road, Highfield and Stamford Bridge. These EM anomalies were not drilled by previous explorers. Companies Maggie Hays Nickel and LionOre Mining International interpreted the conductors to be sulphidic banded iron formation, due to the surface geochemistry being low in nickel, copper and chromium.

The EM anomalies are located on the basal contact of the ultramafic trends, have a very strong signature, over short strike lengths. Twelve new target areas that are recommended for follow-up exploration and consist of a mix of unexplored ultramafics, magnetic features and previous exploration results that were not followed up. These areas are recommended for further new ground EM aimed at detecting new conductors.

Two that are considered high priority include BR02 and BR06/BR06a. Both BR02 and BR06/BR06a are in areas of deep weathering and covered by deep nickel/cobalt rich laterite deposits. Much of the past geophysics in these areas has not provided a good test of the bedrock.

Past drilling of these targets has intersected strong laterite mineralisation as historically reported by White Cliff Minerals Limited While the level of laterite nickel development is not an indicator of bedrock anomalism, Target BR06a is focused on drill holes hosting deep, high-tenor oxide nickel in weakly weathered bedrock. Follow-up exploration in the form of new ground EM and drill testing of existing target anomalies will be conducted over the coming months, commencing with ground EM in early October and drilling following the necessary grant of approvals including heritage and environmental clearances.