Mt Oscar Lithium Project

Previous geological mapping results have shown there are three styles of mineralization possible within tenement E47/1378. Deposit models to be considered are as follows:

• Conglomerate gold [Au]
• Orogenic/shear zone gold [Au]
• Intrusive hosted Nickel & Copper [Ni-Cu]

All require the presence of greenstone rocks within the bedrock.

Surface soil sampling programs designed based on the geological mapping have confirmed presence of mesothermal gold deposits at E47/1378. Recent discoveries of lithium in the Karratha District, WA spurs proximity opportunity at E47/1378 for Oscar Resources.

The discovery of the Andover Lithium Project of Azure Minerals was initiating from the lithium bearing pegmatite intersected and recognised in the drill core focussed on the testing of Ni-Cu, which also happened to the Andover West Project of Errawarra Resources. In the Andover West Lithium Project, the pegmatites outcrop within mafic hosts rocks including gabbro/dolerites likely related to the Andover Intrusion group, noting this being comparable with the Azure Minerals pegmatite host rocks.

E47/1378 is an area prospective for battery minerals such as lithium, nickel and copper, along with gold.

A Significant and Strategic Tenement

Oscar Resources has a significant and strategic tenement land holding of 58 km2 adjacent to the recently discovered lithium projects.

Mt Oscar Lithium Project at E47/1378 and Adjacent Lithium Projects Including the Andover Lithium Project of Azure Minerals

E47/1378 is situated just to the south of the Andover Lithium discovery, which is owned by Azure Minerals, a company with a Market Capitalisation of over A$1.22 billion in the market. Azure’s shares have surged more than 1,000 percent on the back of this lithium discovery from January 2023. Drilling has been very successful, with multiple +100m to +200m mineralized intersections hosting lithium grades of 1.2% Li2O to 1.3% Li2O being returned, with an Exploration Target of 100 – 240 million tonnes grading at 1.0 – 1.5% Li2O. With substantial strike lengths (>2,000m), thicknesses (>100m true widths), and depth extents (from surface to >400m vertically below surface) of the many pegmatites that drilling has intersected, and the overall abundance of as-yet untested outcropping pegmatites that contain high-grade lithium mineralization at surface, the Andover Lithium Project has the potential to host one of the largest lithium resources globally.

Situated to the west of Mt Oscar Lithium Project is Raiden Resources' Andover South Lithium Project. A multiple pegmatite swarm has been discovered during the field reconnaissance in the Andover South Lithium Project. Outcropping pegmatites are noted across a 4-kilometre-long pegmatite field. Individual Li2O bearing pegmatites outcrop up to 50 meters wide at surface. Rock chip assay results is up to 2.42% Li2O. Raiden Resources has also another lithium project, Andover North Lithium Project, which is situated to the north of the Andover Lithium Project of Azure Minerals. Raiden Resources' both of the Andover South and North Lithium Projects cover a total area of 39km2.

Situated to the west of Mt Oscar Lithium Project, 10km southwest of the major lithium project – the Andover Lithium Project, is Erramarra Resources' Andover West Lithium Project. Pegmatite outcrop has been identified in the west portion of the project area. 80 pegmatite samples were taken from pegmatite outcrop identified. The pegmatite rocks sampled are dominantly broadly stacked dyke-like bodies with a moderate dip to the north and often occur as 1m (middle picture) up to 5m wides zones trending east-west for ~20-100m (right picture). The pegmatites outcrop within mafic hosts rocks including gabbro/dolerites likely related to the Andover Intrusion group, noting this being comparable with the Azure Minerals pegmatite host rocks.

About 20-30 km west of Mt Oscar Lithium Project are GreenTech’s Ruth Well and Osborne Lithium Projects, in which lithium mineralised pegmatites have been discovered recently. Review of historic soil geochemistry confirms Northern and Southern LCT pegmatite trends – 7.5km (widths up to 4m) and 2.5km (widths up to 40m) strike lengths respectively. Reconnaissance rock chip samples have returned assay results of up to 1.8% Li2O in the Northern LCT pegmatite trend, and of up to 3.6% Li2O in the Southern LCT (Li-Cs-Ta) pegmatite trend. Lithium drilling is to commence soon.

Exploration Work Ahead

Assay results from the surface soil sampling programs confirmed presence of gold, silver and arsenic mineralisation in E47/1378. The results suggest the host rock is probably a felsic intrusive, with a mafic to ultramafic south-easterly contact. Five areas of such gold mineralisation were identified over the tenement. Reveiw of the assay results has shown that no Li element was included among the 19 elements assayed and even the 28 elements assayed.

Oscar Resources looks into parallel structural trends with associated pegmatites potentially under cover at E47/1378, as to the known main pegmatite trend at Azure's Andover Lithium Project. A detailed AMAG/RAD/DEM survey was previously performed over the entire tenement area at 50m spaced flight lines. Oscar Resources is undergong a study on the survey results. Interpretation is underway with lithium focus and all other comodities. It would assist defining main structures/directions present. There are some interesting local magnetic anomalies in the NE lobe of the tenement:

• Six well defined targets are mapped. Ground and passive seismic surveys are next steps – detailed transects over structural trends;
• Surface soil sampling over the entire area is planned and will be carried out in Jan 2024. 66 elements will be assayed.

In addition to the presence of lithium pegmatite in the rock type of the Andover lithium project, it also dips into and below the basal unconformity of the Fortescue Group, which is the case of Billy Creek Pegmatite in ACMs’ Cooletha Lithium Project in the East Pilbara. Oscar Resources will also explore any possibility of lithium mineralised pegmatites within the Company’s other tenements close to Mt Oscar Lithium Project.

Mt Oscar Uranium Project

The airborne survey over the tenement also outlined an area with strongly enhanced radiometrics which include uranium, thorium and potassium (See the below figure for location). Uranium enrichment in the Mt Oscar area has been known since the early 1970’s, however, the exact location of the most promising occurrence, the Minatome Anomaly, was uncertain. Limited work on the anomaly in 1971 by Minatome Australia Pty Ltd and follow up work in 1974 done by Uranertz Australia Pty Ltd returned assays of up to 1600 ppm (0.16%) uranium. It has now been established that this anomaly lies within the area of enhanced radiometrics outlined by the airborne survey at E47/1378.

The thorium (TH) image with strongly enhanced radiometrics within E47/1378

The radiometric method is a surface method. As mentioned in the section of Mt Oscar Gold Project, surface investigation techniques such as radiometric surveying or ASTER/Landsat data cannot help reveal what type of rocks are below the transported surface cover. It is possible that Uranium potential exists undercover. The results of the radiometric survey are presently being interpreted and assessed. Follow up work would commence if the interpretation is positive.

Potential Pegmatite-like Existence at E47/1379

Initial checks of the detailed data defines some quite interesting K-rich trends/units within the southern tenement E47/1379 – reds/pinks – K strong, low in TH/U – this is characteristic of those pegmatites at Andover as can be seen in the northern end of the Ternary image below. DEM information defines topo highs adjacent/related so likely some outcrop about.

Radiometric image which include uranium (U), thorium (TH) and potassium (K), covering the entire E47/1378 area and a portion of E47/1379

Three well defined targets have been mapped. Next step exploration programs are in planning.