A-Cap Energy Limited has upgraded the Wilconi Ni-Co resource, with parts of the resource now reported as Indicated. Independent geological resource specialists, Mining Plus Pty Ltd. (Mining Plus) were commissioned by A-Cap using historical and recent drilling data to update the Wilconi Mineral Resource estimate. Metallurgical work on Wilconi demonstrated that the Wilconi mineralisation is suited to a number of favourable extraction possibilities, and the current metallurgical work will be aimed at optimising the most suitable treatment flowsheets ready for pilot scale work. As well as metallurgical drilling, the Company will be infill drilling to progress resources to the indicated and measured category. The Wiluna nickel-cobalt laterite deposit is located within the Archaean Norseman-Wiluna greenstone belt. The nickel-cobalt mineralisation has developed through lateritisation of the Perseverance ultramafic sequence and extends for around 20 km along strike and is up to 1,500 m wide. Pre-A-Cap drilling has been conducted at 100 m intervals along lines spaced 400 m apart along the entire strike length of the deposit. The drill lines are oriented perpendicular to the strike of the mineralisation and holes have been drilled between -60° and -90° at a high angle to the flat-lying zones of mineralisation. In 2021, A-Cap has infilled the drilling grid to a nominal 50 m by 100 m in two shallow areas of higher-grade Ni and Co mineralisation. Some 25 m spaced drilling was undertaken in the southern infill area to provide supporting information on lithology and grade continuity. Mining Plus extracted a sub-set of 704 holes, totalling 59,272 m from the main database that were considered to be of sufficient quality to support a mineral resource estimate. Drill holes that intersected the mineralised zone used to complete the mineral resource estimate included 607 reverse circulation (RC), 51 aircore (AC) and 27 diamond drill (DD) holes drilled by AMAX (12 DD), Asarco (17 RC), CRA (9 DD & 292 RC), Oxiana (15 RC), Newmont (51 AC), Agincourt Resources (6 DD, 22 RC), and A-Cap (261 RC). Historical collar survey methods are not recorded in the database, though locations appear to be accurate as most hole collars can still be identified in the field. Local grids were used in the early 1968-71 drilling and were not picked up by GPS. Local co-ordinates have been converted to GDA94 Zone 51 co-ordinates by a grid transformation. Holes drilled by Wiluna Mines were surveyed downhole by a Reflex multishot instrument. Agincourt, Independence and Oxiana used an Eastman single shot down hole camera to survey the collar and base of their drill holes. A-Cap used a Reflex Gyro north seeking survey tool prior to 2021, and a Reflex Depth Encoder gyroscope during the 2021 drilling campaign. Sampling and sub-sampling: Reverse circulation drill holes were sampled and geologically logged on 0.5 m, 1 m or 2 m intervals. Independence and Oxiana used a combination of riffle splitters or spears for collecting a sub-sample of drill chips for analysis. A-Cap rig used a rig-mounted Metzke sampling system that included a cone splitter set above a cyclone. Other companies did not record their method of sampling RC chips, however, it is expected
that prevailing industry-standard practices were employed. Diamond core sampling varied between 1 m to 4 m intervals, with selective sampling at narrower intervals to geological/mineralisation boundaries. Wiluna Mines used a diamond saw to cut core in half lengthwise for sampling. CRA recorded recovered weights of all RC samples. Recoveries were believed to be in the order of 100%.